# EDGAR Filing Document

**Accession Number:** 0001071371
**File Stem:** 0001071371-25-000122
**Filing Date:** 2025-8
**Character Count:** 680592
**Document Hash:** 7dab9167586e18d364d33d3be803c775
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001071371-25-000122.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001071371-25-000122

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250814

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANCOLOMBIA SA
- **CENTRAL INDEX KEY:** 0001071371
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32535
- **FILM NUMBER:** 251222226

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA LOS INDUSTRIALES
- **STREET 2:** CARRERA 48 # 26 -85
- **CITY:** MEDELLIN
- **STATE:** F8
- **ZIP:** 050016
- **BUSINESS PHONE:** 574 4043917

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA LOS INDUSTRIALES
- **STREET 2:** CARRERA 48 # 26 -85
- **CITY:** MEDELLIN
- **STATE:** F8
- **ZIP:** 050016

![image.jpg](image.jpg)<br>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of Aug 2025

Commission File Number 001-32535

**Bancolombia S.A.**

(Translation of registrant's name into English)

Cra. 48 # 26-85

Medellín, Colombia

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes □ No 🗹

**If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-____________ .**

<u>1</u>

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![image.jpg](image.jpg)<br>

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **BANCOLOMBIA S.A.**<br>(Registrant) | **BANCOLOMBIA S.A.**<br>(Registrant) |
| Date August 14, 2025 | By: | /s/ MAURICIO BOTERO WOLFF. |
|  | Name: | Mauricio Botero Wolff. |
|  | Title: | Vice President of Strategy and Finance |

---

August 14, 2025

Medellin, Colombia

**BANCOLOMBIA S.A. RELEASES QUARTERLY REPORT FOR THE SECOND QUARTER OF 2025**

The quarterly report for the fiscal quarter ended June 30, 2025 (the "Quarterly Report") of Bancolombia S.A. ("Bancolombia") is furnished with this Form 6-K. Since 2023, Bancolombia is required to file quarterly reports with the Superintendency of Finance of Colombia (SFC), which include a description of material changes relative to the information provided in its most recent quarterly report. .

The quarterly report for the fiscal quarter ended June 30, 2025 (the "Quarterly Report") is furnished with this Form 6-K.

*Readers should be aware that the Quarterly Report is being furnished solely to fulfill a legal reporting requirement in Colombia. Readers should also be aware that the separate or individual financial information of Bancolombia that is included in the Quarterly Report was prepared solely in accordance with Colombian law, and not international or U.S. standards.*

<u>2</u>

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![image.jpg](image.jpg)<br>

**Quarterly Report**

**April - June 2025**

**Bancolombia S.A. and Consolidated Bancolombia**

**Address:**

**Carrera 48 # 26-85**

**Medellín, Colombia**

<u>3</u>

------

![image.jpg](image.jpg)<br>

**ISSUER'S CURRENT SECURITIES** 

**As of June 30, 2025** 

---

| | |
|:---|:---|
| **Type of Share** | Common Share |
| **Shares in Circulation** | 1,000 |
| **Shareholders** | 5 |
| **Issuance amount**  | 1,000 |
| **Amount placed**  | 1,000 |

---

Bancolombia S.A. was listed on the Colombian Stock Exchange (BVC) and the NYSE until May 16, 2025, under the ticker symbols BCOLOMBIA, PFBCOLOM, and CIB for common shares, preferred shares, and Level III ADRs, respectively.

**BANCOLOMBIA INTERNATIONAL BONDS IN USD** 

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Isin** | **Amount** | **Interest Rate** | **Date of Issuance** | **Maturity Date** |
| **Subordinates** | **Subordinates** | **Subordinates** | **Subordinates** | **Subordinates** |
| **US05968LAK89** | **USD $462 MM** | **6.909%** | **October 18, 2017** | **October 18, 2027** |
| **US05968LAN29** | **USD $800 MM** | **8.625%** | **June 24, 2024** | **December 24, 2034** |

---

<u>4</u>

------

![image.jpg](image.jpg)<br>

---

| | |
|:---|:---|
| **[ISSUER'S CURRENT SECURITIES](#iefb44ea1c5204c8f800302999a264506)** | **[4](#iefb44ea1c5204c8f800302999a264506)** |
| **[I.&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT'S DISCUSSION & ANALYSIS ON THE RESULTS OF THE OPERATION AND THE FINANCIAL SITUATION OF THE ISSUER, IN RELATION TO THE RESULTS REPORTED IN THE QUARTERLY FINANCIAL STATEMENTS](#iac297f7786ae44b6be815e4575a1bf6b)** | **[6](#iac297f7786ae44b6be815e4575a1bf6b)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Non-performing loan 30 days](#if786acf5e1614e3888c6bbddb7cbcc4d) | [6](#if786acf5e1614e3888c6bbddb7cbcc4d) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Non-performing loan 90 days](#i36f207df40c3471aaa6da7529f40db41) | [7](#i36f207df40c3471aaa6da7529f40db41) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio by category](#i52dcb9611afe4261a75cf07b1c5a85dc) | [7](#i52dcb9611afe4261a75cf07b1c5a85dc) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Quality](#i6a17ee2cdf5f42eaa252b41d219c6990) | [7](#i6a17ee2cdf5f42eaa252b41d219c6990) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Technical capital risk weighted assets](#i568bd0874dcb4fba8965b6d412ea27a9) | [8](#i568bd0874dcb4fba8965b6d412ea27a9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Separated Statement of Income Bancolombia S.A.](#i47818d67bf5b4231a5c4f51da8e79260) | [9](#i47818d67bf5b4231a5c4f51da8e79260) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Separated Statement of Financial Position Bancolombia S.A.](#i38d8e31a260b4b7f804e9b7464504359) | [11](#i38d8e31a260b4b7f804e9b7464504359) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Bancolombia Consolidated Income Stament](#icf4d9b7cde364fd2a1a0ec34a9cb6a1c) | [12](#icf4d9b7cde364fd2a1a0ec34a9cb6a1c) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Bancolombia Consolidated Stament of financial position](#ie62e651d41764a86b26c936cae789973) | [14](#ie62e651d41764a86b26c936cae789973) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Bancolombia Consolidated](#i8d138e339d074a74862cb3659ee6929e) | [16](#i8d138e339d074a74862cb3659ee6929e) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Loans by stages](#i25d0f649717840d4ad4ac664017fd696) | [16](#i25d0f649717840d4ad4ac664017fd696) |
| **[II.&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE ANALYSIS OF THE MARKET RISK TO WHICH THE ISSUER IS EXPOSED AS A RESULT OF ITS INVESTMENTS AND ACTIVITIES SENSITIVE TO MARKET VARIATIONS](#i93fae21587cc40aea07b4d99658f8a07)** | **[17](#i93fae21587cc40aea07b4d99658f8a07)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[CONSOLIDATED](#i487e89aced574f83876ff6ba72e8775b) | [17](#i487e89aced574f83876ff6ba72e8775b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Non-trading instruments market risk measurement](#i4aa0a82519e94029aff6c7c59b02d0fb) | [17](#i4aa0a82519e94029aff6c7c59b02d0fb) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Interest Risk Exposure (Banking Book)](#i4d48c69df1ca4c1e851780e4fea9f182) | [17](#i4d48c69df1ca4c1e851780e4fea9f182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sensitivity to Interest Rate Risk of the Banking Book](#idf7cd6f948bc4827a04dc70ad4940ef4) | [18](#idf7cd6f948bc4827a04dc70ad4940ef4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[BANCOLOMBIA S.A](#i4d5597eaf2e441cc851076c45a0ded45) | [18](#i4d5597eaf2e441cc851076c45a0ded45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Interest Risk Exposure (Banking Book)](#i40192b0676c341df85ed2d838f22d270) | [18](#i40192b0676c341df85ed2d838f22d270) |
| **[III.&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL VARIATIONS THAT HAVE OCCURRED IN THE RISKS TO WHICH THE ISSUER IS EXPOSED, OTHER THAN MARKET RISK, AND THE MECHANISMS IMPLEMENTED TO MITIGATE THEM](#i109b8fdafe4f442cbd65d00500c96de9)** | **[19](#i109b8fdafe4f442cbd65d00500c96de9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[LIQUIDITY RISK](#if59f5717bfa340c0822e19bd1c215307) | [19](#if59f5717bfa340c0822e19bd1c215307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CONSOLIDATED](#i40529fda061c485ebd0c6fbe4d3c1f14) | [19](#i40529fda061c485ebd0c6fbe4d3c1f14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BANCOLOMBIA S.A.](#i32a4a52517464cee833d112dd08f06f6) | [19](#i32a4a52517464cee833d112dd08f06f6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[CREDIT RISK](#i2cf68b2ce8f94ccda1228789fa7b9a3c) | [20](#i2cf68b2ce8f94ccda1228789fa7b9a3c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CONSOLIDATED](#ie631abfba22f4853b198c1ea0fc94283) | [20](#ie631abfba22f4853b198c1ea0fc94283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BANCOLOMBIA S.A.](#i21a14b8e57244b29a0c28a252c0717d6) | [20](#i21a14b8e57244b29a0c28a252c0717d6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[COUNTRY RISK](#i88b90a0feeb040838a56a2686d653fc8) | [20](#i88b90a0feeb040838a56a2686d653fc8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[OPERATIONAL RISK](#i8c7dc0f7b57145e4b73a92044a3e1384) | [21](#i8c7dc0f7b57145e4b73a92044a3e1384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BANCOLOMBIA S.A.](#i74333d98166546c786d32052202a3bc6) | [21](#i74333d98166546c786d32052202a3bc6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[OTHER RELEVANT RISKS](#i2ce7a96a2fcb4771bccddf2973f7cb91) | [21](#i2ce7a96a2fcb4771bccddf2973f7cb91) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Regulatory and Legal Risk](#ib980849c1a9d4e10b338c98bd7e410c1) | [22](#ib980849c1a9d4e10b338c98bd7e410c1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Political risk](#ia62cafe73ffd4becbce25fc6a082cb73) | [23](#ia62cafe73ffd4becbce25fc6a082cb73) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Economic and sectoral environment](#ida9cdd920ec24f04825f0580bc41acba) | [23](#ida9cdd920ec24f04825f0580bc41acba) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Third-party risk](#i2512139cac8e47a5980ab257f472d29b) | [24](#i2512139cac8e47a5980ab257f472d29b) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Business continuity and technology failures](#ie3588f7deacf4a1f8eb2ff5bf3b115b1) | [25](#ie3588f7deacf4a1f8eb2ff5bf3b115b1) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Model Risk](#i643a409d8c3e4a6490d9d74baec36471) | [25](#i643a409d8c3e4a6490d9d74baec36471) |

---

<u>5</u>

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![image.jpg](image.jpg)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity and information security risk](#ib0b27b1654514d57aa0c1bd11d20f553) | [25](#ib0b27b1654514d57aa0c1bd11d20f553) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Risk response to market changes](#i5400d25104ed48e796ffa06bd747c0c3) | [25](#i5400d25104ed48e796ffa06bd747c0c3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Internal Fraud Risk](#i8cd99f50591c4af5adff610bf339bb57) | [26](#i8cd99f50591c4af5adff610bf339bb57) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;FTA Risk and Corruption](#i9f7f1f405a95459bb0877e1d9c6d84bb) | [26](#i9f7f1f405a95459bb0877e1d9c6d84bb) |
| &nbsp;&nbsp;&nbsp;&nbsp;[•&nbsp;&nbsp;&nbsp;&nbsp;Risk of External Fraud](#i2f3860931fe343d6a34613526e8245ce) | [27](#i2f3860931fe343d6a34613526e8245ce) |
| **[IV.&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL CHANGES IN THE INFORMATION REPORTED IN THE CORPORATE GOVERNANCE ANALYSIS CHAPTER OF THE QUARTERLY REPORT](#if7e990c343974c4592ae74a53052589e)** | **[27](#if7e990c343974c4592ae74a53052589e)** |
| **[V.&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL CHANGES THAT HAVE OCCURRED IN PRACTICES, PROCESSES, POLICIES AND INDICATORS IN RELATION TO SOCIAL AND ENVIRONMENTAL CRITERIA, INCLUDING CLIMATE CRITERIA.](#ic17e8e574a3d424ea68cdf2647dcbb1b)** | **[30](#ic17e8e574a3d424ea68cdf2647dcbb1b)** |
| **[VI.&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL CHANGES PRESENTED IN THE FINANCIAL STATEMENTS OF THE ISSUER BETWEEN THE REPORTED QUARTER AND THE DATE OF TRANSMISSION OF THE INFORMATION](#i4264f13b985045aeb59138e12992d14f)** | **[31](#i4264f13b985045aeb59138e12992d14f)** |
| **[VII.&nbsp;&nbsp;&nbsp;&nbsp;GLOSSARY OF TERMS](#ia404049b15e14fd1998c7c56ad9e4627)** | **[31](#ia404049b15e14fd1998c7c56ad9e4627)** |
| **[VIII.ANNEXES](#i51dcd21c79c44fe7a7495322fd914edc)** | **[31](#i51dcd21c79c44fe7a7495322fd914edc)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[i.&nbsp;&nbsp;&nbsp;&nbsp;SEPARATED INTERIM FINANCIAL STATEMENTS BANCOLOMBIA S.A.](#i6e09ee6793594d059262b70fdd6842ae) | [32](#i6e09ee6793594d059262b70fdd6842ae) |
| &nbsp;&nbsp;&nbsp;&nbsp;[ii.&nbsp;&nbsp;&nbsp;&nbsp;CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - BANCOLOMBIA AND SUBSIDIARIES](#i0f823e2bc30242c58d8a5f7c31b49bd0) | [32](#i0f823e2bc30242c58d8a5f7c31b49bd0) |

---

**I.MANAGEMENT'S DISCUSSION & ANALYSIS ON THE RESULTS OF THE OPERATION AND THE FINANCIAL SITUATION OF THE ISSUER, IN RELATION TO THE RESULTS REPORTED IN THE QUARTERLY FINANCIAL STATEMENTS** 

During the second quarter of 2025, Bancolombia's loan portfolio continued its growth momentum. The most dynamic segment was mortgage lending, supported by the institution's interest rate reduction strategy. Consumer lending also gained momentum, reversing a declining trend seen in previous quarters, with notable contributions from digital channels and key products such as credit cards and payroll loans. In contrast, commercial lending expanded at a more modest pace, although leasing showed a positive trend within this segment.

Funding sources showed broad-based expansion during the quarter, led by growth in savings accounts, followed by time deposits and checking accounts. Savings balances grew mainly in the retail segment, while the increase in time deposits reflected stronger demand for digital investment solutions. Corporate clients drove the improvement in checking accounts.

From a profitability standpoint, net income moderated compared to the previous quarter, mainly due to reduced non-recurring income associated with changes in the corporate structure. On the positive side, interest income continued to grow, supported by higher loan volumes across key segments and stable asset yields. Treasury operations contributed positively, benefiting from improved returns on investments. Interest expenses rose in line with a larger deposit base and funding cost dynamics. Provision expenses declined, reflecting healthier portfolio performance and stronger recoveries. Operating expenses increased, influenced by corporate restructuring efforts and tax-related impacts.

**Non-performing loan 30 days**

<u>6</u>

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![image.jpg](image.jpg)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **30 days** | **30 days** | **30 days** | **30 days** | **30 days** | |
| | **2Q24** | | **1Q25** | | **2Q25** | |
| Commercial | 3.61 | % | 3.45 | % | 3.37 | % |
| Consumer | 9.63 | % | 7.47 | % | 6.58 | % |
| Mortgage | 6.21 | % | 6.01 | % | 5.92 | % |
| Microcredit | 14.32 | % | 6.47 | % | 6.12 | % |
| Financial Leasing | 3.55 | % | 3.27 | % | 3.14 | % |
| Non-performing Loan | 5.19 | % | 4.55 | % | 4.33 | % |

---

*\*Super modificado*

**Non-performing loan 90 days**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **90 days** | **90 days** | **90 days** | **90 days** | **90 days** | |
| | **2Q24** | | **1Q25** | | **2Q25** | |
| Commercial | 3.09 | % | 3.06 | % | 3.03 | % |
| Consumer | 5.73 | % | 4.46 | % | 3.91 | % |
| Mortgage | 2.87 | % | 2.82 | % | 2.89 | % |
| Microcredit | 9.31 | % | 3.83 | % | 3.39 | % |
| Financial Leasing | 2.12 | % | 2.22 | % | 2.05 | % |
| Non-performing Loan | 3.49 | % | 3.19 | % | 3.06 | % |

---

*\*Super modificado*

**Portfolio by category**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2Q24** | **2Q24** | **2Q24** | **1Q25** | **1Q25** | **1Q25** | **2Q25** | **2Q25** | **2Q25** |
| | **% Total loan** | | **Total** | **% Total loan** | | **Total** | **% Total loan** | | **Total** |
| Commercial | 53.84 | % | 97514157 | 54.78 | % | 104708788 | 54.09 | % | 104834632 |
| Consumer | 20.42 | % | 36981082 | 18.90 | % | 36134116 | 19.06 | % | 36952379 |
| Mortgage | 12.58 | % | 22784430 | 13.66 | % | 26102589 | 14.02 | % | 27181645 |
| Microcredit | 0.26 | % | 470821 | 0.39 | % | 748770 | 0.46 | % | 889296 |
| Financial Leasing | 12.89 | % | 23352490 | 12.27 | % | 23450706 | 12.37 | % | 23970566 |

---

*\*Super modificado*

**Portfolio Quality**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO QUALITY** |<br>**2T24** | |<br>**1T25** | |<br>**2T25** | |
| Total Non-performing Loan Portfolio (30 days) | 9399538 |  | 8697993 |  | 8385513 |  |
| Loan Portfolio Provision | 13242325 |  | 12994674 |  | 12243496 |  |
| Non-performing Loan / Total Portfolio | 5.19 | % | 4.55 | % | 4.33 | % |
| Provision / Non-performing Loan | 149.40 | % | 149.40 | % | 146.01 | % |
| Loan Portfolio Provision as a Percentage of Total Portfolio | 7.31 | % | 6.80 | % | 6.32 | % |
| **Total Capital** | **181102979** |  | **191144968** |  | **193828517** |  |

---

*\*Super modificado*

<u>7</u>

------

![image.jpg](image.jpg)<br>

**Technical capital risk weighted assets**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TECHNICAL CAPITAL RISK WEIGHTED ASSETS** | | | | | | | | | |
| Consolidated (COP millions) | **2Q24** | **%** |  | **1Q25** | **%** |  | **2Q25** | **%** |  |
| Basic capital (Tier I) | 30712450 | 14.76 | % | 31643452 | 14.70 | % | 21987955 | 10.98 | % |
| Additional capital (Tier II) | 4427451 | 2.13 | % | 5190808 | 2.41 | % | 4965237 | 2.48 | % |
| Technical capital (1) | 35139901 |  |  | 36834259 |  |  | 26953192 |  |  |
| Risk weighted assets including market and operational risk (2) | 208110881 |  |  | 215268394 |  |  | 200322522 |  |  |
| **CAPITAL ADEQUACY (3)** |  | **16.89** | **%** |  | **17.11** | **%** |  | **13.45** | **%** |

---

*\*Super modificado*

<u>8</u>

------

![image.jpg](image.jpg)<br>

**Separated Statement of Income Bancolombia S.A.**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SEPARATED STATEMENT OF INCOME BANCOLOMBIA S.A.** | **As of** | **As of** | **Change** | | | | | **Change** | **Change** | **Change** | |
| (COP million) | **Jun-24** | **Jun-25** | **Jun-25 / Jun-24** |  | **2Q24** | **1Q25** | **2Q25** | **2Q25 / 1Q25** |  | **2Q25 / 2Q24** |  |
| **Interest on loan portfolios and financial leasing operations** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | 6597176 | 5686420 | -13.81 | % | 3215741 | 2798122 | 2888300 | 3.22 | % | -10.18 | % |
| &nbsp;&nbsp;&nbsp;Consumption | 3613450 | 3170770 | -12.25 | % | 1769044 | 1575972 | 1594797 | 1.19 | % | -9.85 | % |
| &nbsp;&nbsp;&nbsp;Microcredit | 58102 | 86270 | 48.48 | % | 26826 | 39040 | 47231 | 20.98 | % | 76.06 | % |
| &nbsp;&nbsp;&nbsp;Mortgage | 1538991 | 1692142 | 9.95 | % | 775544 | 829586 | 862556 | 3.97 | % | 11.22 | % |
| &nbsp;&nbsp;&nbsp;Leasing | 1773502 | 1539296 | -13.21 | % | 864729 | 769061 | 770234 | 0.15 | % | -10.93 | % |
| **Total interest on loan portfolio and financial leasing operations** | 13581221 | 12174898 | -10.35 | % | 6651884 | 6011781 | 6163118 | 2.52 | % | -7.35 | % |
| Interbank funds sold | **14290** | **16824** | **17.73** | **%** | **9041** | **8882** | **7942** | **-10.58** | **%** | **-12.16** | **%** |
| Interest and valuation of investments | **810447** | **797158** | **-1.64** | **%** | **339605** | **360734** | **436424** | **20.98** | **%** | **28.51** | **%** |
| Other interest income | 108629 | 67596 | -37.77 |  | 43821 | 35848 | 31748 | -11.44 |  | -27.55 |  |
| **Total interest income and valuation** | 14514587 | 13056476 | -10.05 | % | 7044351 | 6417245 | 6639232 | 3.46 | % | -5.75 | % |
| Interest expense | (6253372) | (5141948) | -17.77 |  | (3028895) | (2553803) | (2588146) | 1.34 |  | -14.55 |  |
| **Net interest margin and valuation of financial instruments before provision for impairment of portfolio, financial guarantees and other assets** | 8261215 | 7914528 | -4.20 | % | 4015456 | 3863442 | 4051086 | 4.86 | % | 0.89 | % |
| Impairment of credit portfolio and financial leasing operations, net | (3120463) | (1581539) | -49.32 | % | (1605398) | (760032) | (821507) | 8.09 | % | -48.83 | % |
| (Impairment) Recovery of financial guarantees and other assets, net | (56584) | (11570) | -79.55 | % | (40403) | (10974) | (596) | -94.57 | % | -98.52 | % |
| **Total provisions and impairment, net** | (3177047) | (1593109) | -49.86 | % | (1645801) | 771 | (822103) | -206.63 | % | -50.05 | % |
| **Interest income and valuation of financial instruments after provisions and impairment, net** | **5084168** | **6321419** | **24.34** | % | **2369655** | **3092436** | **3228983** | **4.42** | **%** | **36.26** | **%** |
| Income from commissions and other services | 2769831 | 2948135 | 6.44 | % | 1448051 | 1432659 | 1515476 | 5.78 | % | 4.66 | % |
| Expenses from commissions and other services | **(1431762)** | **(1597294)** | **11.56** | **%** | **(790827)** | **(776618)** | **(820676)** | **5.67** | **%** | **3.77** | **%** |
| **Total income from commissions and other services, net** | 1338069 | 1350841 | 0.95 |  | 657224 | 656041 | 694800 | 5.91 |  | 5.72 |  |
| Other operating income, net | 839794 | 1020472 | 21.51 | % | 482197 | 518544 | 514662 | -0.75 | % | 6.73 | % |
| Participation method | 979159 | 631504 | -35.51 | % | 412277 | 536544 | 94960 | -82.30 | % | -76.97 | % |
| Dividends | 3351 | 4556 | 35.96 | % | 678 | 3592 | 964 | -73.16 | % | 42.18 | % |
| Impairment of investments | (121788) |  | -100.00 | % | (121788) |  |  | 0.00 | % | 0.00 | % |
| Profit from valuation and sale of equity investments | 32026 | 30404 | -5.06 | % | 30816 | 11383 | 19021 | 67.10 | % | -38.28 | % |
| Dividends and other net income from equity interests | 892748 | 666464 | -25.35 | % | 321983 | 552 | 114945 | -79.16 | % | -64.30 | % |
| **Total income, net** | 8154779 | 9359196 | 14.77 | % | 3831059 | 4818540 | 4553390 | -5.50 | % | 18.85 | % |
| **Operating expenses** |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits | **(1815032)** | **(2094377)** | **15.39** | **%** | **(916626)** | **(1026064)** | **(1068313)** | **4.12** | **%** | **16.55** | **%** |
| Other administrative and general expenses | **(1601672)** | **(1876306)** | **17.15** | **%** | **(850914)** | **(882095)** | **(1006945)** | **14.15** | **%** | **18.34** | **%** |
| Taxes | **(644201)** | **(602185)** | **-6.52** | **%** | **(324389)** | **(289377)** | **(312808)** | **8.10** | **%** | **-3.57** | **%** |
| Amortization, depreciation and impairment | **(468017)** | **(479813)** | **2.52** | **%** | **(239470)** | **(235915)** | **(243898)** | **3.38** | **%** | **1.85** | **%** |
| **Total operating expenses** | **(4528922)** | **(5052681)** | **11.56** | **%** | **(2331399)** | **(2433451)** | **(2631964)** | **8.16** | **%** | **12.89** | **%** |
| **Earnings before income taxes** | **3625857** | **4306515** | **18.77** | **%** | **1499660** | **2385089** | **1921426** | **-19.44** | **%** | **28.12** | **%** |

---

<u>9</u>

------

![image.jpg](image.jpg)<br>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income tax \*\* | **(743955)** | **(1123680)** | **51.04** | **%** | **(211652)** | **(600499)** | **(523181)** | **-12.88** | **%** | **147.19** | **%** |
| **Net profit for the year attributable to controlling interest** | 2881902 | 3182835 | 10.44 | % | 1288008 | 1784590 | 1398245 | -21.65 | % | 8.56 | % |
| **Non-controlling interest** |  |  | 0.00 | % |  |  |  | 0.00 | % | 0.00 | % |
| **Net income** | **2881902** | **3182835** | **10.44** | **%** | **1288008** | **1784590** | **1398245** | **-21.65** | **%** | **8.56** | **%** |

---

*\*Super modificado*

<u>10</u>

------

![image.jpg](image.jpg)<br>

**Separated Statement of Financial Position Bancolombia S.A.**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SEPARATED STATEMENT OF FINANCIAL POSITION BANCOLOMBIA S.A.** | | | | **Change** | **Change** | **Change** | | | | **% of** | |
| (COP million) | **2Q24** | **1Q25** | **2Q25** | **2Q25 / 1Q25** |  | **2Q25 / 2Q24** |  | **% of Assets** |  | **Liabilities** |  |
| **ASSET** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 19117954 | 14853705 | 17598994 | 18.48 | % | -7.95 | % | 6.96 | % |  |  |
| &nbsp;&nbsp;&nbsp;Investment financial instruments, net | 17442451 | 20735264 | 25973786 | 25.26 | % | 48.91 | % | 10.27 | % |  |  |
| &nbsp;&nbsp;&nbsp;Derivative financial instruments | 3434986 | 2520831 | 3214068 | 27.50 | % | -6.43 | % | 1.27 | % |  |  |
| &nbsp;&nbsp;&nbsp;Financial investment instruments and derivatives | 20877437 | 23256095 | 29187854 | 25.51 | % | 39.81 | % | 11.54 | % |  |  |
| &nbsp;&nbsp;&nbsp;Credit portfolio of clients and financial institutions | 186108358 | 196474890 | 198722204 | 1.14 | % | 6.78 | % | 78.55 | % |  |  |
| **Deterioration of loan portfolio and financial leasing operations** | (13739444) | (13422797) | (12862532) | -4.17 | % | -6.38 | % | -5.08 | % |  |  |
| &nbsp;&nbsp;&nbsp;Loan portfolio from customers and financial institutions, net | 172368914 | 183052093 | 185859672 | 1.53 | % | 7.83 | % | 73.47 | % |  |  |
| &nbsp;&nbsp;&nbsp;Assets held for sale and inventories | 498082 | 303276 | 273276 | -9.89 | % | -45.13 | % | 0.11 | % |  |  |
| &nbsp;&nbsp;&nbsp;Investments in subsidiaries | 27097463 | 27473384 | 8170951 | -70.26 | % | -69.85 | % | 3.23 | % |  |  |
| &nbsp;&nbsp;&nbsp;Investments in associates and joint ventures | 198074 | 196123 | 189920 | -3.16 | % | -4.12 | % | 0.08 | % |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 5008902 | 4738765 | 4661022 | -1.64 | % | -6.95 | % | 1.84 | % |  |  |
| **Investment properties** | 770936 | 846853 | 941634 | 11.19 | % | 22.14 | % | 0.37 | % |  |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, leased, net | 1270469 | 1277255 | 1266031 | -0.88 | % | -0.35 | % | 0.50 | % |  |  |
| &nbsp;&nbsp;&nbsp;Intangibles, net | 351380 | 363970 | 374032 | 2.76 | % | 6.45 | % | 0.15 | % |  |  |
| &nbsp;&nbsp;&nbsp;Deferred tax, net |  |  |  | 0.00 |  | 0.00 |  | 0.00 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other assets, net | 4889944 | 3298584 | 4459743 | 35.20 | % | -8.80 | % | 1.76 | % |  |  |
| &nbsp;&nbsp;**TOTAL ASSETS** | **252449555** | **259660103** | **252983129** | **-2.57** | **%** | **0.21** | **%** | **100.00** | **%** |  |  |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**PASSIVE** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Customer deposits | 170986606 | 185175224 | 194416941 | 4.99 |  | 13.70 |  | 76.85 | % | 84.44 | % |
| &nbsp;&nbsp;&nbsp;Interbank | 379546 | 1021595 | 3188715 | 212.13 | % | 740.14 | % | 1.26 | % | 1.38 | % |
| &nbsp;&nbsp;&nbsp;Repos |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivative Financial Instruments | 3670405 | 2509980 | 3502940 | 39.56 | % | (4.56) | % | 1.38 | % | 1.52 | % |
| **Financial obligations** | 10370198 | 8960750 | 7888588 | (1.11) | % | (23.93) | % | 3.12 | % | 3.43 | % |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1388182 | 1372650 | 1357414 | (3.37) | % | (2.22) | % | 0.54 | % | 0.59 | % |
| &nbsp;&nbsp;&nbsp;Debt securities issued | 12088229 | 7538788 | 7284850 | (3.37) | % | (39.74) | % | 2.88 | % | 3.16 | % |
| &nbsp;&nbsp;&nbsp;Preferred shares | 555152 | 541340 |  | 98.14 | % | (100.00) | % |  | % | 0.00 | % |
| &nbsp;&nbsp;&nbsp;Taxes | 547206 | 551175 | 1092120 | #DIV/0! | % | 99.58 | % | 0.43 | % | 0.47 | % |
| &nbsp;&nbsp;&nbsp;Deferred tax, net | 1266496 | 1559617 | 58549 | (96.25) | % | 95.38 | % | 0.02 | % | 0.03 | % |
| **Employee benefits** | 669294 | 720381 | 698129 | 3.88 | % | 4.31 | % | 0.28 | % | 0.30 | % |
| &nbsp;&nbsp;&nbsp;Other liabilities | 12222098 | 10355783 | 10757753 | 4.51 | % | (11.98) | % | 4.25 | % | 4.87 | % |
| &nbsp;&nbsp;**TOTAL LIABILITIES** | **214143412** | **220307283** | **230245999** | **4.51** | **%** | **7.52** | **%** | **91.01** | **%** | **100.00** | **%** |
| &nbsp;&nbsp;&nbsp;SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital | 480914 | 480914 | 480914 |  |  |  |  | 0.19 |  |  |  |
| &nbsp;&nbsp;&nbsp;Premium on placement of shares | 4837497 | 4837497 | 4837497 | (47.17) | % |  | % | 1.91 | % |  |  |
| **Reservations** | 22897934 | 24792564 | 13097223 | 71.47 | % | (42.80) | % | 5.18 | % |  |  |
| &nbsp;&nbsp;&nbsp;Retained earnings | 2839766 | 1739058 | 2981993 | (82.15) | % | 5.01 | % | 1.18 | % |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income, net of taxes | 7250032 | 7502787 | 1339503 | (42.22) | % | (81.52) | % | 0.53 | % |  |  |
| &nbsp;&nbsp;**TOTAL SHAREHOLDERS' EQUITY** | 38306143 | 39352820 | 22737130 | (2.57) | % | (40.64) | % | 8.99 | % |  |  |
| &nbsp;&nbsp;**TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **252449555** | **259660103** | **252983129** | **-2.57** | **%** | **0.21** | **%** | **100.00** | **%** |  |  |

---

<u>11</u>

------

![image.jpg](image.jpg)<br>

*\*Super modificado*

 **Bancolombia Consolidated Income Stament**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BANCOLOMBIA CONSOLIDATED INCOME STATEMENT** | **As of** | **As of** | **Change** | | | | | **Change** | **Change** | **Change** | |
| (COP million) | **Jun-24** | **Jun-25** | **Jun-25 / Jun-24** |  | **2Q24** | **1Q25** | **2Q25** | **2Q25 / 1Q25** |  | **2Q25 / 2Q24** |  |
| **Interest income and expenses** |  |  |  |  |  |  |  |  |  |  |  |
| **Interest on loans and financial leases** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | 8358202 | 6125031 | (26.7) | % | 4160195 | 3828165 | 2296866 | (40.0) | % | (44.8) | % |
| &nbsp;&nbsp;&nbsp;Consumer | 4340212 | 3244253 | (25.3) | % | 2188049 | 1977301 | 1266952 | (35.9) | % | (42.1) | % |
| &nbsp;&nbsp;&nbsp;Small business loans | 104983 | 87240 | (16.9) | % | 51279 | 61442 | 25798 | (58.0) | % | (49.7) | % |
| &nbsp;&nbsp;&nbsp;Mortgage | 2032457 | 1772997 | (12.8) | % | 1019405 | 1096470 | 676527 | (38.3) | % | (33.6) | % |
| &nbsp;&nbsp;&nbsp;Financial leases | 1872129 | 1515673 | (19.0) | % | 917304 | 800230 | 715443 | (10.6) | % | (22.0) | % |
| **Total interest income on loans and financial leases** | **16707983** | **12745194** | **(23.7)** | **%** | **8336232** | **7763608** | **4981586** | **(35.8)** | **%** | **(40.2)** | **%** |
| **Interest income on overnight and market funds** | **126418** | **53629** | **(57.6)** | **%** | **64595** | **50969** | **2660** | **(94.8)** | **%** | **(95.9)** | **%** |
| **Interest and valuation on financial instruments** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on debt instruments using the effective interest method | 497912 | 343268 | (31.1) | % | 240138 | 233730 | 109538 | (53.1) | % | (54.4) | % |
| &nbsp;&nbsp;**Valuation on financial instruments** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt investments | 583100 | 580322 | (0.5) | % | 284827 | 399865 | 180457 | (54.9) | % | (36.6) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (12274) | (55134) | 349.2 | % | (18588) | (42830) | (12304) | (71.3) | % | (33.8) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Repos | 159184 | (23718) | (114.9) | % | 50792 | (11265) | (12453) | 10.5 | % | (124.5) | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | (21454) | 35923 | (267.4) | % | (14521) | 19382 | 16541 | (14.7) | % | (213.9) | % |
| &nbsp;&nbsp;**Total valuation on financial instruments** | **708556** | **537393** | **(24.2)** | % | **302510** | **365152** | **172241** | **(52.8)** | **%** | **(43.1)** | **%** |
| **Total Interest on debt instruments and valuation on financial instruments** | **1206468** | **880661** | **(27.0)** | % | **542648** | **598882** | **281779** | **(52.9)** | **%** | **(48.1)** | **%** |
| **Total interest and valuation on financial instruments** | **18040869** | **13679484** | **(24.2)** | **%** | **8943475** | **8413459** | **5266025** | **(37.4)** | **%** | **(41.1)** | **%** |
| **Interest expense** |  |  |  |  |  |  |  |  |  |  |  |
| Borrowings from other financial institutions | (734351) | (288008) | (60.8) | % | (332778) | (272541) | (15467) | (94.3) | % | (95.4) | % |
| Overnight funds | (10012) | (6575) | (34.3) | % | (5459) | (6245) | (330) | (94.7) | % | (94.0) | % |
| Debt securities in issue | (595519) | (339135) | (43.1) | % | (310348) | (208711) | (130424) | (37.5) | % | (58.0) | % |
| Deposits | (6235521) | (4710180) | (24.5) | % | (3047647) | (2803210) | (1906970) | (32.0) | % | (37.4) | % |
| Preferred shares | (28650) |  | (100.0) | % | (13813) | (14837) | 14837 | (200.0) | % | (207.4) | % |
| Lease liabilities | (68723) | (43200) | (37.1) | % | (35509) | (33829) | (9371) | (72.3) | % | (73.6) | % |
| Other interest | (23189) | (17273) | (25.5) | % | (11332) | (10086) | (7187) | (28.7) | % | (36.6) | % |
| **Total interest expenses** | **(7695965)** | **(5404371)** | **(29.8)** | **%** | **(3756886)** | **(3349459)** | **(2054912)** | **(38.6)** | **%** | **(45.3)** | **%** |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **10344904** | **8275113** | **(20.0)** | **%** | **5186589** | **5064000** | **3211113** | **(36.6)** | **%** | **(38.1)** | **%** |

---

<u>12</u>

------

![image.jpg](image.jpg)<br>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit impairment charges on loans and advance and financial leases** | **(3352038)** | **(2002336)** | **(40.3)** | **%** | **(1848078)** | **(1274877)** | **(727459)** | **(42.9)** | **%** | **(60.6)** | **%** |
| **Recovery of charged - off loans** | **394114** | **296346** | **(24.8)** | **%** | **225017** | **171353** | **124993** | **(27.1)** | **%** | **(44.5)** | **%** |
| **Credit impairment charges on off balance sheet credit instruments** | **11904** | **(32904)** | **(376.4)** | **%** | **5068** | **(5710)** | **(27194)** | **376.3** | **%** | **(636.6)** | **%** |
| **Credit impairment charges/recovery on investments** | **12257** | **(1149)** | **(109.4)** | **%** | **(790)** | **9685** | **(10834)** | **(211.9)** | **%** | **1271.4** | **%** |
| **Total credit impairment charges, net** | **(2933763)** | **(1740043)** | **(40.7)** | **%** | **(1618783)** | **(1099549)** | **(640494)** | **(41.7)** | **%** | **(60.4)** | **%** |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments** | **7411141** | **6535070** | **(11.8)** | **%** | **3567806** | **3964451** | **2570619** | **(35.2)** | **%** | **(28.0)** | **%** |
| **Fees and commission income** |  |  |  |  |  |  |  |  |  |  |  |
| Banking services | 538362 | 396604 | (26.3) | % | 289528 | 293287 | 103317 | (64.8) | % | (64.3) | % |
| Credit and debit card fees and commercial establishments | 1581663 | 1370158 | (13.4) | % | 796641 | 829936 | 540222 | (34.9) | % | (32.2) | % |
| Brokerage | 20686 | 11962 | (42.2) | % | 13735 | 9740 | 2222 | (77.2) | % | (83.8) | % |
| Acceptances, Guarantees and Standby Letters of Credit | 55375 | 35739 | (35.5) | % | 27985 | 28976 | 6763 | (76.7) | % | (75.8) | % |
| Trust | 272014 | 303680 | 11.6 | % | 135747 | 156208 | 147472 | (5.6) | % | 8.6 | % |
| Placement of securities and investment banking | 47069 | 19924 | (57.7) | % | 35975 | 5050 | 14874 | 194.5 | % | (58.7) | % |
| Bancassurance | 494385 | 468480 | (5.2) | % | 286073 | 226643 | 241837 | 6.7 | % | (15.5) | % |
| Payments and Collections | 505422 | 536650 | 6.2 | % | 265605 | 263664 | 272986 | 3.5 | % | 2.8 | % |
| Others | (104169) | (104619) | 0.4 | % | 96757 | (64542) | (40077) | (37.9) | % | (60.6) | % |
| **Total fees and commission income** | **3699938** | **3289061** | **(11.1)** | **%** | **1948046** | **1921235** | **1367826** | **(28.8)** | **%** | **(29.8)** | **%** |
| **Fees and commission expenses** |  |  |  |  |  |  |  |  |  |  |  |
| Banking services | -808218 | -686956 | (15.0) |  | -426369 | -466832 | -220124 | (52.9) |  | (48.4) |  |
| Sales, collections and other services | (436239) | (450303) | 3.2 | % | (228748) | (223097) | (227206) | 1.8 | % | (0.7) | % |
| Bank correspondents | (296448) | (310055) | 4.6 | % | (188367) | (148996) | (161059) | 8.1 | % | (14.5) | % |
| Others | (104169) | (104619) | 0.4 | % | (62764) | (64542) | (40077) | (37.9) | % | (36.2) | % |
| **Fees and commission expenses** | (1645074) | (1551933) | (5.7) | % | (906248) | (903467) | (648466) | (28.2) | % | (28.4) | % |
| **Total fees and comissions, net** | 2054864 | 1737128 | (15.5) | % | 1041798 | 1017768 | 719360 | (29.3) | % | (31.0) | % |
| Other operating income |  |  |  |  |  |  |  |  |  |  |  |
| Derivatives FX contracts | 62225 | (128465) | (306.5) | % | 160894 | (11917) | (116548) | 878.0 | % | (172.4) | % |
| Net foreign exchange | 100826 | 454719 | 351.0 | % | (17357) | 213211 | 241508 | 13.3 | % | (1491.4) | % |
| Hedging |  | (2908) |  | % | 623 | (3233) | 325 | (110.1) | % | (47.8) | % |
| Leases | 902031 | 609180 | (32.5) | % | 441935 | 448497 | 160683 | (64.2) | % | (63.6) | % |
| Gains (or losses) on sale of assets | 32995 | 77312 | 134.3 | % | 15090 | 49760 | 27552 | (44.6) | % | 82.6 | % |
| Other reversals | 18453 | 6627 | (64.1) | % | 4723 | 1829 | 4798 | 162.3 | % | 1.6 | % |
| Others | 253883 | 148913 | (41.3) | % | 135176 | 138424 | 10489 | (92.4) | % | (92.2) | % |
| **Total other operating income** | 1370413 | 1165378 | (15.0) | % | 741084 | 836571 | 328807 | (60.7) | % | (55.6) | % |
| **Dividends received, and share of profits of equity method investees** |  |  |  |  |  |  |  |  |  |  |  |
| Dividends | 33867 | 28427 | (16.1) | % | 23867 | 4967 | 23460 | 372.3 | % | (1.7) | % |
| Equity investments | (8183) | 26938 | (429.2) | % | (5701) | 19848 | 7090 | (64.3) | % | (224.4) | % |

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<u>13</u>

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---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Equity method | 133312 | 192567 | 44.4 | % | 56023 | 112510 | 80057 | (28.8) | % | 42.9 | % |
| Recoveri/Impairment charges on UGE | (313284) |  | -100.00 | % | (313284) |  |  | 0.00 | % | -100.00 | % |
| Others | 13520 | (160) | (101.2) | % | 13520 |  | (160) | 100.0 | % | (101.2) | % |
| **Total dividends received, and share of profits of equity method investees** | (140768) | 247772 | (276.0) | % | (225575) | 137325 | 110447 | (19.6) | % | (149.0) | % |
| **Total operating income, net** | 10695650 | 9685348 | (9.4) | % | 5125113 | 5956115 | 3729233 | (37.4) | % | (27.2) | % |
| **Operating expenses** |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and employee benefits | (2376018) | (1916507) | (19.3) | % | (1194440) | (1280879) | (635628) | (50.4) | % | (46.8) | % |
| Bonuses | (307329) | (405024) | 31.8 | % | (153956) | (249645) | (155379) | (37.8) | % | 0.9 | % |
| Other administrative and general expenses | (2492765) | (2003651) | (19.6) | % | (1288226) | (1339181) | (664470) | (50.4) | % | (48.4) | % |
| Taxes other than income tax | (780826) | (636967) | (18.4) | % | (389932) | (356466) | (280501) | (21.3) | % | (28.1) | % |
| Impairment, depreciation and amortization | (533744) | (392197) | (26.5) | % | (273482) | (266257) | (125940) | (52.7) | % | (54.0) | % |
| **Total operating expenses** | (6490682) | (5354346) | (17.5) | % | (3300036) | (3492428) | (1861918) | (46.7) | % | (43.6) | % |
| **Profit before tax** | **4204968** | **4331002** | **3.0** | **%** | **1825077** | **2463687** | **1867315** | **(24.2)** | **%** | **2.3** | **%** |
| Income tax | (1151395) | (1173504) | 1.9 | % | (449434) | (715956) | (457548) | (36.1) | % | 1.8 | % |
| **Income tax (Prior periods)** | **93192** | **15115** | **-83.78** | **%** | **86111** | **17044** | **(1929)** | **-111.32** | **%** | **-102.24** | **%** |
| **Net income** | **3146765** | **3172613** | **0.8** | **%** | **1461754** | **1764775** | **1407838** | **(20.2)** | **%** | **(3.7)** | **%** |
| Non-controlling interest | (43519) | (55558) | 27.7 | % | (21980) | (27111) | (28447) | 4.9 | % | 29.4 | % |
| **Net income attributable to equity holders of the Parent Company** | **3103246** | **3117055** | **0.4** | **%** | **1439774** | **1737664** | **1379391** | **(20.6)** | **%** | **(4.2)** | **%** |

---

*\*Full*

**Bancolombia Consolidated Stament of financial position**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BANCOLOMBIA CONSOLIDATED STATEMENT OF FINANCIAL POSITION** | | | | **Change** | **Change** | **Change** | | | | **% of** |
| (COP million) | **2Q24** | **1Q25** | **2Q25** | **1Q25 / 4Q24** |  | **1Q25 / 1Q24** |  | **% of Assets** |  | **Liabilities** |
| **ASSETS** |  |  |  |  |  |  |  |  |  |  |
| Cash and balances at central bank | 21374700 | 20493453 | 15916223 | (22.34) | % | (25.54) | % | 5.76 | % |  |
| Interbank borrowings | 3717447 | 4345084 | 2604216 | (40.07) | % | (29.95) | % | 0.94 | % |  |
| Reverse repurchase agreements and other similar secured lend | 6373029 | 3436757 | 2660852 | (22.58) | % | (58.25) | % | 0.96 | % |  |
| Financial assets investment | 30573634 | 36394058 | 28369162 | (22.05) | % | (7.21) | % | 10.27 | % |  |
| Derivative financial instruments | 3444239 | 2529449 | 3214068 | 27.07 | % | (6.68) | % | 1.16 | % |  |
| Loans and advances to customers | 268108682 | 278523005 | 213518145 | (23.34) | % | (20.36) | % | 77.28 | % |  |
| Allowance for loan and lease losses | (16680835) | (15532803) | (11571361) | (25.50) | % | (30.63) | % | (4.19) | % |  |
| Investment in associates and joint ventures | 2850311 | 2962639 | 2964236 | 0.05 | % | 4.00 | % | 1.07 | % |  |
| Goodwill and Intangible assets, net | 9191298 | 9301046 | 400356 | (95.70) | % | (95.64) | % | 0.14 | % |  |
| Premises and equipment, net | 6048006 | 5708321 | 4724243 | (17.24) | % | (21.89) | % | 1.71 | % |  |

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<u>14</u>

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment property | 5423018 | 5608037 | 5761117 | 2.73 | % | 6.23 | % | 2.09 | % |  |  |
| Right of use assets | 1668641 | 1725559 | 1007618 | (41.61) | % | (39.61) | % | 0.36 | % |  |  |
| Prepayments | 839285 | 988935 | 710666 | (28.14) | % | (15.32) | % | 0.26 | % |  |  |
| Tax receivables | 1993175 | 1303756 | 1566250 | 20.13 | % | (21.42) | % | 0.57 | % |  |  |
| Deferred tax | 796955 | 692119 | 10033 | (98.55) | % | (98.74) | % |  | % |  |  |
| Assets held for sale and inventories | 993902 | 816077 | 695508 | (14.77) | % | (30.02) | % | 0.25 | % |  |  |
| Other assets | 5483585 | 4829819 | 3750024 | (22.36) | % | (31.61) | % | 1.36 | % |  |  |
| **Total assets** | 352199072 | 364125311 | 276301356 | (24.12) | **%** | (21.55) | **%** | 100.00 | **%** |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |  |  |  |  |  |
| **LIABILITIES** |  |  |  |  |  |  |  |  |  |  |  |
| Deposit by customers | 257869276 | 276030117 | 215036919 | (22.10) | % | (16.61) | % | 77.83 | % | 85.92 | % |
| Interbank Deposits | 511000 | 634414 | 261289 | (58.81) | % | (48.87) | % | 0.09 | % | 0.10 | % |
| Derivative financial instrument | 3680218 | 2516148 | 3503808 | 39.25 | % | (4.79) | % | 1.27 | % | 1.40 | % |
| Borrowings from other financial institutions | 12938759 | 11899337 | 5901910 | (50.40) | % | (54.39) | % | 2.14 | % | 2.36 | % |
| Debt securities in issue | 16107674 | 10878328 | 7541431 | (30.67) | % | (53.18) | % | 2.73 | % | 3.01 | % |
| Lease liability | 1817740 | 1857875 | 1041239 | (43.96) | % | (42.72) | % | 0.38 | % | 0.42 | % |
| Preferred shares | 555152 | 541340 |  | (100.00) | % | (100.00) | % |  | % |  | % |
| Repurchase agreements and other similar secured borrowing | 594983 | 1265728 | 2996636 | 136.75 | % | 403.65 | % | 1.08 | % | 1.20 | % |
| Current tax | 695645 | 755481 | 1194200 | 58.07 | % | 71.67 | % | 0.43 | % | 0.48 | % |
| Deferred tax | 2128321 | 2734413 | 1187352 | (56.58) | % | (44.21) | % | 0.43 | % |  | % |
| Employees benefit plans | 895682 | 941706 | 748644 | (20.50) | % | (16.42) | % | 0.27 | % | 0.30 | % |
| Other liabilities | 14199672 | 12381389 | 10864589 | (12.25) | % | (23.49) | % | 3.93 | % | 4.34 | % |
| **Total liabilities** | **311994122** | **322436276** | **250278017** | **(22.38)** | **%** | **(19.78)** | **%** | **90.58** | **%** | **100.00** | **%** |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |  |  |  |  |  |
| Share Capital | 480914 | 480914 | 480914 |  | % |  | % | 0.17 | % |  |  |
| Additional paid-in-capital | 4857454 | 4857454 | 4857454 |  | % |  | % | 1.76 | % |  |  |
| Appropriated reserves | 22632835 | 24302796 | 11333745 | (53.36) | % | (49.92) | % | 4.10 | % |  |  |
| Retained earnings | 5779197 | 5299318 | 7444008 | 40.47 | % | 28.81 | % | 2.69 | % |  |  |
| **Accumulated other comprehensive income, net of tax** | **5469515** | **5693944** | **822691** | **(85.55)** | **%** | **(84.96)** | **%** | **0.30** | **%** |  |  |
| **Stockholders' equity attributable to the owners of the parent company** | 39219915 | 40634426 | 24938812 | (38.63) | **%** | (36.41) | **%** | 9.03 | **%** |  |  |
| **Non-controlling interest** | 985035 | 1054609 | 1084527 | 2.84 | % | 10.10 | % | 0.39 | % |  |  |
| **Total liabilities and equity** | **352199072** | **364125311** | **276301356** | **(24.12)** | **%** | **(21.55)** | **%** | **100.00** | **%** |  |  |

---

*\*Full*

<u>15</u>

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![image.jpg](image.jpg)<br>

**Bancolombia Consolidated**

During the second quarter of 2025, Bancolombia's Consolidated loan portfolio maintained its growth momentum. The most significant increase was seen in the mortgage portfolio, supported by the previously implemented interest rate reduction strategy. The consumer portfolio also showed a recovery, reversing the trend of the last three quarters, driven by the strong performance of both digital and traditional products such as Nequi, credit cards, and payroll loans. In contrast, the commercial portfolio posted more moderate growth, although leasing contributed positively within this segment.

On the funding side, there was broad-based expansion, led by higher balances in savings accounts, followed by time deposits and checking accounts. Savings growth was concentrated in the retail segment, while the increase in time deposits was linked to the strengthening of the digital channel. Checking accounts benefited from better performance in the corporate segment.

Net income for the quarter trended lower compared to the previous period, mainly due to lower revenues from dividends and equity method investments, as a result of adjustments in the corporate structure. Nevertheless, interest income continued to grow, supported by the recovery in the commercial portfolio, greater momentum in consumer lending, and a positive performance in mortgages. Treasury operations also had a positive contribution, leveraged on higher investment yields. At the same time, interest expenses increased due to higher funding costs, while provision expenses decreased, supported by an improvement in portfolio quality. Operating expenses rose, mainly due to costs related to the corporate reorganization and tax matters.

**Loans by stages**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2Q25** | **2Q25** | **2Q25** | |
| | **Loans** | **Allowances** | **%** | |
| Stage 1 | 192415429 | 1548253 | 0.8 | % |
| Stage 2 | 9916153 | 2025510 | 20.4 | % |
| Stage 3 | 11186563 | 7997598 | 71.5 | % |
| **Total** | 213518145 | 11571361 | 5.4 | **%** |

---

*\*Full*

<u>16</u>

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![image.jpg](image.jpg)<br>

**II.QUANTITATIVE AND QUALITATIVE ANALYSIS OF THE MARKET RISK TO WHICH THE ISSUER IS EXPOSED AS A RESULT OF ITS INVESTMENTS AND ACTIVITIES SENSITIVE TO MARKET VARIATIONS**

Market risk refers to the possibility of incurring losses due to changes in equity prices, interest rates, exchange rates, and other indicators whose values are determined in public markets. It also encompasses the probability of unexpected changes in net interest income and the economic value of equity resulting from fluctuations in market interest rates.

The principles and guidelines for market risk management remain consistent with those disclosed as of December 31, 2024.

**CONSOLIDATED**

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of December 31, 2024.

Total market risk exposure of Bancolombia Consolidated decreased by 34.9%, from COP 1,697,566 millions in December 2024 to COP 1,105,473 millions in June 2025. This variation is mainly attributable to the creation of Grupo Cibest and its corporate reorganization process, which led to the exclusion of entities located outside Colombia from the consolidated financial statements. Regarding the main movements by risk factor, the most significant reduction was observed in the foreign exchange risk factor, due to lower exposure to U.S. dollar-denominated positions. Similarly, the collective investment funds and interest rate risk factors declined as a result of the new organizational structure. These effects were partially offset by an increase in Bancolombia's portfolio, driven by higher exposure to private debt securities and foreign currency bonds.

Market risk exposure has remained within the approved appetite levels. It is subject to ongoing monitoring by Senior Management and serves as a key tool for decision-making aimed at preserving the stability of Bancolombia Consolidated.

**Non-trading instruments market risk measurement**

The relevant risk exposure in the banking book is interest rate risk, which refers to the probability of unexpected changes in net interest income or in the economic value of equity as a result of changes in market interest rates. Interest rate fluctuations affect the Bank's income due to differences in the repricing of assets and liabilities.

Bancolombia Consolidated manage interest rate risk arising from banking activities in non-tradable instruments by analyzing interest rate mismatches between interest rate-sensitive assets and liabilities, and by estimating the impact on the net interest margin and the economic value of equity.

Foreign exchange exposures arising in the banking book are transferred to the treasury book for management.

**Interest Risk Exposure (Banking Book)** 

Bancolombia Consolidated conduct interest rate risk sensitivity analysis by estimating the impact on the net interest margin of each position in the banking book using a repricing model and assuming a positive parallel shift of 100 basis points in interest rates.

<u>17</u>

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The principles and guidelines for market risk management remain consistent with those disclosed as of December 31, 2024.

**Sensitivity to Interest Rate Risk of the Banking Book**

As of June 30, 2025, the net sensitivity of the banking book in local currency to a parallel shift of 100 basis points in interest rates was COP 349.574 billion, representing an increase of COP 2.326 billion compared to December 31, 2024

Meanwhile, the sensitivity of the Net Interest Margin (NIM) in foreign currency to the same shift was USD 7.79 million, with an increase of USD 14.63 million between December 31, 2024 and June 30, 2025.

These variations are mainly explained by the fact that the analysis for Bancolombia Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of December 2024.

**BANCOLOMBIA S.A**

Market risk management at Bancolombia is the same as previously detailed, carried out for Bancolombia Consolidated.

Total market risk exposure decreased by 24.4% from COP 1,483,039 millions in December 2024 to COP 1,120,737 millions in June 2025. This variation is primarily explained by a lower exposure to the exchange rate risk factor, due to a reduction in positions denominated in U.S. dollars. Secondly, the stock price risk factor decreased as a result of the divestment of certain investments following the creation of Grupo Cibest. Conversely, the interest rate risk factor increased, driven by higher exposure to private debt securities and foreign currency bonds. Lastly, the collective investment funds risk factor also rose, explained by the appreciation of the Colombia Inmobiliario Fund.

During the period there have been no violations of the approved exposure limits and the market risk exposure is permanently monitored by Senior Management.

**Interest Risk Exposure (Banking Book)** 

Bancolombia adopts the Interest Rate Risk in the Banking Book (IRRBB) guidelines established in Chapter XXXI – SIAR of Basic Accounting and Financial Circular Act 100 of 1995, Annex 15 Standard Methodology for determining IRRBB, applied to the assets, liabilities, and off-balance sheet positions indicated by the Superintendencia Financiera de Colombia.

Accordingly, a management framework for IRRBB has been designed, including Credit Spread Risk in the Banking Book (CSRBB), aimed at measuring its impact on delta EVE (Economic Value of Equity) and delta NII (Net Interest Income).

For the June reporting period, delta NII was COP 1.04 trillion, showing a reduction of COP 9,088 millions under a parallel downward scenario, considering the positive mismatch in repricing and capital maturities under one year. The observed reduction in delta NII between June and December is explained by the implementation of hedge accounting strategies, which increased liability sensitivity. This effect was further reinforced by the rise in fixed-rate CDTs with maturities under one year, helping to mitigate the impact of a potential decline in interest rates on NII.

<u>18</u>

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![image.jpg](image.jpg)<br>

Meanwhile, as of June 2025, delta EVE for Bancolombia was COP 2.01 trillion under a parallel upward scenario of market interest rate changes. delta EVE increased by COP 152,925 millions compared to December, mainly due to the growth in the mortgage portfolio and hedging swaps, which were offset by the increase in savings account balances.

**III.MATERIAL VARIATIONS THAT HAVE OCCURRED IN THE RISKS TO WHICH THE ISSUER IS EXPOSED, OTHER THAN MARKET RISK, AND THE MECHANISMS IMPLEMENTED TO MITIGATE THEM**

**LIQUIDITY RISK**

Liquidity risk refers to the possibility of being unable to efficiently and timely meet payment obligations—both expected and unexpected, current and future—without disrupting the normal course of daily operations or affecting the financial condition of the Bancolombia Consolidated. This risk arises when there is an insufficiency of available liquid assets or when it becomes necessary to incur unusual funding costs.

The principles and guidelines for liquidity risk management remain consistent with those disclosed as of December 31, 2024.

**CONSOLIDATED**

The following analysis for Bancolombia Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025.

During the analysis period, adequate liquidity levels were maintained. Bancolombia and Bancolombia Panama stood out for their fundraising capacity, especially in deposit accounts and term deposit certificates (CDTs). This behavior was accompanied by sustained growth in the Bank's loan portfolio, which helped offset the increase in raised funds and reflected efficient liquidity management. Additionally, liquidity levels complied with established limits and met the requirements of Bancolombia Consolidated, satisfying both internal and regulatory indicators.

During the first half of 2025, the coverage ratio decreased from 247.07% in March 2025 to 209.17% in June 2025. This variation is due to the change in the comparison base, which shifted from Grupo Bancolombia to Bancolombia Consolidated.

**BANCOLOMBIA S.A.**

During the second quarter of the year, liquidity levels remained within adequate ranges, mainly supported by the positive performance of fundraising through term deposit certificates (CDTs) and deposit accounts. These funds enabled the Bank to meet the growth in loan disbursements without compromising Bancolombia's liquidity position.

The liquidity indicator stood at 179.79% as of the end of June 2025, showing an increase of 3439 basis points compared to the end of March 2025, explained by the increase in liquid assets.

On the other hand, the Net Stable Funding Ratio (NSFR) has remained above adequate levels, standing at 123.49%, without breaching the established limits. Likewise, year-to-date, an increase of 542 basis points has

<u>19</u>

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![image.jpg](image.jpg)<br>

been observed, considering the creation of Grupo Cibest, which impacted the reduction of Non-Liquid Shares and Technical Equity in June 2025.

**CREDIT RISK**

Credit risk refers to the probability that Bancolombia Consolidated may incur losses due to the non-fulfillment of financial obligations by a counterparty, issuer, or borrower. This is the principal and largest risk for the banking business, and it must be managed throughout every stage of the credit cycle.

**CONSOLIDATED** 

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025.

As of the end of the second quarter of 2025, Bancolombia Consolidated reported a 23.3% decrease in their loan portfolio compared to March 2025. The total past-due loan ratio at 30 days closed at 4.15% for the second quarter of this year.

The credit cost for Bancolombia Consolidated in the second quarter of 2025 was 1.20%. This result is mainly explained by Bancolombia's performance, which showed lower deterioration in the consumer loan portfolio and greater release of provisions for specific clients with material exposures.

These variations are mainly explained by the fact that the current analysis of Bancolombia Consolidated is based on a comparison with the information reported by Grupo Bancolombia corresponding to March 2025.

**BANCOLOMBIA S.A.**

As of the end of the second quarter of 2025, Bancolombia reported a 1.11% growth in its loan portfolio compared to March 2025, mainly driven by increased balances in the individuals and corporate segments. The loan portfolio variation by type was as follows: commercial loans grew by 0.2%, consumer loans by 2.3%, mortgage loans by 4.2%, and microcredit by 18.8%. The 30-day past-due loan ratio closed at 4.41%, representing a decrease of 0.21 percentage points compared to 4.62% in the first quarter of 2025.

Bancolombia's credit cost for the second quarter of 2025 was 1.6%, lower than the 1.8% recorded in March 2025. This decrease is mainly explained by the release of provisions for individually assessed clients and lower deterioration in the mass portfolio. Additionally, various strategies continue to be implemented for portfolio monitoring and recovery, aiming to normalize and contain the loan portfolio, particularly in the consumer segment.

**COUNTRY RISK**

This risk refers to the possibility of Bancolombia Consolidated incurring losses as a result of financial operations abroad due to adverse economic and/or political conditions in the country receiving those operations, either because of restrictions on the transfer of foreign exchange or because of factors not attributable to the commercial and financial condition of the country receiving those operations. This definition includes, but is not limited to, sovereign risk (SR) and transfer risk (TR) associated with such factors.

<u>20</u>

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![image.jpg](image.jpg)<br>

The principles and guidelines for country risk management remain consistent with those disclosed as of March 31, 2025.

The analysis presented below for Grupo Cibest Consolidated is based on a comparison with the information reported by Grupo Bancolombia as of March 31, 2025.

At the end of June 30, 2025, no alerts were presented in any investment subject to country risk, nor were adjustments made for deterioration of investments that could affect or deteriorate the financial strength of Bancolombia and its subsidiaries, compared to March 2025. The decrease in the investment portfolio subject to country risk assessment is primarily due to the reallocation of investment companies within the Cibest Group. Additionally, the decrease in the value of investments is due to revaluation factors.

**OPERATIONAL RISK** 

Operational risk is the likelihood that Bancolombia will incur losses as a result of failures or inadequacies in systems, processes, people, infrastructure, or due to external causes or events. Operational risk may also arise from failures in the models or management information used by the organization.

**BANCOLOMBIA S.A.** 

Bancolombia's operational risk system's objective is to carry out an adequate risk management that allows minimizing, avoiding, or reducing the materialization of adverse events and/or reducing their consequences or costs in case of materialization. The operational risk management system has not undergone changes compared to what was disclosed in the previous quarter, in terms of regulations, policies, manuals, methodologies, structure, or any other relevant element that could affect its effectiveness.

During the second quarter of the current year, no new risks or changes in existing risks have been identified that significantly modify the Bancolombia's operational risk exposure. The losses materialized in the second quarter of 2025 reaches out to COP 66,005 million, representing a 29% decrease compared to the first quarter of the current year. This decrease is due to the measurements around external fraud such as adjustments in monitoring models and password blocking, security campaigns and accelerated the migration process to the new APP Mi Bancolombia.

**OTHER RELEVANT RISKS**

Bancolombia continues to refine its policies and processes with the aim of adequately managing risks in a dynamic and proactive manner, integrating the concerns of business units, corporate areas, and Senior Management. Each identified risk is measured consistently using methodologies deemed appropriate for each case.

To support this, Bancolombia uses a risk map as a tool to identify the most relevant risks to which it is exposed and to define action plans aimed at mitigating them, based on a holistic view that considers both local and international contexts.

Below is Bancolombia's risk map for 2025, which details the relevant changes that occurred in the second quarter of the year, although there were no significant variations in the following risks: environmental and social risk, human talent, third parties and sustainability.

<u>21</u>

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![image.jpg](image.jpg)<br>

![image1.jpg](image1.jpg)

*Risk Map 2025 – Bancolombia*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Regulatory and Legal Risk**

For the second quarter of 2025, significant regulatory movements were registered in Colombia. Firstly, the Congress of the Republic approved the labor reform bill. Although the final version differs from the draft originally submitted by the National Government, it remains one of the administration's priority initiatives, aimed at reaffirming workers' rights in areas such as working hours, employment arrangements, and compensation. The direct effects on Bancolombia's operations will impact certain operational fronts, particularly regarding the dissemination of information and the safeguarding of labor rights for employees. Additionally, the reform may lead to increased operational expenses arising from: (i) services contracted through outsourcing; and (ii) adjustments to the employment arrangements for SENA apprentices. Indirectly, various analysts have indicated that, at the national level, this reform could negatively affect unemployment and informality rates, which in turn may deteriorate credit demand and borrowers' repayment capacity.

Secondly, the URF<sup>1</sup> published a second version of the Draft Decree that would implement the mandatory Open Finance system in Colombia. This version raises several concerns for supervised entities: i) the scheme of responsibility in the process of access and processing of data by unsupervised third parties is not clear, although a model of registration in a directory and the validation of access requirements by the so-called trusted third parties (infrastructure providers) is defined; ii) a free model is proposed, which would prevent charging for access to information or any other concept aimed at recovering the investments made for the implementation and maintenance of the data infrastructure of the providers; and iii) there is no legal certainty about the application of the principle of reciprocity, where some actors could use data from the system without being obliged to provide information to it.

<sup>1</sup> URF: Regulatory Projection and Financial Regulation Studies Unit

<u>22</u>

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![image.jpg](image.jpg)<br>

Thirdly, the Financial Superintendence of Colombia released two versions of a draft regulation that seeks to enable financial institutions to manage environmental and social risks, and assess their impact on the financial situation and resilience of the business model. Although the latest version is clear that these risks should not be managed within the Comprehensive Risk Management System (SIAR), the management of social and environmental risks is still in the early stages in the country. This represents a significant challenge for supervised entities, as it is not aligned with international trends, where supervisors have opted for approaches based on recommendations and guidelines, instead of strict regulations, and even in the curbing of this type of measures when referring to financial activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Political risk**

In terms of political risk, two risks associated with the country's fiscal situation could be faced: i) a new tax reform focused on eliminating tax benefits and particularly, exemptions from VAT, income tax, taxes on hydrocarbons, inheritances, remittances, as well as making permanent the taxes of the economic emergency of Catatumbo (stamp duty, VAT on online games of luck and chance and imports of hydrocarbons); and (ii) the implications it would have on the Bancolombia's debt ratings and the downgrade of the country's debt ratings.

These risks arise as a result of the complex fiscal situation faced by the government that led it to activate the escape clause of the fiscal rule. This legal mechanism allows the Ministry of Finance to suspend the application of the fiscal rule formula, with which the fiscal deficit could reach up to 7.1% of GDP in 2025 (vs. 5.1% proposed in the Financial Plan presented at the beginning of the year) and public spending would rise by COP $20 billion. In addition, the 2025 Medium-Term Fiscal Framework presented in June, points to the need to process a tax reform for around COP $25 billion.

After the signing of the credit pact between the government and the credit institutions, the President of the Republic has been signaling his disagreement with the amounts disbursed for the so-called popular economy (approximately 35% of the target), which suffers from a delay in disbursements compared to the other sectors (approximately 55% of the target) and insisting on an idea already mentioned above of processing a bill that would create forced investments for the financial sector that allow a greater distribution of resources to these segments of the population. In this regard, the Financial Superintendent has pointed out the existence of difficulties in measuring which credits are classified in this category, implying that it is possible that this amount is underestimated since it is confused with consumer credit in terms of its destination, and it is unlikely that the idea of forced investments will materialize.

During the second quarter of 2025, Colombia's geopolitical landscape continued to face complexities, particularly in its relationship with the United States, Colombia's principal trading partner. Certain sectors may be affected by the evolving dynamics between the heads of state of both countries. Colombia's economic conditions could be impacted on account of a reduction in foreign aid from the United States motivated by the budget cuts that the government of that country intends to make and a possible decertification of Colombia in the fight against drugs. Colombia is also one of the countries whose products face 10% tariffs in the U.S., which may affect companies that trade in the international market and the country's external accounts. However, opportunities to compete with countries facing higher tariffs, such as Brazil, may also present themselves on that front.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Economic and sectoral environment**

The beginning of Donald Trump's term in the United States and the tariff measures adopted have positioned themselves as the main determinant of the international macro-financial situation in the first part of 2025. The

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imposition of universal, sectoral and China tariffs led to the estimated average tariff for imports from the United States rising to the highest in almost a century. These decisions have skewed inflation expectations in the United States, where the view is leaning towards a dynamic of a pronounced increase in prices perceived by households.

This introduces a dilemma for the Federal Reserve's monetary policy decision-making, which has been emphatic in the need for more information and the preference for caution in the midst of this environment of high uncertainty. Meanwhile, the markets have reacted strongly: the risk-averse sentiment deepened, which boosted a flight-to-quality<sup>2</sup> in the decisions of international investors. Financial assets in emerging economies have been affected.

For Colombia, this global environment would have mainly financial implications: the exchange rate weakened after a relatively benevolent start to the year, while oil prices were below USD70 per barrel for much of the first half of the year. In addition, global risk aversion led to a widespread increase in the sovereign risk premium among emerging economies, which affected Colombia to a greater extent due to the prevailing vulnerabilities in the fiscal outlook.

The local economy continues to travel along the path of recovery of GDP growth and reduction of inflation that was already observed during 2024. Meanwhile, the imposition of the 10% universal tariff on Colombian products has limited implications for the export sector: a large part of the tariff was offset by the devaluation of the exchange rate, while the situation relative to other countries did not change significantly – it improved with China, on which the United States imposed a much higher tariff. and it only weakened in the face of the goods that are part of the trade agreement between Mexico, Canada and the U.S.

Thus, it is foreseeable that the Colombian economy will continue to advance on the path of progressive macro stabilization (in GDP growth, inflation, and interest rates), which implies a short-term environment that will be more constructive than what was seen in 2024. The 10% tariff on Colombian goods may generate moderate risks in some specific productive activities, while financial turbulence has positioned itself as the main source of macro uncertainty for the short-term future.

In view of this, Bancolombia maintains an active management of credit risk, incorporating various macroeconomic scenarios into the provisioning calculation models. In addition, Bancolombia has maintained a constant sectoral analysis and monitoring, with the aim of identifying both situations and customers with possible impacts. Periodically, the evolution of the individual situation of customers is reviewed in different forums, adopting alternatives when necessary, to support them in the development of their businesses and in the management of the aforementioned context.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Third-party risk**

The outsourcing of activities within Bancolombia exposes it to a possibility of economic impact derived from the inability to manage a third party or contracted supplier, which presents deficiencies to carry out the service. This situation can trigger restrictions in the achievement of strategic objectives, and in some cases, lead to impacts on the operation of businesses and increase exposure in terms of cybersecurity, fraud, handling of third-party or confidential information.

<sup>2</sup> Flight-to-quality: dynamics in which international investors move their resources from assets considered risky (e.g., stocks or assets of emerging countries) to destinations considered safer (e.g., debt bonds of the governments of the most developed economies or gold). It usually occurs in environments of high economic uncertainty and volatility in the financial markets

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![image.jpg](image.jpg)<br>

During the second quarter of 2025, the continuous process of evaluation of Bancolombia's critical suppliers continues, in this way it seeks to guarantee the control environment and continue with the evolution of the processes to guarantee the management of suppliers in the contracting cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Business continuity and technology failures**

In terms of operational resilience, business continuity and technological failures, progress continues in the modernization of key services, leveraged on the migration to cloud components. Likewise, a robust contingency based on a fourth-generation Core is being implemented, with an emphasis on critical channels and processes. These actions will allow a greater capacity to respond to eventualities, improving resilience and mitigating in a timely manner the impacts on the service to our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Model Risk**

During the second quarter of 2025, key progress was made in consolidating the model risk management framework. The design phase of the *Comprehensive Framework for the Validation of Generative AI Models* was completed, updating the methodology for tiering analytical tools by incorporating criteria of impact, robustness, explainability and ethical use; additionally, the general guidelines for the risk management of models are updated, an annex was created with special guidelines for Generative AI models and specific guidelines were developed for the use of the Generative AI Model. Mandatory validation and technical tests, applicable from the second semester. The automation of the validation process was significantly expanded by incorporating additional quantitative modules focused on provisioning and liquidity risk models, with a 30% reduction in average review times compared to the usual standard and strengthening the complete traceability of the process. In addition, an early warning engine was successfully implemented to anticipate deadlines of findings and action plans derived from the independent validation of models, generating proactive alerts aimed at reducing the average time to close. These advances allow the risk profile to be maintained at a moderate level with a stable trend in the face of changes in the environment and in the Bank's processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Cybersecurity and information security risk**

So far in the second quarter of 2025, there have been no relevant changes that significantly modify the exposure to cybersecurity and information security risk, however, to strengthen the management of this risk, controls have been consolidated and improved based on access management, alerts and monitoring through the different layers of control. highlighting the implementation of the consolidation of different antimalware technologies in a standardized way with advances in their integration, as well as the strengthening of information labeling controls as a prevention measure that allows exposure to risks to be kept under control. In addition, the construction, disclosure and approval of the technological and cyber risk management policy is highlighted, which will provide a more structured governance and action framework on risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Risk response to market changes**

The Colombian financial sector demonstrates a mixed landscape, with opportunities and challenges. Moderate growth is expected, driven by the economic recovery and declining inflation, but risks related to global uncertainty and monetary policy are also observed. Traditional players and digital competitors (Fintech and Neobanks) continue to execute user attraction strategies to boost key registrations in the face of the deployment of the Bre-B.

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As for the Bre-B System, in this initial phase of registration there are more than 20 million keys registered by more than 8.5 million customers throughout the system, that is, on average there are more than 2 keys per customer. In turn, more than 93% of the registered accounts are concentrated in natural persons and the rest are legal entities. It is noteworthy that it is essential for Bancolombia to maintain its leadership at the time of key registration during this first stage.

Finally, during this phase, negative impacts have been evidenced due to external fraud, mainly crimes associated with social engineering, which weakens users' trust in the system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Internal Fraud Risk**

During the second quarter of 2025, various actions were carried out aimed at strengthening risk management. These include training and awareness-raising activities aimed at all employees, implemented through different strategies that promote an organizational culture based on zero tolerance for fraud. Likewise, accompaniment and diagnosis of the processes was carried out, applying a risk-based approach. New controls were implemented and existing ones were improved, and progress was made in the evolution of tools that support risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•FTA Risk and Corruption**

In the management of SARLAFT during the second quarter of 2025, the LAFT risk matrices for Bancolombia, Valores Bancolombia, Fiduciaria Bancolombia and Banca de Inversión Bancolombia, continue to be in force, ensuring optimal results for each entity through constant evolution in risk mitigation.

To facilitate the self-management of knowledge against LAFT risk throughout Bancolombia, a Compliance Risk Chatbot was implemented. This tool will allow employees to access relevant and frequent information on compliance risks in a timely, clear and understandable way.

In order to stay informed about the external context, in collaboration with the Financial Superintendence of Colombia and other entities in the sector, an analysis of the internal and external environment is being carried out. The purpose of this analysis is to understand the new modalities of source crimes, with special emphasis on crimes against the public administration, extortion and smuggling in the area of Bancolombia.

Likewise, as part of the institutional strengthening strategy led by the Vice Presidency of Compliance, the integration of the SARLAFT and Economic Sanctions management has been carried out, with the aim of optimizing resources, strengthening comprehensive risk management and improving operational efficiency. This integration allows for the consolidation of complementary functions, the generation of synergies between the teams, and the adoption of a more holistic view of the risks associated with money laundering, terrorist financing and compliance with international sanctions. The new organizational structure will facilitate a greater capacity to respond to alerts, reduce duplication in processes, and improve the traceability and control of the decisions taken.

To strengthen the culture of prevention among employees and suppliers, Bancolombia continues to promote awareness through various communications, training sessions, and educational programs. These initiatives directly enhance knowledge related to AML/CFT prevention within Bancolombia.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•Risk of External Fraud**

During the second quarter of the year, fraud risk management remained a strategic priority for Bancolombia. In the realm of external fraud, social engineering tactics, particularly Tabot spoofing and vishing, continued to pose a significant challenge. To address this challenge, actions have been carried out to strengthen our prevention, containment and response models. These include accelerating the maturation of engines, optimizing monitoring rules focused on behavioral patterns, and intensifying financial education initiatives on how to use products and channels safely and easily, with an emphasis on preventing social engineering-based modalities for customers.

New capabilities have been acquired that allow us to understand customers' behavioral and transactional behavior, as well as their uses and preferences, to make more informed decisions. Among the actions implemented, real-time self-management for the confirmation of suspicious transactions stands out, which provides greater agility and control to the customer. Likewise, the security flow in Tabot was redesigned, allowing the unlocking of dynamic keys directly through the virtual assistant, which significantly improves the user experience. Additionally, streaming models with their own capabilities were implemented, which allow hyper-personalizing customer transactions based on their patterns and behaviors, providing greater precision and efficiency in security and validation processes.

**IV.MATERIAL CHANGES IN THE INFORMATION REPORTED IN THE CORPORATE GOVERNANCE ANALYSIS CHAPTER OF THE QUARTERLY REPORT**

Material changes in the information reported in the corporate governance analysis chapter of the latest year-end periodic report:

**(i) Remuneration of the Board of Directors**

On April 23, during Bancolombia's extraordinary shareholders' meeting, the proposal regarding the Board of Directors' compensation was approved:

For directors residing in Colombia, excluding those holding the position of Chairperson, the following fixed monthly fees were established:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed monthly fee for Board membership: COP $12.100.000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed monthly fee for participation in support committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Audit and Risk Committees: COP $10.100.000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Technology and Cybersecurity Committee: COP $5.050.000

For the Chairperson of the Board and the Chairpersons of the support committees, the following fixed monthly fees were approved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairperson of the Board: COP $15.700.000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairpersons of the Audit and Risk Committees: COP $12.120.000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairperson of the Technology and Cybersecurity Committee: COP $6.060.000

For directors residing abroad, excluding those holding the position of Chairperson, the following fixed monthly fees were approved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed monthly fee for Board membership: USD $2.689

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed monthly fee for participation in the Audit and Risk Committees: USD $2.244

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed monthly fee for participation in the Technology and Cybersecurity Committee: USD $1.122

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For the Chairperson of the Board and the Chairpersons of the support committees residing abroad, the following fixed monthly fees were approved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairperson of the Board: USD $3.489

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairpersons of the Audit and Risk Committees: USD $2.693

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chairperson of the Technology and Cybersecurity Committee: USD $1.347

Additionally, the continuation of travel allowances in the amount of USD $278 per travel day was approved for in-person attendance at Board or Committee meetings by directors residing abroad. It was also clarified that, under the current policy, 70% of the Board of Directors' fees are paid in cash, and the remaining 30% are paid through a contribution to the Institutional Fund, whose sole investment is shares of Grupo Cibest S.A., subject to a two-year holding period from the date of contribution.

Subsequently, during the extraordinary general shareholders' meeting held on May 29, the shareholders approved the compensation for concurrent members of the Boards of Directors of Bancolombia and Grupo Cibest as follows:

To pay members of the Board of Directors of Bancolombia. who concurrently serve on the Board of Directors of Grupo Cibest S.A., 25% of the monthly value of Bancolombia's Board fees, in consideration of the individual responsibility for each Board and the additional dedication required for preparation, analysis, and discussion of the Bank's Board matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed monthly fee for concurrent Board members: COP $12,100,000 x 25% = COP $3.025.000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed monthly fee for the concurrent Chairperson of the Board: COP $15.700.000 x 25% = COP $3.925.000

**(ii) Composition and functioning of the Board of Directors and its and its Support Committees**

On April 23, during Bancolombia's extraordinary shareholders' meeting, the following were approved: amendments to the Regulation for the Election of Board Members, the proposed amendments to the corporate bylaws, the elimination of Board seats, and the election of the Board of Directors for the April 2025 – March 2027 term, as follows:

<u>Amendment to the Regulation for the Election of Board Members</u>

The shareholders approved amendments to items ii. and iii. of section 2.1. of the Regulation for the Election of Board Members regarding grounds for disqualification and incompatibility, as follows:

*"2.1. Additionally, a person shall not be eligible to serve as a member of the Board of Directors if they fall under any of the following grounds for disqualification or incompatibility:*

*1 (...)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. In the case of financial entities that are credit institutions:(a) Being or having been, within the two (2) years prior, a member of the board of directors of other credit institutions in jurisdictions where Grupo Bancolombia operates;(b) Being or having been, within the two (2) years prior to their appointment as Director, a president, legal representative, administrator, or employee of other financial groups or entities whose purpose, or that of their affiliates, is the provision of financial services offered by the Companies.Items (a) and (b) shall not apply in cases involving the Banco de la República of Colombia or its equivalent, or companies belonging to Grupo Bancolombia or the Financial Conglomerate to which Grupo Bancolombia belongs.*

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*Transitional paragraph: The grounds set forth in items (a) and (b) of numeral II shall not apply to Directors elected in the year 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Having provided services or received any remuneration, directly or indirectly, exceeding the annual equivalent of USD $250,000 from financial groups or conglomerates other than the one to which Bancolombia belongs, during the two (2) years prior to their appointment."*

<u>Amendment to the corporate bylaws</u>

The shareholders approved amendments to Articles 45, 47, 51, and 60 of the corporate bylaws to reduce the number of Board members from seven to five, eliminating seats three and six and removing the individuals occupying those seats. This decision was made considering the evolution of the corporate structure, whereby the seven members of Bancolombia's Board of Directors would be appointed as members of the Board of Directors of Grupo Cibest S.A. The content and scope of the bylaw amendments were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• "ARTICLE 45. Functions of the general shareholders' meeting:The general shareholders' meeting shall exercise the following functions in accordance with the law: (…)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10. To elect, for two (2) year terms and in accordance with the succession policies established by the meeting, the Board of Directors composed of five (5) directors, as well as to set their fees and freely remove them. (…)"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• "ARTICLE 47. Elections and voting: In elections and voting conducted by the general shareholders' meeting, the following rules shall apply: (…)*

*Upon declaring the members of the Board of Directors legally elected, the general shareholders' meeting shall number them according to the order in which they were listed and elected on the single list or on the various lists that, based on their number of votes, succeeded in electing their candidates. Based on this order, the meeting shall determine which directors are first, second, third, fourth, and fifth. (…)"*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• "ARTICLE 51. Composition: The Board of Directors shall be composed of five (5) directors, designated as first, second, third, fourth, and fifth, according to the order of their election.*

*In accordance with the law, the Board of Directors shall not be composed of a number of members employed by the Bank that could, by themselves, constitute the majority required to adopt any decision."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• "ARTICLE 60. Functioning of the Board of Directors: The functioning of the Board of Directors shall be governed by the following rules and those established by law, the bylaws, the Good Governance Code, and other Bank regulations or codes: (…)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. The Board shall deliberate with the presence of at least three (3) of its members. (…)"*

<u>Board of Directors</u>

On April 23, during Bancolombia's extraordinary shareholders' meeting, the Board of Directors for the April 2025 – March 2027 term was elected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Ricardo Jaramillo Mejía, shareholder-appointed member of the board

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Juan Esteban Toro Valencia, shareholder-appointed member of the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.María Angélica Arbeláez, independent member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Luis Fernando Restrepo Echavarría, non-independent member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Sandra Marta Guazzotti, independent member

<u>Formation of Support Committees</u>

Through the material information disclosure mechanism, on May 27, 2025, the market was informed of the election of Luis Fernando Restrepo and Ricardo Jaramillo as Chair and Vice Chair, respectively, of the Board of Directors. Likewise, the new composition of the Support Committees was disclosed as follows:

**Audit Committee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** María Angélica Arbeláez

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sandra Guazzotti

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Juan Esteban Toro

**Risk Committee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sandra Guazzotti

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• María Angélica Arbeláez

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Juan Esteban Toro

**Technology and Cybersecurity Committee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sandra Guazzotti

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• María Angélica Arbeláez

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Juan Esteban Toro

**V.MATERIAL CHANGES THAT HAVE OCCURRED IN PRACTICES, PROCESSES, POLICIES AND INDICATORS IN RELATION TO SOCIAL AND ENVIRONMENTAL CRITERIA, INCLUDING CLIMATE CRITERIA.**

During the second quarter, we disclosed the update of our double materiality process, which is based on the following context: In 2024, Bancolombia strengthened its ESG double materiality approach, aligning with standards such as SFC Circular 031, SOX (Sarbanes-Oxley Act), and GRI (Global Reporting Initiative), with the goal of identifying sustainability issues that are relevant both for their internal financial impact and their external effects on the environment.

The process included the identification and assessment of 75 IROs (40 Impacts, 30 Risks and 5 Opportunities) across the entire value chain, grouped into 12 core topics. This assessment was based on consultations with six stakeholder groups, internal risk methodologies, and expert criteria, allowing the prioritization of initiatives that maximize corporate value and positive impact.

New risk assessment metrics managed by the Risk Vice Presidency were incorporated, a financial materiality threshold was defined, and a collaborative effort was coordinated with 37 departments and 46 individuals, led by the teams of Sustainability, Non-Financial Risks, ESG Finance, and Reputation and Communication.

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**VI.MATERIAL CHANGES PRESENTED IN THE FINANCIAL STATEMENTS OF THE ISSUER BETWEEN THE REPORTED QUARTER AND THE DATE OF TRANSMISSION OF THE INFORMATION**

On July 22, 2025, Bancolombia announced its intention to voluntarily delist its 4.875% Subordinated Notes due 2027 (the "2027 Notes") and 8.625% Subordinated Notes due 2034 (the "2034 Notes," and together with the 2027 Notes, the "Notes") from the NYSE. Management is currently carrying out the necessary procedures to transfer the listing jurisdiction of the aforementioned Notes to the Singapore Exchange ("SGX").

**VII.GLOSSARY OF TERMS**

**ADR:** American Depositary Shares, or the bank's securities that are listed on the New York Stock Exchange. An ADR represents four preferred shares.

**ASG:** Environmental, social, and corporate governance, by its initials in Spanish.

**Bam:** Banco Agromercantil de Guatemala SA.

**Bancolombia or the Bank:** Bancolombia S.A.

**Bancolombia Consolidated:** refers to Bancolombia S.A., a banking institution organized under the laws of the Republic of Colombia, including its subsidiaries on a consolidated basis.

**IDB:** Inter-American Development Bank

**CDT:** Certificate of Deposit at Term.

**COLCAP:** reference index of the stock market of the Colombian Stock Exchange.

**COP:** Colombian pesos.

**DIAN:** Dirección de Impuestos y Aduanas Nacional, tax authority in Colombia.

**DJSI:** Dow Jones Sustainability Index.

**DTF:** It is the average interest rate paid by financial institutions for 90-day deposits.

**IFC:** International Finance Corporation.

**Grupo Bancolombia:** Refers to the business group made up of Bancolombia S.A. and its subsidiaries on a consolidated basis, which is now referred to as the Grupo Cibest Consolidated.

**Grupo Cibest:** Refers to Grupo Cibest S.A.

**Grupo Cibest Consolidated:** Refers to Grupo Cibest S.A., a holding company organized under the laws of the Republic of Colombia, including its subsidiaries on a consolidated basis, unless otherwise stated or the context requires a different interpretation.

**LAFT:** Money Laundering and Terrorist Financing, by its initials in Spanish.

**Nequi:** financial platform that accompanies users in their daily lives with financial and non-financial services from third parties. As a 100% digital solution, it complements its offer with functionalities that go beyond saving and managing money.

**NYSE:** New York Stock Exchange.

**SARLAFT:** Money Laundering and Terrorist Financing Risk Management System, by its initials in Spanish.

**Senior Management:** President and the Vice Presidents who report directly to the President of Bancolombia.

**SMMLV:** Legal Minimum Monthly Wage in force.

**TRM:** Representative Market Rate, price of the dollar in the Colombian market, which varies daily.

**USD:** United States dollars.

**UVR:** Real Value Units, an indicator tied to the behavior of inflation that is used to calculate the cost of certain housing loans.

**UVT:** Measure that is used to determine different tax obligations with an equivalent in Colombian pesos.

**VIII.ANNEXES**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.<u>[SEPARATED INTERIM FINANCIAL STATEMENTS](condensedseparateinterimfi.htm)[BANCOLOMBIA S.A.](condensedseparateinterimfi.htm)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.<u>[CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS - BANCOLOMBIA AND](condensedconsolidatedinter.htm)[SUBSIDIARIES](condensedconsolidatedinter.htm)</u>**

---

| | |
|:---|:---|
| **Contacts** | |
| Mauricio Botero Wolff | Catalina Tobon Rivera |
| Strategy and Financial VP | IR Director |
| Tel.: (57 604) 4040858 | Tel: (57 601) 4485950 |
| | IR@grupocibest.com.co |

---

<u>32</u>

## Exhibit 1.1

![image.jpg](image.jpg)

**CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

For the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024

------

**CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION**

**BANCOLOMBIA S.A. AND ITS SUBSIDIARIES**

As of June 30, 2025 and December 31, 2024

*(Stated in millions of Colombian pesos)*

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | | |
| *Cash and cash equivalents* | 4 | 21181291 | 32844099 |
| &nbsp;&nbsp;*Financial assets investments* | 5.1 | 28369162 | 37570270 |
| &nbsp;&nbsp;*Derivative financial instruments* | 5.2 | 3214068 | 2938142 |
| **Financial assets investments and derivative financial instruments** |  | **31583230** | **40508412** |
| &nbsp;&nbsp;*Loans and advances to customers* |  | 213518145 | 279453908 |
| &nbsp;&nbsp;*Allowance for loans, advances and lease losses* |  | (11571361) | (16179738) |
| **Loans and advances to customers, net** | 6 | **201946784** | **263274170** |
| *Assets held for sale and inventories, net* | 7 | 695508 | 1106399 |
| *Investment in associates and joint ventures* |  | 2964236 | 2928984 |
| *Investment properties* |  | 5761117 | 5580109 |
| *Premises and equipment, net* |  | 4724243 | 5906064 |
| *Right-of-use assets, lease* |  | 1007618 | 1757206 |
| *Goodwill and intangible assets, net (1)* | 8 | 400356 | 9767903 |
| *Deferred tax, net* | 9.5 | 10033 | 763757 |
| *Other assets, net* |  | 6026940 | 7778279 |
| **TOTAL ASSETS** |  | **276301356** | **372215382** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **LIABILITIES** |  |  |  |
| *Deposits by customers* | 10 | 215036919 | 279059401 |
| *Interbank deposits and repurchase agreements and other similar secured borrowing* | 11 | 3257925 | 1776965 |
| *Derivative financial instruments* | 5.2 | 3503808 | 2679643 |
| *Borrowings from other financial institutions* | 12 | 5901910 | 15689532 |
| *Debt instruments in issue* |  | 7541431 | 11275216 |
| *Lease liabilities* |  | 1041239 | 1889364 |
| *Preferred shares* |  |  | 584204 |
| *Current tax* |  | 1194200 | 156162 |
| *Deferred tax, net* | 9.5 | 1187352 | 2578504 |
| *Employee benefit plans* |  | 748644 | 951555 |
| *Other liabilities* | 14 | 10864589 | 10990561 |
| **TOTAL LIABILITIES** |  | **250278017** | **327631107** |
| **EQUITY** |  |  |  |
| *Share capital* |  | 480914 | 480914 |
| *Additional paid-in-capital* |  | 4857454 | 4857454 |
| *Appropriated reserves* | 15 | 11333745 | 22575837 |
| *Retained earnings* |  | 4326953 | 2715313 |
| *Net income attributable to equity holders of the Parent Company* |  | 3117055 | 6267744 |
| *Accumulated other comprehensive income, net of tax* |  | 822691 | 6645206 |
| **SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE OWNERS** |  | **24938812** | **43542468** |
| *Non-controlling interest* |  | 1084527 | 1041807 |
| **TOTAL EQUITY** |  | **26023339** | **44584275** |
| **TOTAL LIABILITIES AND EQUITY** |  | **276301356** | **372215382** |

---

*The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.*

------

**CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME** 

**BANCOLOMBIA S.A. AND ITS SUBSIDIARIES**

For the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024

*(Stated in millions of Colombian pesos, except EPS stated in units of pesos)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **Note** | **2025** | **2024** | **2025** | **2024** |
| **Interest on loans and financial leases** |  |  |  |  |  |
| &nbsp;&nbsp;*Commercial* |  | 6125031 | 8358202 | 2296866 | 4160195 |
| &nbsp;&nbsp;*Consumer* |  | 3244253 | 4340212 | 1266952 | 2188049 |
| &nbsp;&nbsp;*Mortgage* |  | 1772997 | 2032457 | 676527 | 1019405 |
| &nbsp;&nbsp;*Financial leases* |  | 1515673 | 1872129 | 715443 | 917304 |
| &nbsp;&nbsp;*Small business loans* |  | 87240 | 104983 | 25798 | 51279 |
| **Total interest income on loans and financial leases** |  | **12745194** | **16707983** | **4981586** | **8336232** |
| *Interest on debt instruments using the effective interest method* | 16.1 | 343268 | 497912 | 109538 | 240138 |
| **Total Interest on financial instruments using the effective interest method** |  | **13088462** | **17205895** | **5091124** | **8576370** |
| *Interest income on overnight and market funds* |  | 53629 | 126418 | 2660 | 64595 |
| *Interest and valuation on financial instruments* | 16.1 | 537393 | 708556 | 172241 | 302510 |
| **Total interest and valuation on financial instruments** |  | **13679484** | **18040869** | **5266025** | **8943475** |
| *Interest expenses* | 16.2 | (5404371) | (7695965) | (2054912) | (3756886) |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** |  | **8275113** | **10344904** | **3211113** | **5186589** |
| *Credit impairment charges on loans, advances and financial leases, net* | 6 | (1705990) | (2957924) | (602466) | (1623061) |
| *Credit impairment for other financial instruments* |  | (34053) | 24161 | (38028) | 4278 |
| **Total credit impairment charges, net** |  | **(1740043)** | **(2933763)** | **(640494)** | **(1618783)** |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments** |  | **6535070** | **7411141** | **2570619** | **3567806** |
| *Fees and commissions income* | 16.3 | 3289061 | 3699938 | 1367826 | 1948046 |
| *Fees and commissions expenses* | 16.3 | (1551933) | (1645074) | (648466) | (906248) |
| **Total fees and commissions, net** |  | **1737128** | **2054864** | **719360** | **1041798** |
| *Other operating income* | 16.4 | 1165378 | 1370413 | 328807 | 741084 |
| *Dividends and net income on equity investments* | 16.5 | 247772 | (140768) | 110447 | (225575) |
| **Total operating income, net** |  | **9685348** | **10695650** | **3729233** | **5125113** |
| **Operating expenses** |  |  |  |  |  |
| *Salaries and employee benefits* | 17.1 | (2321531) | (2683347) | (791007) | (1348396) |
| *Other administrative and general expenses* | 17.2 | (2003651) | (2492765) | (664470) | (1288226) |
| *Taxes other than income tax* | 17.2 | (636967) | (780826) | (280501) | (389932) |
| *Impairment, depreciation and amortization* | 17.3 | (392197) | (533744) | (125940) | (273482) |
| **Total operating expenses** |  | **(5354346)** | **(6490682)** | **(1861918)** | **(3300036)** |
| **Profit before income tax** |  | **4331002** | **4204968** | **1867315** | **1825077** |
| *Income tax* | 9 | (1158389) | (1058203) | (459477) | (363323) |
| **Net income** |  | **3172613** | **3146765** | **1407838** | **1461754** |
| *Net income attributable to equity holders* |  | 3117055 | 3103246 | 1379391 | 1439774 |
| *Non-controlling interest* |  | 55558 | 43519 | 28447 | 21980 |

---

*The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.*

------

**CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME**

**BANCOLOMBIA S.A. AND ITS SUBSIDIARIES**

For the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024

*(Stated in millions of Colombian pesos)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **Note** | **2025** | **2024** | **2025** | **2024** |
| **Net income** |  | **3172613** | **3146765** | **1407838** | **1461754** |
| **Other comprehensive income/(loss) that will not be reclassified to net income** |  |  |  |  |  |
| *Remeasurement income related to defined benefit liability* |  | 14985 | 15028 | 14985 | 15028 |
| *Net effect of the spin-off* |  | 29058 |  | 29058 |  |
| *Income tax* | 9.4 | (5465) | (5386) | (5492) | (5393) |
| **Net of tax amount** |  | **38578** | **9642** | **38551** | **9635** |
| *Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)* |  |  |  |  |  |
| *Unrealized gain* |  | 15250 | 13102 | 11272 | 6642 |
| *Net effect of the spin-off(*<sup>1)</sup> |  | (44892) |  | (44892) |  |
| *Income tax* | 9.4 | 1716 | 5394 | 1316 | 5935 |
| **Net of tax amount** |  | **(27926)** | **18496** | **(32304)** | **12577** |
| **Total other comprehensive income that will not be reclassified to net income, net of tax** |  | **10652** | **28138** | **6247** | **22212** |
| **Other comprehensive income/(loss) that may be reclassified to net income** |  |  |  |  |  |
| *Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)* |  |  |  |  |  |
| *(Loss)/Gain on investments recycled to profit or loss upon disposal* |  |  | (7233) | - | (1425) |
| *Unrealized gain/(loss)* |  | (18468) | (10037) | (14425) | (10753) |
| *Changes in loss allowance for credit losses* |  | 3747 | 2297 | 5887 | 3425 |
| *Income tax* | 9.4 | 5923 | 10843 | 2408 | 8651 |
| **Net of tax amount** |  | **(8798)** | **(4130)** | **(6130)** | **(102)** |
| *Foreign currency translation adjustments:* |  |  |  |  |  |
| *Exchange differences arising on translating the foreign operations* |  | (421861) | 1669069 | 652032 | 1572026 |
| *(Loss)/Gain on net investment hedge in foreign operations* |  | 230626 | (452000) | 38362 | (413925) |
| *Net effect of the spin-off*<sup>(1)</sup> |  | (5534873) |  | (5534873) |  |
| *Income tax* | 9.4 | (87305) | 178154 | (16151) | 161370 |
| **Net of tax amount**<sup>(1)</sup> |  | **(5813413)** | **1395223** | **(4860630)** | **1319471** |
| *Cash flow hedges* |  |  |  |  |  |
| *Net gains from cash flow hedges* |  | (361) |  | 8 |  |
| *Reclassification to the Statement of Income* |  | 145 |  | (162) |  |
| *Income tax* | 9.4 | 87 |  | 62 |  |
| **Net of tax amount** |  | **(129)** | **—** | **(92)** | **—** |
| *Unrealized loss on investments in associates and joint ventures using equity method* |  | (924) | (6247) | (674) | 100 |
| *Net effect of the spin-off*<sup>(1)</sup> |  | 721 |  | 721 |  |
| *Income tax* | 9.4 | (599) | 890 | (670) | (18) |
| **Net of tax amount** |  | **(802)** | **(5357)** | **(623)** | **82** |
| **Total other comprehensive income that may be reclassified to net income, net of tax** |  | **(5823142)** | **1385736** | **(4867475)** | **1319451** |
| **Other comprehensive income, attributable to the owners of the Parent Company, net of tax** |  | **(5812490)** | **1413874** | **(4861228)** | **1341663** |
| **Other comprehensive income, attributable to the Non-controlling interest** |  | **38** | **1922** | **(933)** | **1375** |
| **Total comprehensive income attributable to:** |  | **(2639839)** | **4562561** | **(3454323)** | **2804792** |
| *Equity holders of Bancolombia S.A.* |  | (2695435) | 4517120 | (3481837) | 2781437 |
| *Non-controlling interest* |  | 55596 | 45441 | 27514 | 23355 |

---

*The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.*

------

**CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY**

**BANCOLOMBIA S.A. AND ITS SUBSIDIARIES**

For the six-months period ended June 30, 2025 and 2024

*(Stated in millions of Colombian pesos, except per share amounts stated in units of pesos)*

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | | |
| | | | | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | | | | | |
| | **Share<br>Capital** | **Additional<br>Paid in <br>capital** | **Appropiated**<br>**Reserves**<br>**(Note 15)**<sup>(1)</sup> | **Translation<br>adjustment** | **Cash flow hedging** | **Equity<br>Securities<br>through OCI** | **Debt<br>instruments<br>at fair value<br>through OCI** | **Revaluation<br>of assets** | **Associates** | **Employee<br>Benefits** | **Retained<br>earnings** | **Net<br>Income** | **Attributable<br>to owners<br>of Parent<br>Company** | **Non-<br>Controlling<br>interest** | **Total<br>equity** |
| **Balance as of January 1, 2025** | **480914** | **4857454** | **22575837** | **6517456** | **129** | **203557** | **(44070)** | **2137** | **5178** | **(39181)** | **2715313** | **6267744** | **43542468** | **1041807** | **44584275** |
| *Transfer to profit from previous years* | - | - | - | - | - | - | - | - | - | - | 6267744 | (6267744) | **-** | - | **-** |
| *Dividend payment corresponding to 509,704,584 common shares and 452,122,416 preferred shares without voting rights, subscribed and paid as of December 31, 2024, at a rate of COP 3,900 per share, as approved by the shareholders' meeting on March 14, 2025. Additionally, on April 23, 2025, the shareholders' meeting approved an extraordinary dividend at a rate of COP 624 per share.* | - | - | (600180) | - | - | - | - | - | - | - | (3693424) | - | **(4293604)** | - | **(4293604)** |
| *Other reserves* | - | - | 1717406 | - | - | - | - | - | - | - | (1715581) | - | **1825** | - | **1825** |
| *Realization of retained earnings*<sup>(2)</sup> | - | - | - | - | - | (10025) | - | - | - | - | 10025 | - | **-** | - | **-** |
| *Others* | - | - | - | - | - | - | - | - | - | - | 784 | - | **784** | - | **784** |
| *Net effect of the spin-off*<sup>(3)</sup> | - | - | (12359318) | (5534873) | - | (44892) | - | - | 721 | 29058 | 742092 |  | **(17167212)** | (8129) | **(17175341)** |
| *Non-controlling interest* | - | - | - | - | - | - | - | - | - | - | - | - | **-** | (4747) | **(4747)** |
| *Net Income* | - | - | - | - | - | - | - | - | - | - | - | 3117055 | **3117055** | 55558 | **3172613** |
| *Other comprehensive income* | - | - | - | (278540) | (129) | 16966 | (8798) | - | (1523) | 9520 | - | - | **(262504)** | 38 | **(262466)** |
| **Balance as of June 30, 2025** | **480914** | **4857454** | **11333745** | **704043** | **-** | **165606** | **(52868)** | **2137** | **4376** | **(603)** | **4326953** | **3117055** | **24938812** | **1084527** | **26023339** |

---

<sup>(1)</sup> *The transaction of COP 1.72 billion is due to the constitution of reserves according to the distribution of profits of Bancolombia and Subsidiaries.The transaction for COP (600,180) corresponds to the payment of extraordinary dividend approved by the shareholders' meeting held on April 23, 2025.*

<sup>(2)</sup> *Realization of retained earnings from equity securities through OCI, corresponds to the sale of the investment in Bladex.*

<sup>(3)</sup> *The net effect of the spin-off corresponds to the change in the Group's corporate structure. For further information on this transaction, see Note 1. Reporting Entity.*

*The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.*

------

**CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY**

**BANCOLOMBIA S.A. AND ITS SUBSIDIARIES**

For the six-months period ended June 30, 2025 and 2024

*(Stated in millions of Colombian pesos, except per share amounts stated in units of pesos)*

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | **Attributable to owners** | | |
| | | | | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | | | | | |
| | **Share<br>Capital** | **Additional<br>Paid in <br>capital** | **Appropiated<br>Reserves** | **Translation<br>adjustment** | **Equity<br>Securities<br>through OCI** | **Debt<br>instruments<br>at fair value<br>through OCI** | **Revaluation<br>of assets** | **Associates** | **Employee<br>Benefits** | **Retained<br>earnings** | **Net<br>Income** | **Attributable<br>to owners<br>of Parent<br>Company** | **Non-<br>Controlling<br>interest** | **Total<br>equity** |
| **Balance as of January 1, 2024** | **480914** | **4857454** | **20044769** | **3974379** | **193906** | **(67306)** | **2137** | **11520** | **(40475)** | **2515278** | **6116936** | **38089512** | **960217** | **39049729** |
| *Transfer to profit from previous years* | - | - | - | - | - | - | - | - | - | 6116936 | (6116936) | **-** | - | **-** |
| *Dividend payment corresponding to 509,704,584 common shares and 452,122,416 preferred shares without voting rights, subscribed and paid as of December 31, 2023, at a rate of COP 3,536 per share.* | - | - | - | - | - | - | - | - | - | (3343319) | - | **(3343319)** | - | **(3343319)** |
| *Other reserves* | - | - | 2588066 | - | - | - | - | - | - | (2620808) | - | **(32742)** | - | **(32742)** |
| *Realization of retained earnings*<sup>(1)</sup> | - | - | - | - | (18520) | - | - | - | - | 18520 | - | **-** | - | **-** |
| *Others* | - | - | - | - | - | - | - | - | - | (10656) | - | **(10656)** | - | **(10656)** |
| *Non-controlling interest* | - | - | - | - | - | - | - | - | - | - | - | **-** | (20623) | **(20623)** |
| *Net Income* | - | - | - | - | - | - | - | - | - | - | 3103246 | **3103246** | 43519 | **3146765** |
| *Other comprehensive income* | - | - | - | 1395223 | 18496 | (4130) | - | (5357) | 9642 | - | - | **1413874** | 1922 | **1415796** |
| **Balance as of June 30, 2024** | **480914** | **4857454** | **22632835** | **5369602** | **193882** | **(71436)** | **2137** | **6163** | **(30833)** | **2675951** | **3103246** | **39219915** | **985035** | **40204950** |

---

<sup>(1)</sup> *Mainly corresponds to partial payments of asset-backed securities investments.*

*The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.*

------

**CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW**

**BANCOLOMBIA S.A. AND ITS SUBSIDIARIES**

*For the six-months period ended June 30, 2025 and 2024* 

*(Stated in millions of Colombian pesos)*

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **2025** | **2024** |
| **Net income** |  | **3172613** | **3146765** |
| **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |  |
| Depreciation and amortization | *17.3* | 377028 | 497049 |
| Other assets impairment | *17.3* | 15169 | 36695 |
| Impairment of investments in associates and joint ventures | *16.5* | - | 313284 |
| Equity method | *16.5* | (192567) | (133312) |
| Credit impairment charges on loans and advances and financial leases | *6* | 1705990 | 2957924 |
| Credit impairment / (recovery) charges on off balance sheet credit and other financial instruments |  | 34053 | (24161) |
| Gain on sales of assets | *16.4* | (77312) | (32995) |
| Valuation gain on investment securities | *16.1 - 16.5* | (950528) | (1072829) |
| Valuation gain on derivative financial instruments |  | 186508 | (49950) |
| Income tax | *9* | 1158389 | 1058203 |
| Bonuses and short-term benefits |  | 374937 | 307329 |
| Dividends | *16.5* | (28427) | (33867) |
| Investment property valuation | *16.4* | (83132) | (51820) |
| Effect of exchange rate changes |  | 280163 | (324376) |
| Other non-cash items |  | (40086) | 6381 |
| Net interest |  | (7340823) | (9012018) |
| **Change in operating assets and liabilities:** |  |  |  |
| Decrease / (increase) in derivative financial instruments |  | 360219 | (173448) |
| Decrease / (increase) in accounts receivable |  | 148301 | (713495) |
| Increase in loans and advances to customers |  | (11260913) | (10894506) |
| (Increase) / decrease in other assets |  | (586461) | 94243 |
| Increase in accounts payable |  | 1967166 | 1036694 |
| Decrease in other liabilities |  | (174374) | (1224377) |
| Increase in deposits by customers |  | 11169329 | 2647082 |
| Decrease in estimated liabilities and provisions |  | (3600) | (10623) |
| Net changes in investment securities recognized at fair value through profit or loss |  | (3477313) | (3708823) |
| Proceeds from sales of assets held for sale and inventories |  | 672685 | 686667 |
| Recovery of charged-off loans | *6* | 296346 | 394114 |
| Income tax paid |  | (1138741) | (901953) |
| Dividend received |  | 86493 | 58864 |
| Interest received |  | 12718557 | 16680884 |
| Interest paid |  | (5636315) | (7671462) |
| **Net cash used by operating activities** |  | **3733354** | **(6111837)** |
| **Cash flows from investment activities:** |  |  |  |
| Purchases of debt instruments at amortized cost |  | (336402) | (2088432) |
| Proceeds from maturities of debt instruments at amortized cost |  | 321667 | 1965976 |
| Purchases of debt instruments at fair value through OCI |  | - | (406338) |
| Proceeds from debt instruments at fair value through OCI |  | 269855 | 1626198 |
| Purchases of equity instruments at fair value through OCI and interests in associates and joint ventures |  | (12301) | (94886) |
| Proceeds from equity instruments at fair value through OCI and interests in associates and joint ventures |  | 24337 | 26088 |
| Purchases of premises and equipment and investment properties |  | (657930) | (778481) |
| Proceeds from sales of premises and equipment and investment properties |  | 207731 | 204788 |
| Purchase of other long-term assets |  | (54132) | (81721) |
| **Net cash (used) / provided in investing activities** |  | **(237175)** | **373192** |
| **Cash flows from financing activities:** |  |  |  |
| Increase / (decrease) in repurchase agreements and other similar secured borrowing |  | 2316759 | 110501 |
| Proceeds from borrowings from other financial institutions |  | 840046 | 3485766 |
| Repayment of borrowings from other financial institutions |  | (2728815) | (7227459) |
| Payment of lease liability |  | (49715) | (82859) |
| Placement of debt instruments in issue |  | 290226 | 1207635 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Payment of debt instruments in issue |  | (452438) | (687442) |
| Dividends paid |  | (5196364) | (1699610) |
| Transactions with non-controlling interests |  | 38 | (20623) |
| **Net cash (used) provided in financing activities**<sup>(1)</sup> |  | **(4980263)** | **(4914091)** |
| Effect of exchange rate changes on cash and cash equivalents |  | (1082346) | 2318303 |
| Net effect of the spin-off<sup>(2)</sup> |  | (9096378) | - |
| Decrease in cash and cash equivalents |  | (1484084) | (10652736) |
| **Cash and cash equivalents at beginning of year** | 4 | **32844099** | **39799609** |
| **Cash and cash equivalents at end of year** | 4 | **21181291** | **31465176** |

---

<sup>(1)</sup> *For further information about the reconciliation of the balances of liabilities from financing activities, see Note 19 Liabilities from financing activities.*

<sup>(2)</sup> *The net effect of the spin-off corresponds to the change in the Group's corporate structure. For further information on this transaction, see Note 1. Reporting Entity.*

The statement of cash flows includes the following non-cash transactions, which were not reflected in the Condensed Consolidated Interim Financial Statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the years ended December 31, 2025 and 2024, restructured loans and returned assets that were transferred to assets held for sale, inventories, and other assets for COP 463,276 and COP 771,978, respectively,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2024, cancellation of active credit operations as a source of payment for the acquisition of P.A. Cedis Sodimac.

The accompanying notes form an integral part of these Condensed Consolidated Interim Financial Statements.

------

**NOTE 1. REPORTING ENTITY**

Bancolombia S.A. (hereinafter "the Bank"), is a credit establishment listed on the Colombian Stock Exchange (BVC) since 1981. It had American Depositary Receipts (hereinafter "ADRs") listed on the New York Stock Exchange (NYSE), from 1995 to May 2025.

The Bank has its main address at Carrera 48 N° 26-85 Avenida Los Industriales Medellín, Colombia, and was originally constituted under the name Banco Industrial Colombiano (BIC) according to public deed number 388 of January 24, 1945, from the First Notary's Office of Medellín, authorized by the Superintendence of Finance of Colombia ("SFC"). On April 3, 1998, by means of public deed number 633, Banco Industrial Colombiano S.A. (BIC) merged with Banco de Colombia S.A. and the the resulting organization of that merger was named Bancolombia S.A.

The operating license was granted by the SFC, definitively, according to Resolution No. 3140 of September 24, 1993. The duration of the Bank is until December 8, 2144. The company may be dissolved or extended before said term.

On October 29, 2024, the Bank announced to the market that its Board of Directors authorized its management to move forward with the steps necessary to modify the corporate structure of Bancolombia Group, its affiliates and subsidiaries, through the creation of a holding company called Grupo Cibest S.A. (hereinafter "Cibest") as well as certain related corporate transactions.

The changes in the corporate structure included the following transactions (hereinafter, the "Corporate Transactions") which, once the regulatory authorizations required in Colombia and in the different jurisdictions of the Group were obtained, were approved by the different Shareholders' Meetings of the entities involved, including an Extraordinary General Shareholders' Meeting of the Bank that took place on April 23, 2025, in which shareholders holding common shares and shareholders holding preferred dividend shares without voting rights participated. The approved corporate operations were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The distribution of certain subsidiaries by Bancolombia (Panama) S.A. to Sociedad Beneficiaria BC Panamá S.A.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The merger of Sociedad Beneficiaria BC Panamá S.A.S into the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The distribution of certain assets and subsidiaries of Banca de Inversión Bancolombia S.A. Corporación Financiera to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The distribution of certain assets and subsidiaries of the Bank to Cibest.

Corporate Transactions (ii), (iii) and (iv) were authorized by the SFC through Resolutions number 0356 of 2025 of February 28, 2025, and 0901 of May 7, 2025.

The notice of merger by absorption and distribution of certain assets of the Bank was published on January 13, 2025. The changes to the corporate structure were formalized on May 12, 2025, through public deed number 386 issued by the 30th Notary's office of Medellín. On May 16, 2025, the date on which the transaction was completed, the Bank's shareholders (except Cibest) became shareholders of Cibest, which issued on their behalf the same number and class of shares (common shares and preferred dividend shares without voting rights), preserving the terms and conditions previously held by shareholders in the Bank, including their ownership percentage. Consequently, the shares that they had in the Bank (except those of Cibest) were cancelled. The Bank's ADR holders received equivalent ADRs from Cibest and their Bank ADRs were cancelled. As a result, no dilution or value transfer to third parties occurred for the Bank's shareholders.

Upon completion of the Corporate Transactions, Cibest became the holding company of all the financial companies and other companies that are part of the Group, including the Bank. Additionally, it became the direct parent of Banistmo S.A., Grupo Agromercantil Holding, Banagrícola S.A., Negocios Digitales S.A.S., Wenia Ltd., Wompi S.A.S., and Renting S.A.S.-subsidiaries that were previously directly or indirectly owned by Bancolombia and included in its consolidated financial statements.

The following outlines the impacts on the assets, liabilities, and equity previously recognized in the Consolidated Financial Statements of Bancolombia S.A., which, as a result of the distribution of certain assets, were transferred in favor of Grupo Cibest S.A. and are now included in its consolidated financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Statement of Financial Position**

The amounts presented correspond to the balances as of April 30, 2025, of the assets and liabilities belonging to the subsidiaries that distributed certain assets in favor of Grupo Cibest S.A., and their corresponding impact on the consolidated equity of Bancolombia S.A.

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| | |
|:---|:---|
| | **VALUE DISTRIBUTED** <sup>(1)</sup> |
| **ASSETS** | |
| Cash and cash equivalents | 11513671 |
| Financial assets investments<sup>(2)</sup> | 13173884 |
| Derivative financial instruments | 22700 |
| **Financial assets investments and derivative financial instruments** | **13196584** |
| Loans and advances to customers | 68382500 |
| Allowance for loans, advances and lease losses | (3360919) |
| **Loans and advances to customers, net** | **65021581** |
| Assets held for sale and inventories, net | 139545 |
| Investment in associates and joint ventures | 80944 |
| Premises and equipment, net | 906619 |
| Right-of-use assets, lease | 728166 |
| Goodwill and intangible assets, net | 8978788 |
| Deferred tax, net | 679367 |
| Other assets, net | 2266981 |
| **TOTAL ASSETS** | **103512246** |
| **LIABILITIES AND EQUITY** |  |
| **LIABILITIES** |  |
| Deposits by customers | 71359765 |
| Interbank deposits and repurchase agreements and other similar secured borrowing | 1177212 |
| Derivative financial instruments | 18071 |
| Borrowings from other financial institutions | 6005053 |
| Debt instruments in issue | 2892426 |
| Lease liabilities | 828740 |
| Preferred shares | 545873 |
| Current tax | 28333 |
| Deferred tax, net | 1531588 |
| Employee benefit plans | 186113 |
| Other liabilities | 2066542 |
| **TOTAL LIABILITIES** | **86639716** |
| **SHAREHOLDERS' EQUITY** |  |
| Shareholders' equity attributable to the owners of the Parent Company | 16868320 |
| Non-controlling interest | 4210 |
| **TOTAL EQUITY(3)** | **16872530** |
| **TOTAL LIABILITIES AND EQUITY** | **103512246** |

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*(1) All corporate evolution transactions were recognized at carrying value, as explained in Note 2. Material Accounting Policies, section Transactions between entities under common control.*

*(2) Includes debt securities measured at fair value through OCI of COP 1,701,803, at fair value through profit or loss of COP 8,123,875, and at amortized cost of COP 3,348,206.*

*(3) The net effect of the spin-off on equity of COP (16,872,530) includes a decrease in reserves, other comprehensive income, and retained earnings of COP (17,167,212), a decrease in profit for the year of COP (282,989), and a non-controlling interest and other items of COP 577,671 as of April 30, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Statement of Income:**

The balances presented below correspond to the amounts accrued during the four-month period ended April 30, 2025, relating to the income and expenses of the subsidiaries that distributed certain assets in favor of Grupo Cibest S.A.:

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| | |
|:---|:---|
| | **VALUE DISTRIBUTED** <sup>(1)</sup> |
| **Interest on loans and financial leases** | |
| &nbsp;&nbsp;Commercial | 1067989 |
| &nbsp;&nbsp;Consumer | 492886 |
| &nbsp;&nbsp;Mortgage | 286660 |
| &nbsp;&nbsp;Financial leases | 62134 |
| &nbsp;&nbsp;Small business loans | 29602 |
| **Total interest income on loans and financial leases** | **1939271** |
| Interest on debt instruments using the effective interest method | 83646 |
| **Total Interest on financial instruments using the effective interest method** | **83646** |
| Interest income on overnight and market funds | 25277 |
| Interest and valuation on financial instruments | 174107 |
| **Total interest and valuation on financial instruments** | **2222301** |
| Interest expenses | (909569) |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **1312732** |
| Credit impairment charges on loans, advances and financial leases, net | (288746) |
| Credit impairment for other financial instruments | 9857 |
| **Total credit impairment charges, net** | **(278889)** |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments** | **1033843** |
| Fees and commissions income | 442462 |
| Fees and commissions expenses | (206871) |
| **Total fees and commissions, net** | **235591** |
| Other operating income | 349010 |
| Dividends and net income on equity investments | 4090 |
| **Total operating income, net** | **1622534** |
| **Operating expenses** |  |
| Salaries and employee benefits | (527785) |

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| | |
|:---|:---|
| Other administrative and general expenses | (546470) |
| Taxes other than income tax | (64015) |
| Impairment, depreciation and amortization | (96475) |
| **Total operating expenses** | **(1234745)** |
| **Profit before income tax** | **387789** |
| Income tax | (104800) |
| **Net income** | **282989** |
| Net income attributable to equity holders of the Parent Company | 278591 |
| Non-controlling interest | (4398) |

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<sup>(1)</sup> The recognition of all corporate restructuring transactions was carried out at book value, as explained in Note 2. Material Accounting Policies, under the section Transactions Between Entities Under Common Control.

Once the corporate transactions have been completed, the subsidiaries in which the Bank has direct participation are:

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| | | | |
|:---|:---|:---|:---|
| **Entity** | **Jurisdiction of incorporation** | **Business** | **% Equity interest and voting rights as of June 30, 2025** |
| Banca de Inversión Bancolombia S.A. Corporación Financiera | Colombia | Investment banking | 89.74% |
| Bancolombia Panamá S.A. | Panama | Banking | 100.00% |
| Bancolombia Puerto Rico Internacional Inc. | Puerto Rico | Banking | 100.00% |
| Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | Colombia | Trust | 94.97% |
| Fondo de Capital Privado Fondo Inmobiliario Colombia | Colombia | Real estate investment fund | 80.43% |
| Valores Bancolombia S.A. Comisionista de Bolsa | Colombia | Securities brokerage | 93.61% |
| P.A. FAI Calle 77 | Colombia | Mercantile trust | 98.00% |
| P.A. Nomad Central-2 | Colombia | Mercantile trust | 98.00% |
| P.A. Mercurio | Colombia | Mercantile trust | 100.00% |
| P.A. Nomad Salitre | Colombia | Mercantile trust | 98.00% |
| P.A. Calle 84 (2) | Colombia | Mercantile trust | 98.00% |
| P.A. Calle 84 (3) | Colombia | Mercantile trust | 98.00% |
| P.A. CEDIS Sodimac | Colombia | Mercantile trust | 100.00% |
| P.A. Nomad Distrito Vera | Colombia | Mercantile trust | 98.00% |
| P.A. Nexo | Colombia | Mercantile trust | 98.00% |

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The Bank's bylaws are formalized in Public Deed No. 386 of May 12, 2025, of the 30th Notary's office of Medellín.

Bancolombia S.A. business purpose is to carry out all operations, transactions, acts and services inherent to the banking business. The Bank may, by itself or through its subsidiaries, own interests in other corporations, wherever authorized by law, according to all terms and requirements, limits or conditions established therein.

The Bank and its subsidiaries include the following operating segments: Banking Colombia, International Banking with Bancolombia Panama and Bancolombia Puerto Rico, Trust, Investment Banking, Brokerage, and Others. See Note 3. Operating segments.

The Bank, through its subsidiaries, has banking operations and international presence in Panama and Puerto Rico.

The operations in the Cayman Islands through Sinesa Cayman, Inc (formerly Bancolombia Cayman) have been either canceled or transferred. On November 22, 2023, the Cayman Islands Monetary Authority approved the surrender of the banking license pursuant to Section 20(1)(a) of the Banks and Trust Companies Act (2021 Revision) (the "BTCA"), and

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therefore, the banking license was canceled as of that date. As the entity no longer operates as a bank, its name was changed to Sinesa Cayman, Inc on June 20, 2024. As of today, the company is undergoing dissolution and liquidation proceedings before the Cayman Islands Companies Registry.

As of June 30, 2025, the Bank has 23,512 employees, operates through 28,051 banking correspondents, 5,192 ATMs, and operates through 570 offices.

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**NOTE 2. MATERIAL ACCOUNTING POLICIES**

**A. Basis for preparation of the consolidated financial statements**

The condensed consolidated interim financial statements for the cumulative six months ended on June 30, 2025 have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting ("IAS 34"), issued by the International Accounting Standards Board (hereinafter, IASB). They do not include all the information and disclosures required for full annual financial statements and should be read in conjunction with the Bancolombia S.A. and its subsidiaries consolidated financial statements for the year ended on December 31, 2024 which complied with International Financial Reporting Standards (hereinafter, IFRS) issued by the IASB, as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). The condensed consolidated interim financial statements as of June 30, 2025 and 2024 have not been audited.

**Preparation of the consolidated financial statements under going concern basis**

Management has assessed the Bank's ability to continue as a going concern and confirms that the Bank has adequate liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on the Bank's liquidity position at the date of authorization of the condensed consolidated interim financial statements, Management maintains a reasonable expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate.

The condensed consolidated interim financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct.

In the Management opinion, these condensed consolidated interim financial statements reflect all material adjustments considered necessary in the circumstances and based on the best information available as of June 30, 2025 and the date of their promulgation and issuance, for a fair representation of financial results for the interim periods presented.

The results of operations for the cumulative three months ended on June 30, 2025 and 2024 are not necessarily indicative of the results for the full year. The Bank believes that the disclosures are sufficient to make the information presented not misleading or biased. For this reason, the condensed consolidated interim financial statements include selected explanatory notes to explain events and transactions that are important to the financial statements users or represent significant materiality in understanding the changes in the Bank's financial position and performance since the last annual audited financial statements.

Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income ("OCI") and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. Almost, investments in associates and joint ventures are measured using the equity method.

The condensed consolidated interim financial statements are stated in Colombian pesos ("COP") and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share, dividends per share and the exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands.

The Parent Company's financial statements, which have been prepared in accordance with "Normas de Contabilidad e Información Financiera" ("NCIF") applicable to separate financial statements, are those that serve as the basis for the regulatory compliance, distribution of dividends and other appropriations by the shareholders.

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The separate financial statements are those presented by the Parent Company in which the entity recognizes and measures the impairment of credit risk through allowances for loans losses, the classification and measurement of certain financial instruments (such as debt securities and equity instruments) and the recognition of provisions for foreclosed assets, in accordance with the accounting required by the "Superintendencia Financiera de Colombia" ("SFC"), which differ in certain accounting principles from IFRS that are used in the condensed consolidated interim financial statements.

**Transactions between entities under common control**

Combinations of entities under common control refer to those transactions in which all the combining entities are under the control of the Group both before and after the combination, and that control is not transitory.

For transactions under common control, the Bank has elected, as an accounting policy, to use the predecessor value method for the recognition of intercompany transactions. This means that the assets and liabilities spun off from the entity or business being spun off are recognized in the separate financial statements of the receiving company at their carrying amount, as recorded prior to the transaction date.

The Group presents the net assets received retrospectively as of the date of transfer.

The financial statements for the second quarter and the end of 2024 are presented as consolidated, reflecting the Bancolombia Group's current structure during that period. Pursuant to the policy adopted, the historical financial statements are used as if the new corporate structure had always existed. Therefore, the comparative balances of the holding company are consistent with those of the previous parent company. During the second quarter of 2025, the company assumed the parent company position within the economic group. Therefore, as of that date, the financial statements presented include all subsidiaries previously consolidated by Bancolombia. For more information, see Note 1, Reporting Entity.

**B. Use of estimates and judgments**

The preparation of condensed consolidated interim financial statements requires that the Bank's Management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

For the period ended on June 30, 2025 there were no changes in the significant estimates and judgments made by Management in applying the Bank's accounting, as compared to those applied in the consolidated financial statements at the year ended on December 31, 2024.

**C. Material accounting policies and recently issued accounting pronouncements**

The same accounting policies and methods of calculation applied in the consolidated financial statements for the year ended on December 31, 2024 continue to be applied in these condensed consolidated interim financial statements, except for the adoption of new standards, improvements and interpretations effective from January 1, 2025, as shown below:

**New rule SEC Staff Accounting Bulletin (SAB) No. 122 Standard:** Staff Accounting Bulletin SAB 122, issued by the SEC on January 23, 2025, rescinded SAB 121, which required recognition in the financial statements of an asset and a liability reflecting its obligation to safeguard crypto assets. Under the new guidance, entities must assess whether they recognize a liability related to the risk of loss arising from such an obligation, and if so, the recognition and measurement of that liability shall follow the requirements for contingent liabilities in accordance with the principles of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

**Recently accounting pronouncements issued by IASB pending to incorporate in NCIF framework accepted in Colombia**

**Amendments to IFRS 9 Financial instruments and IFRS 7 Financial instruments: disclosures - Classification and measurement of financial instruments:** In May 2024, the Board issued amendments to the classification and measurement requirements in IFRS 9. These amendments respond to feedback from post-implementation review of the accounting standard and clarify the requirements in areas where stakeholders have raised concerns, or where new issues have emerged since IFRS 9 was issued.

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These amendments include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clarifying the classification of financial assets with environmental, social and corporate governance (ESG) and similar features: ESG-linked features in loans could affect whether the loans are measured at amortised cost or fair value. To resolve any potential diversity in practice, the amendments clarify how the contractual cash flows on such loans should be assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Settlement of liabilities through electronic payment systems: The amendments clarify the date on which a financial asset or financial liability is derecognised. The IASB also decided to develop an accounting policy option to allow a company to derecognise a financial liability before it delivers cash on the settlement date if specified criteria are met.

With these amendments, the IASB has also introduced additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets.

The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and early application is permitted.

These amendments were analyzed by the Management without evidencing any impact on the Bank's financial statements and disclosures

**New standard NIIF 18 Presentation and Disclosure in Financial Statements:** In April 2024, the Board issued IFRS 18 to replace IAS 1 Presentation of Financial Statements. IFRS 18 introduces three sets of new requirements to improve the way companies report their financial performance and give investors a better basis for analyzing and comparing companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improved comparability in the statement of income: IFRS 18 introduces three defined categories for income and expenses (operating, investing and financing) to improve the structure of the statement of income, and requires all companies to provide new defined subtotals, including operating profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhanced transparency of management-defined performance measures: The new standard requires companies to disclose explanations of those company-specific measures that are related to the statement of income, referred to as management-defined performance measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• More useful grouping of information in the financial statements: IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. In addition, the new standard requires companies to provide more transparency about operating expenses, helping investors to find and understand the information they need.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and early application is permitted.

Management is assessing the impact that these amendments will have on the Bank's condensed consolidated interim financial statements and disclosures.

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**NOTE 3. OPERATING SEGMENTS**

Operating segments are defined as components of an entity about which separate financial information is available and that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assessing performance; the CODM is comprised of the Bank's President (CEO) and Financial Vicepresident (CFO). The segment information has been prepared following the Bank's accounting policies and has been presented consistently with the internal reports provided to the CODM.

The chief operating decision maker (CODM) uses a variety of information and key financial data on a segment basis to assess the performance and make decisions regarding the investment and allocation of resources, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin (Net margin on financial instruments divided by average interest-earning assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on average total assets (Net income divided by average total assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on average stockholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Efficiency ratio (Operating expenses as a percentage of interest, fees, services and other operating income).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset quality and loan coverage ratios.

The Bank has the following segments: Banking Colombia, Trust, Investment Banking, Brokerage, International Banking and All other segments. The factors used to identify the Bank's reportable segments are the nature of the products and services provided by the subsidiaries and the geographical locations where the subsidiaries are domiciled, in line with the CODM's operating decisions related to the results of each segment.

The Bank's operating segments are comprised as follows:

**• Banking Colombia**

This segment provides retail and corporate banking products and services to individuals, companies and national and local governments in Colombia. The Bank's strategy in Colombia is to grow with these clients based on value added and long-term relationships. In order to offer specialized services to individuals to guarantee quality service and promote business growth and country development.

In order to offer specialized services to individuals, small and medium-sized enterprises (SMEs) and large companies, the individual sales force classifies its target customers as: Personal, Plus and Corporate. The Bank´s corporate and government sales force targets and specializes in companies with more than COP 100,000 in revenue in twelve economic sectors: agribusiness, commerce, manufacturing of supplies and materials, consumer goods, financial services, health, education, construction, government, infrastructure, real estate, and natural resources.

This segment is responsible for managing the Bank operations with its own portfolio, liquidity and distribution of treasury products and services to its customers in Colombia.

**• Trust**

This segment provides trust and asset management services to clients in Colombia through Fiduciaria Bancolombia S.A. Sociedad Fiduciaria.

The main products offered by this segment include money market accounts, mutual and pension funds, private equity funds, payment trust, custody services and corporate trust.

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**• Investment Banking**

This segment provides corporate and project financial advisory services, underwriting, capital markets services and private equity management through Banca de Inversión Bancolombia S.A. Corporación Financiera. Its customers include private and publicly-held corporations as well as government institutions.

**• Brokerage**

This segment provides brokerage, investment advisory and private banking services to individuals and institutions through Valores Bancolombia S.A. Comisionista de Bolsa. It sells and distributes equities, futures, foreign currencies, fixed income securities, mutual funds and structured products.

This segments also includes the operations of Cibest Capital Holdings USA LLC (before Bancolombia Capital Holdings USA LLC), Cibest Capital Securities LLC (before Bancolombia Capital LLC) and Cibest Capital Advisory Services LLC (before Bancolombia Capital Advisers LLC). to provide broker-dealer and investment advisor services in the United States.

**• International Banking**

This segment provides a complete line of international banking services to Colombian and foreign customers through Bancolombia Panamá S.A. and Bancolombia Puerto Rico International, Inc. It offers loans to private sector companies, trade financing, leases financing and financing for industrial projects, as well as a complete portfolio of cash management products, such as checking accounts, international collections and payments. Through these subsidiaries, the Bank also offers investment opportunities in U.S. dollars, savings and checking accounts, time deposits, and investment funds to its high net worth clients and private banking customers.

Operations in the Cayman Islands through Sinesa Cayman, Inc. (before Bancolombia Cayman S.A.) have been canceled or transferred. As of June 30, 2025, the company is in the process of dissolution and liquidation. For further information, see Note 1. Reporting entity.

**• All other segments**

This segment provides real estate service through the FCP Fondo Inmobiliario Colombia, P.A. FAI CALLE 77, P.A. Nomad Salitre, P.A. Mercurio, P.A. Nomad Central, P.A. Calle 84 (2), P.A. Calle 84 (3), P.A. Cedis Sodimac, P.A. Nomad Distrito Vera and P.A. Nexo.

This segment also includes results from the operations of other investment vehicles of the Bank: Valores Simesa S.A., Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa.

In accordance with IFRS 8, the figures reported in "all other segments" combine the information on operating segments that did not meet the quantitative thresholds defined by this same standard, i.e., the absolute individual amount of their reported results is, in absolute terms, less than 10 percent of the combined results of all segments and their assets represent less than 10 percent of the combined assets of all operating segments of the Bank.

**Financial performance by operating segment:**

The CODM reviews the performance of the Bank using the following financial information by operating segment:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** | **For the six months ended June 30, 2025** |
| | **Banking<br>Colombia** | **Trust** | **Investment<br>banking** | **Brokerage** | **International<br>Banking** | **All other<br>segments** | **Total <br>segments** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Total interest and valuation on financial instruments** | **13050356** | **29** | **2** | **33817** | **587705** | **7575** | **13679484** |
| *Interest income on loans and financial leases* | 12233337 | 29 | - | 2041 | 501088 | 8699 | 12745194 |
| *Debt investments* | 849962 | - | 2 | 23174 | 49735 | 717 | 923590 |
| *Derivatives, net* | (52926) | - | - | (310) | (57) | (1841) | (55134) |
| *Liquidity operations, net* | 19983 | - | - | 8912 | 36939 | - | 65834 |
| **Interest expenses** | **(4989342)** | **(73)** | **-** | **(67)** | **(355315)** | **(59574)** | **(5404371)** |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **8061014** | **(44)** | **2** | **33750** | **232390** | **(51999)** | **8275113** |
| *Credit impairment charges, net* | (1676331) | (1062) | 215 | (138) | (58473) | (4254) | (1740043) |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **6384683** | **(1106)** | **217** | **33612** | **173917** | **(56253)** | **6535070** |
| *(Expenses) Revenues from transactions by the operating segments of the Bank* | (75838) | (34590) | 2824 | 47419 | 122142 | (61957) | - |
| *Fees and commissions income*<sup>(1)</sup> | 2916263 | 248692 | 17515 | 77395 | 29155 | 41 | 3289061 |
| *Fees and commissions expenses* | (1531516) | (3982) | (39) | (5371) | (9787) | (1238) | (1551933) |
| **Total fees and commissions, net** | **1384747** | **244710** | **17476** | **72024** | **19368** | **(1197)** | **1737128** |
| *Other operating income (expenses)* | 906434 | 5786 | (384) | 808 | 7038 | 245696 | 1165378 |
| *Dividends and net income on equity investments*<sup>(2)</sup> | 52458 | 14782 | 31152 | 1209 | (135) | 148306 | 247772 |
| **Total operating income, net** | **8652484** | **229582** | **51285** | **155072** | **322330** | **274595** | **9685348** |
| *Operating expenses*<sup>(3)</sup> | (4621031) | (87201) | (28595) | (103657) | (53781) | (67884) | (4962149) |
| *Impairment, depreciation and amortization* | (386774) | (1697) | (47) | (1521) | (1373) | (785) | (392197) |
| **Total operating expenses** | **(5007805)** | **(88898)** | **(28642)** | **(105178)** | **(55154)** | **(68669)** | **(5354346)** |
| **Profit before income tax** | **3644679** | **140684** | **22643** | **49894** | **267176** | **205926** | **4331002** |

---

<sup>(1)</sup> *For further information about income from contracts with customers, see Note 16.3. Commissions.*

<sup>(2)</sup> *For further information see Note 16.5. Dividends and net income on equity investments.*

<sup>(3)</sup> *Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** | **For the three months ended June 30, 2025** |
| | **Banking<br>Colombia** | **Trust** | **Investment<br>banking** | **Brokerage** | **International<br>Banking** | **All other<br>segments** | **Net effect of the spin-off**<sup>(4)</sup> | **Total <br>segments** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Total interest and valuation on financial instruments** | **6626704** | **17** | **1** | **17775** | **320885** | **3669** | **(1703026)** | **5266025** |
| Interest income on loans and financial leases | 6183038 | 17 | - | 953 | 281289 | 4370 | (1488081) | 4981586 |
| Debt investments | 448576 | - | 1 | 10379 | 25743 | 689 | (195393) | 289995 |
| Derivatives, net | (10317) | - | - | (23) | - | (1390) | (574) | (12304) |
| Liquidity operations, net | 5407 | - | - | 6466 | 13853 | - | (18978) | 6748 |
| **Interest expenses** | **(2522963)** | **(44)** | **-** | **(32)** | **(169503)** | **(30278)** | **667908** | **(2054912)** |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **4103741** | **(27)** | **1** | **17743** | **151382** | **(26609)** | **(1035118)** | **3211113** |
| Credit impairment charges, net | (806748) | (703) | 24 | (106) | (24403) | (2259) | 193701 | (640494) |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **3296993** | **(730)** | **25** | **17637** | **126979** | **(28868)** | **(841417)** | **2570619** |
| (Expenses) Revenues from transactions by the operating segments of the Bank | (28969) | (18357) | 1503 | 23153 | 28673 | (31855) | 25852 | - |
| Fees and commissions income<sup>(1)</sup> | 1504658 | 125995 | 14794 | 40621 | 16360 | 20 | (334622) | 1367826 |
| Fees and commissions expenses | (799182) | (1355) | (22) | (3129) | (7224) | (662) | 163108 | (648466) |
| **Total fees and commissions, net** | **705476** | **124640** | **14772** | **37492** | **9136** | **(642)** | **(171514)** | **719360** |
| Other operating income (expenses) | 604909 | 3549 | 65 | (1316) | 3295 | 143321 | (425016) | 328807 |
| Dividends and net income on equity investments<sup>(2)</sup> | 23294 | 8104 | 11692 | 305 | (150) | 69974 | (2772) | 110447 |
| **Total operating income, net** | **4601703** | **117206** | **28057** | **77271** | **167933** | **151930** | **(1414867)** | **3729233** |
| Operating expenses<sup>(3)</sup> | (2382234) | (43444) | (16451) | (50673) | (29088) | (34172) | 820084 | (1735978) |
| Impairment, depreciation and amortization | (195907) | (892) | (24) | (767) | (569) | (453) | 72672 | (125940) |
| **Total operating expenses** | **(2578141)** | **(44336)** | **(16475)** | **(51440)** | **(29657)** | **(34625)** | **892756** | **(1861918)** |
| **Profit before income tax** | **2023562** | **72870** | **11582** | **25831** | **138276** | **117305** | **(522111)** | **1867315** |

---

<sup>(1)</sup> *For further information about income from contracts with customers, see Note 16.3. Commissions.*

<sup>(2)</sup> *For further information see Note 16.5. Dividends and net income on equity investments*

<sup>(3)</sup> *Includes salaries and employee benefits, other administration and general expenses and taxes other than income* 

<sup>(4)</sup> *The net effect of the spin-off corresponds to the accumulated values as of March 31, 2025 of the spun-off companies in accordance with the change in the Group's corporate structure. For further information on this transaction, see Note 1. Reporting Entity*

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** | **For the six months ended June 30, 2024** |
| | **Banking<br>Colombia** | **Banking<br>Panama** | **Banking El<br>Salvador** | **Banking<br>Guatemala** | **Trust** | **Investment<br>banking** | **Brokerage** | **International<br>Banking** | **All other<br>segments** | **Total <br>segments** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Total interest and valuation on financial instruments** | **14181605** | **1303962** | **869760** | **911749** | **45** | **2** | **18024** | **615687** | **140035** | **18040869** |
| Interest income on loans and financial leases | 13357143 | 1110143 | 764182 | 849663 | 45 | - | 2998 | 481788 | 142021 | 16707983 |
| Debt investments | 692757 | 143634 | 104520 | 59626 | - | 2 | 13324 | 67149 | - | 1081012 |
| Derivatives, net | (10287) | 1312 | 746 | - | - | - | (2059) | - | (1986) | (12274) |
| Liquidity operations, net | 141992 | 48873 | 312 | 2460 | - | - | 3761 | 66750 | - | 264148 |
| **Interest expenses** | **(6072945)** | **(630941)** | **(209191)** | **(371131)** | **(85)** | **-** | **(86)** | **(330292)** | **(81294)** | **(7695965)** |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **8108660** | **673021** | **660569** | **540618** | **(40)** | **2** | **17938** | **285395** | **58741** | **10344904** |
| Credit impairment charges, net | (2377416) | (194406) | (130399) | (189405) | (682) | 40 | (4) | (5728) | (35763) | (2933763) |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **5731244** | **478615** | **530170** | **351213** | **(722)** | **42** | **17934** | **279667** | **22978** | **7411141** |
| (Expenses) Revenues from transactions by the operating segments of the Bank | (64899) | (20301) | (14716) | (35511) | (27161) | 5593 | 40753 | 189247 | (73005) | - |
| Fees and commissions income<sup>(1)</sup> | 2731031 | 275091 | 234132 | 99279 | 214445 | 40624 | 64236 | 25766 | 15334 | 3699938 |
| Fees and commissions expenses | (1367225) | (122593) | (103018) | (38787) | (1822) | (83) | (4644) | (5426) | (1476) | (1645074) |
| **Total fees and commissions, net** | **1363806** | **152498** | **131114** | **60492** | **212623** | **40541** | **59592** | **20340** | **13858** | **2054864** |
| Other operating income | 303552 | 25301 | 23702 | 53070 | 5127 | 925 | 1987 | 5522 | 951227 | 1370413 |
| Dividends and net income on equity investments<sup>(2)</sup> | (164746) | 6761 | 4400 | 1497 | 14495 | (127408) | 3096 | 14 | 121123 | (140768) |
| **Total operating income, net** | **7168957** | **642874** | **674670** | **430761** | **204362** | **(80307)** | **123362** | **494790** | **1036181** | **10695650** |
| Operating expenses<sup>(3)</sup> | (4147282) | (395105) | (351166) | (288228) | (75544) | (23717) | (92197) | (42614) | (541085) | (5956938) |
| Impairment, depreciation and amortization | (388655) | (53299) | (39034) | (24536) | (1387) | (46) | (1389) | (1068) | (24330) | (533744) |
| **Total operating expenses** | **(4535937)** | **(448404)** | **(390200)** | **(312764)** | **(76931)** | **(23763)** | **(93586)** | **(43682)** | **(565415)** | **(6490682)** |
| **Profit before income tax** | **2633020** | **194470** | **284470** | **117997** | **127431** | **(104070)** | **29776** | **451108** | **470766** | **4204968** |

---

<sup>(1)</sup> *For further information about income from contracts with customers, see Note 16.3. Commissions.*

<sup>(2)</sup> *For further information see Note 16.5. Dividends and net income on equity investments*

<sup>(3)</sup> *Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.*

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** | **For the three months ended June 30, 2024** |
| | **Banking<br>Colombia** | **Banking<br>Panama** | **Banking El<br>Salvador** | **Banking<br>Guatemala** | **Trust** | **Investment<br>banking** | **Brokerage** | **International<br>Banking** | **All other<br>segments** | **Total <br>segments** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Total interest and valuation on financial instruments** | **6974007** | **654101** | **442483** | **474719** | **24** | **1** | **9145** | **319880** | **69115** | **8943475** |
| Interest income on loans and financial leases | 6625836 | 554851 | 388082 | 443257 | 24 | - | 1465 | 251616 | 71101 | 8336232 |
| Debt investments | 326345 | 74369 | 53693 | 30618 | - | 1 | 5960 | 33979 | - | 524965 |
| Derivatives, net | (17405) | 536 | 475 | - | - | - | (208) | - | (1986) | (18588) |
| Liquidity operations, net | 39231 | 24345 | 233 | 844 | - | - | 1928 | 34285 | - | 100866 |
| **Interest expenses** | **(2938174)** | **(317537)** | **(104070)** | **(189332)** | **(51)** | **-** | **(44)** | **(167883)** | **(39795)** | **(3756886)** |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **4035833** | **336564** | **338413** | **285387** | **(27)** | **1** | **9101** | **151997** | **29320** | **5186589** |
| Credit impairment charges, net | (1314422) | (132548) | (63769) | (89964) | (242) | (781) | (11) | (4307) | (12739) | (1618783) |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** | **2721411** | **204016** | **274644** | **195423** | **(269)** | **(780)** | **9090** | **147690** | **16581** | **3567806** |
| (Expenses) Revenues from transactions by the operating segments of the Bank | (33091) | (11150) | (6126) | (18311) | (14908) | 2374 | 21416 | 97141 | (37345) | - |
| Fees and commissions income<sup>(1)</sup> | 1428322 | 153735 | 120487 | 50419 | 105645 | 32484 | 37091 | 11623 | 8240 | 1948046 |
| Fees and commissions expenses | (758361) | (66497) | (53738) | (20343) | (957) | (53) | (2348) | (2888) | (1063) | (906248) |
| **Total fees and commissions, net** | **669961** | **87238** | **66749** | **30076** | **104688** | **32431** | **34743** | **8735** | **7177** | **1041798** |
| Other operating income | 211961 | 13989 | 11946 | 17288 | 2927 | 546 | 946 | 2967 | 478514 | 741084 |
| Dividends and net income on equity investments<sup>(2)</sup> | (161152) | 269 | 2949 | 1490 | 6461 | (137689) | 1773 | 7 | 60317 | (225575) |
| **Total operating income, net** | **3409090** | **294362** | **350162** | **225966** | **98899** | **(103118)** | **67968** | **256540** | **525244** | **5125113** |
| Operating expenses<sup>(3)</sup> | (2139808) | (201793) | (176900) | (144610) | (37510) | (12340) | (44617) | (23133) | (245843) | (3026554) |
| Impairment, depreciation and amortization | (199244) | (27023) | (20362) | (12600) | (732) | (19) | (713) | (478) | (12311) | (273482) |
| **Total operating expenses** | **(2339052)** | **(228816)** | **(197262)** | **(157210)** | **(38242)** | **(12359)** | **(45330)** | **(23611)** | **(258154)** | **(3300036)** |
| **Profit before income tax** | **1070038** | **65546** | **152900** | **68756** | **60657** | **(115477)** | **22638** | **232929** | **267090** | **1825077** |

---

<sup>(1)</sup> *For further information about income from contracts with customers, see Note 16.3. Commissions.*

<sup>(2)</sup> *For further information see Note 16.5. Dividends and net income on equity investments*

<sup>(3)</sup> *Includes salaries and employee benefits, other administration and general expenses and taxes other than income tax.*

------

**NOTE 4. CASH AND CASH EQUIVALENTS**

For purposes of the Condensed Consolidated Interim Statement of cash flow and the Condensed Consolidated Interim Statement of Financial Position, the following assets are considered as cash and cash equivalents:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Cash and balances at central bank** | | |
| Cash | 7037818 | 9439363 |
| Due from central banks<sup>(1)</sup> | 3901745 | 7504135 |
| Due from other private financial entities | 4976605 | 7778937 |
| Checks on hold |  | 132929 |
| Remittances of domestic negotiated checks in transit | 55 | 26172 |
| **Total cash and due from banks** | **15916223** | **24881536** |
| **Money market transactions** |  |  |
| Interbank borrowings | 2604216 | 2239615 |
| Reverse repurchase agreements and other similar secured loans<sup>(2)</sup> | 2660852 | 5722948 |
| **Total money market transactions** | **5265068** | **7962563** |
| **Total cash and cash equivalents**<sup>(3)</sup> | **21181291** | **32844099** |

---

*(1)According to External Resolution No. 3 of 2024 of Banco de la República de Colombia, which amends External Resolution No. 5 of 2008, Bancolombia S.A. must maintain, the equivalent of 7% of the deposits mentioned in Article 1, paragraph (a), and the equivalent of 2.5% of its customer's deposits with a maturity of less than 18 months (paragraph b), as ordinary reserve, represented in deposits at the Central Bank or as cash in hand. Additionally, circular SBP-DR-CIRCULAR-2024-0036 dated July 02, 2024, communicates the decision of the Superintendency of Banks of Panama to maintain the percentage established in the General Resolution of the Board of Directors SBP-GJD-0003-2014 dated January 28, 2014, which sets at 30.00% the minimum legal liquidity rate that Panamanian banks must maintain.*

*(2)The variation is mainly generated by the decrease in Reverse repurchase agreements and other similar secured loans in simultaneous operations with the Cámara de Riesgo Central de Contraparte in Colombia.*

*(3)The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For more information See note 1. Reporting entity.*

As of June 30, 2025 and December 31, 2024, restricted cash is presented amounting to COP 438,246 and COP 530,924, respectively, included in other assets on the Condensed Consolidated Interim Statement of Financial Position, which represents margin deposits pledged as collateral for derivative contracts traded through Colombian clearing houses.

------

**NOTE 5. FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES**

**5.1 Financial assets investments**

The Bank's securities portfolios at fair value through profit or loss, other comprehensive income and at amortized cost are listed below, as of June 30, 2025 and 2024:

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial assets investments** | **Measurement methodology** | **Measurement methodology** | **Measurement methodology** | **Total carrying<br>value, net** |
| **Financial assets investments** | **Fair value through<br>profit or loss** | **Fair value through other<br>comprehensive income, net** | **Amortized<br> cost, net** | **Total carrying<br>value, net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Securities issued by the Colombian Government<sup>(1)</sup> | 15378355 | 2514109 | 146547 | **18039011** |
| Securities issued by foreign governments | 2713136 | - | 211866 | **2925002** |
| Corporate bonds | 106791 | 592128 | 1024617 | **1723536** |
| Securities issued by government entities | 117633 | - | 3639188 | **3756821** |
| Securities issued by other financial institutions<sup>(2)(3)</sup> | 515379 | 102295 | 469401 | **1087075** |
| **Total debt instruments** | **18831294** | **3208532** | **5491619** | **27531445** |
| **Total equity securities** | **561783** | **255866** | - | **817649** |
| **Total other instruments financial**<sup>(4)</sup> | **20068** | - | - | **20068** |
| **Total financial assets investments**<sup>(5)</sup> | **19413145** | **3464398** | **5491619** | **28369162** |

---

<sup>(1)</sup> *The increase in investments in financial assets measured at fair value through profit or loss is mostly due to the acquisition of Colombian treasury instruments (TES) by Bancolombia S.A.* 

<sup>(2)</sup> *Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 113,845. For further information on TIPS' fair value measurement see Note 20. Fair value of assets and liabilities.*

<sup>(3)</sup> *At June 30, 2025, the Bank has recognized in the Condensed Consolidated Interim Statement of Comprehensive Income COP (8,798) related to debt instruments at fair value through OCI.*

<sup>(4)</sup> *Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity "SAFE", by Sistema de Inversiones y Negocios, S.A., Inversiones CFNS S.A.S. and Bancolombia S.A.*

<sup>(5)</sup> *The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For more information, see Note 1. Reporting Entity.*

------

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial assets investments** | **Measurement methodology** | **Measurement methodology** | **Measurement methodology** | **Total carrying<br>value, net** |
| **Financial assets investments** | **Fair value through<br>profit or loss** | **Fair value through other<br>comprehensive income, net** | **Amortized<br> cost, net** | **Total carrying<br>value, net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Securities issued by foreign governments | 11644181 | 2683925 | 159323 | **14487429** |
| Securities issued by the Colombian Government | 10283450 | 1484546 | 651494 | **12419490** |
| Corporate bonds | 257326 | 639108 | 3612049 | **4508483** |
| Securities issued by government entities | 118760 | - | 3380491 | **3499251** |
| Securities issued by other financial institutions<sup>(1)(2)</sup> | 731564 | 276837 | 601521 | **1609922** |
| **Total debt instruments** | **23035281** | **5084416** | **8404878** | **36524575** |
| **Total equity securities** | **537213** | **474097** | - | **1011310** |
| **Total other instruments financial**<sup>(3)</sup> | **34385** | - | - | **34385** |
| **Total financial assets investments** | **23606879** | **5558513** | **8404878** | **37570270** |

---

<sup>(1)</sup> *Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 142,945. For further information on TIPS' fair value measurement see Note 20. Fair value of assets and liabilities.*

<sup>(2)</sup> *At December 31, 2024, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP 23,236 related to debt instruments at fair value through OCI.*

<sup>(3)</sup> *Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity "SAFE", by Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A.*

The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at fair value through other comprehensive income and amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above:

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt instruments portfolio measure at fair value through OCI and amortized cost** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Gross carrying amount as at 1 January 2025** | **12998652** | **454065** | **36577** | **13489294** |
| Transfer from stage 1 to stage 2<sup>(1)</sup> | (146547) | 146547 | - | **-** |
| Sales and maturities | (4098919) | - | - | **(4098919)** |
| Purchases<sup>(2)</sup> | 1630177 | 2490647 | - | **4120824** |
| Valuation and payments | 19663 | 24048 | - | **43711** |
| Net effect of spin-off<sup>(3)</sup> | (4627385) | (100496) | (36577) | **(4764458)** |
| Foreign Exchange | (63061) | (27240) | - | **(90301)** |
| **Gross carrying amount as at 30 June 2025** | **5712580** | **2987571** | **-** | **8700151** |

---

<sup>(1)</sup> *Stage transfer in Colombian treasury instruments (TES) by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.*

<sup>(2)</sup> *Corresponds mainly to purchase of securities issued by government entities by Bancolombia S.A.*

*(3)The net effect of the spin-off for COP (4,764,458) corresponds to the decrease in debt securities at fair value with changes in OCI for COP (1,701,803), amortized cost for COP (3,348,206) and the valuation, purchases, sales, maturities and exchange differences recorded during the period for COP 285,551. For more information, see Note 1 Reporting Entity.*

------

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt instruments portfolio measure at fair value through OCI and amortized cost** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Gross carrying amount as at 1 January 2024** | **12760342** | **205133** | **30784** | **12996259** |
| Transfer from stage 1 to stage 2<sup>(1)</sup> | (294440) | 294440 | - | **-** |
| Transfer from stage 2 to stage 1<sup>(2)</sup> | 12678 | (12678) | - | **-** |
| Sales and maturities | (7928390) | (171505) | - | **(8099895)** |
| Purchases | 7975932 | 129455 | - | **8105387** |
| Valuation and payments | (125564) | 3806 | 984 | **(120774)** |
| Foreign Exchange | 598094 | 5414 | 4809 | **608317** |
| **Gross carrying amount as at 31 December 2024** | **12998652** | **454065** | **36577** | **13489294** |

---

<sup>(1)</sup> *Stage transfer in corporate bonds by Banistmo S.A., Bancolombia Puerto Rico Internacional Inc and Bancolombia Panamá S.A.*

<sup>(2)</sup> *Stage transfer in corporate bonds by Banagrícola S.A.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the impairment detail for the debt instruments portfolio using the expected credit losses model:

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Concept** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Securities at amortized cost, net** | **5018157** | **473462** | **-** | **5491619** |
| Carrying amount | 5025336 | 479394 | - | 5504730 |
| Loss allowance | (7179) | (5932) | - | (13111) |
| **Securities at fair value through other comprehensive income**<sup>(1)</sup> | **694423** | **2514109** | **-** | **3208532** |
| **Total debt instruments portfolio measure at fair value through OCI and amortized cost**<sup>(2)</sup> | **5712580** | **2987571** | **-** | **8700151** |

---

<sup>(1)</sup> *Loss allowance of investments at fair value through OCI corresponds to COP 7,142 classified mainly in stage 1 to COP 1,950 and in stage 2 to COP 5,192; the loss allowance increase in relation to 2024 from COP 5,191 is due to the acquisition of instruments, and the decrease from COP (3,118) is due to net effect of spin-off and from COP (1,287) in sales and maturities.*

<sup>(2)</sup> *The variation includes the effect of the change in the Group's corporate structure. For more information, see Note 1. Reporting Entity.*

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Concept** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Securities at amortized cost, net** | **7975158** | **393143** | **36577** | **8404878** |
| Carrying amount | 8008567 | 401263 | 53985 | 8463815 |
| Loss allowance | (33409) | (8120) | (17408) | (58937) |
| **Securities at fair value through other comprehensive income**<sup>(1)</sup> | **5023494** | **60922** | **-** | **5084416** |
| **Total debt instruments portfolio measure at fair value through OCI and amortized cost** | **12998652** | **454065** | **36577** | **13489294** |

---

<sup>(1)</sup> *Loss allowance of investments at fair value through OCI corresponds to COP 6,513 classified mainly in stage 1 to COP 5,734.* 

------

The following table sets forth the changes in the allowance for debt instruments measured at amortized cost:

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Concept** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Loss allowance of January 1, 2025** | **33409** | **8120** | **17408** | **58937** |
| Transfer from stage 1 to stage 2<sup>(1)</sup> | (2099) | 2099 | - | **-** |
| Sales and maturities | (825) | - | - | **(825)** |
| New debt instruments purchased<sup>(2)</sup> | 3164 | - | - | **3164** |
| Net provisions recognized during the period | (3299) | (1479) | - | **(4778)** |
| Net effect of spin-off<sup>(3)</sup> | (22977) | (2413) | (17408) | **(42798)** |
| Foreign Exchange<sup>(4)</sup> | (194) | (395) | - | **(589)** |
| **Loss allowance of June 30, 2025** | **7179** | **5932** | **-** | **13111** |

---

<sup>(1)</sup> *Stage transfer in Colombian treasury instruments (TES) by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional Inc.*

<sup>(2)</sup> *Impairment is mainly in government entities by Bancolombia S.A.*

<sup>(3)</sup> *The net effect of the spin-off for COP (42,798) corresponds to the impairment balance of investment financial instruments of companies that are not consolidated with Bancolombia in accordance with the change in the corporate structure. For more information on the transaction, see Note 1. Reporting Entity*

<sup>(4)</sup> *The decrease is due to the variation in the market representative rate during the year 2025.*

**As of June 30, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Concept** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Loss allowance of January 1, 2024** | **29939** | **11913** | **13951** | **55803** |
| Transfer from stage 1 to stage 2<sup>(1)</sup> | (665) | 665 | - | **-** |
| Transfer from stage 2 to stage 1<sup>(1)</sup> | 354 | (354) | - | **-** |
| Sales and maturities | (2659) | (5895) | - | **(8554)** |
| New debt instruments purchased<sup>(2)</sup> | 5717 | 343 | - | **6060** |
| Net provisions recognized during the period | (6841) | (2778) | (2150) | **(11769)** |
| Foreign Exchange | 1553 | 353 | 1065 | **2971** |
| **Loss allowance of June 30, 2024** | **27398** | **4247** | **12866** | **44511** |

---

<sup>(1)</sup> *Stage transfer in corporate bonds by Banistmo S.A. and Banagrícola S.A.*

<sup>(2)</sup> *Impairment is mainly in securities issued by government entities and corporate bonds by Bancolombia S.A. and Banistmo S.A.*

****<br> The Bank has recognized in the condensed consolidated interim statement of comprehensive income related to equity securities and trust funds at fair value through OCI as of June 30, 2025, and 2024, COP (27,926) and COP 18,496, respectively. See condensed consolidated interim statement of comprehensive income.

Equity securities that are measured at fair value through OCI are considered strategic for the Bank and, thus, there is no intention to sell them in the foreseeable future and that is the main reason for using this presentation alternative.

------

The following table details the equity instruments designated at fair value through OCI analyzed by listing status:

---

| | | |
|:---|:---|:---|
| **Equity securities** | **Carrying amount** | **Carrying amount** |
| **Equity securities** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Securities at fair value through OCI:** | | |
| Equity securities listed in Colombia | 2 | 2 |
| Equity securities listed in foreign countries | 76456 | 76795 |
| Equity securities unlisted: |  |  |
| &nbsp;&nbsp;Telered S.A.<sup>(1)</sup> | - | 160761 |
| &nbsp;&nbsp;Asociación Gremial de Instituciones Financieras Credibanco S.A. | 108599 | 109011 |
| &nbsp;&nbsp;Transacciones y Transferencias, S. A.<sup>(1)</sup> | - | 55401 |
| &nbsp;&nbsp;Compañía de Procesamiento de Medios de Pago Guatemala (Bahamas), S. A.<sup>(1)</sup> | - | 18913 |
| &nbsp;&nbsp;Cámara de Riesgo Central de Contraparte de Colombia S.A. | 18921 | 17385 |
| &nbsp;&nbsp;Nequi S.A. Compañía de Financiamiento<sup>(1)</sup> | 12024 | - |
| &nbsp;&nbsp;Pexton Holdings Limited | 9659 | - |
| &nbsp;&nbsp;Suncolombia SAS | 6105 | - |
| &nbsp;&nbsp;Derecho Fiduciario Inmobiliaria Cadenalco<sup>(1)</sup> | - | 4212 |
| &nbsp;&nbsp;Others | 24100 | 31617 |
| **Total equity securities at fair value through OCI**<sup>(1)</sup> | **255866** | **474097** |

---

<sup>(1)</sup> *The change compared to December 2024 includes the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity..*

As of June 30, 2025 and 2024 impairment loss was recognized on equity securities for COP 526 and COP 0, respectively. Dividends received from equity investments at fair value through OCI held as of June 30, 2025 and 2024 amounted to COP 6,110 and COP 12,623, respectively. See Note 16.5. Dividends and net income on equity investments.

**5.2 Derivative financial instruments**

The Bank derivative activities do not give rise to significant open positions in portfolios of derivatives. The Bank enters into derivative transactions to facilitate customer business, for hedging purposes and arbitrage activities, such as forwards, options or swaps where the underlying are exchange rates, interest rates and securities.

A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Financial futures and forward settlement contracts are agreements to buy or sell a quantity of a financial instrument (including another derivative financial instrument), index, currency or commodity at a predetermined rate or price during a period or at a date in the future. Futures and option contracts are standardized agreements for future delivery, traded on exchanges that typically act as a platform.

For further information related to the objectives, policies and processes for managing the Bank's risk, please see Risk Management.

------

The following table sets forth the carrying values of the Bank's derivatives by type of risk as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Derivatives** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Forwards** | | |
| &nbsp;&nbsp;**Assets** | | |
| &nbsp;&nbsp;*Foreign exchange contracts* | 2002041 | 1084830 |
| &nbsp;&nbsp;*Equity contracts* | 13897 | 51645 |
| &nbsp;&nbsp;**Subtotal assets** | **2015938** | **1136475** |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;*Foreign exchange contracts* | 1970840 | 972295 |
| &nbsp;&nbsp;*Equity contracts* | 9149 | 1367 |
| &nbsp;&nbsp;**Subtotal liabilities** | **1979989** | **973662** |
| **Total forwards**<sup>(1)</sup> | **35949** | **162813** |
| **Swaps** |  |  |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;*Foreign exchange contracts* | 920436 | 1463256 |
| &nbsp;&nbsp;*Interest rate contracts* | 193255 | 236033 |
| &nbsp;&nbsp;**Subtotal assets** | **1113691** | **1699289** |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;*Foreign exchange contracts* | 1142281 | 1332431 |
| &nbsp;&nbsp;*Interest rate contracts* | 227629 | 291068 |
| &nbsp;&nbsp;**Subtotal liabilities** | **1369910** | **1623499** |
| **Total swaps**<sup>(2)</sup> | **(256219)** | **75790** |
| **Options** |  |  |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;*Foreign exchange contracts* | 84439 | 102378 |
| &nbsp;&nbsp;**Subtotal assets** | **84439** | **102378** |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;*Foreign exchange contracts* | 153909 | 82482 |
| &nbsp;&nbsp;**Subtotal liabilities** | **153909** | **82482** |
| **Total options** | **(69470)** | **19896** |
| **Derivative assets**<sup>(3)</sup> | **3214068** | **2938142** |
| **Derivative liabilities**<sup>(3)</sup> | **3503808** | **2679643** |

---

<sup>(1)</sup> *At June 30, 2025, there is a variation mainly at Bancolombia S.A. in Forward assets and liabilities compared to those in effect as December 31, 2024. Out of a total of 14,404 operations 11,071 have matured as June 30, 2025.*

<sup>(2)</sup> *At June 30, 2025, there is a variation mainly at Bancolombia S.A. in the active and passive Swaps contracts compared to those in effect as December 31, 2024. Out of a total of 10,220 operations 1,610 have matured as June 30, 2025.*

<sup>(3)</sup> *The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For more information See note 1. Reporting entity.*

------

**NOTE 6. LOANS AND ADVANCES TO CUSTOMERS, NET**

**Loans and financial leasing operating portfolio**

The following is the composition of the loans and financial leasing operations portfolio, net as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Composition** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Commercial* | 120702258 | 153252811 |
| *Consumer* | 37736066 | 55815683 |
| *Mortgage* | 27209082 | 41741601 |
| *Financial Leases* | 26958689 | 27291604 |
| *Small Business Loans* | 912050 | 1352209 |
| **Total gross loans and advances to customers** | **213518145** | **279453908** |
| **Total allowance** | **(11571361)** | **(16179738)** |
| **Total Net loans and advances to customers** | **201946784** | **263274170** |

---

**Allowance for loans losses**

The following table sets forth the changes in the allowance for loans and advances and lease losses of June 30, 2025 and 2024:

**As of June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Concept** | **Commercial** | **Consumer** | **Mortgage** | **Financial<br>Leases** | **Small<br>business<br>loans** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Balance at January 1, 2025** | **7259230** | **6497777** | **1235177** | **1088272** | **99282** | **16179738** |
| *Loan sales*<sup>(1)</sup> | (293950) | - | - | - | - | (293950) |
| *Recovery of charged - off loans*<sup>(2)</sup> | 91366 | 149797 | 12425 | 42287 | 471 | 296346 |
| *Credit impairment charges on loans, advances and financial leases, net*<sup>(3)</sup> | 277261 | 1329509 | 37269 | 17202 | 44749 | 1705990 |
| *Adjusted stage 3*<sup>(4)</sup> | 131579 | 207420 | 21672 | 33676 | 2682 | 397029 |
| *Charges-off*<sup>(2)</sup> | (761499) | (2166293) | (29347) | (126168) | (33263) | (3116570) |
| *Net effect of the spin-off*<sup>(5)</sup> | (1536643) | (1557542) | (354588) | (111861) | (22462) | (3583096) |
| *Translation adjustment*<sup>(6)</sup> | (13304) | (57) | - | (765) | - | (14126) |
| **Balance at June 30, 2025** | **5154040** | **4460611** | **922608** | **942643** | **91459** | **11571361** |

---

<sup>(1)</sup> *Corresponds to the release of loan allowances related to portfolio sales.*

<sup>(2)</sup> *This amount results from collections of previously charged off loans.*

<sup>(3)</sup> *The loss allowance for the accumulated year 2025 decreased by 42% compared to the same period of the previous year. This reduction is attributed to both the distribution of Bancolombia's subsidiaries to Grupo Cibest and the improved performance of the consumer portfolio.*

<sup>(4)</sup> *Recognized as a reduction to Interest Income on loans and financial leases in Condensed Consolidated Interim Statement of Income, in accordance with IFRS 9.*

<sup>(5)</sup> *The net effect of the spin-off for COP (3,583,096) corresponds to the decrease in the loan portfolio provision for COP 3,360,919, impairment recognized in results for COP (288,746) and write-offs, exchange differences and others for COP 66,569, as of April 30, 2025. For more information, see Note 1 Reporting Entity.*

------

<sup>(6)</sup> *The variation is due to the decrease in the representative market rate, which went from COP 4,409.15 in December 2024 to COP 4,069.67 in June 2025.*

**As of June 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Concept** | **Commercial** | **Consumer** | **Mortgage** | **Financial<br>Leases** | **Small<br>business<br>loans** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Balance at January 1, 2024** | **6290266** | **7717038** | **1023206** | **1024575** | **168018** | **16223103** |
| *Recovery of charged - off loans*<sup>(1)</sup> | 66406 | 260035 | 27696 | 36741 | 3236 | 394114 |
| *Credit impairment charges on loans, advances and financial leases, net* | 362459 | 2393897 | 137446 | 58128 | 5994 | 2957924 |
| *Adjusted stage 3*<sup>(2)</sup> | 166390 | 297922 | 18271 | 35605 | 5150 | 523338 |
| *Charges-off*<sup>(1)</sup> | (407168) | (3118936) | (65587) | (86742) | (51923) | (3730356) |
| *Translation adjustment*<sup>(3)</sup> | 130146 | 147028 | 29076 | 4800 | 1662 | 312712 |
| **Balance at June 30, 2024** | **6608499** | **7696984** | **1170108** | **1073107** | **132137** | **16680835** |

---

<sup>(1)</sup> *The charges-off still subject to enforcement activity.*

<sup>(2)</sup> *Recognized as a reduction to Interest Income on loans and financial leases in Condensed Consolidated Interim Statement of Income, in accordance with IFRS 9.*

<sup>(3)</sup> *The variation is due to the increase in the market representative rate from COP 3,822.05 in December 2023 to COP 4,148.04 in June 2024.*

The following table presents information about the nature and effects of changes in the contractual cash flows of the loan portfolio that did not result in derecognition and the effect of these changes on the measurement of expected credit losses.

---

| | | |
|:---|:---|:---|
| **Changes in the contractual cash flows of the loan portfolio that did not result in derecognition** | **Changes in the contractual cash flows of the loan portfolio that did not result in derecognition** | **Changes in the contractual cash flows of the loan portfolio that did not result in derecognition** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **June 30, 2025** | **December 31, 2024** |
| **Loan portfolio modified during the period** | | |
| *Amortized cost before modification* | 3014110 | 7563621 |
| *Net gain or loss on changes* | (90945) | (560552) |
| **Loan portfolio modified since initial recognition** |  |  |
| *Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months.* | 216857 | 325028 |

---

**Impact of movements in the value of the portfolio and loss allowance by Stage**

**Variation June 2025 vs December 2024**

The portfolio value movements and provision by Stage are mainly attributable to the distribution of certain Bancolombia's subsidiaries to Grupo Cibest, the new holding company, in the first half of the year. As a result, a decrease is observed in both items across all Stages.

The information presented below shows the maximum exposure to credit risk for the periods ended June 30, 2025 and December 31, 2024:

------

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maximum exposure to credit risk** | **Maximum exposure to credit risk** | **Maximum exposure to credit risk** | **Maximum exposure to credit risk** | **Maximum exposure to credit risk** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| *Commercial* | 111278012 | 3422322 | 6001924 | 120702258 |
| *Consumer* | 31862232 | 3258768 | 2615066 | 37736066 |
| *Mortgage* | 24576618 | 1431198 | 1201266 | 27209082 |
| *Financial Leases* | 23897011 | 1734938 | 1326740 | 26958689 |
| *Small Business Loans* | 801556 | 68927 | 41567 | 912050 |
| **Total gross loans and advances to customers** | **192415429** | **9916153** | **11186563** | **213518145** |
| **Total allowance** | **(1548253)** | **(2025510)** | **(7997598)** | **(11571361)** |
| **Total Net loans and advances to customers** | **190867176** | **7890643** | **3188965** | **201946784** |

---

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maximum exposure to credit risk** | **Maximum exposure to credit risk** | **Maximum exposure to credit risk** | **Maximum exposure to credit risk** | **Maximum exposure to credit risk** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| *Commercial* | 137761467 | 5545788 | 9945556 | 153252811 |
| *Consumer* | 46697013 | 5118607 | 4000063 | 55815683 |
| *Mortgage* | 37076580 | 2701930 | 1963091 | 41741601 |
| *Financial Leases* | 22561434 | 3212710 | 1517460 | 27291604 |
| *Small Business Loans* | 1175803 | 91256 | 85150 | 1352209 |
| **Total gross loans and advances to customers** | **245272297** | **16670291** | **17511320** | **279453908** |
| **Total allowance** | **(2174979)** | **(2673761)** | **(11330998)** | **(16179738)** |
| **Total Net loans and advances to customers** | **243097318** | **13996530** | **6180322** | **263274170** |

---

------

**NOTE 7. ASSETS HELD FOR SALE AND INVENTORIES, NET**

The breakdown of inventories and assets held for sale, net of Bancolombia S.A. and subsidiaries is as follows:

---

| | | |
|:---|:---|:---|
| **Assets held for sale and inventories** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Inventories, net* | 688157 | 932657 |
| *Assets held for sale, net* | 7351 | 173742 |
| **Total assets held for sale and inventories, net**<sup>(1)</sup> | **695508** | **1106399** |

---

<sup>(1)</sup> *The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For more information See note 1. Reporting entity.*

**7.1. Inventories**

Due to the nature of the financial services provided by some subsidiaries of the Bancolombia S.A. and subsidiaries, assets provided through operating or financial leases to third parties that do not exercise the purchase option or that do not have a purchase option, are recorded as inventories once the agreement expires, considering that in the course of the ordinary activities performed by such subsidiaries, those assets are routinely sold.

In addition, the Bancolombia S.A. and subsidiaries companies have a business unit that develops real estate, which are sold in the ordinary course of business and are classified as inventories.

The Bancolombia S.A. and subsidiaries inventories at June 30, 2025 and December 31, 2024, are summarized as follows:

---

| | | |
|:---|:---|:---|
| **Inventories** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Lands and buildings*<sup>(1)</sup> | 482524 | 576556 |
| *Vehicles*<sup>(2)</sup> | 195024 | 365173 |
| *Machinery and others* | 37792 | 32166 |
| **Total inventory cost** | **715340** | **973895** |
| **Impairment** | (27183) | (41238) |
| **Total inventories, net** | **688157** | **932657** |

---

<sup>(1)</sup> *The decrease corresponds mainly to Fondo Inmobiliario Colombia due to the costs of autonomous trusts that develop projects to sell real estate units.*

<sup>(2)</sup> *The decrease corresponds to higher sales in the semester.*

Impairment is recognized based on market price fluctuation due to the fact that the fair value is determined by the offering price less cost to sell.

There are no inventories pledged as collateral for liabilities as of June 30, 2025 and December 31, 2024.

**7.2. Assets held for sale**

The assets recognized by the Bancolombia S.A. and its subsidiaries as assets held for sale correspond to machinery, equipment, motor vehicles and technology, among others that have been received as foreclosed assets.

These assets are subject to a current plan for their sale, which contains the details of the selling price allocation and the advertising and marketing plan. Furthermore, the plan specifies the conditions to proceed with the selling process.

The total balance of assets held for sale, by operating segment, are detailed below:

------

**As of June 30, 2025**

---

| | | |
|:---|:---|:---|
| **Assets held for sale** | **Banking<br>Colombia** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Machinery and equipment** | **5192** | **5192** |
| *Cost* | 5266 | 5266 |
| *Impairment* | (74) | (74) |
| **Real estate for residential purposes** | **1841** | **1841** |
| *Cost* | 1841 | 1841 |
| **Real estate different from residential properties** | **318** | **318** |
| *Cost* | 318 | 318 |
| **Total assets held for sale - cost** | **7425** | **7425** |
| **Total assets held for sale - impairment** | **(74)** | **(74)** |
| **Total assets held for sale**<sup>(1)(2)</sup> | **7351** | **7351** |

---

<sup>(1)</sup> *For June 30, 2025 there are no assets related to investments held for sale.*

<sup>(2)</sup> *The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For more information See note 1. Reporting entity.*

**As of December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets held for sale** | **Banking<br>Colombia** | **Banking<br>Panama** | **Banking<br>El Salvador** | **Banking<br>Guatemala** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Machinery and equipment** | **5563** | **4522** | **-** | **-** | **10085** |
| *Cost* | 5660 | 4532 | - | - | 10192 |
| *Impairment* | (97) | (10) | - | - | (107) |
| **Real estate for residential purposes** | **2887** | **111983** | **6349** | **12644** | **133863** |
| *Cost* | 2887 | 116214 | 6374 | 12673 | 138148 |
| *Impairment* | - | (4231) | (25) | (29) | (4285) |
| **Real estate different from residential properties** | **182** | **29612** | **-** | **-** | **29794** |
| *Cost* | 182 | 29787 | - | - | 29969 |
| *Impairment* | - | (175) | - | - | (175) |
| **Total assets held for sale - cost** | **8729** | **150533** | **6374** | **12673** | **178309** |
| **Total assets held for sale - impairment** | **(97)** | **(4416)** | **(25)** | **(29)** | **(4567)** |
| **Total assets held for sale**<sup>(1)</sup> | **8632** | **146117** | **6349** | **12644** | **173742** |

---

<sup>(1)</sup> *For 2024 there are no assets related to investments held for sale.*

Impairment losses are recognized for the difference between the carrying and recoverable amount of the asset.

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<u>**Table of Contents**</u>

**NOTE 8. GOODWILL AND INTANGIBLE ASSETS, NET**

Intangibles assets and goodwill net are as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Goodwill<sup>(1)</sup> |  | 9017419 |
| Intangible assets, net | 400356 | 750484 |
| **Total intangible assets and goodwill, net** | **400356** | **9767903** |

---

<sup>(1)</sup> *The variation is due to the transfer of the capital gain that Grupo Bancolombia had recognized to Grupo Cibest, due to the effect of changes in the corporate structure. For more information, see Note 1. Reporting Entity*

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<u>**Table of Contents**</u>

**NOTE 9. INCOME TAX**

The income tax is recognized in each of the countries where the Bank has operations, in accordance with the tax regulations in force in each of the jurisdictions.

**9.1 Components recognized in the Consolidated Statement of Income**

The next table details the total income tax for the six-month period ending June 30, 2025 and 2024, and for the three-month period from April 1 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Current tax**<sup>(1)</sup> |  |  |  |  |
| *Fiscal term* | (1170979) | (822349) | (535193) | (163926) |
| *Prior fiscal terms*<sup>(2)</sup> | 70380 | 161943 | 9910 | 92104 |
| **Total current tax** | **(1100599)** | **(660406)** | **(525283)** | **(71822)** |
| **Deferred tax** |  |  |  |  |
| *Fiscal term* | 10060 | (360890) | 70498 | (321450) |
| *Prior fiscal terms*<sup>(2)</sup> | (55265) | (48378) | (10975) | 9410 |
| *Adjustments for consolidation purposes* | (12585) | 11471 | 6283 | 20539 |
| **Total deferred tax** | **(57790)** | **(397797)** | **65806** | **(291501)** |
| **Total income tax**<sup>(3)</sup> | **(1158389)** | **(1058203)** | **(459477)** | **(363323)** |

---

<sup>(1)</sup> *The nominal income tax rate used in Colombia for the years 2025 and 2024 is 35%. The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5%.*

<sup>2)</sup> *Mainly due to the effects of Sentence CE 26739 of January 25, 2024, in both Bancolombia S.A. and Renting Colombia S.A.S.; as well as for invoices received after the end of the year and industry and commerce tax paid prior to the filing of the income tax return.*

<sup>(4)</sup> *See table 9.3 Reconciliation of the effective tax rate.*

**9.2 Legal regulatory changes**

In El Salvador, on March 14, 2024, Decree 969 was published in the Official Gazette with an amendment to article 4 of the Income Tax Law, which includes income obtained abroad among the income excluded from said tax.

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<u>**Table of Contents**</u>

**9.3 Reconciliation of the effective tax rate**

The reconciliation between total income tax expenses calculated at the current nominal tax rate and the tax expense recognized in the condensed consolidated interim statement of income for for the six-month period ended June 30, 2025 and 2024, and the three-month period from April 1 to June 30, 2025 and 2024, is detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Reconciliation of the tax rate** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Accounting profit** | **4331002** | **4204968** | **1867315** | **1825077** |
| Applicable tax with nominal rate<sup>(1)</sup> | (1732401) | (1681987) | (746926) | (730031) |
| Non-deductible expenses to determine taxable profit (loss) | (82201) | (182760) | (31224) | (133919) |
| Accounting and non-tax expense (income) to determine taxable profit (loss) | 347720 | 327012 | 138838 | 144699 |
| Differences in accounting bases<sup>(2)</sup> | (32867) | 250860 | (119048) | 185421 |
| Fiscal and non-accounting expense (income) to determine taxable profit (loss) | (306971) | (487139) | (39254) | (429194) |
| Ordinary activities income exempt from taxation | 489207 | 832115 | 20261 | 637908 |
| Ordinary activities income not constituting income or occasional tax gain | 76526 | 64335 | 20909 | 3971 |
| Tax deductions | 106076 | 133369 | 48734 | 101695 |
| Goodwill Depreciation |  | 2531 | (77) | 2416 |
| Tax depreciation surplus | 101765 | 108896 | 50022 | 54406 |
| Untaxed recoveries | (71035) | (42168) | (28720) | (24670) |
| Tax rate effect in other countries | (53507) | (225026) | 158695 | (147935) |
| Prior fiscal terms | 15115 | 113565 | (1065) | 101514 |
| Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) | (15816) | (271806) | 61734 | (129604) |
| Excess of presumptive income over net income |  |  | 7644 |  |
| **Total income tax** | **(1158389)** | **(1058203)** | **(459477)** | **(363323)** |

---

<sup>(1)</sup> *The nominal income tax rate used in Colombia for the years 2025 and 2024 is 35%.. The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5%.*

<sup>(2)</sup> *Difference between the technical accounting frameworks in force and the full International Financial Reporting Standards (IFRS).*

**9.4 Components recognized in the Condensed Interim Consolidated Statement of Comprehensive Income (OCI)**

*See Condensed Interim Consolidated Statement of Comprehensive Income.*

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| *Remeasurement income related to defined benefit liability* | 44043 | (5465) | 38578 |
| *Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)* | (29642) | 1716 | (27926) |
| *Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)* | (14721) | 5923 | (8798) |
| *Loss on net investment hedge in foreign operations* | (722093) | (87305) | (809398) |
| *Exchange differences arising on translating the foreign operations.* | (5004015) | - | (5004015) |
| *Unrealized loss Cash flow hedge* | (216) | 87 | (129) |
| *Unrealized loss on investments in associates and joint ventures using equity method* | (203) | (599) | (802) |
| **Net** | **(5726847)** | **(85643)** | **(5812490)** |

---

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<u>**Table of Contents**</u>

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| *Remeasurement income related to defined benefit liability* | 15028 | (5386) | 9642 |
| *Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)* | 13102 | 5394 | 18496 |
| *Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)* | (14973) | 10843 | (4130) |
| *Loss on net investment hedge in foreign operations* | (452000) | 178154 | (273846) |
| *Exchange differences arising on translating the foreign operations.* | 1669069 | - | 1669069 |
| *Unrealized loss on investments in associates and joint ventures using equity method* | (6247) | 890 | (5357) |
| **Net** | **1223979** | **189895** | **1413874** |

---

**Quarterly results**

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| *Remeasurement expense related to defined benefit liability* | 44043 | (5492) | 38551 |
| *Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)*<sup>(1)</sup> | (33620) | 1316 | (32304) |
| *Loss due to asset revaluation* | (8538) | 2408 | (6130) |
| *Net loss cash flow hedge (Derivatives)* | (154) | 62 | (92) |
| *Loss on net investment hedge in foreign operations* | (914357) | (16151) | (930508) |
| *Exchange differences arising on translating the foreign operations.* | (3930122) |  | (3930122) |
| *Unrealized gain on investments in associates and joint ventures using equity method* | 47 | (670) | (623) |
| **Net** | **(4842701)** | **(18527)** | **(4861228)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| *Remeasurement expense related to defined benefit liability* | 15028 | (5393) | 9635 |
| *Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI)*<sup>(1)</sup> | 6642 | 5935 | 12577 |
| *Gains due to asset revaluation* | (8753) | 8651 | (102) |
| *Loss on net investment hedge in foreign operations* | (413925) | 161370 | (252555) |
| *Exchange differences arising on translating the foreign operations.* | 1572026 |  | 1572026 |
| *Unrealized gains on investments in associates and joint ventures using equity method* | 100 | (18) | 82 |
| **Net** | **1171118** | **170545** | **1341663** |

---

**9.5&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax**

In accordance with its financial projections, the companies from the Bank's expects in the future to generate enough liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared considering information from the Bank's economic research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account.

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<u>**Table of Contents**</u>

The deferred tax asset and liability for each of the concepts that generated taxable or deductible temporary differences for the period ending June 30, 2025 are detailed below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **Effect on<br>Income<br>Statement** | **Effect on <br>OCI** | **Effect on**<br>**Equity**<sup>(1)</sup> | **Net effect of the spin-off**<sup>(2)</sup> | **Adjustments for<br>consolidation<br>purposes** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Asset Deferred Tax:** | | | | | | | |
| *Property and equipment* | 2668 | 1 | - | - | (4232) | 9178 | 7615 |
| *Employee Benefits* | 282601 | 3061 | (5465) | - | (47523) | - | 232674 |
| *Deterioration assessment* | 612213 | (706) | - | - | (628742) | 6526 | (10709) |
| *Investments evaluation* | 5278 | - | - | - | (5278) | - | - |
| *Derivatives Valuation* | 6063 | 139326 | 87 | - | 2 | - | 145478 |
| *Tax credits settlement* | 4978 | 1842 | - | - | (4978) | - | 1842 |
| *Financial Obligations* | 197660 | (138287) | - | (59373) | - | - | - |
| *Insurance operations* | 34906 | - | - | - | (34906) | - | - |
| *Net investment coverage in operations abroad* | 362786 | (72786) | (87305) | - | 1 | - | 202696 |
| *implementation adjustment* | 401830 | - | - | - | (162631) | - | 239199 |
| *Other deductions* | 290284 | (6985) | - | - | (46589) | - | 236710 |
| **Total Asset Deferred Tax** <sup>(3)</sup> | **2201267** | **(74534)** | **(92683)** | **(59373)** | **(934876)** | **15704** | **1055505** |
| **Liability Deferred Tax:** |  |  |  |  |  |  |  |
| *Property and equipment* | (114638) | 42367 | - | - | 67729 | (160620) | (165162) |
| *Deterioration assessment* | (973820) | 24735 | - | - | 3193 | 132164 | (813728) |
| *Participatory titles evaluation* | (377994) | (36800) | 7639 | 1628 | 2390 | 1243 | (401894) |
| *Derivatives evaluation* | (82375) | 80493 | - | - | 87 | (791) | (2586) |
| *Lease restatement* | (321813) | (103950) | - | - | - | - | (425763) |
| *Investments in associates. Adjustment for equity method* | (24805) | 4878 | (599) | 15 | (1749) | (285) | (22545) |
| *Financial Obligations* | (556) | (34382) | - | - | 556 | - | (34382) |
| *Goodwill* | (1574360) | - | - | 1567226 | 7134 | - | - |
| *Insurance operations* | (37379) | - | - | - | 37379 | - | - |
| *Properties received in payment* | (104990) | (2805) | - | - | 12991 | - | (94804) |
| *implementation adjustment* | (25) | - | - | - | (2) | - | (27) |
| *Other deductions* | (403259) | 54793 | - | - | 76533 | - | (271933) |
| **Total Liability Deferred Tax** <sup>(3)</sup> | **(4016014)** | **29329** | **7040** | **1568869** | **206241** | **(28289)** | **(2232824)** |
| **Net Deferred Tax** | **(1814747)** | **(45205)** | **(85643)** | **1509496** | **(728635)** | **(12585)** | **(1177319)** |

---

*(1) This corresponds to the transfer of the tax associated with capital gains, financial obligations, and valuation of financial instruments that Grupo Bancolombia had recognized to Grupo Cibest, due to the effect of changes in the corporate structure.*

*(2) Corresponds to the balance of deferred tax assets and liabilities of companies not consolidated with Bancolombia based on the change in corporate structure.*

*(3) The values revealed in the Unaudited Condensed Consolidated Interim Statement of Financial Position correspond to the sum of the net deferred tax per company.*

**9.6&nbsp;&nbsp;&nbsp;&nbsp;Amount of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized is**

In accordance with IAS 12, no deferred tax credit was recorded, because management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future.

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Temporary differences** | | |
| *Local Subsidiaries* | (139226) | (373971) |
| *Foreign Subsidiaries*<sup>(1)</sup> | (2123840) | (20176494) |

---

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<u>**Table of Contents**</u>

*(1) Effect corresponding to the amount of temporary differences in subsidiaries on which no taxable deferred tax is recognized for companies that are consolidated with Bancolombia in accordance with the change in the corporate structure.*

**9.7&nbsp;&nbsp;&nbsp;&nbsp; Tax credits**

For the 2024 period, a deferred tax asset was recognized since the Group companies will have future taxable profits in which they can charge this temporary difference.

The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group's entities, which have not been used, as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Company** | **Base** | **Deferred tax<br>recognized asset** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Banca de Inversión Bancolombia S.A* | 4604 | 1842 |
| **Total** | **4604** | **1842** |

---

**9.8&nbsp;&nbsp;&nbsp;&nbsp; Dividends**

**9.8.1 Dividend Payment**

If the parent company or any of its subsidiaries were to distribute dividends, they would be subject to the tax regulations of each of the countries in which they are decreed and distributed. In the case of Colombian companies, dividends will be subject to the application of Articles 48 and 49 of the Tax Statute and consequently will be subject to withholding at source at the established rates, in accordance with the tax characteristics of each shareholder.

**9.8.2 Dividends received from Subsidiary Companies**

Considering the historical tax status of the dividends received by the Bank from its affiliates and national subsidiaries, it is expected that in the future dividends will be received on the basis of non-income tax. They will not be subject to withholding tax, taking into account that the Bank, its affiliates and national subsidiaries belong to the same business group.

**9.9&nbsp;&nbsp;&nbsp;&nbsp; Tax contingent liabilities and assets**

In the determination of the effective current and deferred taxes subject to review by the tax authority, the relevant regulations have been applied in accordance with the interpretations made by the Group Bancolombia.

In Colombia due to the complexity of the tax system, ongoing amendments to the tax regulations, accounting changes with implications on tax bases and in general the legal instability of the country, the tax authority may at any time have different criteria than that of the Bank. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect the Bank accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. However, based on the criteria established in the interpretation of IFRIC 23, the Bank did not recognize uncertain tax positions in its financial statements.

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<u>**Table of Contents**</u>

**NOTE 10. DEPOSITS BY CUSTOMERS**

The detail of the deposits as of June 30, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| **Deposits** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Saving accounts*<sup>(1)</sup> | 105467117 | 124636994 |
| *Time deposits* | 81694955 | 109760722 |
| *Checking accounts* | 22249629 | 38033696 |
| *Other deposits*<sup>(1)</sup> | 5625218 | 6627989 |
| **Total deposits by customers**<sup>(2)</sup> | **215036919** | **279059401** |

---

<sup>(1)</sup> *As of June 30, 2025 and December 31, 2024 includes Nequi Deposits in Bancolombia S.A by COP 5,625,972 and COP 4,449,420, respectively.*

<sup>(2)</sup> *The variation related to December 31, 2024 includes the effect of the change in the Group's corporate structure. For more information, see Note 1. Reporting Entity.*

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<u>**Table of Contents**</u>

**NOTE 11. INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING**

The following table sets forth information regarding the money market operations recognized as liabilities in Condensed Consolidated Interim Statement of Financial Position:

---

| | | |
|:---|:---|:---|
| **Interbank and repurchase agreements and other similar secured borrowing** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Interbank Deposits** | | |
| *Interbank liabilities* | 261289 | 716493 |
| **Total interbank**<sup>(1)</sup> | **261289** | **716493** |
| **Repurchase agreements and other similar secured borrowing** |  |  |
| *Short selling operations* | 2926787 | 532495 |
| *Temporary transfer of securities*<sup>(2)</sup> | 69849 | 155973 |
| *Repurchase agreements*<sup>(1)</sup> |  | 372004 |
| **Total Repurchase agreements and other similar secured borrowing** | **2996636** | **1060472** |
| **Total money market transactions**<sup>(1)</sup> | **3257925** | **1776965** |

---

<sup>(1)</sup> *The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For more information, see Note 1. Reporting entity.*

<sup>(2)</sup> *Increase recorded in Bancolombia S.A. due to repos in simultaneous operations with the Cámara de Riesgo Central de Contraparte in Colombia..*

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<u>**Table of Contents**</u>

**NOTE 12. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS**

As of June 30, 2025 and December 31, 2024, the composition of the borrowings from other financial institutions measured at amortized cost is the following:

---

| | | |
|:---|:---|:---|
| **Borrowings from other financial institutions** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Obligations granted by domestic banks | 5177880 | 5070499 |
| Obligations granted by foreign banks<sup>(1)</sup> | 724030 | 10619033 |
| **Total borrowings from other financial institutions** | **5901910** | **15689532** |

---

<sup>(1)</sup> *The variation compared to December 2024 the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity.*

**Obligations granted by domestic banks**

**As of June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Financial entity** | **Rate<br>Minimum** | **Rate<br>Maximum** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Fondo para el financiamiento del sector agropecuario ("Finagro") | 5.31% | 17.20% | 1912658 |
| Financiera de desarrollo territorial ("Findeter") | 4.00% | 15.45% | 1907246 |
| Banco de comercio exterior de Colombia (Bancoldex) | 2.17% | 17.30% | 283743 |
| Other private financial entities | 5.02% | 13.01% | 1074233 |
| **Total** |  |  | **5177880** |

---

**As of December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Financial entity** | **Rate<br>Minimum** | **Rate<br>Maximum** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Fondo para el financiamiento del sector agropecuario ("Finagro") | 5.09% | 13.59% | 1363891 |
| Financiera de desarrollo territorial ("Findeter") | 4.15% | 17.21% | 2239644 |
| Banco de comercio exterior de Colombia (Bancoldex) | 2.17% | 17.50% | 399266 |
| Other private financial entities | 5.11% | 13.01% | 1067698 |
| **Total** |  |  | **5070499** |

---

The maturities of financial obligations with domestic banks as of June 30, 2025 and December 31, 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Domestic** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Amount expected to be settled:** | | |
| *No more than twelve months after the reporting period* | 703614 | 679069 |
| *More than twelve months after the reporting period* | 4474266 | 4391430 |
| **Total** | **5177880** | **5070499** |

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<u>**Table of Contents**</u>

**Obligations granted by foreign banks**

**As of June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Financial entity** | **Rate Minimum** | **Rate Maximum** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Financing with Correspondent Banks and Multilateral Entities<sup>(1)</sup> | 5.25% | 7.12% | 724030 |
| **Total** |  |  | **724030** |

---

<sup>(1)</sup> *The variation compared to December 2024 the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity.*

**As of December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Financial entity** | **Rate Minimum** | **Rate Maximum** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Financing with Correspondent Banks and Multilateral Entities | 1.50% | 8.99% | 9959214 |
| Banco Interamericano de Desarrollo (BID) | 8.47% | 9.62% | 614946 |
| Banco Latinoamericano de Comercio Exterior (Bladex) | 5.80% | 5.80% | 44873 |
| **Total** |  |  | **10619033** |

---

The maturities of the financial obligations with foreign entities as of June 30, 2025 and December 31, 2024 are the following:

---

| | | |
|:---|:---|:---|
| **Foreign** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Amount expected to be settled:** | | |
| No more than twelve months after the reporting period | 314396 | 7428943 |
| More than twelve months after the reporting period | 409634 | 3190090 |
| **Total**<sup>(1)</sup> | **724030** | **10619033** |

---

<sup>(1)</sup> *The variation compared to December 2024 the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity.*

As of June 30, 2025 and December 31, 2024, there were some financial covenants, mainly regarding capital adequacy ratios, past due loans and allowances, linked to some of the aforementioned outstanding credit facilities. None of these covenants had been breached nor were the related obligations past due.

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**NOTE 13. PROVISIONS AND CONTINGENT LIABILITIES**

**PROVISIONS AND CONTINGENT LIABILITIES**

Contingencies due to judicial or administrative proceedings/litigations in which Bancolombia and the entities with which financial statements are consolidated as of June 30, 2025, are listed as follow, and that represents a contingency superior to USD 7,313.

Some of the proceedings in which the claims are inferior and that were revelated in prior periods will be kept providing information about its evolution.

**BANCOLOMBIA S.A.**

**Neos Group S.A.S. in reorganization proceeding and Inversiones Davanic S.A.S.** 

On November 3, 2022, Bancolombia S.A. was served of a lawsuit in which Neos Group S.A.S. and Inversiones Davanic S.A.S. alleges that a loan agreement was entered between them, rather than a lease agreement. Neos Group S.A.S. and Inversiones Davanic S.A.S. also requested the rescission of the purchase and sale agreement on the ground that the price of the property was lower than its fair price.

The Neos Group S.A.S. and Inversiones Davanic S.A.S.'s claims amount are COP 65,000. The contingency is qualified as remote because the parties always intended to celebrate a lease agreement and not a different type of contract. On December 7, 2022, Bancolombia S.A. filed a brief with its defenses. As of June 30, 2025, the Court has not summoned the initial hearing. There is no provision for this proceeding.

**Public Interest Class Action - Carlos Julio Aguilar and other**

In this proceeding, a public interest class action was filed, in which the plaintiffs allege that due to the restructuring of Departamento del Valle's financial obligations and its performance plan, the Departamento del Valle's collective rights of the public administration and the public funds of the were breached. Bancolombia S.A. filed its defenses arguing that the agreement was made in accordance with the law.

On November 15, 2024, the First Instance Court issued a judgement in favor of Bancolombia S.A. The plaintiffs filed an appeal against the first instance judgment. As of June 30, 2025, the Second Instance Court has not issued a final decision. The contingency is qualified as eventual and there is no provision for this proceeding.

**Remediation Plan for Santa Elena´s property**

In 1987, Banco de Colombia (today Bancolombia S.A.) received a property located in Municipio de Cartagena, Colombia from the Federación Nacional de Algodoneros. After the transfer of the property to Bancolombia S.A., soil contamination from pesticides and herbicides was found on the property. Bancolombia S.A. commenced a civil responsibility judicial proceeding against the Federación Nacional de Algodoneros alleging environmental contamination. On November 13, 2015, the Court issued the final judgment. In the judgment, the Court stated that the Federación Nacional de Algonoderos was liable for environmental damages and consequently, Bancolombia S.A. was not.

Despite not being liable for environmental damages, Bancolombia S.A. has assumed binding commitments to contract and pay for the property's decontamination. As a result of these commitments, Bancolombia S.A. has conducted different decontamination processes over the years. Currently, Bancolombia S.A. has the approval of the Autoridad Nacional de Licencias Ambientales de Colombia (ANLA) for the execution of a remediation plan (plan de remediación) divided into 3 stages: Stage I, Stage II, and Stage III.

As of June 30, 2025, Bancolombia S.A. is still working in the on the deliverables requested by the ANLA and derived from the complementary studies of Stage I, and the demolition activities of the warehouses planned for Stage II were completed. The pre-feasibility activities for Stage III are also being executed and the execution of the social management plan with the communities in the area of influence of the remediation plan, emergency and contingency plan, hazardous waste management plan and biotic environment protection plan continues.

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The estimated time for the execution of the remediation plan is 36 months from July 2023, with the possibility of adjustment according to the results of the pre-feasibility and feasibility stage of Stage 3 and the supervening requirements of the competent authorities. As of June 30, 2025, there is a provision of COP 58,913 to attend the execution of the pending activities of the plan.

**Constructora Primar S.A.S (TERMINATED)**

On June 7, 2022, Bancolombia S.A. was notified of a lawsuit filed by Incopav S.A.S., Constructora Primar S.A.S., Inversiones M & Galindo y Cía. S en C and Inversiones M & Baquero y Cía. S en C. The plaintiffs request the payment of the damages caused by Bancolombia S.A. for his decision not to fully finance of the Altos de San Jorge project.

The plaintiffs' claims amount are COP 107,344. The contingency is qualified as remote because the plaintiffs are not part of the mutual agreement entered into for the financing of the Altos de San Jorge project. On July 9, 2024, the First Instance Court ruled in favor of Bancolombia S.A. On February 19, 2025, the plaintiffs' appeal was deemed unsupported. The first instance judgment became final and binding. As of June 30, 2025, the proceeding is terminated.

**Tuvacol S.A.**

On July 18, 2024, Bancolombia S.A. was served of the lawsuit filed by Tuvacol S.A. Tuvacol S.A. is requesting the payment of the damages caused by the alleged irregular payment of checks charged to its checking account. Bancolombia S.A. argues that the payments of the checks were correct. The plaintiff's claims are COP 56,769.

As of June 30, 2025, the proceeding is in the evidentiary stage. The contingency is qualified as eventual and has a provision for COP$5,676.

**FIDUCIARIA BANCOLOMBIA** 

**Quinta Sur S.A.S.**

In March 2022, Fiduciaria Bancolombia was notified of a lawsuit filed by Quinta Sur S.A.S. in liquidation proceeding. According to the lawsuit, Quinta Sur seeks the indemnification for damages due to the non-transfer of the resources to beginning of a housing construction project, under the terms agreed in the trust agreement. Fiduciaria Bancolombia alleges that it has complied with the law and the contract, arguing that the property on which the housing project was to be constructed did not fulfill the contractual requirements. The plaintiff's claims amount are COP 128,599.

On August 24, 2023, the First Instance Court issued a favorable judgment to Fiduciaria Bancolombia. As of June 30, 2025, the Second Instance Court has not issued a final decision. The contingency is qualified as eventual and there is no provision for this proceeding.

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**NOTE 14. OTHER LIABILITIES**

Other liabilities consist of the following:

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| | | |
|:---|:---|:---|
| **Other liabilities** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Payables*<sup>(1)</sup> | 4966734 | 3547341 |
| *Suppliers* | 1406246 | 1840622 |
| *Collection services*<sup>(2)</sup> | 1243276 | 480202 |
| *Advances to obligations* | 863969 | 1373401 |
| *Deposits delivered as security* | 547125 | 378767 |
| *Security contributions*<sup>(3)</sup> | 507819 | 559038 |
| *Bonuses and short-term benefits* | 394975 | 676967 |
| *Salaries and other labor obligations* | 355572 | 428077 |
| *Provisions* | 353593 | 439095 |
| *Advances in leasing operations and loans* | 150440 | 173168 |
| *Liabilities from contracts with customers* | 40988 | 68040 |
| *Dividends*<sup>(4)</sup> | 20450 | 873598 |
| *Deferred interests* | 12967 | 106058 |
| *Other financial liabilities* | 435 | 46187 |
| **Total**<sup>(5)</sup> | **10864589** | **10990561** |

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<sup>(1)</sup> *The increase corresponds mainly to items with payment systems networks, mostly for automatic payments, and suppliers.*

<sup>(2)</sup> *The increase is mainly due to tax collections.*

<sup>(3)</sup> *Decrease explained by the payment of retentions caused in 2024.*

<sup>(4)</sup> *Dividends payable corresponding to the distribution of profits for the year 2024, declared in March 2025. See Condensed Consolidated Interim Statement of Changes in Equity, distribution of dividends.*

<sup>(5)</sup> *The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For more information See note 1. Reporting entity.*

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**NOTE 15. APPROPRIATED RESERVES**

As of June 30, 2025 and December 31, 2024 the appropriated retained earnings consist of the following:

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| | | |
|:---|:---|:---|
| **Concept** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Appropriation of net income*<sup>(1)(2)</sup> | 2978817 | 12700961 |
| *Others*<sup>(3)</sup> | 8354928 | 9874876 |
| **Total appropriated reserves**<sup>(4)</sup> | **11333745** | **22575837** |

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<sup>(1)</sup> *The legal reserve fulfills two objectives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders.*

<sup>(2)</sup> *As of June 30, 2025 and December 31, 2024, includes reclassification of unclaimed dividends under Article 85 of Bancolombia S.A*.*, Bylaws for COP 1,825 and COP 506, respectively.*

<sup>(3)</sup> *The creation of an occasional reserve for equity strengthening and future growth continues, which was approved at the General Shareholders Meeting. in addition, a reserve of COP 34,000 has been created for donations to social benefit projects, available to the Board of Directors, as approved by the General Shareholders' Meeting.*

<sup>(4)</sup> *The variation compared to December 2024 includes the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity and Condensed Consolidated Interim Statement of Changes in Equity.*

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**NOTE 16. OPERATING INCOME**

**16.1. Interest and valuation on financial instruments**

The following table sets forth the detail of interest and valuation on financial asset instruments for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Interest on debt instruments using the effective interest method** | **343268** | **497912** | **109538** | **240138** |
| **Interest and valuation on financial instruments** |  |  |  |  |
| *Debt investments* | 580322 | 583100 | 180457 | 284827 |
| *Spot transactions* | 35923 | (21454) | 16541 | (14521) |
| *Repos*<sup>(1)</sup> | (23718) | 159184 | (12453) | 50792 |
| *Derivatives*<sup>(2)</sup> | (55134) | (12274) | (12304) | (18588) |
| **Total valuation on financial instruments** | **537393** | **708556** | **172241** | **302510** |
| **Total Interest and valuation on financial instruments**<sup>(3)</sup> | **880661** | **1206468** | **281779** | **542648** |

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<sup>(1)</sup> *The decrease is mainly in Bancolombia S.A due to lower returns on simultaneous operations.*

<sup>(2</sup>*The decrease is mainly in Bancolombia S.A due to losses in futures valuation.*

<sup>(3)</sup> *The variation compared to previous periods includes the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity.*

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**16.2.&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses**

The following table sets forth the detail of interest on financial liability instruments for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Deposits*<sup>(1)</sup> | 4710180 | 6235521 | 1906970 | 3047647 |
| *Debt instruments in issue*<sup>(2)</sup> | 339135 | 595519 | 130424 | 310348 |
| *Borrowing costs*<sup>(1)(3)</sup> | 288008 | 734351 | 15467 | 332778 |
| *Lease liabilities* | 43200 | 68723 | 9371 | 35509 |
| *Overnight funds* | 6575 | 10012 | 330 | 5459 |
| *Preferred shares* | – | 28650 | (14837) | 13813 |
| *Other interest (expense)* | 17273 | 23189 | 7187 | 11332 |
| Total interest expenses<sup>(4)</sup> | **5404371** | **7695965** | **2054912** | **3756886** |

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<sup>(1)</sup> *The intervention rate issued by the Banco de la República de Colombia for the period of 2025 it started at 9.50% and closed at 9.25% and for 2024 it started at 13.00% and closed at 9.50%. This has an impact on the rates of deposits and financial obligations.*

<sup>(2)</sup> *In 2025, the decrease occurs mainly due to maturities of debt securities in legal currency.*

<sup>(3)</sup> *The decrease is mainly in Bancolombia S.A due to prepayments of domestic obligations with Findeter.*

<sup>(4)</sup> *The variation compared to previous periods includes the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity.*

Net interest income is defined as interest on loan portfolio and financial leasing operations, interest on debt instruments measured by the effective interest method and interest expense amounts to COP 7,684,091 y COP 9,509,930 for the accumulated period of six months ended on June 30, 2025 and 2024, respectively and to COP 3,036,212 and COP 4,819,484 for the three-months period between April 1 and on June 30, 2025 and 2024, respectively.

**16.3.&nbsp;&nbsp;&nbsp;&nbsp; Fees and commissions**

Bancolombia S.A. and subsidiary companies has elected to present the income from contracts with customers as an element in a line named "Fees and commissions income" in the Condensed Interim Consolidated Income Statement, separated from the other income sources.

The information contained in this section about the fees and commission's income presents information on the nature, amount, timing and uncertainty of the income from ordinary activities which arise from a contract with a customer under the regulatory framework of IFRS 15 Revenue from Ordinary activities from Contracts with Customers.

In the following table, the description of the main activities through which Bancolombia S.A. and subsidiary companies generates revenue from contracts with customers is presented:

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| | |
|:---|:---|
| **Fees and Commissions** | **Description** |
| *Banking services* | Banking Services are related to commissions from the use of digital physical channels or once the customer makes a transaction. The performance obligation is fulfilled once the payment is delivered to its beneficiary and the proof of receipt of the payment is sent, in that moment, the collection of the commission charged to the customer is generated, which is a fixed amount. The commitment is satisfied during the entire validity of the contract with the customer. The Bank acts as principal. |

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<u>**Table of Contents**</u>

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| | |
|:---|:---|
| *Credit and debit card fees* | In debit card product contracts, it is identified that the price assigned to the services promised by the Bank to the customers is fixed. Given that no financing component exists, it is established on the basis of the national and international interbank rate. Additionally, the product charges to the customers commissions for handling fees, at a determined time and with a fixed rate.<br>For Credit Cards, the commissions are the handling fees and depend on the card franchise. The commitment is satisfied in so far that the customer has capacity available on the card.<br>Other revenue received by the (issuer) credit card product, is advance commission; this revenue is the charge generated each time the customer makes a national or international advance, at owned or non-owned ATMs, or through a physical branch. The exchange bank fee is a revenue for the Issuing Bank of the credit card for the services provided to the business for the transaction effected at the point of sale. The commission is accrued and collected immediately at the establishment and has a fixed amount.<br>In the credit cards product there is a customer loyalty program, in which points are awarded for each transaction made by the customer in a retail establishment. The program is administrated by a third party who assumes the inventory and claims risks, for which it acts as agent. The Bank, recognized it as a lower value of the revenue from the exchange bank fee.<br>The rights and obligations of each party in respect of the goods and services for transfer are clearly identified, the payment terms are explicit, and it is probable, that is, it takes into consideration the capacity of the customer and the intention of having to pay the consideration at termination to those entitled to change the transferred goods or services. The revenue is recognized at a point in time: the Bank satisfies the performance obligation when the "control" of the goods or services was transferred to the customers. |
| *Deposits* | Deposits are related to the services generated from the offices network of the Bank once a customer makes a transaction. The Bank generally commits to maintain active channels for the products that the customer has with the Bank, with the purpose of making payments and transfers, sending statements and making transactions in general. The commissions are deducted from the deposit account, and they are incurred at a point in time. The Bank acts as principal. |
| *Electronic services and ATMs* | &nbsp;&nbsp;Revenue received from electronic services and ATMs arises through the provision of services so that the customers may make required transactions, and which are enabled by the Bank. These include online and real-time payments by the customers of the Bank holding a checking or savings accounts, with a debit or credit card for the products and services that the customer offers. Each transaction has a single price, for a single service. The provision of collection services or other different services provided by the Bank, through electronic equipment, generates consideration chargeable to the customer established contractually by the Bank as a fee. The Bank acts as principal and the revenue is recognized at a point in time. |
| *Brokerage* | &nbsp;&nbsp;Brokerage is a group of services for the negotiation and administration of operations for purchasing fixed revenue securities, equities and operations with derivatives in its own name, but on the account of others. The performance obligations are fulfilled at a point in time when the commission agent in making its best effort can execute the business entrusted by the customer in the best conditions. The performance obligations are considered satisfied once the service stipulated in the contract is fulfilled, as consideration fixed, or variable payments are agreed, depending on the service. The Bank acts generally as principle and in some special cases as agent. |
| *Remittance* | &nbsp;&nbsp;Revenue for remittance is received as consideration for the commitment established by the Bank to pay remittances sent by the remitting companies to the beneficiaries of the same. The commitment is satisfied at a point in time to the extent that the remittance is paid to the beneficiary.<br>The price is fixed, but may vary in accordance to the transferred amount, due to the operation being dependent on the volume of operations generated and the transaction type. There is no component of financing, nor the right to receive consideration dependent on the occurrence or not of a future event. |

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| | |
|:---|:---|
| *Acceptances, Guarantees and Standby Letters of Credit* | &nbsp;&nbsp;Banking Service from acceptances, guarantees and standby letters of credit which are not part of the portfolio of Bancolombia S.A. and subsidiary companies. There exist different performance obligations; the satisfaction of performance obligations occurs when the service is given to the customer. The consideration in these types of contracts may include fixed amounts, variable amounts, or both, and the Bank acts as principal. The revenue is recognized at a point in time. |
| *Trust* | &nbsp;&nbsp;Revenue related to Trust are received from the administration of the customer resources in the business of investment trusts, property trusts, management trusts, guarantee trusts, for the resources of the general social security system, Collective portfolios and Private Equity Funds (PEF). The commitments are established in contracts independently and in an explicit manner, and the services provided by the Bank are not inter-related between the contracts. The performance obligation corresponds to performing the best management in terms of the services to be provided in relation to trust characteristics, thus fixed and variable prices are established depending on the complexity of the business, similarly, revenues are recognized throughout or at a determined time. In all the established businesses it acts as principal. |
| *Placement of Securities* | &nbsp;&nbsp;Valores Bancolombia makes available its commercial strength for the deposit, reinvestment of resources through financial instruments to the issuing company. It receives a payment for deposits made. The commitment of the contract is satisfied to the extent that the resources requested by the issuer are obtained through the distribution desks of Valores Bancolombia. The collection is made monthly. It is established that Valores Bancolombia may undertake collection of these commissions at the end of the month through a collection account charged to the issuer, acting as principal. |
| *Bancassurance* | &nbsp;&nbsp;The Bank acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by the bank, send the information of the collections made and credit the money to the savings or checking account defined by the collecting customer. The commitment is satisfied at a point in time to the extent that the money is collected by the different channels, the information of the said collections is delivered appropriately, and the resources are credited in real-time to the account agreed with the customer. For the service, the Bank receives a fixed payment, which is received for each transaction once the contract is in effect. |
| *Collections* | &nbsp;&nbsp;The Bank acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by the bank, send the information of the collections made and credit the money to the savings or checking account defined by the collecting customer. The commitment is satisfied at a point in time to the extent that the money is collected by the different channels, the information of the said collections is delivered appropriately, and the resources are credited in real-time to the account agreed with the customer. For the service, the Bank receives a fixed payment, which is received for each transaction once the contract is in effect. |

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| | |
|:---|:---|
| *Gains on sale of assets* | &nbsp;&nbsp;These are the revenue from the sale of assets, where the sale value is higher than the book value recorded in the accounts, the difference representing the gains. The recognition of the revenue is at a point in time once the sale is realized. The Bank acts as principal in this type of transaction and the transaction price is determined by the market value of the asset being sold.<br>To view the details of the balance, refer to line 'Gain on sale of assets' in Note 16.4 *Other operational Income*. |
| *Investment Banking* | &nbsp;&nbsp;Investment Banking offers to customer's financial advisory services in the structuring of businesses in accordance with the needs of each one of them. The advisory services consist in realizing a financial structuring of a credit or bond in which the Investment Bank offers the elements so that the company decides the best option for structuring the instrument. In the financial advisory contract, a best efforts clause is included.<br>The promises given to the customers are established in the contracts independently and explicitly. The services provided by the Investment Bank are not interrelated between the contracts, correspond to the independent advice agreed and do not include additional services in the commission agreed with the customer. The advisory services offered in each one of the contracts are identifiable separately from the other performance commitments that the Investment Bank may have with the customers. The Investment Bank does not have a standard contract for the provision of advisory services, given than each contract is tailored to the customer's needs.<br>The transaction price is defined at the start of the contract and is assigned to each service provided independently. The price contains a fixed and a variable portion which is provided in the contracts. The variation depends on the placement amount for the case of a financial structuring contract and coordination of the issuance and conditions of the same. In these operations Banca de Inversion Bancolombia provides advice to the customers and the price shall depend at times on the success and amount of the operation. In the contracts subject to evaluation there are no incremental costs associated with the satisfaction of the commitments of the Bank with the customers provided for.<br>In the contracts signed with the customers, a penalty clause is established in case of a customer withdrawing from continuing with the provision of the services established in the commercial offer. The penalty shall be recognized in the financial statements once the Investment Bank is notified on the withdrawal under the concept of charges for early termination of the contract. |

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Bancolombia S.A. and subsidiary companies presents the information on revenue from contracts with customers in accordance with its operating segments defined earlier in Note 3. Operating Segments for each of the principal services offered.

The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers, for further information about composition of Bancolombia S.A. and subsidiary companies segments see Note 3. Operating segments:

**As of June 30, 2025**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Banking<br>Colombia*** | ***Trust*** | ***Investment<br>Banking*** | ***Brokerage*** | ***International<br>Banking*** | ***All Other<br>Segments*** | ***Total*** |
| **Revenue from contracts with customers** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| ***Fees and Commissions income*** | | | | | | | |
| *Credit and debit card fees and commercial establishments* | 1369168 | - | - | - | 990 | - | 1370158 |
| *Payment and collections* | 536650 | - | - | - | - | - | 536650 |
| *Bancassurance* | 468480 | - | - | - | - | - | 468480 |
| *Banking services* | 371757 | - | - | - | 24847 | - | 396604 |
| *Fiduciary Activities and Securities* | - | 248692 | - | 54962 | 26 | - | 303680 |
| *Acceptances, Guarantees and Standby Letters of Credit* | 35520 | - | - | - | 219 | - | 35739 |
| *Investment banking* | - | - | 17515 | 2409 | - | - | 19924 |
| *Brokerage* | - | - | - | 11962 | - | - | 11962 |
| *Others* | 134688 | - | - | 8062 | 3073 | 41 | 145864 |
| **Total revenue of contracts with customers** | **2916263** | **248692** | **17515** | **77395** | **29155** | **41** | **3289061** |

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**For the three-months period from April 1, 2025 to June 30, 2025**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Banking<br>Colombia*** | ***Trust*** | ***Investment<br>Banking*** | ***Brokerage*** | ***International<br>Banking*** | ***All Other<br>Segments*** | ***Net effect of the spin-off(***<sup>1)</sup> | ***Total*** |
| **Revenue from contracts with customers** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| ***Fees and Commissions income*** | | | | | | | - | |
| *Credit and debit card fees and commercial establishments* | 696521 | - | - | - | 525 | - | (156824) | 540222 |
| *Payment and collections* | 275731 | - | - | - | - | - | (2745) | 272986 |
| *Bancassurance* | 257245 | - | - | - | - | - | (15408) | 241837 |
| *Banking services* | 189846 | - | - | - | 14089 | - | (100618) | 103317 |
| *Fiduciary Activities and Securities* | - | 125995 | - | 28233 | 13 | - | (6769) | 147472 |
| *Acceptances, Guarantees and Standby Letters of Credit* | 16788 | - | - | - | 86 | - | (10111) | 6763 |
| *Investment banking* | - | - | 14794 | 1304 | - | - | (1224) | 14874 |
| *Brokerage* | - | - | - | 5494 | - | - | (3272) | 2222 |
| *Others* | 68527 | - | - | 5590 | 1647 | 20 | (37651) | 38133 |
| **Total revenue of contracts with customers** | **1504658** | **125995** | **14794** | **40621** | **16360** | **20** | **(334622)** | **1367826** |

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*(1)The net effect of the spin-off corresponds to the accumulated values as of March 31, 2025 of the spun-off companies in accordance with the change in the Group's corporate structure. For further information on this transaction, see Note 1. Reporting Entity*

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**As of June 30, 2024**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Banking<br>Colombia*** | ***Banking<br>Panama*** | ***Banking El<br>Salvador*** | ***Banking<br>Guatemala*** | ***Trust*** | ***Investment<br>Banking*** | ***Brokerage*** | ***International<br>Banking*** | ***All Other<br>Segments*** | ***Total*** |
| **Revenue from contracts with customers** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| ***Fees and Commissions income*** | | | | | | | | | | |
| *Credit and debit card fees and commercial establishments* | 1295450 | 127711 | 114430 | 43138 | - | - | - | 934 | - | 1581663 |
| *Payment and collections* | 499814 | 5608 | - | - | - | - | - | - | - | 505422 |
| *Bancassurance* | 462424 | 31936 | 25 | - | - | - | - | - | - | 494385 |
| *Banking services* | 318098 | 76668 | 77960 | 28973 | - | - | - | 21842 | 14821 | 538362 |
| *Fiduciary Activities and Securities* | - | 9715 | 2984 | 436 | 214445 | - | 44410 | 24 | - | 272014 |
| *Acceptances, Guarantees and Standby Letters of Credit* | 37071 | 14113 | 2681 | 1200 | - | - | - | 310 | - | 55375 |
| *Investment banking* | - | 1083 | 928 | - | - | 40624 | 4434 | - | - | 47069 |
| *Brokerage* | - | 8079 | - | - | - | - | 12608 | (1) | - | 20686 |
| *Others* | 118174 | 178 | 35124 | 25532 | - | - | 2784 | 2657 | 513 | 184962 |
| **Total revenue of contracts with customers** | **2731031** | **275091** | **234132** | **99279** | **214445** | **40624** | **64236** | **25766** | **15334** | **3699938** |

---

**For the three-months period from April 1, 2024 to June 30, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Banking<br>Colombia*** | ***Banking<br>Panama*** | ***Banking El<br>Salvador*** | ***Banking<br>Guatemala*** | ***Trust*** | ***Investment<br>Banking*** | ***Brokerage*** | ***International<br>Banking*** | ***All Other<br>Segments*** | ***Total*** |
| **Revenue from contracts with customers** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| ***Fees and Commissions income*** | | | | | | | | | | |
| *Credit and debit card fees and commercial establishments* | 646625 | 67135 | 59101 | 23284 | - | - | - | 496 | - | 796641 |
| *Payment and collections* | 262722 | 2883 | - | - | - | - | - | - | - | 265605 |
| *Bancassurance* | 269921 | 16140 | 12 | - | - | - | - | - | - | 286073 |
| *Banking services* | 168241 | 50815 | 39541 | 13399 | - | - | - | 9619 | 7913 | 289528 |
| *Fiduciary Activities and Securities* | - | 4811 | 1504 | 204 | 105645 | - | 23571 | 12 | - | 135747 |
| *Acceptances, Guarantees and Standby Letters of Credit* | 19131 | 6925 | 1388 | 388 | - | - | - | 153 | - | 27985 |
| *Investment banking* | - | 692 | 461 | - | - | 32484 | 2338 | - | - | 35975 |
| *Brokerage* | - | 4212 | - | - | - | - | 9524 | -1 | - | 13735 |
| *Others* | 61682 | 122 | 18480 | 13144 | - | - | 1658 | 1344 | 327 | 96757 |
| **Total revenue of contracts with customers** | **1428322** | **153735** | **120487** | **50419** | **105645** | **32484** | **37091** | **11623** | **8240** | **1948046** |

---

For the determination of the transaction price, Bancolombia S.A. and subsidiary companies assigns to each one of the services the amount which represents the value expected to be received as consideration for each independent commitment, which is based on the relative price of independent sale. The price that Bancolombia S.A. and subsidiary companies determines for each performance obligation is done by defining the cost of each service, related tax and associated risks to the operation and inherent to the transaction plus the margin expected to be received in each one of the services, taking as references the market prices and conditions, as well as the segmentation of the customer.

In the transactions evaluated in the contracts, changes in the price of the transaction are not identified.

**Contract assets with customers**

Bancolombia S.A. and subsidiary companies receives payments from customers based on the provision of the service, in accordance to that established in the contracts. When Bancolombia S.A. and subsidiary companies incurs costs for providing the service prior to the invoicing, and if these are directly related with a contract, they improve the resources of

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the entity and are expected to recuperate, these costs correspond to a contract asset. Currently, Bancolombia S.A. and subsidiary companies does not have assets related to contracts with customers.

As a practical expedient, the Bank recognizes the incremental costs of obtaining a contract as an expense when the amortization period of the asset is one year or less.

**Contract liabilities with customers**

The contract liabilities constitute the obligation of Bancolombia S.A. and subsidiary companies to transfer the services to a customer, for which Bancolombia S.A. and subsidiary companies has received a payment on the part of the final customer or if the amount is due before the execution of the contract. They also include deferred income related to services that shall be delivered or provided in the future, which will be invoiced to the customer in advance, but which are still not due.

**Fees and Commissions Expenses**

The following table sets forth the detail of commissions expenses for the six months and three months from April 01 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Fees and Commissions Expenses** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Banking services* | 661383 | 788110 | 207293 | 415188 |
| *Sales, collections and other services* | 450303 | 434259 | 227206 | 227763 |
| *Correspondent banking* | 310055 | 295006 | 161059 | 187544 |
| *Payments and collections* | 25573 | 20108 | 12831 | 11181 |
| *Others* | 104619 | 107591 | 40077 | 64572 |
| **Total expenses for commissions**<sup>(1)</sup> | **1551933** | **1645074** | **648466** | **906248** |

---

*(1)The change with respect to prior periods includes the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity*<sup>.</sup>

**16.4.&nbsp;&nbsp;&nbsp;&nbsp; Other operating income**

The following table sets forth the detail of other operating income net for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Other operating income** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Leases and related services* | 609180 | 902031 | 160683 | 441935 |
| *Net foreign exchange and Derivatives Foreign exchange contracts*<sup>(1)</sup> | 326254 | 163051 | 124960 | 143537 |
| *Investment property valuation*<sup>(2)</sup> | 83132 | 51820 | 60429 | 44001 |
| *Gains on sale of assets*<sup>(3)</sup> | 77312 | 32995 | 27552 | 15090 |
| *Other reversals* | 20950 | 26168 | 3878 | 7304 |
| *Logistics services* | 212 | 23160 | (14021) | 11245 |
| *Insurance* | – | 37987 | (15925) | 11125 |
| *Penalties for failure to contracts* | – | 4986 | (809) | 2304 |
| *Others* | 48338 | 128215 | (17940) | 64543 |
| **Total Other operating income**<sup>(4)</sup> | **1165378** | **1370413** | **328807** | **741084** |

---

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<sup>(1)</sup> *Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar.*<br> <sup>(2)</sup> *In 2025, the increase occurs due to the indexation of properties to the UVR and due to updating the appraisals of investment properties.*

<sup>(3)</sup> *Corresponds mainly to higher gains on assets held for sale, mostly vehicles.*

<sup>(4)</sup> *The variation compared to previous periods includes the effect of the change in the Group's corporate structure. For further information, see Note 1. Reporting Entity.*

**16.5. Dividends and net income on equity investments**

The following table sets forth the detail of dividends received, and share of profits of equity method investees for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Dividends and net income on equity investments** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Equity method<sup>(1)</sup> | 192567 | 133312 | 80057 | 56023 |
| Dividends<sup>(2)</sup> | 28427 | 33867 | 23460 | 23867 |
| Equity investments and other financial instruments<sup>(3)</sup> | 26938 | (8183) | 7090 | (5701) |
| Impairment of investments in associates and joint ventures<sup>(4)</sup> | - | (313284) | - | (313284) |
| Others<sup>(5)</sup> | (160) | 13520 | (160) | 13520 |
| **Total dividends received, and share of profits of equity method investees**<sup>(6)</sup> | **247772** | **(140768)** | **110447** | **(225575)** |

---

<sup>(1)</sup> *As of June 30, 2025 and 2024, corresponds to income from equity method of investments in associates for COP 180,469 and COP 188,466 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP 12,098 and COP (55,154), respectively.*

<sup>(2)</sup> *As of June 30, 2025 and 2024, includes dividends received from equity investments at fair value through profit or loss for COP 1,300 and COP 1,224 and investments derecognized for COP 82 in 2025; dividends from equity investments at fair value through OCI for COP 6,110 and COP 12,623, respectively, and investments derecognized for COP 526 in 2025, and dividends received of the associate at fair value P.A. Viva Malls for COP 20,409 and COP 20,020, respectively.*

<sup>(3)</sup> *The variation is explained in Bancolombia S.A. for COP 20,389, mainly in FCP Pactia Inmobiliario and Inversiones CFNS S.A.S. for COP 15,927.*

<sup>(4)</sup> *As of June 30, 2024, impairment of investments in joint ventures recognized in the Investment Banking segment for COP 156,205, in Bancolombia for COP 156,051 were recognized in Banking Colombia and in Negocios Digitales for COP 31 recognized in other segments.*

<sup>(5)</sup> *As of June 30, 2024, there is a gain from the purchase in advantageous conditions of P.A. Cedis Sodimac for COP 13,520.*

<sup>(6)</sup> *The variation with prior periods includes the effect of the change in the Group's corporate structure. For more information see note 1. Reporting entity.*

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**NOTE 17. OPERATING EXPENSES**

**17.1.&nbsp;&nbsp;&nbsp;&nbsp; Salaries and employee benefit**

The detail for salaries and employee benefits for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Salaries and employee benefit** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Salaries* | 884649 | 1211954 | 202037 | 602370 |
| *Bonuses*<sup>(1)</sup> | 405024 | 307329 | 155379 | 153956 |
| *Social security contributions* | 292043 | 314303 | 118319 | 154432 |
| *Private premium* | 290934 | 287230 | 127742 | 123555 |
| *Indemnization payment* | 95733 | 158201 | 61795 | 112267 |
| *Defined Benefit severance obligation and interest* | 88523 | 90282 | 41821 | 44998 |
| *Vacation expenses* | 57041 | 75253 | 14741 | 38840 |
| *Other benefits*<sup>(2)</sup> | 207584 | 238795 | 69173 | 117978 |
| **Total salaries and employee benefit**<sup>(3)</sup> | **2321531** | **2683347** | **791007** | **1348396** |

---

<sup>(1)</sup> *Corresponds mainly to bonuses for employees in accordance with the variable compensation model of the Bancolombia S.A. and its subsidiaries.*

<sup>(2)</sup> *Includes vacations, severance and interest on severance, pension and employee benefits, mainly policy benefits, training and recreation.*

<sup>(3)</sup> *The variation with prior periods includes the effect of the change in the Group's corporate structure. For more information see note 1. Reporting entity.*

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**17.2.&nbsp;&nbsp;&nbsp;&nbsp; Other administrative and general expenses**

The details for administrative and general expenses for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Other administrative and general expenses** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Fees* | 373428 | 404381 | 167012 | 215901 |
| *Insurance* | 286728 | 360597 | 90959 | 177577 |
| *Maintenance and repairs* | 265603 | 467071 | 2827 | 239060 |
| *Data processing* | 258585 | 252946 | 106900 | 133809 |
| *Frauds and claims* | 149274 | 174965 | 50356 | 82938 |
| *Transport* | 108824 | 123955 | 44898 | 65966 |
| *Advertising* | 52210 | 67676 | 17371 | 41442 |
| *Contributions and affiliations* | 43659 | 60321 | 10511 | 30318 |
| *Cleaning and security services* | 42906 | 65094 | 8440 | 32894 |
| *Communications* | 40198 | 37062 | 20197 | 18106 |
| *Useful and stationery* | 39424 | 55022 | 17437 | 34090 |
| *Public services* | 36666 | 64153 | 8811 | 34096 |
| *Properties improvements and installation* | 27677 | 25035 | 15355 | 14968 |
| *Real estate management* | 21207 | 18732 | 10904 | 9575 |
| *Disputes, fines and sanctions* | 13158 | 22855 | 4206 | 6216 |
| *Travel expenses* | 12408 | 13185 | 4465 | 7311 |
| *Storage services* | 9070 | 8623 | 4525 | 3954 |
| *Others* | 222626 | 271092 | 79296 | 140005 |
| **Total other administrative and general expenses**<sup>(1)</sup> | **2003651** | **2492765** | **664470** | **1288226** |
| **Taxes other than income tax**<sup>(1)</sup> | **636967** | **780826** | **280501** | **389932** |

---

<sup>(1)</sup> *The variation with prior periods includes the effect of the change in the Group's corporate structure. For more information see note 1. Reporting entity.*

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**17.3.&nbsp;&nbsp;&nbsp;&nbsp; Impairment, depreciation and amortization**

The details for Impairment, depreciation and amortization for the six-months period ended June 30, 2025 and 2024 and the three-months period from April 01 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Impairment, depreciation and amortization** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Depreciation of premises and equipment* | 274141 | 325919 | 116325 | 160999 |
| *Depreciation of right-of-use assets* | 56681 | 99374 | 1109 | 49677 |
| *Amortization of intangible assets* | 46206 | 71756 | 2994 | 37630 |
| *Impairment of other assets, net*<sup>(1)</sup> | 15169 | 36695 | 5512 | 25176 |
| **Total impairment, depreciation and amortization**<sup>(2)</sup> | **392197** | **533744** | **125940** | **273482** |

---

<sup>(1)</sup> *Includes value for impairment of property and equipment for COP 446 in 2025 and COP 422 in 2024.*

<sup>(2)</sup> *The variation with prior periods includes the effect of the change in the Group's corporate structure. For more information see note 1. Reporting entity.*

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**NOTE 18. RELATED PARTY TRANSACTIONS**

The parent company is Bancolombia S.A. and transactions between companies included in the consolidation process and the Parent company meet the definition of related party transactions and were eliminated from the Condensed Consolidated Interim Financial Statements.

The Bank offers banking and financial services to its related parties in order to meet their transactional needs for investment and liquidity in the ordinary course of business. These transactions are carried out in terms similar to those of transactions with third parties. In the case of treasury operations, Bancolombia operates between its own position and its related parties through transactional channels or systems established for this purpose and under the conditions established by current regulations.

The details of transactions with related parties as of December 31, 2024, are included in the annual report of the consolidated financial statements of 2024, On May 16, 2025, the change in the Group's corporate structure was completed; for more information, see Note 1. Reporting entity. This transaction did not materially affect the Group's financial position or results.

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**NOTE 19. LIABILITIES FROM FINANCING ACTIVITIES**

The following table presents the reconciliation of the balances of liabilities from financing activities as of June 30, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance as of January 1, 2025** | **Net effect of the spin-off(2)** | **Cash flows** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | **Balance as of June 30, 2025** |
| | **Balance as of January 1, 2025** | **Net effect of the spin-off(2)** | **Cash flows** | **Foreign currency translation adjustment** | **Interests accrued** | **Other movements** | **Balance as of June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Liabilities from financing activities** | | | | | | | |
| Repurchase agreements and other similar secured borrowing | 1060472 | (380595) | 2316759 |  |  |  | 2996636 |
| Borrowings from other financial institutions <sup>(1)</sup> | 15689532 | (7554187) | (2334266) | (186429) | 288008 | (748) | 5901910 |
| Debt securities in issue <sup>(1)</sup> | 11275216 | (3133056) | (492816) | (447048) | 339135 |  | 7541431 |
| Preferred shares | 584204 | (584204) |  |  |  |  |  |
| **Total liabilities from financing activities** | **28609424** | **(11652042)** | **(510323)** | **(633477)** | **627143** | **(748)** | **16439977** |

---

<sup>(1)</sup> *The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 445,497 and COP 330,604, respectively, which are classified as cash flows from operating activities in the Condensed Consolidated Interim Statement of Cash Flow.*

*(2)The net effect of the spin-off is . The change includes the effect of the change in the Group's corporate structure. For further information on this transaction, see Note 1. Reporting Entity.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | |
| | **Balance as of<br>January 1, 2024** | **Cash flows** | **Foreign<br>currency<br>translation<br>adjustment** | **Interests<br>accrued** | **Other<br>movements** | **Balance as of June 30, 2024** |
| | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Liabilities from financing activities** | | | | | | |
| Repurchase agreements and other similar secured borrowing | 470295 | 110501 | 14187 |  |  | 594983 |
| Borrowings from other financial institutions<sup>(1)</sup> | 15648606 | (4548843) | 1103927 | 734351 | 718 | 12938759 |
| Debt instruments in issue<sup>(1)</sup> | 14663576 | (44786) | 893365 | 595519 | - | 16107674 |
| Preferred shares<sup>(2)</sup> | 584204 | (57702) | - | 28650 | - | 555152 |
| **Total liabilities from financing activities** | **31366681** | **(4540830)** | **2011479** | **1358520** | **718** | **30196568** |

---

<sup>(1)</sup> *The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 807,150 and COP 564,979, respectively, which are classified as cash flows from operating activities in the Condensed Consolidated Interim Statement of Cash Flow.*

<sup>(2)</sup> *The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the Condensed Consolidated Interim Statement of Cash Flow, which includes the dividends paid during the year to both preferred and common shares holders.*

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**NOTE 20. FAIR VALUE OF ASSETS AND LIABILITIES**

The following table presents the carrying amount and the fair value of the assets and liabilities as of June 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets and Liabilities** | **Note** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Assets and Liabilities** | **Note** | **Carrying<br>amount** | **Fair<br>Value** | **Carrying<br>amount** | **Fair<br>Value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Assets** | | | | | |
| *Debt instruments at fair value through profit or loss* | *5.1* | 18831294 | 18831294 | 23035281 | 23035281 |
| *Debt instruments at fair value through OCI* | *5.1* | 3208532 | 3208532 | 5084416 | 5084416 |
| *Debt instruments at amortized cost* | *5.1* | 5491619 | 5471259 | 8404878 | 8403740 |
| *Derivative financial instruments* | *5.2* | 3214068 | 3214068 | 2938142 | 2938142 |
| *Equity securities at fair value* | *5.1* | 817649 | 817649 | 1011310 | 1011310 |
| *Other financial instruments* | *5.1* | 20068 | 20068 | 34385 | 34385 |
| *Loans and advances to customers at amortized cost, net* | *6* | 201946784 | 205800271 | 263274170 | 269345583 |
| *Investment properties* |  | 5761117 | 5761117 | 5580109 | 5580109 |
| *Investments in associates*<sup>(1)</sup> |  | 1952257 | 1952257 | 1830884 | 1830884 |
| **Total** |  | **241243388** | **245076515** | **311193575** | **317263850** |
| **Liabilities** |  |  |  |  |  |
| *Deposits by customers* | *10* | 215036919 | 214937165 | 279059401 | 279463012 |
| *Interbank deposits* | *11* | 261289 | 261289 | 716493 | 716493 |
| *Repurchase agreements and other similar secured borrowing* | *11* | 2996636 | 2996636 | 1060472 | 1060472 |
| *Derivative financial instruments* | *5.2* | 3503808 | 3503808 | 2679643 | 2679643 |
| *Borrowings from other financial institutions* | *12* | 5901910 | 5901910 | 15689532 | 15689532 |
| *Preferred shares* |  | - | - | 584204 | 407174 |
| *Debt instruments in issue* |  | 7541431 | 7739703 | 11275216 | 11389498 |
| **Total** |  | **235241993** | **235340511** | **311064961** | **311405824** |

---

<sup>(1)</sup> *It corresponds to investments in associates P.A. Viva Malls, P.A. Distrito Vera and Fideicomiso Locales Distrito Vera.* 

**Fair value hierarchy**

IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS, the financial instruments are classified as follows:

**Level 1:** Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is a market in which transactions for the asset or liability being measured take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

**Level 2:** Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability.

**Level 3**: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain retained residual interests in securitizations, asset-backed securities (ABS) and highly structured or long-term derivative contracts where independent pricing information was not able to be obtained for a significant portion of the underlying assets.

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**Valuation process for fair value measurements**

The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Precia - Proveedor de Precios para Valoración S.A.) to the Bancolombia S.A. and its subsidiaries.

All methodologies and procedures developed by the pricing services provider are supervised by the Financial Superintendence of Colombia, which has not objected to them.

Daily, the back-office Service Valuation Officer (SVO) verifies the valuation of investments, and the Credit and Financial Risk Manager area reports the results of the portfolio's valuation.

**Fair value measurement**

**Assets and liabilities**

**a. Debt instruments**

Bancolombia S.A. and its subsidiaries assign prices to those debt investments, using the prices provided by the official pricing services provider (Precia) and assign the appropriate level according to the procedure described above. For securities not traded or over-the-counter such as certain bonds issued by other financial institutions, Bancolombia S.A. and its subsidiaries generally determine fair value utilizing internal valuation and standard techniques. These techniques include the determination of expected future cash flows which are discounted using curves of the applicable currencies and the Colombian consumer price index (interest rate in this case), modified by the credit risk and liquidity risk. The interest rate is generally computed using observable market data and reference yield curves derived from quoted interest in appropriate time bandings, which match the timings of the cash flows and maturities of the instruments.

**b. Equity securities and other financial instruments**

Bancolombia S.A. and its subsidiaries perform the market price valuation of its investments in variable income using the prices provided by the official pricing services provider (Precia) and classifies those investments according to the procedure described above (Hierarchy of fair value section). Likewise, the fair value of unlisted equity securities and other financial instruments is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric (e.g., earnings before interest, taxes, depreciation and amortization) of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparable, and if necessary considered, are subject to appropriate discounts for lack of liquidity or marketability. Interests in investment funds, trusts and collective portfolios are valued using the investment unit value determined by the fund management company. For investment funds where the underlying assets are investment properties, the investment unit value depends on the investment properties value, determined as described below in "i. Investment property".

**c. Derivative financial instruments**

Bancolombia S.A. and its subsidiaries hold positions in standardized derivatives, such as futures over local stocks, and at the market representative rate. These instruments are evaluated according to the information provided by Precia, which perfectly matches the information provided by the Central Counterparty Clearing House – CCP.

Additionally, Bancolombia S.A. and its subsidiaries hold positions in Over The Counter (OTC) derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider, which have the no objection to the SFC.

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<u>**Table of Contents**</u>

The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, the spot price of the underlying volatility, credit curves and correlation of such inputs.

**d. Credit valuation adjustment**

Bancolombia S.A. and its subsidiaries measure the effects of the credit risk of its counterparties and its own creditworthiness in determining the fair value of the swap, option and forward derivatives.

Counterparty credit-risk adjustments are applied to derivatives when Bancolombia S.A. and its subsidiaries' position is a derivative asset and Bancolombia S.A. and its subsidiaries' credit risk is incorporated when the position is a derivative liability. Bancolombia S.A. and its subsidiaries attempt to mitigate credit risk to third parties who are international banks by entering into master netting agreements. The agreements allow to offset or bring net amounts that are liabilities, derivates from transactions carried out by the different agreements. Master netting agreements take different forms and may allow payments to be made under a variety of other master agreements or other negotiation agreements between the same parties; some may have a monthly basis and others only apply at the time the agreements are terminated.

When assessing the impact of credit exposure, only the net counterparty exposure is considered at risk, due to the offsetting of certain same-counterparty positions and the application of cash and other collateral.

Bancolombia S.A. and its subsidiaries generally calculates the asset's credit risk adjustment for derivatives transacted with international financial institutions by incorporating indicative credit related pricing that is generally observable in the market (Credit Default Swaps, "CDS"). The credit-risk adjustment for derivatives transacted with non-public counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in each geography. Bancolombia S.A. and its subsidiaries also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if Bancolombia S.A. and its subsidiaries believe market participants would take that into account when transacting the respective instrument. The approach to measuring the impact of the Bancolombia S.A. and its subsidiaries' credit risk on an instrument transacted with international financial institutions is done using the asset swap curve calculated for subordinated bonds issued by Bancolombia S.A. and its subsidiaries in foreign currency. For derivatives transacted with local financial institutions, Bancolombia S.A. and its subsidiaries calculate the credit risk adjustment by incorporating credit risk data provided by rating agencies and released in the financial markets.

**e. Impaired loans measured at fair value**

Bancolombia S.A. and its subsidiaries measured certain impaired loans based on the fair value of the associated collateral less costs to sell. The fair values were determined as follows using external and internal valuation techniques or third party experts, depending on the type of underlying asset.

For vehicles under leasing arrangements, Bancolombia S.A. and its subsidiaries use an internal valuation model based on price curves for each type of vehicle. Such curves show the expected price of the vehicle at different points in time based on the initial price and projection of economic variables such as inflation, devaluation and customs. The prices modelled in the curves are compared every six months with market information for the same or similar vehicles and in the case of significant deviation; the curve is adjusted to reflect the market conditions.

Other vehicles are measured using matrix pricing from a third party. This matrix is used by most of the market participants and is updated monthly. The matrix is developed from values provided by several price providers for identical or similar vehicles and considers brand, characteristics of the vehicles, and manufacturing date among other variables to determine the prices.

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For real estate assets, a third-party qualified appraiser is used. The methodologies vary depending on the date of the last appraisal available for the property (the appraisal is estimated based on either of three approaches: cost, sales comparison and income approach, and is required every three years). When the property has been valued in the last 12 months and the market conditions have not shown significant changes, the most recent valuation is considered the fair value of the property.

For all other cases (for example, appraisals older than 12 months) the value of the property is updated by adjusting the value in the last appraisal for weighted factors such as location, type and characteristics of the property, size, structural conditions and the expected sales prices, among others. The factors are determined based on current market information gathered from several external real estate specialists.

**f. Assets held for sale measured at fair value less cost of sale**

Bancolombia S.A. and its subsidiaries measure certain impaired foreclosed assets and premises and equipment held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques, depending on the type of underlying asset. Those assets are comprised mainly of real estate properties for which the appraisal is conducted by experts considering factors such as the location, type and characteristics of the property, size, physical conditions and expected selling costs, among others. Likewise, in some cases the fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process.

**g. Mortgage-backed securities ("TIPS") and Asset-Backed securities**

Bancolombia S.A. and its subsidiaries invest in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. Bancolombia S.A. and its subsidiaries do not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and are classified as fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings.

TIPS are part of Bancolombia S.A. and its subsidiaries' portfolio and their fair value is measured with published prices by the official pricing services provider. These securities are leveled by margin and are assigned levels 2 or 3 based on the Precia information.

Residual TIPS have their fair value measured using the discounted flow method, taking into account the amortization tables of the Titularizadora Colombiana, the betas in COP and UVR of Precia (used to construct the curves) and the margins; when they are residual TIPS of subordinated issues, a liquidity premium is applied. These securities are assigned level 3.

**h. Investments in associates measured at fair value**

Bancolombia S.A. and its subsidiaries recognizes its investments in P.A Viva Malls, P.A Distrito Vera and Fideicomiso Locales Distrito Vera as associates at fair value. The estimated amount is provided by the fund manager as the variation of the units according to the units owned by the FCP Fondo Inmobiliario Colombia. The associate's assets are comprised of investment properties which are measured using the following techniques: comparable prices, discounted cash flows, replacement cost and direct capitalization. For further information about techniques methodologies and inputs used by the external party see "Quantitative Information about Level 3 Fair Value Measurements".

**i. Investment property**

Bancolombia S.A. and its subsidiaries' investment property is valued by external experts, who use valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement costs.

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**Assets and liabilities measured at fair value on a recurring basis**

The following table presents for each of the fair-value hierarchy levels Bancolombia S.A. and its subsidiaries' assets and liabilities that are measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** | **Financial Assets** |
| **Type of instrument** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instrument** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** |
| **Type of instrument** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Investment securities** | | | | | | | | |
| **Debt instruments at fair value through profit or loss** | **Debt instruments at fair value through profit or loss** | | | | | | | |
| *Securities issued by the Colombian Government* | 13730557 | 1647798 |  | 15378355 | 10625153 | 1019028 | - | 11644181 |
| *Securities issued or secured by government entities* | - | 117633 | - | **117633** | - | 118760 | - | **118760** |
| *Securities issued by other financial institutions* |  | 446936 | 68443 | **515379** | 140703 | 513040 | 77821 | **731564** |
| *Securities issued by foreign governments* | 2713136 |  | - | **2713136** | 6191395 | 4092055 | - | **10283450** |
| *Corporate bonds* | 4339 | 86775 | 15677 | **106791** | 124812 | 98255 | 34259 | **257326** |
| **Total debt instruments at fair value through profit or loss** | **16448032** | **2299142** | **84120** | **18831294** | **17082063** | **5841138** | **112080** | **23035281** |
| **Debt instruments at fair value through OCI** |  |  |  |  |  |  |  |  |
| *Securities issued by the Colombian Government* | - | 2514109 | - | **2514109** | 35570 | - | 2648355 | **2683925** |
| *Securities issued by other financial institutions* | - | 51636 | 50659 | **102295** | 119479 | 107614 | 49744 | **276837** |
| *Securities issued by foreign governments* | - | - | - | **-** | 368736 | 1115810 | - | **1484546** |
| *Corporate bonds* | - | 32564 | 559564 | **592128** | 60922 | 747 | 577439 | **639108** |
| **Total debt instruments at fair value through OCI** | **-** | **2598309** | **610223** | **3208532** | **584707** | **1224171** | **3275538** | **5084416** |
| **Total debt instruments** | **16448032** | **4897451** | **694343** | **22039826** | **17666770** | **7065309** | **3387618** | **28119697** |
| **Equity securities** |  |  |  |  |  |  |  |  |
| *Equity securities* | 129534 | 177215 | 510900 | **817649** | 31086 | 262351 | 717873 | **1011310** |
| **Total equity securities** | **129534** | **177215** | **510900** | **817649** | **31086** | **262351** | **717873** | **1011310** |
| **Other financial assets** |  |  |  |  |  |  |  |  |
| *Other financial assets* | - | - | 20068 | **20068** | - | - | 34385 | **34385** |
| **Total other financial assets** | **-** | **-** | **20068** | **20068** | **-** | **-** | **34385** | **34385** |
| **Derivative financial instruments** |  |  |  |  |  |  |  |  |
| **Forwards** |  |  |  |  |  |  |  |  |
| *Foreign exchange contracts* | - | 1495603 | 506438 | **2002041** | - | 617961 | 466869 | **1084830** |
| *Equity contracts* | - | 1247 | 12650 | **13897** | - | 298 | 51347 | **51645** |
| **Total forwards** | **-** | **1496850** | **519088** | **2015938** | **-** | **618259** | **518216** | **1136475** |
| **Swaps** |  |  |  |  |  |  |  |  |
| *Foreign exchange contracts* | - | 842338 | 78098 | **920436** | - | 1200777 | 262479 | **1463256** |
| *Interest rate contracts* | 89241 | 82541 | 21473 | **193255** | 105560 | 114980 | 15493 | **236033** |
| **Total swaps** | **89241** | **924879** | **99571** | **1113691** | **105560** | **1315757** | **277972** | **1699289** |
| **Options** |  |  |  |  |  |  |  |  |
| *Foreign exchange contracts* | 176 | 37196 | 47067 | **84439** | 161 | 36207 | 66010 | **102378** |
| **Total options** | **176** | **37196** | **47067** | **84439** | **161** | **36207** | **66010** | **102378** |
| **Total derivative financial instruments** | **89417** | **2458925** | **665726** | **3214068** | **105721** | **1970223** | **862198** | **2938142** |
| **Investment properties** |  |  |  |  |  |  |  |  |
| *Lands* | - | - | 559447 | **559447** | - | - | 499833 | **499833** |
| *Buildings* | - | - | 5201670 | **5201670** | - | - | 5080276 | **5080276** |
| **Total investment properties** | **-** | **-** | **5761117** | **5761117** | **-** | **-** | **5580109** | **5580109** |
| **Investment in associates at fair value** |  |  |  |  |  |  |  |  |
| *Investment in associates at fair value* | - | - | 1952257 | **1952257** | - | - | 1830884 | **1830884** |
| **Total investment in associates at fair value** | **-** | **-** | **1952257** | **1952257** | **-** | **-** | **1830884** | **1830884** |
| **Total** | **16666983** | **7533591** | **9604411** | **33804985** | **17803577** | **9297883** | **12413067** | **39514527** |

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<u>**Table of Contents**</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** | **Financial liabilities** |
| **Type of instrument** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instrument** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** |
| **Type of instrument** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Derivative financial instruments** | | | | | | | | |
| **Forwards** | | | | | | | | |
| *Foreign exchange contracts* | - | 1912138 | 58702 | 1970840 | - | 885520 | 86775 | 972295 |
| *Equity contracts* | - | 5183 | 3966 | **9149** | - | 89 | 1278 | **1367** |
| **Total forwards** | **-** | **1917321** | **62668** | **1979989** | **-** | **885609** | **88053** | **973662** |
| **Swaps** |  |  |  |  |  |  |  |  |
| *Foreign exchange contracts* | - | 1112408 | 29873 | **1142281** | - | 1264593 | 67838 | **1332431** |
| *Interest rate contracts* | 87574 | 138554 | 1501 | **227629** | 102701 | 160721 | 27646 | **291068** |
| **Total swaps** | **87574** | **1250962** | **31374** | **1369910** | **102701** | **1425314** | **95484** | **1623499** |
| **Options** |  |  |  |  |  |  |  |  |
| *Foreign exchange contracts* | 128 | 153781 | - | **153909** | 421 | 82061 | - | **82482** |
| **Total options** | **128** | **153781** | **-** | **153909** | **421** | **82061** | **-** | **82482** |
| **Total derivative financial instruments** | **87702** | **3322064** | **94042** | **3503808** | **103122** | **2392984** | **183537** | **2679643** |
| **Total** | **87702** | **3322064** | **94042** | **3503808** | **103122** | **2392984** | **183537** | **2679643** |

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**Fair value of assets and liabilities that are not measured at fair value in the Statement of Financial Position**

The following table presents for each of the fair-value hierarchy levels Bancolombia S.A. and its subsidiaries' assets and liabilities that are not measured at fair value in the Statement of Financial Position, but for which the fair value is disclosed at June 30, 2025 and December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| **Type of instrument** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instrument** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** |
| **Type of instrument** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Debt instruments** | | | | | | | | |
| Securities issued by the Colombian Government | 147959 | - | - | **147959** | 156209 | - | - | **156209** |
| Securities issued or secured by government entities | - | 43287 | 3586529 | **3629816** | - | 46272 | 3326959 | **3373231** |
| Securities issued by other financial institutions | 169642 | 56891 | 240708 | **467241** | 284281 | 57091 | 250508 | **591880** |
| Securities issued by foreign governments | 205313 | - | - | **205313** | 412579 | 227076 | - | **639655** |
| Corporate bonds | 459113 | 90370 | 471447 | **1020930** | 1050588 | 14017 | 2578160 | **3642765** |
| **Total – Debt instruments** | **982027** | **190548** | **4298684** | **5471259** | **1903657** | **344456** | **6155627** | **8403740** |
| Loans and advances to customers, net | - | - | 205800271 | **205800271** | - | - | 269345583 | **269345583** |
| **Total** | **982027** | **190548** | **210098955** | **211271530** | **1903657** | **344456** | **275501210** | **277749323** |

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<u>**Table of Contents**</u>

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Type of instruments** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instruments** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair<br>value** |
| **Type of instruments** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Deposits by customers* | - | 66435371 | 148501794 | **214937165** | - | 60894992 | 218568020 | **279463012** |
| *Interbank deposits* | - | - | 261289 | **261289** | - | - | 716493 | **716493** |
| *Repurchase agreements and other similar secured borrowing* | - | - | 2996636 | **2996636** | - | - | 1060472 | **1060472** |
| *Borrowings from other financial institutions* | - | - | 5901910 | **5901910** | - | - | 15689532 | **15689532** |
| *Debt instruments in issue* | 5407126 | 1203260 | 1129317 | **7739703** | 5811412 | 2669991 | 2908095 | **11389498** |
| *Preferred shares* | - | - | - | **-** | - | - | 407174 | **407174** |
| **Total** | **5407126** | **67638631** | **158790946** | **231836703** | **5811412** | **63564983** | **239349786** | **308726181** |

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IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for fair value accounting. The financial instruments below are not measured at fair value on a recurring and nonrecurring basis:

**Short-term financial instruments**

Short-term financial instruments are valued at their carrying amounts included in the consolidated statement of financial position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers' acceptances, accounts receivable, accounts payable, accrued interest payable and Bancolombia S.A. and its subsidiaries acceptances outstanding.

**Deposits from customers**

The fair value of time deposits was estimated based on the discounted value of cash flows using the appropriate discount rate for the applicable maturity. Fair value of deposits with no contractual maturities represents the amount payable on demand as of the statement of financial position date.

**Interbank deposits and repurchase agreements and other similar secured borrowings**

Short-term interbank borrowings and repurchase agreements have been valued at their carrying amounts because of their relatively short-term nature. Long-term and domestic development Bancolombia S.A. and its subsidiaries' borrowings have also been valued at their carrying amount because they bear interest at variable rates.

**Borrowings from other financial institutions**

The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flow projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the cash flows were discounted using reference curves formed by the weighted average of Bancolombia S.A. and its subsidiaries' deposit rates.

**Debt instruments in issue**

The fair value of debt instruments in issue, comprised of bonds issued by Bancolombia S.A. and its subsidiaries, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading

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market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and Bancolombia S.A. and its subsidiaries' creditworthiness.

**Loans and advances to customers**

Estimating the fair value of loans and advances to customers is considered an area of considerable uncertainty as there is no observable market. The loan portfolio is stratified into tranches and loans segments such as commercial, consumer, small business loans, mortgage and leasing. The fair value of loans and advances to customers and financial institutions is determined using a discounted cash flow methodology, considering each credit's principal and interest projected cash flows to the prepayment date. The projected cash flows are discounted using reference curves according to the type of loan and its maturity date.

**Items measured at fair value on a non-recurring basis**

Bancolombia S.A. and its subsidiaries measure assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instruments** | **Fair-value hierarchy** | **Fair-value hierarchy** | **Fair-value hierarchy** | **Total fair<br>value** | **Fair-value hierarchy** | **Fair-value hierarchy** | **Fair-value hierarchy** | **Total fair<br>value** |
| | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** | **Level 1** | **Level 2** | **Level 3** | **Total fair<br>value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Machinery and equipment* | - | - | 5192 | **5192** | - | - | 10085 | **10085** |
| *Real estate for residential purposes* | - | - | 1841 | **1841** | - | - | 133863 | **133863** |
| *Real estate different from residential properties* | - | - | 318 | **318** | - | - | 29794 | **29794** |
| **Total** | **-** | **-** | **7351** | **7351** | **-** | **-** | **173742** | **173742** |

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**Changes in level 3 fair-value category**

The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs at June 30, 2025 and 2024:

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**As of June 30, 2025**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type of instruments** | **Balance,<br>January 1,<br>2025** | **Net Effect of the Spin-Off**<sup>(1)</sup> | **Included<br>in<br>earnings** | **OCI** | **Purchases** | **Settlement** | **Reclassifications**<sup>(2)</sup> | **Prepaids** | **Transfers<br>in to<br>level 3** | **Transfers<br>out of<br>level 3** | **Balance,<br>June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Assets** | | | | | | | | | | | |
| **Debt instruments at fair value though profit or loss** | | | | | | | | | | | |
| Securities issued or secured by other financial entities | 77821 | (1548) | 2645 | **-** | 1533 | (979) | **-** | (1488) | - | (9541) | 68443 |
| Corporate bonds | 34259 |  | 9 | **-** | - | **(15625)** | **-** | **-** | - | **(2966)** | 15677 |
| **Total** | **112080** | **(1548)** | **2654** | **-** | **1533** | **(16604)** | **-** | **(1488)** | **-** | **(12507)** | **84120** |
| **Debt instruments at fair value through OCI** |  |  |  |  |  |  |  |  |  |  |  |
| Securities issued by the Colombian Government | 2648355 | **-** | **-** | - | - | (2648355) | **-** | **-** | **-** | **-** | - |
| Securities issued or secured by other financial entities | 49744 | **-** | **-** | 915 | - | **-** | **-** | **-** | **-** | **-** | 50659 |
| Corporate bonds | 577439 | **-** | **-** | 14166 | - | **-** | **-** | **-** | - | **(32041)** | 559564 |
| **Total** | **3275538** | **-** | **-** | **15081** | **-** | **(2648355)** | **-** | **-** | **-** | **(32041)** | **610223** |
| **Derivative financial instruments** |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts | 795358 | (1356) | (11862) | **-** | 412757 | (526518) | (47770) | **-** | 126645 | (115651) | 631603 |
| Interest rate contracts | 15493 | **-** | (2560) | **-** | 8182 | (331) |  | **-** | 830 | (141) | 21473 |
| Equity contracts | 51347 | **-** | **-** | **-** | 12649 | (51346) | **-** | **-** | **-** | **-** | 12650 |
| **Total** | **862198** | **(1356)** | **(14422)** | **-** | **433588** | **(578195)** | **(47770)** | **-** | **127475** | **(115792)** | **665726** |
| **Equity securities** |  |  |  |  |  |  |  |  |  |  |  |
| Equity securities | 717873 | (223974) | 15956 | 522 | 15947 | (16442) | **-** | **-** | **1018** | - | 510900 |
| **Total** | **717873** | **(223974)** | **15956** | **522** | **15947** | **(16442)** | **-** | **-** | **1018** | **-** | **510900** |
| **Other financial instruments** |  |  |  |  |  |  |  |  |  |  |  |
| Other financial instruments | 21157 | - | (1089) | **-** | - | **-** | **-** | **-** | **-** | **-** | 20068 |
| **Total** | **21157** | **-** | **(1089)** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **20068** |
| **Investment in associates** |  |  |  |  |  |  |  |  |  |  |  |
| P.A. Viva Malls | 1817503 | - | 121265 | **-** | **-** | **-** | **-** | **-** | **-** | **-** | 1938768 |
| P.A. Distrito Vera | 13325 | - | 86 | **-** | - | (65) | **-** | **-** | **-** | **-** | 13346 |
| Fideicomiso Locales Distrito Vera | 56 | - | (2) | **-** | 89 | **-** | **-** | **-** | **-** | **-** | 143 |
| **Total** | **1830884** | **-** | **121349** | **-** | **89** | **(65)** | **-** | **-** | **-** | **-** | **1952257** |
| **Investment properties** |  |  |  |  |  |  |  |  |  |  |  |
| Investment properties | 5580109 | - | 83132 | **-** | 191066 | (59926) | **(33264)** | **-** | **-** | **-** | 5761117 |
| **Total** | **5580109** | **-** | **83132** | **-** | **191066** | **(59926)** | **(33264)** | **-** | **-** | **-** | **5761117** |
| **Total Assets** | **12399839** | **(226878)** | **207580** | **15603** | **642223** | **(3319587)** | **(81034)** | **(1488)** | **128493** | **(160340)** | **9604411** |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |
| **Derivative financial instruments** |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts | 154613 | 257 | 1830 | **-** | 62233 | (81031) | (47770) | **-** | 1283 | (2840) | 88575 |
| Interest rate contracts | 27646 | - | (284) | **-** | 1160 | (581) | - | **-** | 84 | (26524) | 1501 |
| Equity contracts | 1278 | **-** | **-** | **-** | 3965 | (1277) | **-** | **-** | **-** | **-** | 3966 |
| **Total** | **183537** | **257** | **1546** | **-** | **67358** | **(82889)** | **(47770)** | **-** | **1367** | **(29364)** | **94042** |
| **Total liabilities** | **183537** | **257** | **1546** | **-** | **67358** | **(82889)** | **(47770)** | **-** | **1367** | **(29364)** | **94042** |

---

<sup>(1)</sup> *The net effect of the spin-off corresponds to the change in the Group's corporate structure. For further information on this transaction, see Note 1. Reporting Entity*

*(2)From derivative assets to derivative liabilities classified in level 3 and vice versa.*

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<u>**Table of Contents**</u>

**As of June 30, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type of instruments** | **Balance,<br>January 1,<br>2024** | **Included in earnings** | **OCI** | **Purchases** | **Settlement** | **Reclassifications**<sup>(1)</sup> | **Prepaids** | **Transfers<br>in to<br>level 3** | **Transfers<br>out of<br>level 3** | **Balance,<br>June 30,<br>2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Assets** | | | | | | | | | | |
| **Debt instruments at fair value though profit or loss** | | | | | | | | | | |
| Securities issued or secured by other financial entities | 78729 | (4) | - | 4519 | (10926) | - | (1643) | 9138 | (5567) | **74246** |
| Corporate bonds | 14284 | 647 | - | 371 | - | - | - | 4385 | - | **19687** |
| **Total** | **93013** | **643** | **-** | **4890** | **(10926)** | **-** | **(1643)** | **13523** | **(5567)** | **93933** |
| **Debt instruments at fair value through OCI** |  |  |  |  |  |  |  |  |  |  |
| Securities issued by the Colombian Government | 2664295 | - | - | - | (2664295) | - | - | - | - | **-** |
| Securities issued or secured by other financial entities | - | - | 5 | 50016 | - | - | - | - | - | **50021** |
| Corporate bonds | - | - | 1287 | 39517 | - | - | - | - | - | **40804** |
| **Total** | **2664295** | **-** | **1292** | **89533** | **(2664295)** | **-** | **-** | **-** | **-** | **90825** |
| **Derivative financial instruments** |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts | 1384673 | (62945) | - | 1043329 | (1054191) | (8263) | - | 76960 | (147478) | **1232085** |
| Interest rate contracts | 15621 | (4302) | - | 5565 | (2629) | (66) | - | 3376 | (5455) | **12110** |
| Equity contracts | 2863 | - | - | - | (2863) | - | - | - | - | **-** |
| **Total** | **1403157** | **(67247)** | **-** | **1048894** | **(1059683)** | **(8329)** | **-** | **80336** | **(152933)** | **1244195** |
| **Equity securities** |  |  |  |  |  |  |  |  |  |  |
| Equity securities | 384682 | 1360 | 19576 | 4163 | (21135) | - | - | - | (2) | **388644** |
| **Total** | **384682** | **1360** | **19576** | **4163** | **(21135)** | **-** | **-** | **-** | **(2)** | **388644** |
| **Other financial instruments** |  |  |  |  |  |  |  |  |  |  |
| Other financial instruments | 38319 | (7405) | - | - | - | - | - | - | - | **30914** |
| **Total** | **38319** | **(7405)** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **30914** |
| **Investment in associates** |  |  |  |  |  |  |  |  |  |  |
| P.A. Viva Malls | 1661679 | 133512 | - | - | - | - | - | - | - | **1795191** |
| P.A. Distrito Vera | 9103 | 2831 | - | 5656 | - | - | - | - | - | **17590** |
| **Total** | **1670782** | **136343** | **-** | **5656** | **-** | **-** | **-** | **-** | **-** | **1812781** |
| **Total Assets** | **6254248** | **63694** | **20868** | **1153136** | **(3756039)** | **(8329)** | **(1643)** | **93859** | **(158502)** | **3661292** |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |
| **Derivative financial instruments** |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange contracts | 170798 | 18019 | - | 71754 | (60961) | (8263) | - | 132722 | (98769) | **225300** |
| Interest rate contracts | 11078 | (119) | - | 20 | (1900) | (66) | - | 9975 | (8760) | **10228** |
| Equity contracts | 1852 | - | - | - | (1852) | - | - | - | - | **-** |
| **Total** | **183728** | **17900** | **-** | **71774** | **(64713)** | **(8329)** | **-** | **142697** | **(107529)** | **235528** |
| **Total liabilities** | **183728** | **17900** | **-** | **71774** | **(64713)** | **(8329)** | **-** | **142697** | **(107529)** | **235528** |

---

<sup>(1)</sup> *From derivative assets to derivative liabilities classified in level 3 and vice versa.*

**Level 3 fair value rollforward**

The following were the significant level 3 transfers at June 30, 2025 and 2024:

As of June 30, 2025 and 2024, net transfers in the Group for COP 86,428 and COP 45,404, respectively, from level 3 to level 2 of derivatives foreign exchange contracts and interest rate contracts, it was presented due to the transfer of the credit risk of the counterparty to the own credit risk. As of June 30, 2025 and 2024. net transfers for COP 126,108 and COP (62,361), respectively, from level 2 to level 3 of the derivative foreign exchange contracts and interest rate contracts, it was presented due to the transfer of the credit risk from the Group to the credit risk of the counterparty.

As of June 30, 2025, there are corporate bonds of debt instruments at fair value through OCI for COP 559,564.

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<u>**Table of Contents**</u>

As of June 30, 2025 and 2024, unrealized gains and losses on debt instruments were COP 2,654 and COP 643; equity securities COP 15,956 and COP 1,360, respectively.

**Transfers between level 1 and level 2 of the fair value hierarchy**

The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between level 1 and level 2 as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Type of instruments** | **Transfers level 1<br>to level 2** | **Transfers level<br>2 to level 1** | **Transfers level<br>1 to level 2** | **Transfers level<br>2 to level 1** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Debt instruments at fair value though profit or loss** | | | | |
| *Securities issued by the Colombian Government* | 35600 | - | 202779 | - |
| *Securities issued or secured by foreign government* | - | - | 26866 | 929 |
| **Total** | **35600** | **-** | **229645** | **929** |
| **Debt instruments at fair value through OCI** |  |  |  |  |
| *Securities issued or secured by foreign government* | - | - | 467133 | 137884 |
| **Total** | **-** | **-** | **467133** | **137884** |
| **Equity securities** |  |  |  |  |
| *Equity securities* | - | 66767 | 63827 | - |
| **Total** | **-** | 66767 | **63827** | **-** |

---

During 2025, the Bancolombia S.A. and its subsidiaries transferred securities from level 1 to level 2, because such securities decreased in liquidity and were traded less frequently in an active market.

All transfers are assumed to occur at the end of the reporting period.

**Quantitative information about level 3 fair value measurements**

The fair value of financial instruments is, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market transactions in the same instrument and are not based on observable market data. Changing one or more of the inputs to the valuation models to reasonably possible alternative assumptions would change the fair values and therefore a valuation adjustment would be recognized in profit or loss. Favorable and unfavorable changes are determined on the basis of changes in the value of the instrument as a result of varying the levels of the unobservable input as described in the table below.

The following table sets forth information about significant unobservable inputs related to Bancolombia S.A. and its subsidiaries' material categories of level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions.

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<u>**Table of Contents**</u>

**As of June 30, 2025**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type of instruments** | **Fair Value** | **Valuation<br>technique** | **Significant<br>unobservable input** | **Range of<br>inputs** | **Weighted<br>average** | **Sensitivity<br>100<br>basis point<br>increase** | **Sensitivity<br>100<br>basis point<br>decrease** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Debt instruments** | **Debt instruments** | **Debt instruments** | | | | | |
| **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | | | | | |
| TIPS | 58944 | Discounted cash flow | Yield | 0.14% a 9.60% | 3.42% | 57483 | 60456 |
| TIPS | 58944 | Discounted cash flow | Prepayment Speed | n/a | n/a | 59661 | n/a |
| TIPS | 58944 | Discounted cash flow | Prepayment Speed | n/a | n/a | 55806 | n/a |
| Other bonds | 58649 | Discounted cash flow | Interest rate | 0.21% a 1.12% | 1.01% | 57374 | 60038 |
| Time deposits | 1509 | Discounted cash flow | Yield / Interest rate | 0.35% a 0.35% | 0.35% | 1507 | 1509 |
| **Total securities issued by other financial institutions** | **119102** |  |  |  |  |  |  |
| **Corporate bonds** |  |  |  |  |  |  |  |
| Corporate bonds | 575241 | Discounted cash flow | Yield | 0.04% a 5.05% | 1.51% | 531229 | 596216 |
| **Total debt instruments** | **694343** |  |  |  |  |  |  |
| **Equity securities** |  |  |  |  |  |  |  |
| Equity securities | 510900 | Price-based | Price | n/a | n/a | n/a | n/a |
| **Other financial instruments** |  |  |  |  |  |  |  |
| Other financial instruments | 20068 | Internal valuation methodology | Internal valuation methodology | n/a | n/a | n/a | n/a |
| **Derivative financial instruments** |  |  |  |  |  |  |  |
| Forward | 456420 | Discounted cash flow | Credit spread / Yield | 0.00% a 60.99% | 2.95% | 455566 | 457284 |
| Swaps | 68197 | Discounted cash flow | Credit spread | 0.00% a 62.62% | 3.36% | 52640 | 84695 |
| Options | 47067 | Discounted cash flow | Credit spread | 0.11% a 33.80% | 0.42% | 46712 | 47189 |
| **Total derivative financial instruments** | **571684** |  |  |  |  |  |  |
| **Investment in associates** |  |  |  |  |  |  |  |
| P.A. Viva Malls | 1938768 | Price-based | Price | n/a | n/a | n/a | n/a |
| P.A. Distrito Vera | 13346 | Price-based | Price | n/a | n/a | n/a | n/a |
| Fideicomiso Locales Distrito Vera | 143 | Price-based | Price | n/a | n/a | n/a | n/a |
| **Total investment in associates** | **1952257** |  |  |  |  |  |  |

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<u>**Table of Contents**</u>

**As of December 31, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type of instruments** | **Fair Value** | **Valuation<br>technique** | **Significant<br>unobservable input** | **Range of<br>inputs** | **Weighted<br>average** | **Sensitivity<br>100<br>basis point<br>increase** | **Sensitivity<br>100<br>basis point<br>decrease** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Debt instruments** | | | | | | | |
| **Securities issued by other financial institutions** | | | | | | | |
| TIPS | 63280 | Discounted cash flow | Yield | 0.14% a 10.66% | 3.61% | 61474 | 65164 |
| TIPS | 63280 | Discounted cash flow | Prepayment Speed | n/a | n/a | 65081 | n/a |
| TIPS | 63280 | Discounted cash flow | Prepayment Speed | n/a | n/a | 60732 | n/a |
| Other bonds | 62558 | Discounted cash flow | Interest rate | 0.10% a 1.12% | 0.94% | 61003 | 64177 |
| Time deposits | 1727 | Discounted cash flow | Yield / Interest rate | 0.91% a 6.40% | 3.36% | 1441 | 1772 |
| **Total securities issued by other financial institutions** | **127565** |  |  |  |  |  |  |
| **Securities issued by the Colombian Government** |  |  |  |  |  |  |  |
| Bonds by government entities | 2648355 | Discounted cash flow | Yield | 1.18% a 1.18% | 1.18% | 2639349 | 2660301 |
| **Corporate bonds** |  |  |  |  |  |  |  |
| Corporate bonds | 611698 | Discounted cash flow | Yield | 0.00% a 5.25% | 0.98% | 573929 | 647264 |
| **Total debt instruments** | **3387618** |  |  |  |  |  |  |
| **Equity securities** |  |  |  |  |  |  |  |
| Equity securities | 717873 | Price-based | Price | n/a | n/a | n/a | n/a |
| **Other financial instruments** |  |  |  |  |  |  |  |
| Other financial instruments | 34385 | Internal valuation methodology | Internal valuation methodology | n/a | n/a | n/a | n/a |
| **Derivative financial instruments** |  |  |  |  |  |  |  |
| Forward | 430163 | Discounted cash flow | Credit spread / Yield | 0.00% a 20.80% | 7.05% | 429581 | 430753 |
| Swaps | 182488 | Discounted cash flow | Credit spread | 0.00% a 56.14% | 4.03% | 166650 | 204677 |
| Options | 66010 | Discounted cash flow | Credit spread | 0.12% a 34.75% | 0.50% | 65512 | 66242 |
| **Total derivative financial instruments** | **678661** |  |  |  |  |  |  |
| **Investment in associates** |  |  |  |  |  |  |  |
| P.A. Viva Malls | 1817503 | Price-based | Price | n/a | n/a | n/a | n/a |
| P.A. Distrito Vera | 13325 | Price-based | Price | n/a | n/a | n/a | n/a |
| Fideicomiso Locales Distrito Vera | 56 | Price-based | Price | n/a | n/a | n/a | n/a |
| **Total investment in associates** | **1830884** |  |  |  |  |  |  |

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<u>**Table of Contents**</u>

The following table sets forth information about valuation techniques used in the measurement of the fair value investment properties of Bancolombia S.A. and its subsidiaries, the significant unobservable inputs and the respective sensitivity:

---

| | | | |
|:---|:---|:---|:---|
| **Methodology** | **Valuation technique** | **Significant unobservable input** | **Description of sensitivity** |
| &nbsp;&nbsp;**Sales Comparison Approach - SCA**<br>The fair value assessment is based on the examination of prices at which similar properties in the same area recently sold. Since no two properties are identical the measurement valuation must take into account adjustments for the differences between the sold properties and those held by Bancolombia S.A. and its subsidiaries to earn rentals or for capital appreciation. | Comparable prices | &nbsp;&nbsp;The weighted average rates used in the capitalization methodology for revenues in the second quarter for 2025 are:<br>• Direct capitalization: initial rate 8.14%.<br>• Discounted cash flow: discount rate: 12.30%, terminal rate: 8.26%.<br>The same weighted rates for the last quarter of 2024 were:<br>• Direct capitalization: initial rate 8.13%<br>• Discounted cash flow: discount rate: 12.27%, terminal rate: 8.29%.<br>The ratio between monthly gross income and real estate value directly administered by the FIC (rental rate) considering the differences in placements and individual factors between properties and in a weighted way in the second quarter of 2025 are 0.87% and for December 31, 2024 was 0.88%. | An increase (light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, considerable, normal, light) in the fair value of the asset, and vice versa.<br>An increase (light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa. |
| &nbsp;&nbsp;**Income Approach**<br>Used to estimate the fair value of the property by taking future net cash flows and discounting them at the capitalization rate. | Direct capitalization<br>Discounted cash flows | &nbsp;&nbsp;The weighted average rates used in the capitalization methodology for revenues in the second quarter for 2025 are:<br>• Direct capitalization: initial rate 8.14%.<br>• Discounted cash flow: discount rate: 12.30%, terminal rate: 8.26%.<br>The same weighted rates for the last quarter of 2024 were:<br>• Direct capitalization: initial rate 8.13%<br>• Discounted cash flow: discount rate: 12.27%, terminal rate: 8.29%.<br>The ratio between monthly gross income and real estate value directly administered by the FIC (rental rate) considering the differences in placements and individual factors between properties and in a weighted way in the second quarter of 2025 are 0.87% and for December 31, 2024 was 0.88%. | An increase (light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, considerable, normal, light) in the fair value of the asset, and vice versa.<br>An increase (light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa. |
| &nbsp;&nbsp;**Cost approach**<br>Used to estimate the fair value of the property considering the cost to replace or build a property at the same or equal conditions of the asset to be measured, deducting the accumulated depreciation charge and adding-up the amount of the land. | Replacement cost | &nbsp;&nbsp;The weighted average rates used in the capitalization methodology for revenues in the second quarter for 2025 are:<br>• Direct capitalization: initial rate 8.14%.<br>• Discounted cash flow: discount rate: 12.30%, terminal rate: 8.26%.<br>The same weighted rates for the last quarter of 2024 were:<br>• Direct capitalization: initial rate 8.13%<br>• Discounted cash flow: discount rate: 12.27%, terminal rate: 8.29%.<br>The ratio between monthly gross income and real estate value directly administered by the FIC (rental rate) considering the differences in placements and individual factors between properties and in a weighted way in the second quarter of 2025 are 0.87% and for December 31, 2024 was 0.88%. | An increase (light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, considerable, normal, light) in the fair value of the asset, and vice versa.<br>An increase (light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa. |

---

There has been no change to the valuation technique during the year 2025 for each asset.

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<u>**Table of Contents**</u>

**NOTE 21. SUBSEQUENT EVENTS**

***Approval of Consolidated Financial Statements***

These Condensed Consolidated Interim Financial Statements were approved by Chief Executive Financial for publication at August 06, 2025. The Financial Statements have been reviewed, not audited.

On July 22, 2025, Bancolombia S.A. ("Bancolombia") announced its intention to voluntarily delist its 4.875% Subordinated Notes due 2027 (the "2027 Notes") and 8.625% Subordinated Notes due 2034 (the "2034 Notes," and together with the 2027 Notes, the "Notes") from the New York Stock Exchange (the "NYSE"). Management is currently carrying out the necessary procedures to transfer the listing jurisdiction of the aforementioned Notes to the Singapore Exchange ("SGX").

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<u>**Table of Contents**</u>

**RISK MANAGEMENT**

In the economic sphere, the first half of 2025 confirmed the continuation of the global macroeconomic stabilization process, supported by a gradual improvement in the pace of growth across several developed and emerging economies. At the same time, upside risks to inflation remain relevant, amid high indexation in service prices and increased trade barriers, which could exert inflationary pressures in the second half of the year. Additionally, geopolitical conflicts and the deterioration of public finances in some regions have contributed to heightened volatility in international financial markets.

**Credit risk**

Credit risk is the risk of an economic loss to the Bancolombia and its subsidiaries due to a non-fulfillment of financial obligations by a customer or counterparty and arises principally from the decline on borrower´s creditworthiness or changes in the business climate. Credit risk is the single largest risk for the Bank's business; which is managed at each stage of the credit cycle.

The information below contains the maximum exposure to credit risk for the periods ending December 31, 2024 and June 30, 2025:

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Maximum exposure to credit risk - Financial instruments subject to impairment** | **Maximum exposure to credit risk - Financial instruments subject to impairment** | **Maximum exposure to credit risk - Financial instruments subject to impairment** | **Maximum exposure to credit risk - Financial instruments subject to impairment** | **Maximum exposure to credit risk - Financial instruments subject to impairment** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Loans and Advances** | **192415429** | **9916153** | **11186563** | **213518145** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Commercial* | 111278012 | 3422322 | 6001924 | 120702258 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Consumer* | 31862232 | 3258768 | 2615066 | 37736066 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Mortgage* | 24576618 | 1431198 | 1201266 | 27209082 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Small Business Loans* | 801556 | 68927 | 41567 | 912050 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Financial Leases* | 23897011 | 1734938 | 1326740 | 26958689 |
| **Off-Balance Sheet Exposures** | **36634035** | **407085** | **427176** | **37468296** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Financial Guarantees* | 7243953 | 2267 | 153847 | 7400067 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Loan Commitments* | 29390082 | 404818 | 273329 | 30068229 |
| **Loss Allowance** | **(1656384)** | **(2076518)** | **(8072099)** | **(11805001)** |
| **Total** | **227393080** | **8246720** | **3541640** | **239181440** |

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<u>**Table of Contents**</u>

**December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Maximum exposure to credit risk - Financial instruments subject to impairment | Maximum exposure to credit risk - Financial instruments subject to impairment | Maximum exposure to credit risk - Financial instruments subject to impairment | Maximum exposure to credit risk - Financial instruments subject to impairment | Maximum exposure to credit risk - Financial instruments subject to impairment |
| In millions of COP | In millions of COP | In millions of COP | In millions of COP | In millions of COP |
|  | Stage 1 | Stage 2 | Stage 3 | Total |
| Loans and Advances | **245272297** | **16670291** | **17511320** | **279453908** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial | 137761467 | 5545788 | 9945556 | 153252811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer | 46697013 | 5118607 | 4000063 | 55815683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | 37076580 | 2701930 | 1963091 | 41741601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Business Loans | 1175803 | 91256 | 85150 | 1352209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Leases | 22561434 | 3212710 | 1517460 | 27291604 |
| Off-Balance Sheet Exposures | **46219765** | **552862** | **680307** | **47452934** |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Guarantees | 9926719 | 17800 | 199782 | 10144301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan Commitments(1) | 36293046 | 535062 | 480525 | 37308633 |
| Loss Allowance | (2331035) | (2752141) | (11397984) | (16481160) |
| Total | **289161027** | **14471012** | **6793643** | **310425682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1) As of December 31, 2024, the value of credit card overdrafts and balances was not disclosed, so we have included this amount for comparative purposes.*

The change compared to prior periods includes the effect of the change in the Cibest Group's corporate structure. For further information, see Note 1. Reporting Entity.

The maximum exposure to credit risk from the loan portfolio and finance lease operations corresponds to their carrying amount at the end of the period, without considering any collateral received or other credit enhancements.

The maximum exposure to credit risk from off-balance sheet positions includes financial guarantees, rate and credit line commitments, and available credit facilities granted at the end of the period, without considering any collateral received or other credit enhancements.

**Credit Risk Management - Loans and Advances**

The information below provides the most significant events in Bancolombia and its main subsidiaries for the second quarter:

**Retail and SME Banking at Bancolombia**

As of the end of June 2025, the total loan portfolio for retail and SME banking increased by 3.3% compared to December 2024. Past-due loans decreased by 6%, improving the non-performing loan (NPL) ratio from 6.9% to 6.3%. This positive trend is attributed to the recovery of the macroeconomic environment, reflected in falling inflation, lower market interest rates, and reduced unemployment. Additionally, proactive monitoring and early collection and monitoring strategies have contributed to lower portfolio default rates. Early warning and predictive analytics strategies will continue to be applied to the loan portfolio, aiming to identify early signs of deterioration and mitigate the materialization of credit risk.

**Corporate Bank business at Bancolombia**

As of the end of June 2025, the corporate business continued to show a positive performance in its loan portfolio, with an outstanding balance increase of 3.77% compared to December 2024. This growth is partly attributed to a favorable disbursement dynamic, with disbursement levels consistently exceeding COP 114 trillion.

Regarding portfolio quality, a significant improvement was observed. The 30-day past-due loan ratio stood at 2.32% at the end of June 2025, reflecting a reduction of 22 basis points compared to December 2024. This improvement highlights effective credit risk management, supported by stricter origination policies and proactive monitoring of clients showing early warning signs of deterioration.

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<u>**Table of Contents**</u>

Lastly, loan loss coverage through provisions remained strong, reaching 140.74% as of the second quarter of 2025. This level of coverage indicates the institution's solid capacity to absorb potential credit losses, reinforcing both its solvency and overall financial stability.

**Bancolombia Panama**

In June 2025, total exposure in Bancolombia Panama showed a 4.97% decrease compared to December 2024. This reduction was mainly driven by repayments, cancellations, and charge-offs recorded during the semester. By segment, the corporate portfolio grew by 25.5%, while the SME and business segments declined by 13.2% and 15.3%, respectively.

Regarding past-due loans, the 30-day delinquency indicator (ICV30) increased by 56%, rising from 0.33% in December 2024 to 0.51% in June 2025, reflecting a deterioration in portfolio quality. This was primarily due to increased roll rates, particularly within the corporate segment. Proactive monitoring strategies will continue to be implemented to identify early warning signs of deterioration and mitigate the materialization of credit risk.

**Bancolombia Puerto Rico**

In June 2025, total exposure in Bancolombia Puerto Rico increased by 6.59% compared to December 2024, mainly driven by stronger disbursement activity. This positive performance was particularly reflected in the business segment.

Regarding past-due loans, the 30-day delinquency indicator (ICV30) decreased by 139%, rising from 0.17% in December 2024 to 0.7% in June 2025. This improvement is largely explained by the healthy performance of past-due loans across various products and by charge-offs executed during the first half of the year. Proactive monitoring strategies will continue to be implemented to identify early warning signs of deterioration and mitigate the materialization of credit risk.

**Monitoring Sectoral Alerts, Macroeconomic Changes, and the Political Environment at Bancolombia**

During the second quarter of 2025, monitoring and collection strategies remained active across all business segments, aiming to identify emerging risks and proactively implement timely solutions to mitigate potential impacts on the loan portfolio. As part of this process, Bancolombia has intensified its comprehensive review of the economic sectors to which it is exposed, considering macroeconomic, sectoral, financial, and transactional variables in a context of uncertainty driven by both local and international issues.

Currently, potential impacts of the new labor reform are being assessed. The reform could affect labor intensive sectors such as hotels, restaurants, and Temporary service agencies and services BPO, where an increase in operating costs and adjustments in hiring practices are expected. These changes may lead to a deterioration in some client's payment capacity, reduced profit margins, or even increased unemployment and informality among individuals. Bancolombia will continue to actively evaluate these risks and design strategies for clients who may be affected.

At the same time, a positive trend in client payment behavior persists, with customers responding favorably to the decline in inflation and interest rates. Nevertheless, alerts related to government budget management, monetary policy, trade policy, and key variables such as the exchange rate continue to be closely monitored. Additionally, sector-specific alerts remain in place for industries such as construction, healthcare, and public sector contractors.

**Country Risk**

At the end of June 30, 2025, no alerts were presented in any investment subject to country risk, nor were adjustments made for deterioration of investments that could affect or deteriorate the financial strength of Bancolombia and its subsidiaries, compared to the end of 2024. The decrease in the investment portfolio subject to country risk assessment is primarily due to the reallocation of investment companies within the Cibest Group. Additionally, the decrease in the value of investments is due to revaluation factors.

**a.Credit Quality Analysis - Loans and Financial Leases**

**Analysis of the behavior and impairment of the loan portfolio and financial lease operations**

Bancolombia's portfolio, valued in Colombian pesos, closed June 2025 with a decrease of 23.59% compared to the end of 2024. This variation, relative to previous periods, includes the effect of changes in the Group's corporate structure. The consolidated 30-day delinquency rate (ICV) showed a reduction, reaching 4.57% in June 2025 compared to 5.20% in December 2024, mainly explained by an improvement in the quality of the consumer loan portfolio. During the period,

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<u>**Table of Contents**</u>

various strategies were developed throughout the credit cycle, allowing for proactive and consistent actions aligned with the clients' reality and environment, aimed at containing deterioration and targeting better risk profiles.

In order to monitor credit risk associated with clients, the Bank has established regular meetings conducted by the AEC Committee to identify events that can lead to a reduction in borrowers' ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors such as the economic activity and sector, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients' business. The amount and allowance of clients included in the described watch list, as of December 31, 2024 and June 30, 2025 is shown below:

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<u>**Table of Contents**</u>

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| | | | |
|:---|:---|:---|:---|
| **Watch List June 30, 2025** | **Watch List June 30, 2025** | **Watch List June 30, 2025** | **Watch List June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Risk Level** | **Amount** | **%** | **Allowance** |
| *Level 1 – Low Risk* | 10984565 | 0.65% | 70985 |
| *Level 2 – Medium Risk* | 3355275 | 11.04% | 370367 |
| *Level 3 – High Risk* | 2221177 | 59.83% | 1328969 |
| *Level 4 – High Risk* | 3755778 | 69.80% | 2621436 |
| **Total** | **20316795** | **21.62%** | **4391757** |

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| | | | |
|:---|:---|:---|:---|
| **Watch List December 31, 2024** | **Watch List December 31, 2024** | **Watch List December 31, 2024** | **Watch List December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Risk Level** | **Amount** | **%** | **Allowance** |
| *Level 1 – Low Risk* | 14081182 | 0.72% | 101994 |
| *Level 2 – Medium Risk* | 5708673 | 6.50% | 370892 |
| *Level 3 – High Risk* | 3811886 | 53.84% | 2052135 |
| *Level 4 – High Risk* | 5948366 | 61.67% | 3668615 |
| **Total** | **29550107** | **20.96%** | **6193636** |

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**• Concentration of loan by maturity**

The following table shows the ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases at the end of December 2024 and June 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Maturity** | **Less Than 1 Year** | **Between 1 and 5**<br>**Years** | **Between 5 and 15**<br>**Years** | **Greater Than 15**<br>**Years** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Commercial** | **38940591** | **49432045** | **31851699** | **477923** | **120702258** |
| *Corporate* | 21491533 | 25607384 | 14668472 | 230614 | 61998003 |
| *SME* | 3825576 | 7446963 | 1015201 | 12407 | 12300147 |
| *Others* | 13623482 | 16377698 | 16168026 | 234902 | 46404108 |
| **Consumer** | **737923** | **27796236** | **9192238** | **9669** | **37736066** |
| *Credit card* | 489 | 7892446 |  | - | 7892935 |
| *Vehicle* | 93286 | 2716605 | 1581606 | 365 | 4391862 |
| *Order of payment* | 22165 | 1291230 | 2553618 |  | 3867013 |
| *Others* | 621983 | 15895955 | 5057014 | 9304 | 21584256 |
| **Mortgage** | **43217** | **856572** | **8318011** | **17991282** | **27209082** |
| *VIS* | 14565 | 275189 | 2498863 | 7877576 | 10666193 |
| *Non-VIS* | 28652 | 581383 | 5819148 | 10113706 | 16542889 |
| **Financial Leases** | **2339307** | **7376337** | **13340687** | **3902358** | **26958689** |
| **Small business loans** | **30809** | **866320** | **14915** | **6** | **912050** |
| **Total gross loans and financial leases** | **42091847** | **86327510** | **62717550** | **22381238** | **213518145** |

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<u>**Table of Contents**</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Maturity** | **Less Than 1 Year** | **Between 1 and 5**<br>**Years** | **Between 5 and 15**<br>**Years** | **Greater Than 15**<br>**Years** | **Total** |
| **Commercial** | **48186159** | **62610478** | **41614622** | **841552** | **153252811** |
| *Corporate* | 29076028 | 32243275 | 23454114 | 504876 | 85278293 |
| *SME* | 4771087 | 8555996 | 1727911 | 148502 | 15203496 |
| *Others* | 14339044 | 21811207 | 16432597 | 188174 | 52771022 |
| **Consumer** | **1267269** | **34216968** | **19553651** | **777795** | **55815683** |
| *Credit card* | 234325 | 9587518 | 2170668 | - | 11992511 |
| *Vehicle* | 81066 | 3270554 | 2283873 | 365 | 5635858 |
| *Order of payment* | 47981 | 2261874 | 7525578 | 545814 | 10381247 |
| *Others* | 903897 | 19097022 | 7573532 | 231616 | 27806067 |
| **Mortgage** | **79304** | **1095329** | **10509429** | **30057539** | **41741601** |
| *VIS* | 14439 | 284872 | 2540655 | 13343314 | 16183280 |
| *Non-VIS* | 64865 | 810457 | 7968774 | 16714225 | 25558321 |
| **Financial Leases** | **1804964** | **8586693** | **13202556** | **3697391** | **27291604** |
| **Small business loans** | **194013** | **919392** | **208405** | **30399** | **1352209** |
| **Total gross loans and financial leases** | **51531709** | **107428860** | **85088663** | **35404676** | **279453908** |

---

*VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages.*

**• Concentration by past due days**

The following table shows the loans and financial leases according to past due days for the periods ending on December 31, 2024 and June 30, 2025. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Past-due** | **Past-due** | **Past-due** | **Past-due** | **Past-due** | **Past-due** | **Past-due** |
| **Period** | **0 - 30 Days** | **31 - 90 Days** | **91 - 120 Days** | **121 - 360 Days** | **More Than 360**<br>**Days** | **Total** |
| *Commercial* | 116440763 | 455854 | 160972 | 1176259 | 2468410 | 120702258 |
| *Consumer* | 35056702 | 1046327 | 334994 | 1103437 | 194606 | 37736066 |
| *Mortgage* | 25387765 | 706139 | 158644 | 423809 | 532725 | 27209082 |
| *Financial Leases* | 26033266 | 279609 | 52169 | 211269 | 382376 | 26958689 |
| *Small Business Loans* | 850723 | 26083 | 7865 | 23211 | 4168 | 912050 |
| **Total** | **203769219** | **2514012** | **714644** | **2937985** | **3582285** | **213518145** |

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<u>**Table of Contents**</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Past-due** | **Past-due** | **Past-due** | **Past-due** | **Past-due** | **Past-due** | **Past-due** |
| **Period** | **0 - 30 Days** | **31 - 90 Days** | **91 - 120 Days** | **121 - 360 Days** | **More Than 360**<br>**Days** | **Total** |
| *Commercial* | 147402632 | 531609 | 280750 | 1515324 | 3522496 | 153252811 |
| *Consumer* | 51393527 | 1761496 | 624945 | 1776361 | 259354 | 55815683 |
| *Mortgage* | 38560253 | 1184755 | 285466 | 830743 | 880384 | 41741601 |
| *Financial Leases* | 26331118 | 247056 | 58435 | 273619 | 381376 | 27291604 |
| *Small Business Loans* | 1242568 | 36196 | 8848 | 45608 | 18989 | 1352209 |
| **Total** | **264930098** | **3761112** | **1258444** | **4441655** | **5062599** | **279453908** |

---

**Concentration of loans by economic sector**The following table contains the detail of the portfolio of loans and financial leases by main economic activity of the borrower for the periods ending on June 20, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Economic sector | Loans and advances | Loans and advances | Loans and advances |
|  | Local | Foreign | Total |
| *Agriculture* | 5348169 | 72740 | 5420909 |
| *Petroleum and Mining Products* | 2163242 | 9030 | 2172272 |
| *Food, Beverages and Tobacco* | 10217752 | 295401 | 10513153 |
| *Chemical Production* | 5097467 | 39646 | 5137113 |
| *Government* | 10695493 | 7475 | 10702968 |
| *Construction* | 13599272 | 58857 | 13658129 |
| *Commerce and Tourism* | 24765340 | 670447 | 25435787 |
| *Transport and Communications* | 12328754 | 31347 | 12360101 |
| *Public Services* | 14291146 | 384 | 14291530 |
| *Consumer Services* | 62418630 | 2348018 | 64766648 |
| *Commercial Services* | 35010050 | 4285656 | 39295706 |
| *Other Industries and Manufactured Products* | 9506004 | 257825 | 9763829 |
| **Total** | **205441319** | **8076826** | **213518145** |

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<u>**Table of Contents**</u>

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| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Economic sector | Loans and advances | Loans and advances | Loans and advances |
|  | Local | Foreign | Total |
| *Agriculture* | 5520414 | 2813604 | 8334018 |
| *Petroleum and Mining Products* | 2126602 | 636010 | 2762612 |
| *Food, Beverages and Tobacco* | 10132520 | 2164911 | 12297431 |
| *Chemical Production* | 4507362 | 364649 | 4872011 |
| *Government* | 10256608 | 627705 | 10884313 |
| *Construction* | 14441608 | 9134115 | 23575723 |
| *Commerce and Tourism* | 24920337 | 8480380 | 33400717 |
| *Transport and Communications* | 12313907 | 597216 | 12911123 |
| *Public Services* | 13253631 | 1265243 | 14518874 |
| *Consumer Services* | 61263015 | 35692512 | 96955527 |
| *Commercial Services* | 30662353 | 13347867 | 44010220 |
| *Other Industries and Manufactured Products* | 9671905 | 5259434 | 14931339 |
| **Total** | **199070262** | **80383646** | **279453908** |

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**b.Credit Risk Management – investment financial instruments**

The portfolio is exposed to credit risks given the probability of incurring losses originated by the default in the payment of a coupon, principal and/or yields/dividends of a financial instrument by its issuer or counterparty. The probability of this type of events materializing may increase if there are scenarios of concentration in few issuers (counterparties) and whose credit performance is reflected by higher risk ratings; likewise, increases in credit risk may occur in scenarios in which the portfolio presents low levels of diversification at the level of type and sector of the counterparties with which financial asset transactions are carried out.

The Bank and its subordinates maintains the control and continuous monitoring of the assigned credit risk limits, as well as the consumption thereof. Additionally, the Bank and its subordinates follows up and manages alerts on counterparties and issuers of securities, based on public market information and news related to their performance; this allows mitigating the risks of default or reduction of value for the managed positions.

For credit risk management, each of the positions that make up the portfolio of the own position are adjusted to the policies and limits that have been defined and that seek to minimize the exposure to the same:

• Term Limits

• Credit Limits

• Counterparty Limits

• Master Agreement

• Margin Agreements

• Counterparty Alerts

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<u>**Table of Contents**</u>

**c.Credit Quality Analysis - investment financial instruments**

In order to evaluate the credit quality of a counterparty or issuer (to determine a risk level or profile), the Bank relies on two rating systems: an external one and an internal one, both of which allow to identify a degree of risk differentiated by segment and country and to apply the policies that have been established for issuers or counterparties with different levels of risk, in order to limit the impact on liquidity and/or the income statement of the Bank and its subordinates .

**External credit rating system:** is divided by the type of rating applied to each instrument or issuer; in this way the geographic location, the term and the type of instrument allow the assignment of a rating according to the methodology that each examining agency uses.

**Internal credit rating system:** the "ratings or risk profiles" scale is created with a range of levels that go from low risk to high risk (this can be reported in numerical or alphanumerical scales), where the rating model is sustained by the implementation and analysis of qualitative and quantitative variables at sector level, which according to the relative analysis of each variable, determine credit quality; in this way the internal credit rating system aims to establish adequate margin in decision-making regarding the management of financial instruments.

In accordance with the criteria and considerations specified in the internal rating allocation and external credit rating systems methodologies, the following schemes of relation can be established, according to credit quality given to each one of the qualification scales:

**Low Risk:** all investment grade positions (from AAA to BBB-), as well as those issuers that according to the information available (financial statements, relevant information, external ratings, CDS, among others) reflect adequate credit quality.

**Medium Risk:** all speculative grade positions (from BB+ to BB-), as well as those issuers that according to the available information (Financial statements, relevant information, external qualifications, CDS, among others) reflect weaknesses that could affect their financial situation in the medium term.

**High Risk:** all positions of speculative grade (from B+ to D), as well as those issuers that according to the information available (Financial statements, relevant information, external qualifications, CDS, among others) reflect a high probability of default of financial obligations or that already have failed to fulfill them.

The credit risk rating of the Republic of Colombia was downgraded following the latest reports issued on June 26, 2025 by Moody's (to Baa3) and S&P (to BB). As a result, positions in Colombian sovereign debt and Colombian issuers have been reclassified to the medium-risk category.

**Credit Quality Analysis&nbsp;&nbsp;&nbsp;&nbsp;**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Debt Instruments** | **Debt Instruments** | **Equity** | **Equity** | **Other financial instruments** <sup>(1)</sup> | **Other financial instruments** <sup>(1)</sup> | **Derivatives** <sup>(2)</sup> | **Derivatives** <sup>(2)</sup> |
| | **jun-25** | **dic-24** | **jun-25** | **dic-24** | **jun-25** | **dic-24** | **jun-25** | **dic-24** |
| **In Millions of COP**  | **In Millions of COP**  | **In Millions of COP**  | **In Millions of COP**  | **In Millions of COP**  | **In Millions of COP**  | **In Millions of COP**  | **In Millions of COP**  | **In Millions of COP**  |
| **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** |
| Low Risk | 3034637 | 29130380 | 38 | 363198 |  | 1712 | 418725 | 834821 |
| Medium Risk  | 24473317 | 4873025 | 684827 | 57119 | 7859 | 16479 | 495310 | 1154 |
| Hihg Risk | 36602 | 2580107 | 4 | 677 | 12209 | 2966 | 3556 | 7085 |
| Without Rating | - | - | 132780 | 590316 | - | 13228 | 19871 | 86437 |
| **Total** | **27544556** | **36583512** | **817649** | **1011310** | **20068** | **34385** | **937462** | **929497** |

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<sup>(1)</sup> *Corresponds to SAFE "Simple Agreement for Future Equity".*

<sup>(2)</sup> *For derivatives transactions counterparty risk is disclosed as long as the valuation is positive.*

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<u>**Table of Contents**</u>

**Risk exposure by credit rating**

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| | | |
|:---|:---|:---|
| | **investment financial instruments** | **investment financial instruments** |
| **Maximum Exposure to Credit Risk** | **jun-2025** | **dic-2024** |
| **In Millions of COP** | **In Millions of COP** | **In Millions of COP** |
| Rating Scale<sup>(1)</sup> | Rating Scale<sup>(1)</sup> | Rating Scale<sup>(1)</sup> |
| Sovereign Risk | 18041111 | 14487622 |
| AAA | 2691312 | 10113581 |
| AA+ | 1637 | 4714501 |
| AA | 44303 | 770266 |
| AA- | 56715 | 68124 |
| A+ | 134496 | 906847 |
| A | 67048 | 465978 |
| A- | 208287 | 352619 |
| BBB+ | 38756 | 587802 |
| BBB | 142045 | 221092 |
| BBB- | 68801 | 219676 |
| BB+ | 7451055 | 2824168 |
| BB | 75829 | 1674226 |
| BB- | 93319 | 347253 |
| Other | 52370 | 114969 |
| No rated | 152651 | 689981 |
| **Total** | **29319735** | **38558705** |

---

<sup>(1)</sup> *Internal homologation.*

**• Financial credit quality of investment financial instruments that are not in default nor impaired in value**

**Debt instruments:** 100% of the debt instruments are not in default.

**Equity:** The positions do not represent significant risks.

**Derivatives:** 99.9% of the credit exposure does not present incidences of material default. The remaining percentage corresponds to default events at the end of the period.

------

<u>**Table of Contents**</u>

**• Maximum exposure level to the credit risk given:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Maximum Exposure** | **Maximum Exposure** | **Collateral** | **Collateral** | **Net Exposure** | **Net Exposure** |
| | **jun-25** | **dic-24** | **jun-25** | **dic-24** | **jun-25** | **dic-24** |
| **En millones de pesos colombianos**  | **En millones de pesos colombianos**  | **En millones de pesos colombianos**  | **En millones de pesos colombianos**  | **En millones de pesos colombianos**  | **En millones de pesos colombianos**  | **En millones de pesos colombianos**  |
| **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | |  |  |  |  |
| Debt Instruments | 27544556 | 36583512 | (3725343) | (1669011) | 23819212 | 34914501 |
| Derivatives | 937462 | 929498 | 511246 | 589098 | 426216 | 340400 |
| Equity | 817649 | 1011310 | - | - | 817649 | 1011310 |
| Other financial instruments | 20068 | 34385 | - | - | 20068 | 34385 |
| **Total** | **29319735** | **38558705** | **(4236589)** | **(2258109)** | **25083145** | **36300596** |

---

*Note: In derivatives, positive collateral are received from counterparties and collateral negative are delivered to counterparties. Derivative collateral received from counterparties, whose have their market value positive when consolidate all the portfolio derivaties of related ID, in December 2024 was COP 589,098 and in June 2025 was COP 511,246. In debt securities, guarantees correspond to Repo, reverse repo, and securities lending trades.*

**Collateral- investment financial instruments**

**Level of collateral:** respect to the type of asset or operation, a collateral level is determined according to the policies defined for each product and the market where the operation is carried out.

**Assets held as collateral in organized markets:** the only assets that can be received as collateral are those defined by the central counterparties, the stock market where the operation is negotiated, those assets that are settled separately in different contracts or documents, which can be managed by each organization and must comply with the investment policies defined by the Bank, taking into account the credit limit for each type of asset or operation received or delivered, which collateral received are the best credit quality and liquidity.

**Assets received as bilateral collateral between counterparties:** the collateral accepted in international OTC derivative operations is agreed on bilaterally in the Credit Support Annex (CSA)<sup>1</sup> and with fulfillment in cash in dollars and managed by Citibank N.A.. This company acts on behalf of Bancolombia for making international margin calls and providing a better management of the collateral.

**Collateral adjustments for margin agreements:** the adjustments will be determined by the criteria applied by both the external and internal regulations in effect, and at the same time, mitigation standards are maintained so that the operation fulfills the liquidity and solidity criteria for settlement.

**d.Credit risk concentration - investment financial instruments**

Currently, the Bank and its subordinates´s positions do not exceed the concentration limit.

<sup>1</sup> *A Credit Support Annex (CSA) provides credit protection by setting forth the rules governing the mutual posting of collateral. CSAs are used in documenting collateral arrangements between two parties that trade privately negotiated (over-the-counter) derivative securities. The trade is documented under a standard contract called a master agreement, developed by the International Swaps and Derivatives Association (ISDA).*

------

<u>**Table of Contents**</u>

**Market risk**

Bancolombia and its subsidiaries currently measure the treasury book exposure to market risk (including OTC derivatives positions) as well as the currency risk exposure of the banking book, which is provided to the Treasury Division, using a VaR methodology established in accordance with "Chapter XXXI of the Basic Accounting Circular", issued by the Financial Superintendence of Colombia.

The VaR methodology established by "Chapter XXXI of the Basic Accounting Circular" is based on the model recommended by the Amendment to the Capital Accord to Incorporate Market Risks of Basel Committee, which focuses on the treasury book and excludes investments classified as amortized cost which are not being given as collateral and any other investment that comprises the banking book. In addition, the methodology aggregates all risks by the use of correlations, through an allocation system based on defined zones and bands, affected by given sensitivity factors.

The Bank and its subsidiaries use different models with the purpose of measure risk exposure and the portfolio diversification effect, the main metrics are: i) the standard methodology required by the Financial Superintendence of Colombia, is established by "Chapter XXXI of the Basic Accounting Circular", and ii) the internal methodology of historical weighted simulation, which use a confidence level of 99%, a holding period of 10 days, a time frame of 250 business days and hierarchical VaR limits.

The guidelines and principles of market risk management at the Bancolombia and its subsidiaries have been keeping in accordance with disclose of December 31, 2024.

Total market risk exposure decreased by 34.9%, from COP 1,697,566 in December 2024 to COP 1,105,473 in June 2025. This variation is mainly attributable to the creation of Grupo Cibest and its corporate reorganization process, which led to the exclusion of entities located outside Colombia from the consolidated financial statements. Regarding the main movements by risk factor, the most significant reduction was observed in the foreign exchange risk factor, due to lower exposure to U.S. dollar-denominated positions. Similarly, the collective investment funds and interest rate risk factors declined as a result of the new organizational structure. These effects were partially offset by an increase in Bancolombia's portfolio, driven by higher exposure to private debt securities and foreign currency bonds.

The following table presents the total change in market risk and other risk factors.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 2025** | **June 2025** | **June 2025** | **June 2025** | **June 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Factor** | **End of Period** | **Average** | **Maximum**<br>**January, 2025** | **Minimum**<br>**April, 2025** |
| Interest rate | 527010 | 507231 | 499712 | 524034 |
| Exchange rate | 192824 | 350869 | 751796 | 79062 |
| Stock price | 360900 | 367222 | 367615 | 375015 |
| Collective investment funds | 24739 | 32482 | 35781 | 36608 |
| **Total Value at Risk** | **1105473** | **1257804** | **1654904** | **1014719** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 2024** | **December 2024** | **December 2024** | **December 2024** | **December 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Factor** | **End of Period** | **Average** | **Maximum**<br>**November, 2025** | **Minimum**<br>**January, 2025** |
| Interest rate | 540397 | 507425 | 586194 | 453240 |
| Exchange rate | 764920 | 554900 | 759703 | 364421 |
| Stock price | 360287 | 351134 | 356794 | 346694 |
| Collective investment funds | 31962 | 25653 | 31473 | 18005 |
| **Total Value at Risk** | **1697566** | **1439112** | **1734164** | **1182360** |

---

------

<u>**Table of Contents**</u>

On the other hand, regarding the VaR measured with the internal, no relevant variations were identified in the VaR metrics at the end of the quarter, nor were any exceedances of the approved limits.

This exposure has been permanently monitored by the Board of Directors and is an input for the decision-making process to preserve the stability in the Bank and its subsidiaries.

**Non-trading instruments market risk measurement**

The banking book's relevant risk exposure is interest rate risk, which is the probability of unexpected changes in net interest income or in the economic value of equity as a result of a change in market interest rates. Changes in interest rates affect the Bank's earnings because of timing differences on the repricing of the assets and liabilities. The Bank manages the interest rate risk arising from banking activities in non-trading instruments by analyzing the interest rate mismatches between its interest earning assets and its interest bearing liabilities, and estimates the impact on the net interest income and the economic value of equity. The foreign currency exchange rate exposures arising from the banking book are provided to the Treasury Division where these positions are aggregated and managed.

**• Interest Risk Exposure (Banking Book)**

Bancolombia and its subsidiaries conduct an interest rate risk sensitivity analysis by estimating the impact on the net interest margin of each position in the banking book, using a repricing model and assuming a positive parallel shift of 100 basis points (bps) in interest rates.

Table 1 provides information on the interest rate risk sensitivity of the banking book positions of Bancolombia and its subsidiaries.

***Table 1. Sensitivity to Interest Rate Risk of the Banking Book***

The following presents the interest rate risk sensitivity in local currency (COP) for Bancolombia and its subsidiaries as of June 30, 2025, and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| *Assets sensitivity 100 bps* | 1,323,123 | 1,262,776 |
| *Liabilities sensitivity 100 bps* | 973,549 | 915,528 |
| **Net interest income sensitivity 100 bps** | **349,574** | **347,248** |

---

The following presents the interest rate risk sensitivity in foreign currency (US dollars) for Bancolombia and its subsidiaries as of June 30, 2025, and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of USD** | **In millions of USD** | **In millions of USD** |
| *Assets sensitivity 100 bps* | 34075 | 76219 |
| *Liabilities sensitivity 100 bps* | 26277 | 83051 |
| **Net interest income sensitivity 100 bps** | **7798** | **(6832)** |

---

A positive net sensitivity indicates that assets are more sensitive than liabilities and implies that an increase in interest rates will positively net interest margin of impact at Bancolombia and its subsidiaries. A negative sensitivity indicates that liabilities are more sensitive than assets and implies that an increase in interest rates will negatively impact the net interest margin. In the event of a decrease in interest rates, the effect on the net interest margin would be the opposite of what is described above.

------

<u>**Table of Contents**</u>

**Total Exposure:**

As of June 30, 2025, the net sensitivity of the banking book in local currency to parallel shifts of 100 basis points in interest rates was COP 349,574.

The observed increase in this sensitivity is mainly due to the rise in the balance of the variable-rate loan portfolio, offset by the implementation of accounting hedging strategies, along with the growth in Certificates of Term Deposit (CDTs) with maturities of less than one year.

On the other hand, the sensitivity of the Net Interest Margin (NIM) in foreign currency to a parallel shift of 100 basis points in interest rates increased between December 31, 2024, and June 30, 2025.

This increase is mainly explained by a change in the comparison base, which shifted from considering only Grupo Bancolombia to including only Bancolombia and its subsidiaries. Under this new approach, asset sensitivity exceeds liability sensitivity, due to the high concentration of variable-rate loans in Bancolombia Panama. This effect was largely offset by fixed-rate Certificates of Term Deposit (CDTs), which are sensitive to interest rate changes.

**• Assumptions and Limitations**

To calculate net interest margin sensitivity based on repricing terms, several key assumptions were considered: (a) prepayments, new operations, defaults, etc., are not considered (b) fixed-rate balance sensitivity includes amounts maturing in less than one year, under the assumption that these will be reinvested at market interest rates; and (c) interest rate changes are assumed to occur immediately and in a parallel manner across the yield curves of both assets and liabilities.

**Liquidity risk**

Liquidity risk refers to the possibility of not being able to efficiently and timely meet payment obligations, both expected and unexpected, present and future, without affecting the normal course of daily operations or the financial condition of the entity. This risk occurs when there is a shortage of available liquid assets or when it is necessary to assume unusual financing costs.

During the second quarter, the corporate reorganization of the Cibest Group led to the formation of the Bancolombia consolidated. The subsequent analysis is based on this new consolidated structure.

During the analysis period, adequate liquidity levels were maintained. Bancolombia and Bancolombia Panama stood out for their strong deposit-taking capacity, particularly in deposit accounts and Certificates of Term Deposit (CDTs). This performance was accompanied by sustained growth in the Bank's loan portfolio, which helped offset the increase in funding and reflected efficient liquidity management.

Additionally, liquidity levels remained within established limits and met the requirements of the entities within the Bancolombia consolidated, complying with both internal and regulatory indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liquidity risk exposure**

To estimate liquidity risk, a liquidity coverage ratio is calculated to ensure that the liquid assets held are sufficient to cover potential net cash outflows over a 30-day period. This indicator allows the Bancolombia consolidated to meet its liquidity coverage for the upcoming month. The liquidity coverage ratio is presented as follows:

---

| | | |
|:---|:---|:---|
| **Liquidity Coverage Ratio**  | **June 30, 2025** | **December 31, 2024** |
| *Net cash outflows into 30 days* | 19630805 | &nbsp;&nbsp;&nbsp;&nbsp;23887074 |
| *Liquid Assets*  | 41061665 | &nbsp;&nbsp;&nbsp;&nbsp;59617840 |
| **Liquidity coverage ratio**<sup>(1)</sup> | **209.17%** | **249.58%** |

---

<sup>(1)</sup> *The minimum level required of the liquidity coverage ratio is 100%.* 

------

<u>**Table of Contents**</u>

During the first half of 2025, the liquidity coverage ratio decreased from 249.58% in December 2024 to 209.17% in June 2025. This variation is mainly due to a change in the comparison base, which shifted from Grupo Bancolombia to the consolidated Bancolombia.

**b.Liquid Assets**

One of the main guidelines of the Bancolombia consolidated is to maintain a strong liquidity position. Accordingly, the Risk Committee has approved a methodology for determining the minimum level of liquid assets, calculated based on liquidity requirements, in order to ensure the proper functioning of banking and financial services activities—such as loan disbursements and deposit withdrawals—while protecting capital and taking advantage of market opportunities.

The following table presents the liquid assets of the Bancolombia consolidated:

---

| | | |
|:---|:---|:---|
| **Liquid Assets**<sup>(1)</sup> | **June 30, 2025** | **December 31, 2024** |
| **High quality liquid assets**<sup>(2)</sup> | | |
| *Cash* | 16132718 | &nbsp;&nbsp;&nbsp;&nbsp;27931834 |
| *High quality liquid securities* | 20151945 | &nbsp;&nbsp;&nbsp;&nbsp;24862861 |
| **Other Liquid Assets** |  |  |
| *Other securities*<sup>(3)</sup> | 4777002 | &nbsp;&nbsp;&nbsp;&nbsp;6823145 |
| **Total Liquid Assets** | **41061665** | **&nbsp;&nbsp;&nbsp;&nbsp;59617840** |

---

<sup>(1)</sup> ***Liquid assets:*** *Liquid assets are considered to be those that are easily realizable and form part of the entity's portfolio, or those received as collateral in active money market operations, provided they have not been subsequently used in passive money market operations and are free from any mobility restrictions. Liquid assets include: cash, holdings in open-ended collective investment funds without a minimum holding period, and negotiable investments available for sale in fixed-income securities.*

<sup>(2)</sup> ***High-quality*** *securities are considered to be those available and liquid assets received by the Central Bank for its monetary expansion and contraction operations.*.

<sup>(3)</sup> ***Other liquid assets***: *liquid* a*ssets that do not meet the quality characteristic are included in this category.*

## Exhibit 1.2

![cib-20240814xex2001.jpg](cib-20240814xex2001.jpg)

**CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS**<br>**FOR THE SIX-MONTHS PERIOD ENDED JUNE 30, 2025 AND 2024 AND THE THREE-MONTHS PERIOD FROM APRIL 01 TO JUNE 30, 2025 AND 2024**<br>

------

**CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION** 

**BANCOLOMBIA S.A.**

As of June 30, 2025 and December 31, 2024

(*Stated in millions of Colombian pesos*)

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **June 30, 2025** <sup>(1)</sup> | **December 31, 2024** |
| **ASSETS** | | | |
| **Cash and cash equivalents** | 3 | **17598994** | **19025227** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in financial assets, net | 4.1 | 25973786 | 21756044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 4.2 | 3214068 | 2924434 |
| **Investments in financial assets, net and derivative financial instruments** |  | **29187854** | **24680478** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and advances to customers |  | 198722204 | 191927705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for loans, advances and lease losses |  | (12862532) | (13829166) |
| **Loans and advances to customers, net** | 5 | **185859672** | **178098539** |
| Assets held for sale and inventories, net |  | 273276 | 392746 |
| Investment in subsidiaries | 6 | 8170951 | 28718183 |
| Investment in associates and joint ventures | 7 | 189920 | 205312 |
| Premises and equipment, net | 8 | 4661022 | 4866583 |
| Investment properties |  | 941634 | 846853 |
| Right of use asset under lease agreements |  | 1266031 | 1296314 |
| Intangible assets, net |  | 374032 | 370461 |
| Deferred tax |  | - | - |
| Other assets, net |  | 4459743 | 4084045 |
| **TOTAL ASSETS** |  | **252983129** | **262584741** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **LIABILITIES** |  |  |  |
| Deposits by customers | 10 | 194416941 | 185801073 |
| Interbank deposits and repurchase agreements and other similar secured borrowing | 11 | 3188715 | 628483 |
| Derivative financial instruments | 4.2 | 3502940 | 2667439 |
| Borrowings from other financial institutions | 12 | 7888588 | 10557864 |
| Debt instruments in issue |  | 7284850 | 7801008 |
| Lease contracts liabilities, net |  | 1357414 | 1391215 |
| Preferred shares |  | - | 584204 |
| Current tax |  | 1092120 | 1069 |
| Deferred tax, net | 9.4 | 58549 | 1387838 |
| Employee benefit plans |  | 698129 | 711067 |
| Other liabilities | 13 | 10757753 | 8782160 |
| **TOTAL LIABILITIES** |  | **230245999** | **220313420** |
| **EQUITY** |  |  |  |
| Share capital | 15.0 | 480914 | 480914 |
| Additional paid-in-capital |  | 4837497 | 4837497 |
| Appropriated reserves | 16 | 13097223 | 22898182 |
| Retained earnings |  | 2981993 | 5544752 |
| Accumulated other comprehensive income, net of tax |  | 1339503 | 8509976 |
| **TOTAL EQUITY** |  | **22737130** | **42271321** |
| **TOTAL LIABILITIES AND EQUITY** |  | **252983129** | **262584741** |

---

*The accompanying notes form an integral part of these separate financial statements.*

<sup>(1)</sup> Includes the effects of the partial spin-off of Bancolombia S.A. in favor of Grupo Cibest S.A. carried out on May 16, 2025. See Note 1. Reporting entity.

------

**CONDENSED SEPARATE INTERIM STATEMENT OF INCOME**

**BANCOLOMBIA S.A.**

For the six-month periods ended June 30, 2025 and 2024

And three-months period from April 1 to June 30, 2025 and 2024 (Unaudited)

*(Stated in millions of Colombian pesos)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **Note** | **2025** | **2024** | **2025** | **2024** |
| **Interest on loans and financial leases** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial |  | 5686419 | 6597176 | 2888300 | 3215741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer |  | 3170770 | 3613450 | 1594797 | 1769044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial leases |  | 1539296 | 1773502 | 770234 | 864729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage |  | 1692142 | 1538991 | 862556 | 775544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business loans |  | 86270 | 58102 | 47231 | 26826 |
| **Total interest income on loans and financial leases** |  | **12174897** | **13581221** | **6163118** | **6651884** |
| Interest income on overnight and market funds |  | 16824 | 14290 | 7942 | 9041 |
| Interest and valuation on financial instruments | 17.1 | 797158 | 810447 | 436424 | 339605 |
| Other interest income |  | 67596 | 108629 | 31748 | 43821 |
| **Total interest and valuation on financial instruments** |  | **13056475** | **14514587** | **6639232** | **7044351** |
| Interest expenses | 17.2 | (5141948) | (6253372) | (2588146) | (3028895) |
| **Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments** |  | **7914527** | **8261215** | **4051086** | **4015456** |
| Credit impairment charges on loans, advances and financial leases, net | 5 | (1581539) | (3120463) | (821507) | (1605398) |
| Credit (impairment) recovery for other financial instruments |  | (11570) | (56584) | (596) | (40403) |
| **Total credit impairment charges, net** |  | **(1593109)** | **(3177047)** | **(822103)** | **(1645801)** |
| **Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments** |  | **6321418** | **5084168** | **3228983** | **2369655** |
| Fees and commissions income | 17.3.1 | 2948129 | 2769831 | 1515469 | 1448051 |
| Fees and commissions expenses | 17.3.2 | (1597294) | (1431762) | (820676) | (790827) |
| **Total fees and commissions, net** |  | **1350835** | **1338069** | **694793** | **657224** |
| Other operating income, net | 17.4 | 1020479 | 839794 | 514669 | 482197 |
| Dividends and other net income from equity interests | 17.5 | 666464 | 892748 | **114945** | 321983 |
| **Total income, net** |  | **9359196** | **8154779** | **4553390** | **3831059** |
| **Operating expenses** |  |  |  |  |  |
| Salaries and employee benefits | 18.1 | (2094377) | (1815032) | (1068313) | (916626) |
| Other administrative and general expenses | 18.2 | (1876306) | (1601672) | (1006945) | (850914) |
| Taxes other than income tax | 18.2 | (602185) | (644201) | (312808) | (324389) |
| Impairment, depreciation and amortization | 18.3 | (479813) | (468017) | (243898) | (239470) |
| **Total operating expenses** |  | **(5052681)** | **(4528922)** | **(2631964)** | **(2331399)** |
| **Profit before income tax** |  | **4306515** | **3625857** | **1921426** | **1499660** |
| Income tax | 9.0 | (1123680) | (743955) | (523181) | (211652) |
| **Net income** |  | **3182835** | **2881902** | **1398245** | **1288008** |

---

*The accompanying notes form an integral part of these separate interim financial statements.*

------

**CONDENSED SEPARATE INTERIM STATEMENT OF COMPREHENSIVE INCOME** 

**BANCOLOMBIA S.A.**

For the six-month periods ended June 30, 2025 and 2024

And three-months period from April 1 to June 30, 2025 and 2024 (Unaudited)

*(Stated in millions of Colombian pesos)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **Note** | **2025** <sup>(1)</sup> | **2024** | **2025** <sup>(1)</sup> | **2024** |
| **Net income** |  | **3182835** | **2881902** | **1398245** | **1288008** |
| **Other comprehensive income/(loss) that will not be reclassified to net income** |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revaluation gain related to defined benefit liability |  | 14985 | 15014 | 14985 | 15014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax | 9.3 | (5466) | (5382) | (5492) | (5388) |
| **Net of tax amount** |  | **9519** | **9632** | **9493** | **9626** |
| **Other comprehensive income/(loss) that may be reclassified to net income** |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on valuation of financial instruments <sup>(2)</sup> | 4.1 | (23995) | (42517) | (18765) | (38110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax | 9.3 | 8755 | 17021 | 5570 | 15589 |
| **Net of tax amount** |  | &nbsp;&nbsp;**(15240)** | **(25496)** | **(13195)** | **(22521)** |
| **Surplus from equity method** |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain/(loss) on investments in subsidiaries using equity method <sup>(3)</sup> | 6 | (9440552) | 2010657 | (8314521) | 1944582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain/(loss) on valuation of investments in associates and joint ventures <sup>(4)</sup> |  | (165) | (113) | (262) | (156) |
| **Net of tax amount** |  | **(9440717)** | **2010544** | **(8314783)** | **1944426** |
| **Effects of hedge accounting application** |  | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on hedge of net investment in a foreign operation | 4.3 | 4259296 | (452000) | 4067031 | (413925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax | 9.3 | (87305) | 178154 | (16150) | 161370 |
| **Net of tax amount** <sup>(5)</sup> |  | **4171991** | **(273846)** | **4050881** | **(252555)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on cash flow hedges |  | (360) | - | **8** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification to profit or loss |  | 144 | - | **(162)** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax | 9.3 | 87 | - | **62** | **-** |
| **Net of tax amount** |  | **(129)** | **-** | **(92)** | **-** |
| **Total other comprehensive income that may be reclassified to net income** |  | **(5284095)** | **1711202** | **(4277189)** | **1669350** |
| **Total other comprehensive income, net of tax** |  | **(5274576)** | **1720834** | **(4267696)** | **1678976** |
| **Total comprehensive income** |  | **(2091741)** | **4602736** | **(2869451)** | **2966984** |

---

*The accompanying notes form an integral part of these separate financial statements.*

<sup>(1)</sup> Includes the effects of the partial spin-off of Bancolombia S.A. in favor of Grupo Cibest S.A. carried out on May 16, 2025. See Note 1. Reporting Entity.

<sup>(2)</sup> The effect as of June 30, 2025 corresponds to debt securities (TDS and Bonds) for COP (18,554), the realization of equity investments for COP (10,025), valuation of financial instruments of equity investments COP 6,375 and partial spin-off to Grupo Cibest S.A. of the OCI corresponding to the P.A. Cadenalco 75 Años for COP (1,791). The effect as of June 30, 2024, corresponds to debt securities COP (29,199), the realization of equity investments for COP (18,516) and valuation of financial instruments of equity investments COP 5,198.

<sup>(3)</sup> As of June 2025, the effects of the partial spin-off of Bancolombia S.A. in favor of Grupo Cibest S.A. are included as follows: Banistmo S.A. for COP (5,417,811), Bancolombia Panama for COP (3,138,925) and Banca de Inversión Bancolombia for COP (6,252).

<sup>(4)</sup> Includes the effect of the partial spin-off to Grupo Cibest S.A. of the OCI corresponding to Proteccion S.A. for COP (154).

<sup>(5)</sup> As of June 2025, the variation is due to the discontinuation of the hedge on the investment in Banistmo, which was spun off to Grupo Cibest S.A. As a result of this transaction, the cumulative net effect in other comprehensive income (OCI) recognized in the hedge for COP 4,028,670 was also spun off. In addition, a new hedging relationship was created, with the hedged items being the investment in Bancolombia Panama, Bancolombia Puerto Rico, and the net assets of the Panama branch office.

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**CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN EQUITY** 

**BANCOLOMBIA S.A.**

For the six-months period ended June 30, 2025 and 2024

(*Stated in millions of Colombian pesos, except per share amounts stated in units of pesos*)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | | | |
| | **Note** | **Share<br>capital** | **Additional <br>paid in capital** | **Appropriated reserves** | **Financial instruments** <sup>(2)</sup> | **Adjustments on first-time application of IFRS** | **evaluation of assets** | **Employee benefits** | **Equity method surplus** <sup>(1) (3)</sup> | **Cash flow hedges** | **Total other comprehensive income, net** | **Retained earnings** | **Total equity** |
| **Balance as of January 1, 2025** |  | **480914** | **4837497** | **22898182** | **153529** | **2546409** | **2137** | **(11077)** | **5818849** | **129** | **8509976** | **5544752** | **42271321** |
| To pay a dividend corresponding to 509,704,584 common shares and 452,122,416 shares with preferred dividend and without voting rights, subscribed and paid as of December 31, 2024, at the rate of COP 3,900 per share, payable as follows: COP 3,900 per share and quarter, on the following dates: April 1, 2025. |  | - | - | - | - | - | - | - | - | - | **-** | (3693424) | **(3693424)** |
| Payment of extraordinary dividend equivalent to COP 624 per share. Paid in one installment on April 29, 2025 |  | - | - | (600180) | - | - | - | - | - | - | - | - | **(600180)** |
| Reserve for equity strengthening and future growth |  | - | - | 1860245 | - | - | - | - | - | - | **-** | (1860245) | **-** |
| Reserve for social benefit projects and donations. |  | - | - | 34000 | - | - | - | - | - | - | **-** | (34000) | **-** |
| In accordance with Article 85 of the Bank's bylaws, unclaimed dividends were reclassified to reserves. |  | - | - | 348 | - | - | - | - | - | - | **-** | - | **348** |
| Realization of retained earnings. |  | - | - | - | - | (309) | - | - | - | - | **(309)** | 309 | **-** |
| Equity method from participation in subsidiaries, associates and joint ventures. | 6, 7 | - | - | - | - | - | - | - | - | - | **-** | (158234) | **(158234)** |
| Effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A <sup>(1)</sup> |  | - | - | (11095372) | (1333) | (1895588) | - | - | (8563142) | - | **(10460063)** | - | **(21555435)** |
| Net income | - | - | - | - | - | - | - | - | - | - | **-** | 3182835 | **3182835** |
| Other comprehensive income <sup>(2)</sup> |  | - | - | - | (13907) | - | - | 9519 | 3294416 | (129) | **3289899** | - | **3289899** |
| **Equity as of June 30, 2025** <sup>(3)</sup> |  | **480914** | **4837497** | **13097223** | **138289** | **650512** | **2137** | **(1558)** | **550123** | **-** | **1339503** | **2981993** | **22737130** |

---

*The accompanying notes form an integral part of these separate financial statements.*

<sup>(1)</sup> Includes the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A., carried out on May 16, 2025. See Note 1 – Reporting Entity. The movement in the surplus under the equity method resulting from the spin-off corresponds to: Banistmo S.A. for COP (5,417,811), Bancolombia Panamá for COP (3,138,925), Banca de Inversión Bancolombia for COP (6,252), and Protección for COP (154).

<sup>(2)</sup> As of June 30, 2025, the movement in financial instruments includes: OCI from debt securities (TDS and bonds) for COP (18,554); realization of equity investments for COP (10,025); fair value valuation of equity investments for COP 6,375; and deferred tax effects for COP 8,297.

<sup>(3)</sup> As of June 30, 2025, the balance includes: recognition under the equity method of investments in subsidiaries for COP 513,517; equity method investments in associates for COP (2,575); hedging of foreign investments for COP (26,123); and deferred tax for COP 65,304

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**CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN EQUITY** 

**BANCOLOMBIA S.A.**

For the six-months period ended June 30, 2025 and 2024

(*Stated in millions of Colombian pesos, except per share amounts stated in units of pesos*)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | **Accumulated other comprehensive income** | | | |
| | **Note** | **Share<br>capital** | **Additional <br>paid in capital** | **Appropriated reserves** | **Financial instruments** | **Adjustments on first-time application of IFRS** | **Evaluation of assets** | **Employee benefits** | **Equity method surplus** <sup>(1)</sup> | **Total other comprehensive income, net** | **Retained earnings** | **Total equity** |
| **Balance as of January 1, 2024** |  | **480914** | **4837497** | **20292454** | **173289** | **2555858** | **2137** | **(15765)** | **2819626** | **5535145** | **5935658** | **37081668** |
| To pay a dividend corresponding to 509,704,584 common shares and 452,122,416 shares with preferred dividend and without voting rights, subscribed and paid as of December 31, 2023, at the rate of COP 3,536 per share, payable as follows: COP 884 per share and quarter, on the following dates: April 1, July 2, July 2, October 1, 2024 and January 2, 2025. |  | - | - | - | - | - | - | - | - | - | **(3343319)** | **(3343319)** |
| Reserve for equity strengthening and future growth. |  | - | - | 2605222 | - | - | - | - | - | - | **(2605222)** | **-** |
| Reserve for social benefit projects and donations. |  | - | - | - | - | - | - | - | - | - | **(33000)** | **(33000)** |
| Reclassification of unclaimed dividends in accordance with Article 85 of the Bank's bylaws to reserves. |  | - | - | 258 | - | - | - | - | - | - | **-** | **258** |
| Realization of retained earnings. |  | - | - | - | - | (5947) | - | - | - | (5947) | **5947** | **-** |
| Equity method from participation in subsidiaries, associates and joint ventures. |  | - | - | - | - | - | - | - | - | - | **(2200)** | **(2200)** |
| Net income |  | - | - | - | - | - | - | - | - | - | **2881902** | **2881902** |
| Other comprehensive income <sup>(2)</sup> | 9.3 | - | - | - | (25496) | - | - | 9633 | 1736697 | 1720834 | **-** | **1720834** |
| **Equity as of June 30, 2024** |  | **480914** | **4837497** | **22897934** | **147794** | **2549911** | **2137** | **(6132)** | **4556323** | **7250032** | **2839766** | **38306143** |

---

*The accompanying notes form an integral part of these separate financial statements.*

<sup>(1)</sup> As of June 30, 2024, the balance includes: recognition under the equity method of investments in subsidiaries for COP 8,530,041; equity method investments in associates for COP (2,336); foreign currency translation adjustments for COP (4,855,782); and deferred tax for COP 884,400.

(2)As of June 30, 2024, the movement in financial instruments includes: OCI from debt securities for COP 5,198; realization of OCI from equity investments for COP (18,516); OCI from debt securities (TDS and bonds) for COP (29,199); and deferred tax for COP 17,021.

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**CONDENSED SEPARATE INTERIM STATEMENT OF CASH FLOW** 

**BANCOLOMBIA S.A.**

For the six-months period ended June 30, 2025 and 2024

(*Stated in millions of Colombian pesos*)

---

| | | | |
|:---|:---|:---|:---|
| | **Note** | **June 30, 2025** <sup>(1)</sup> | **June 30, 2024** |
| **Net income** |  | **3182835** | **2881902** |
| **Adjustments to reconcile net income to net cash:** |  | - | - |
| Amortization, depreciation and impairment | 18.3 | 479813 | 468017 |
| Equity method | 17.5 | (631504) | (979159) |
| Impairment of investments | 4.1 | - | 121788 |
| Provision for impairment of loan portfolio and finance lease operations, net | 5.0 | 1581541 | 3120463 |
| Other assets impairment |  | 11568 | 56562 |
| Net interest income |  | (7094922) | (7460940) |
| Gain on sale of equity instruments |  | (10025) | (18516) |
| Gain on sale of loans and other assets |  | (71727) | - |
| Gain on sale of property and equipment | 17.4 | (61625) | (13177) |
| Gain on repositioning of inventories and sale of assets held for sale | 17.4 | (49237) | (68448) |
| Interest and fair value measurement of financial instruments – debt securities | 17.1 | (707310) | (543305) |
| Gain on valuation of financial instruments at amortized cost |  | (142928) | (149726) |
| Gain on valuation of equity instruments |  | (20378) | (13510) |
| Loss on valuation of cash operations | 17.1 | (27287) | 28881 |
| Gain on valuation of derivatives |  | (271370) | (53061) |
| Gain on fair value measurement of investment properties |  | - | (4302) |
| Other provisions |  | 6081 | 14484 |
| Bonds and short-term benefits |  | 327267 | 142823 |
| Other non-cash items |  | 12883 | 732 |
| Preferred dividends expense | 17.2 | - | 28650 |
| Dividends on equity investments | 17.5 | (4556) | (3351) |
| Effect of exchange rate changes |  | 263213 | (322603) |
| Income tax expense | 9 | 1123680 | 743955 |
| **Change in operating assets and liabilities:** |  | - | - |
| Decrease in financial instruments measured at fair value through profit or loss |  | (3537146) | (3081280) |
| Increase in loan portfolio and finance lease operations |  | (9698325) | (5156666) |
| Decrease (increase) in other accounts receivable |  | (584720) | 121179 |
| Increase (decrease) in derivatives |  | 817227 | (195031) |
| Decrease in other assets |  | 246544 | (843745) |
| Increase in inventories |  | - | 135 |
| Increase in deposits |  | 8658898 | 759560 |
| Increase in accounts payable |  | 3644709 | 1156056 |
| Increase in other liabilities and provisions |  | 16077 | (710954) |
| Interest received |  | 11613194 | 13309183 |
| Dividends received |  | 728706 | 1235970 |
| Proceeds from sale of assets held for sale and inventories |  | 509411 | 528075 |
| Recovery of written-off loans |  | 281807 | 249402 |
| Interest paid |  | (5268292) | (6285317) |
| Income tax paid |  | (1081981) | (713712) |
| **Net cash provided by (used in) operating activities** |  | **4242121** | **(1648986)** |
| **Cash flows from investment activities** |  | - | - |
| **Investments Purchase:** |  | **(439686)** | **(1719130)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at amortized cost |  | (279938) | (1430038) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments measured at fair value through ORI - debt securities |  | - | (139547) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in subsidiaries |  | (159748) | (80308) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in associates and joint ventures |  | - | (69237) |
| **Investments sale:** |  | **462199** | **1635345** |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments measured at fair value through OCI - Debt securities |  | 269855 | 284828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial instruments measured at fair value through OCI – Equity investment |  | 11763 | 18516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at amortized cost |  | 180581 | 1331993 |
| Investments in subsidiaries |  | - | 8 |
| Acquisition of property and equipment |  | (465930) | (357883) |
| Acquisition of investment property |  | (94781) | (192084) |
| Proceeds from sale of property and equipment |  | 144944 | 60464 |
| Acquisition of intangible assets |  | (47788) | (37668) |
| **Net cash used in investing activities** |  | **(441042)** | **(610956)** |
| **Cash flows from financial activities:** |  |  |  |
| Increase in interbank borrowings |  | 261289 | - |
| Increase in monetary and related market operations |  | 2298943 | 115794 |
| Opening of financial obligations |  | 722901 | 1418376 |
| Cancellation of financial obligations |  | (1271329) | (3519921) |
| Lease liabilities |  | (61675) | (55976) |
| Issuance of debt securities |  | - | 996149 |
| Cancellation of debt securities |  | (119018) | (466340) |
| Dividends paid |  | (5196016) | (1699610) |
| Financial obligation transferred in spin-off |  | (1527432) | - |
| **Net cash (used in) provided by financial activities** |  | **(4892337)** | **(3211528)** |
| **Decrease in cash and cash equivalents, before the effect of exchange rate changes** |  | **(1091258)** | **(5471470)** |
| Effect of exchange rate variations on cash and cash equivalents |  | (334975) | 240565 |
| **(Decrease) Increase in cash and cash equivalents** |  | **(1426233)** | **(5230905)** |
| Cash and cash equivalents at the beginning of the period | 3 | 19025227 | 24348860 |
| Cash and cash equivalents at the end of the period | 3 | 17598994 | 19117955 |

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*The accompanying notes form an integral part of these separate financial statements.*

<sup>(1)</sup> *Includes the effects of the partial spin-off of Bancolombia S.A. in favor of Grupo Cibest S.A. carried out on May 16, 2025. See Note 1. Reporting Entity.*

The statement of cash flows includes the following non-cash transactions, which were not reflected in the separate statement of cash flows:

&nbsp;&nbsp;&nbsp;&nbsp;a)Restructured loans and recovered assets that were transferred to assets held for sale, inventories, and other assets, for a value of COP 131,143 and COP 130,993.

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**NOTE 1. REPORTING ENTITY**

Bancolombia S.A., hereinafter the Bank, is a credit establishment, listed on the Colombia Stock Exchange (BVC) since 1981. It held American Depositary Receipts (hereinafter, "ADRs") listed on the New York Stock Exchange (NYSE) from 1995 until May 2025.

The Bank main location is in Medellín (Colombia), main address Carrera 48 # 26-85, Avenida Los Industriales, and was originally constituted under the name Banco Industrial Colombiano (BIC) according to public deed No. 388, dated January 24, 1945, from the First Notary's Office of Medellín, authorized by the Superintendence of Finance of Colombia ("SFC"). On April 3, 1998, by means of public deed No. 633, BIC merged with Bank of Colombia S.A., and the resulting organization was named Bancolombia S.A.

The operating license was definitively authorized by the SFC according to Resolution No. 3140 of September 24, 1993. The duration contemplated in the bylaws is until December 8, 2144, but it may be dissolved or renewed before the end of that period.

On October 29, 2024, the Bank announced to the market that its Board of Directors had authorized its Management to proceed with the necessary steps to modify the corporate structure of Grupo Bancolombia and its subsidiaries, through the creation of a parent company called Grupo Cibest S.A. (hereinafter,"Cibest").<br>

The authorized changes in the corporate structure include the following transactions (hereinafter, the "Corporate Transactions"), which once the required regulatory approvals were obtained in Colombia and in the various jurisdictions of the Group, were approved by the Shareholders' Assemblies of the entities involved. This includes an extraordinary meeting of the Bank's Shareholders' Assembly held on April 23, 2025, attended by holders of common shares and holders of preferred dividend shares without voting rights. The approved Corporate Transactions were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The partial spin-off of Bancolombia (Panamá) S.A. in favor of the beneficiary company BC Panamá S.A.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The merger by absorption by the Bank of Sociedad Beneficiaria BC Panamá S.A.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The partial spin-off of Banca de Inversión Bancolombia S.A. Corporación Financiera for the benefit of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The partial spin-off of the Bank for the benefit of Cibest.

Corporate Transactions (ii), (iii), and (iv) were authorized by the SFC through Resolutions No. 0356 of 2025 dated February 28, 2025, and No. 0901 dated May 7, 2025.

The notice of merger by absorption and partial spin-off of the Bank was published on January 13, 2025. The changes in the corporate structure were formalized on May 12, 2025, by means of public deed No. 386 of the Notary Public Thirtieth of Medellín, and on May 16, 2025, when the transaction was completed, the Bank's shareholders (except Cibest) became shareholders of Cibest, which issued in its name the same number and the class of shares (common shares and shares with preferential dividends and without voting rights), maintaining the terms and conditions that the shareholders had in the Bank, and their percentage of ownership. In turn, the shares they held in the Bank (except those of Cibest) were canceled. The holders of ADR's of the Bank received equivalent ADRs of Cibest and their ADRs of the Bank were canceled, therefore, no dilution or accretion was generated for the Bank's shareholders, nor was there any transfer of value to third parties.

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With the refinement of corporate operations, Cibest became the parent company or holding company of all financial companies and other companies that are part of the Group, including the Bank.

The value of the assets, liabilities, and net equity spun off from Bancolombia S.A. in favor of Grupo Cibest S.A. is as follows:

---

| | |
|:---|:---|
| **Recorded values of the spin-off <br>Statement of Financial Position** | **value** |
| **ASSETS** | |
| Cash | 1527432 |
| **Equity financial instruments** | **4247** |
| Trust Right PA Cadenalco 75 Years | 4247 |
| **Investments in subsidiaries** | **19823908** |
| Banistmo S.A. | 11125504 |
| Banagrícola S.A. y Filiales | 4676277 |
| Grupo Agromercantil Holding | 3465595 |
| Nequi S.A. Compañía de Financiamiento | 45390 |
| Renting Colombia S.A. | 324563 |
| Negocios Digitales Colombia S.A.S. | 102321 |
| Wompi S.A.S. | 38692 |
| Wenia Ltd | 45566 |
| **Investments in associates and joint ventures** | **50507** |
| International Ejecutiva de Aviación S.A.S. | 9828 |
| Puntos Colombia S.A.S. | 20516 |
| Protección S.A. | 20163 |
| Deferred tax asset | 59373 |
| Other assets, net | 688 |
| **TOTAL ASSETS** | **21466155** |
| **LIABILITIES** |  |
| Financial obligations | 1527432 |
| Preferred shares | 545873 |
| Deferred tax liability | 1569650 |
| **TOTAL LIABILITIES** | **3642955** |
| **TOTAL SHAREHOLDERS' EQUITY** | **17823200** |

---

------

---

| | |
|:---|:---|
| **Recorded values of the spin-off in the <br>income statement** | **value** |
| Interest expense | 19370 |
| **Income from the equity method** | **(314932)** |
| &nbsp;&nbsp;&nbsp;Banistmo S.A. | (107923) |
| &nbsp;&nbsp;&nbsp;Banagrícola S.A. y Filiales | (187877) |
| &nbsp;&nbsp;&nbsp;Grupo Agromercantil Holding | (38940) |
| &nbsp;&nbsp;&nbsp;Nequi S.A. Compañía de Financiamiento | 15646 |
| &nbsp;&nbsp;&nbsp;Renting Colombia S.A. | (4676) |
| &nbsp;&nbsp;&nbsp;Negocios Digitales Colombia S.A.S. | (566) |
| &nbsp;&nbsp;&nbsp;Wompi S.A.S. | (82) |
| &nbsp;&nbsp;&nbsp;Wenia Ltd | 13956 |
| &nbsp;&nbsp;**Associates and joint ventures** | **(4470)** |
| **Total income, net** | **(295562)** |
| **Profit before income tax** | **(295562)** |
| Income tax | 337 |
| **Net income** | **(295225)** |

---

With the completion of the corporate transactions, Cibest became the parent company or holding company of all the financial companies and other companies that are part of the Group, including the Bank. The Bank's direct subsidiaries, once the corporate transactions were completed, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Society** | **Country** | **Main activity** | **Percentage of ownership and voting rights as of June 30, 2025** |
| Banca de Inversión Bancolombia S.A. Corporación Financiera | Colombia | Financial services |  |
| Bancolombia Panamá S.A. | Panamá | Commercial bank | 89.74% |
| Bancolombia Puerto Rico Internacional Inc. | Puerto Rico | Commercial bank | 100.00% |
| Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | Colombia | Financial business | 100.00% |
| Fondo de Capital Privado Fondo Inmobiliario Colombia | Colombia | Financial trust services | 94.97% |
| Valores Bancolombia S.A. Comisionista de Bolsa | Colombia | Trade-broker dealer | 80.43% |
| P.A. FAI Calle 77 | Colombia | Fiduciary trust | 93.61% |
| P.A. Nomad Central-2 | Colombia | Fiduciary trust | 98.00% |
| P.A. Mercurio | Colombia | Fiduciary trust | 98.00% |
| P.A. Nomad Salitre | Colombia | Fiduciary trust | 100.00% |
| P.A. Calle 84 (2) | Colombia | Fiduciary trust | 98.00% |
| P.A. Calle 84 (3) | Colombia | Fiduciary trust | 98.00% |
| P.A. CEDIS Sodimac | Colombia | Fiduciary trust | 100.00% |
| P.A. Nomad Distrito Vera | Colombia | Fiduciary trust | 98.00% |
| P.A. Nexo | Colombia | Fiduciary trust | 98.00% |

---

The Bank's bylaws are contained in Public Deed No. 386 of May 12, 2025, issued by Notary Public Thirtieth of Medellín.

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The Bank's corporate purpose is to carry out all operations, businesses, acts, and services related to banking activities. The Bank may participate in the capital of other companies, in cases authorized by law, under the terms and with the requirements, limits, or conditions established therein.

As of June 30, 2025, the Bank has 22,194 employees and operates through 28,051 banking correspondents, 4,594 ATMs, 570 offices, and 485 mobile service points throughout Colombia.

**SEPARATE FINANCIAL STATEMENTS NOTES** 

**BANCOLOMBIA S.A.**

**NOTE 2. MATERIAL ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Basis for preparation condensed interim financial statements**

The condensed separate interim financial statements for the cumulative six months ended on June 30, 2025, have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting (IAS 34"), issued by the International Accounting Standards Board (hereinafter, IASB). The condensed interim financial statements as of June 30, 2025, and 2024 have not been audited.

The condensed separate financial statements, being of an interim nature, do not include all the information and disclosures required for full annual financial statements, and therefore, should be read together with the Bank's condensed separate financial statements as of the close of the fiscal year ended December 31, 2024 which complied with the Normas de Contabilidad e Información Financiera ("NCIF") accepted in Colombia, in accordance with the Marco Técnico Normativo issued through the Decreto Único Reglamentario 2420 of 2015 and its amendments, by the Ministerio de Hacienda y Crédito Público and Ministerio de Comercio, Industria y turismo. These interim financial statements have not been audited.

This framework exempts the application of IFRS 9, only with respect to the loan portfolio and its impairment and the classification and valuation of investments, which are recognised, classified and measured in accordance with the provisions of the Superintendencia Financiera de Colombia ("SFC") contained in of Circular Externa 100 of 1995, and IFRS 5 for the determination of impairment of foreclosed assets, which are impaired in accordance with the provisions of the SFC. The above provisions are considered Accounting and Financial Reporting Standards accepted in Colombia (NCIF).

**Preparation of the condensed separate interim financial statements undergoing concern basis**

Management has assessed the Bank's ability to continue as a going concern and confirms that the Bank has adequate resources, liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on the Bank's liquidity position at the date of authorization of the condensed separate interim financial statements, Management maintains a reasonable

------

expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate.

The condensed separate interim financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct.

In the Management opinion, these condensed separate interim financial statements reflect all material adjustments considered necessary in the circumstances and based on the best information available as of June 30, 2025 and the date of their promulgation and issuance, for a fair representation of financial results for the interim periods presented.

The results of operations for the cumulative six months ending on June 30, 2025 and 2024 are not necessarily indicative of the results for the full year. The Bank believes that the disclosures are sufficient to make the information presented not misleading or biased. For this reason, the condensed separate interim financial statements include selected explanatory notes to explain events and transactions that are important to the financial statements users or represent significant materiality in understanding the changes in the Bank's financial position and performance since the last annual audited financial statements.

Assets and liabilities are measured at cost or amortized cost, with some exceptions where certain financial assets and liabilities are measured at fair value. These financial assets and liabilities measured at fair value correspond to those classified in the category of fair value through profit or loss, and those equity investments measured at fair value through other comprehensive income (OCI) in equity. Additionally, all financial derivatives and recognized assets and liabilities designated as hedged items in a fair value hedge are adjusted for changes in fair value attributable to the hedged risks. Investments in associates, joint ventures, and subsidiaries are measured using the equity method.

The condensed interim financial statements are stated in Colombian pesos ("COP") and figures are stated in millions, except the exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands.

**Transactions Between Entities Under Common Control**

The combination of entities under common control refers to transactions in which entities that are under the control of the Group—both before and after the combination—are merged, and such control is not temporary.

For transactions under common control, the Bank has chosen to apply the predecessor value method as its accounting policy for recognizing intercompany transactions. This means that the assets and liabilities transferred from the entity or business being spun off are recognized in the separate financial statements of the receiving company at their book value, as recorded prior to the transaction date.

The Bank retrospectively presents the net assets received as of the transfer date.

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During the second quarter of 2025, the Bank ceased to be the parent of the economic group. Therefore, from that date onward, the financial statements no longer include all previously consolidated subsidiaries. For more information, see Note 1: Reporting Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Use of estimates and judgments**

The preparation condensed separate interim financial statements requires that the Bank's Management makes judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

For the period ended in June 30, 2025, there were no changes in the significant estimates and judgments made by Management in applying the Bank's accounting, as compared to those applied in the financial statements at the year ended on December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Material accounting policies and recently issued accounting pronouncements.**

The same accounting policies and methods of calculation applied in the financial statements at the end of the year ended on December 31, 2024, continue to be applied in these condensed separate interim financial statements, except for the adoption of new standards, improvements and interpretations effective from January 1, 2025, as shown below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Recently accounting pronouncements issued by IASB pending to incorporate in NCIF framework accepted in Colombia.** 

**Amendments to IFRS 9 Financial instruments and IFRS 7 Financial instruments: disclosures - Classification and measurement of financial instruments:** 

In May 2024, the Board issued amendments to the classification and measurement requirements in IFRS 9. These amendments respond to feedback from post-implementation review of the accounting standard and clarify the requirements in areas where stakeholders have raised concerns, or where new issues have emerged since IFRS 9 was issued.

These amendments include:

–Clarifying the classification of financial assets with environmental, social and corporate governance (ESG) and similar features: ESG-linked features in loans could affect whether the loans are measured at amortised cost or fair value. To resolve any potential diversity in practice, the amendments clarify how the contractual cash flows on such loans should be assessed.

–Settlement of liabilities through electronic payment systems: The amendments clarify the date on which a financial asset or financial liability is derecognised. The IASB also decided to develop an accounting policy option to allow a company to derecognise a

------

financial liability before it delivers cash on the settlement date if specified criteria are met.

With these amendments, the IASB has also introduced additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to ESG-linked targets.

The amendments are effective for annual reporting periods beginning on or after January 1, 2024, and early application is permitted. These amendments have been reviewed by Management and have no impact on the Bank financial statements and disclosures.

**New standard NIIF 18 Presentation and Disclosure in Financial Statements:** 

In April 2024, the Board issued IFRS 18 to replace IAS 1 Presentation of Financial Statements. IFRS 18 introduces three sets of new requirements to improve the way companies report their financial performance and give investors a better basis for analyzing and comparing companies:

Improved comparability in the statement of income: IFRS 18 introduces three defined categories for income and expenses (operating, investing and financing) to improve the structure of the statement of income, and requires all companies to provide new defined subtotals, including operating profit.

Enhanced transparency of management-defined performance measures: The new standard requires companies to disclose explanations of those company-specific measures that are related to the statement of income, referred to as management-defined performance measures.

More useful grouping of information in the financial statements: IFRS 18 sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes. In addition, the new standard requires companies to provide more transparency about operating expenses, helping investors to find and understand the information they need.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and early application is permitted. Management is assessing the impact that these amendments will have on the Bank's condensed separate interim financial statements and disclosures.

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**NOTE 3. CASH AND CASH EQUIVALENTS**

For purposes of the statement of cash flow and the statement of financial position, the following assets are considered as cash and cash equivalents:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Cash** | | |
| Cash | 7036441 | 7125488 |
| Deposits from Colombian Central Bank <sup>(1)</sup>  | 3901665 | 2562485 |
| Deposits from banks and other private financial institutions  | 3166822 | 3604035 |
| Checks on hold | 54 | 118 |
| **Total cash** | **14104982** | **13292126** |
| **Monetary market transactions** |  |  |
| Reverse repurchase agreements <sup>(2)</sup> | 2559435 | 5613041 |
| Interbank borrowings | 934577 | 120060 |
| **Total monetary market transactions** | **3494012** | **5733101** |
| **Total cash and cash equivalents** | **17598994** | **19025227** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>According to External Resolution No. 3 of 2024 issued by Colombian Central Bank, which amends External Resolution No. 5 of 2008 issued by the Colombian Central Bank, the Bank must maintain the equivalent of 7% of the deposits mentioned in Article 1, paragraph (a) and the equivalent of 2.5% of its customer deposits with a maturity of less than 18 months paragraph (b) as an ordinary reserve represented in deposits at the Central Bank or as cash in hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The variation is due to the decrease in Repos in simultaneous operations with the Central Counterparty Clearing House.

As of June 30, 2025 and December 31, 2024, there is restricted cash amounting to COP 399,298 and COP 441,849 respectively, included in other assets on the statement of financial position, which represents margin deposits pledged as collateral for derivative contracts traded through Colombian clearing houses.

**NOTE 4. INVESTMENTS IN FINANCIAL ASSETS, NET AND DERIVATIVES**

The Bank's portfolio investment in financial instruments and derivatives as of June 30, 2025 and December 31, 2024, is described below:

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| | | |
|:---|:---|:---|
| **Investments in financial assets and derivative financial instruments** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Investments in debt securities** | | |
| Negotiable investments <sup>(1)</sup> | 14225863 | 12710200 |
| Available-for-sale investments | 3208532 | 3326813 |
| Held-to-maturity investments<sup>(2)</sup> | 4359336 | 4117051 |
| **Subtotal debt securities, net** | **21793731** | **20154064** |
| Pledged financial assets <sup>(3)</sup> | 3715290 | 1156624 |
| **Total debt securities** | **25509021** | **21310688** |
| Equity instruments <sup>(3)</sup> | 464765 | 445356 |
| **Total investment financial assets, net** | **25973786** | **21756044** |
|  | **-** | **-** |
| **Total derivative assets** <sup>(4)</sup> | **3214068** | **2924434** |
|  | **-** | **-** |
| **Total derivative liabilities** <sup>(4)</sup> | **(3502940)** | **(2667439)** |

---

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<sup>(1)</sup> As of June 30, 2025 there is an increase in the marketable investments of COP 1,515,663, mainly in treasury securities - TES.

<sup>(2)</sup> As of June 30, 2025 there was an increase in the investments to maturity portfolio for COP 242,285, mainly due to the acquisition of TDA for COP 279,938, also, there was a decrease in the portfolio due to the sale of TDA for COP 27,440.

<sup>(3)</sup> See Note 4.1. Investments in financial assets, net. 

<sup>(4)</sup> See Note 4.2. Derivative financial instruments.

**4.1.Investments in financial assets, net**

The detail of the financial investment assets is as follows:

**As of June 30, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Debt securities** | **Measurement methodology** | **Measurement methodology** | **Measurement methodology** | |
| **Debt securities** | **Held for trading** | **Available-for-sale investments** | **Held-to-maturity investments** | **Total carrying amount** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Treasury securities issued by the Colombian Government - TES | 11442215 | - | - | **11442215** |
| Corporate bonds | 2382522 | 134858 | 765999 | **3283379** |
| Agricultural Development Securities issued by the Colombian Government (TDA) | - | - | 3593337 | **3593337** |
| Solidarity Securities issued by the Colombian Government (TDS) | - | 2514109 | - | **2514109** |
| Other public debt | - | 559565 | - | **559565** |
| Other financial investment assets | 287281 | - | - | **287281** |
| Mortgage backed securities (TIPS) | 113845 | - | - | **113845** |
| **Total debt securities** | **14225863** | **3208532** | **4359336** | **21793731** |

---

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt securities** | **Measurement methodology** | **Measurement methodology** | **Measurement methodology** | |
| **Debt securities** | **Held for trading** | **Available-for-sale investments** | **Held-to-maturity investments** | **Total carrying amount** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Treasury securities issued by the Colombian Government - TES | 10134956 | - | - | **10134956** |
| Corporate bonds | 2116724 | 133059 | 780678 | **3030461** |
| Agricultural Development Securities issued by the Colombian Government (TDA) | - | - | 3336373 | **3336373** |
| Solidarity Securities issued by the Colombian Government (TDS) | - | 2648355 | - | **2648355** |
| Other public debt | - | 545399 | - | **545399** |
| Other financial investment assets | 315575 | - | - | **315575** |
| Mortgage backed securities (TIPS) | 142945 | - | - | **142945** |
| **Total debt securities** | **12710200** | **3326813** | **4117051** | **20154064** |

---

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The following table shows the detail of debt securities maturity:

**As of June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Debt securities** | **Less than 1 year** | **Between 1 and 3 years** | **Between 3 and 5 years** | **Greater than 5 years** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Negotiable investments** | | | | | |
| Treasury securities issued by the Colombian Government - TES | 1228196 | 7748178 | 658054 | 1807787 | **11442215** |
| Corporate bonds | 1965740 | 179477 | 117048 | 120257 | **2382522** |
| Other financial investment assets | 132269 | 86142 | 68870 | - | **287281** |
| Mortgage- backed securities (TIPS) | 2845 | 1790 | 20588 | 88622 | **113845** |
| **Subtotal negotiable investments** | **3329050** | **8015587** | **864560** | **2016666** | **14225863** |
| **Available-for-sale investments** | **-** | **-** | **-** | **-** | **-** |
| Solidarity Securities issued by the Colombian Government (TDS) | 2514109 | - | - | - | **2514109** |
| Corporate bonds | - | 134858 | - | - | **134858** |
| Other public debt | - | 41345 | - | 518220 | **559565** |
| **Subtotal available-for-sale investments** | **2514109** | **176203** | **-** | **518220** | **3208532** |
| **Held-to-maturity investments** | **-** | **-** | **-** | **-** | **-** |
| Agricultural Development Securities issued by the Colombian Government (TDA) | 3593337 | - | - | - | **3593337** |
| Corporate bonds | - | 471448 | 194143 | 100408 | **765999** |
| **Mortgage-backed securities (TIPS)** | **3593337** | **471448** | **194143** | **100408** | **4359336** |
| **Subtotal held-to-maturity investments** | **9436496** | **8663238** | **1058703** | **2635294** | **21793731** |

---

**As of December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Debt securities** | **Less than 1 year** | **Between 1 and 3 years** | **Between 3 and 5 years** | **Greater than 5 years** | **Total** |
| **In millions of COP** | | | | | |
| **Negotiable investments** | | | | | |
| Treasury securities issued by the Colombian Government - TES | 478761 | 6182314 | 1120892 | 2352989 | **10134956** |
| Corporate bonds | 1511689 | 148443 | 91011 | 365581 | **2116724** |
| Other financial investment assets | 94669 | 111231 | 104206 | 5469 | **315575** |
| Mortgage- backed securities (TIPS) | 2749 | 185 | 45842 | 94169 | **142945** |
| **Subtotal negotiable investments** | **2087868** | **6442173** | **1361951** | **2818208** | **12710200** |
| **Available-for-sale investments** | - | - | - | - | **-** |
| Solidarity Securities issued by the Colombian Government (TDS) | 2648355 | - | - | - | **2648355** |
| Corporate bonds | - | 83315 | 49744 | - | **133059** |
| Other public debt | - | 41369 | - | 504030 | **545399** |
| **Subtotal available-for-sale investments** | **2648355** | **124684** | **49744** | **504030** | **3326813** |
| **Held-to-maturity investments** | - | - | - | - | **-** |
| Agricultural Development Securities issued by the Colombian Government (TDA) | 3336373 | - | - | - | **3336373** |
| Corporate bonds | - | 471587 | 208606 | 100485 | **780678** |
| Mortgage-backed securities (TIPS) | **3336373** | **471587** | **208606** | **100485** | **4117051** |
| **Subtotal held-to-maturity investments** | **8072596** | **7038444** | **1620301** | **3422723** | **20154064** |

---

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For more information related to fair value disclosures of investments classified as held-to-maturity, see Note 19. Fair value of assets and liabilities.

The net effect in the statement of comprehensive income corresponding to the debt securities is COP (18,554) as of June 30, 2025 and COP (28,198) as of June 30, 2024. See separate statement of comprehensive - Loss Net gain on valuation of financial instruments.

These assets have no restrictions or limitations as of June 30, 2025 and June 30, 2024, except for the securities pledged as collateral for Reverse repurchase agreements and derivatives indicated below:

**As of June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Pledged financial assets** | **Term** | **Security type** | **Carrying amount** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Securities issued by the Colombian Government** | | | |
| Investments pledged as collateral in transactions with reverse repurchase agreements | Up to 1 month | Treasury securities | 2850160 |
| Investments pledged as collateral in transactions with derivatives | Between 1 and 3 months | Treasury securities | 865130 |
| **Total securities issued by the Colombian Government** |  |  | **3715290** |
| **Total pledged financial assets** |  |  | **3715290** |

---

**As of December 31, 2023**

---

| | | | |
|:---|:---|:---|:---|
| **Pledged financial assets** | **Term** | **Security type** | **Carrying amount** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Securities issued by the Colombian Government** | | | |
| Investments pledged as collateral in transactions with reverse repurchase agreements | Up to 1 month | Treasury securities | 480435 |
| Investments pledged as collateral in transactions with derivatives | Between 1 and 3 months | Treasury securities | 676189 |
| **Total securities issued by the Colombian Government** |  |  | **1156624** |
| **Total pledged financial assets** |  |  | **1156624** |

---

The detail of investments in equity securities is as follows:

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| | | |
|:---|:---|:---|
| **Total equity financial instruments** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Investments at fair value through profit or loss <sup>(1)</sup> | 300344 | 279966 |
| Investments at fair value with changes in OCI <sup>(2)</sup> | 157137 | 157331 |
| Financial instruments measured at fair value with changes in equity with changes in OCI | 7284 | 8059 |
| **Total equity financial instruments** | **464765** | **445356** |

---

<sup>(1)</sup> The category of Investments at fair value through income statement includes Renta Fija Plus and Renta Fija Plazo trusts.

<sup>(2)</sup> The detail of this investments is presented in the table "Equity instruments measured at fair value through OCI".

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Detail of equity instruments measured at fair value through OCI:

---

| | | |
|:---|:---|:---|
| | **Carrying amount** | **Carrying amount** |
| **Equity instruments measured at fair value through OCI** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Credibanco S.A. | 108600 | 109011 |
| Holding Bursatil Regional S.A. <sup>(1)</sup> | 33557 | 20978 |
| Residual Rights <sup>(2)</sup> | 14978 | 12051 |
| Bolsa de Valores de Colombia S.A. | 2 | 1 |
| Banco Latinoamericano de Comercio Exterior S.A. Bladex (3) | - | 11078 |
| P.A. Cadenalco 75 years (4) | - | 4212 |
| **Total Equity instruments measured at fair value through OCI** | **157137** | **157331** |

---

<sup>(1)</sup> As of March 31, 2025 no payments for Residual Rights were received. As of March 31, 2024, COP (1,155) were made from OCI, which were transferred to results.

Investments in equity securities measured at fair value through OCI are considered strategic for the Bank and, therefore, there is no intention to sell them in the foreseeable future. That is the reason why this alternative is used for its presentation.

The effect of valuation in the statement of comprehensive income corresponding to equity investment financial securities is COP 2,204 as of March 2025 and COP 1,472 as for March 2024. See Condensed separate interim statement of comprehensive income - net loss on valuation of financial instruments.

Dividends on equity securities through OCI recognized as of June 30, 2025 and 2024 amount to COP 3,592 and COP 2,673, respectively. See Note 17.5. Equity investment income.

As of June 30, 2025 and December 31, 2024 there were no impairment losses on equity securities. These investments do not have a maturity date therefore, they are not included in the maturity detail.

**4.2.Derivative financial instruments**

The Bank derivative activities do not give rise to significant open positions in portfolios of derivatives. The Bank enters into derivative transactions to facilitate customer business, for hedging purposes and arbitrage activities, such as forwards, options, or swaps where the underlying assets are exchange rates, interest rates, and securities.

A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets, and/or indexes. Financial futures and forward settlement contracts are agreements to buy or sell a quantity of a financial instrument (including another derivative financial instrument), index, currency or commodity at a predetermined rate or price during a period or at a date in the future. Futures and option contracts are standardized agreements for future delivery, traded on exchanges that typically act as a platform.

For further information related to the objectives, policies, and processes for managing the Bank's risk, please see item Risk Management. The following table presents the Bank's derivatives by type of risk as of June 30, 2025 and December 31, 2024:

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---

| | | |
|:---|:---|:---|
| **Derivatives** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Forwards** |  |  |
| **Assets** |  |  |
| Foreign exchange contracts | 2002041 | 1074137 |
| Equity contracts | 13897 | 51645 |
| **Subtotal assets** | **2015938** | **1125782** |
| **Liabilities** | - | - |
| Foreign exchange contracts | (1970840) | (963535) |
| Equity contracts | (9149) | (1367) |
| **Subtotal liabilities** | **(1979989)** | **(964902)** |
| **Total forwards** <sup>(1)</sup> | **35949** | **160880** |
| **Swaps** |  |  |
| **Assets** |  |  |
| Foreign exchange contracts | 920436 | 1463256 |
| Interest rate contracts | 193255 | 233019 |
| **Subtotal assets** | **1113691** | **1696275** |
| **Liabilities** | - | - |
| Foreign exchange contracts | (1142282) | (1332432) |
| Interest rate contracts | (226761) | (287623) |
| **Subtotal liabilities** | **(1369043)** | **(1620055)** |
| **Total swaps** <sup>(2)</sup> | **(255352)** | **76220** |
| **Options** | - | - |
| **Assets** | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| Foreign exchange contracts | 84439 | 102377 |
| **Subtotal assets** | **84439** | **102377** |
| **Liabilities** | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| Foreign exchange contracts | (153908) | (82482) |
| **Subtotal liabilities** | **(153908)** | **(82482)** |
| **Total options** | **(69469)** | **19895** |
| **Derivative assets** | **3214068** | **2924434** |
| **Derivative liabilities** | **(3502940)** | **(2667439)** |

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<sup>(1)</sup> As of June 30, 2025 there is a variation in active and passive forward contracts compared to those in effect in December 2024. Out of a total of 14,404 operations, 11,071 had matured by June 2025.

<sup>(2)</sup> As of June 30, 2025 there is a variation in active and passive swaps compared to those in effect in December 2024. Out of a total of 10,220 operations, 1,610 had matured by June 2025.

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The table below details the amount of derivatives net by maturity:

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Forward** | **Swaps** | **Options** | **Total** |
| **Assets** | **2015938** | **1113691** | **84439** | **3214068** |
| Less than 1 year | 1967923 | 263394 | 69796 | 2301113 |
| Between 1 and 3 years | 48001 | 377201 | 14643 | 439845 |
| More than 3 years | 14 | 473096 | - | 473110 |
| **Liabilities** | **(1979989)** | **(1369043)** | **(153908)** | **(3502940)** |
| Less than 1 year | (1917642) | (414805) | (130488) | (2462935) |
| Between 1 and 3 years | (62347) | (524550) | (23420) | (610317) |
| More than 3 years | - | (429688) | - | (429688) |

---

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Forward** | **Swaps** | **Options** | **Total** |
| **Assets** | **1125782** | **1696275** | **102377** | **2924434** |
| Less than 1 year | 1094845 | 440816 | 96891 | 1632552 |
| Between 1 and 3 years | 30937 | 649909 | 5486 | 686332 |
| More than 3 years | - | 605550 | - | 605550 |
| **Liabilities** | **(964902)** | **(1620055)** | **(82482)** | **(2667439)** |
| Less than 1 year | (934875) | (375375) | (76536) | (1386786) |
| Between 1 and 3 years | (30027) | (604227) | (5946) | (640200) |
| More than 3 years | - | (640453) | - | (640453) |

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**Derivatives' guarantee**

The following table presents the cash and securities collateral for derivatives as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Guarantees received | 1264019 | 1117651 |
| Guarantees delivered | (547125) | (371426) |

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**4.3 Hedge of a net investment in a foreign operation**

The Bank uses hedge accounting for net investments in foreign operations with non-derivative instruments and has designated USD 528,000 in debt securities issued as hedging instruments. This transaction is intended to protect the Bank against foreign exchange risk (USD/COP) related to the net investments in Bancolombia Panamá S.A., Bancolombia Puerto Rico Internacional Inc., and the Panama Branch, whose financial information are

------

denominated in U.S dollars. The book value and the hedged portion of the investment are listed below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Investment portion covered in the hedging relationship** | **Investment portion uncovered** | **Total investment.** | **Investment portion covered in the hedging relationship** | **Investment portion uncovered** | **Total investment** |
| **In thousands of USD** | **In thousands of USD** | **In thousands of USD** | **In thousands of USD** | **In thousands of USD** | **In thousands of USD** | **In thousands of USD** |
| Banistmo S.A. <sup>(1)</sup> | - | - | **-** | 884544 | 1723889 | **2608433** |
| Bancolombia Panama S.A. <sup>(2)</sup> | 287000 | 66001 | **353001** | - | - | **-** |
| Bancolombia Puerto Rico Internacional Inc. <sup>(2)</sup> | 141000 | 39156 | **180156** | - | - | **-** |
| Panama Branch <sup>(2)</sup> | 100000 | 5268 | **105268** | - | - | **-** |
| **Total** | **528000** | **110425** | **638425** | **-** | **-** | **-** |

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<sup>(1)</sup> In 2025, the partial spin-off of Bancolombia's assets and liabilities to Grupo Cibest S.A. was completed. In this transaction, Banistmo S.A. was spun off to Grupo Cibest S.A. As a result, the hedge accounting for the net investment abroad in Banistmo was completely discontinued on April 30, 2025.

<sup>(2)</sup> As of May 1, 2025, a new hedging relationship was created, designating subordinated bonds maturing in 2027 and 2034 as hedging instruments for net investments in Bancolombia Panama, Bancolombia Puerto Rico, and the Panama Branch, with the objective of mitigating the impact of exchange rate differences on the Bank's financial statements.

The following is a detail of the hedging instruments of the net investment in the net foreign investment:

**As of June 30, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** |
| **Opening date** | **Due date** | **E.A rate** | **Capital balance** | **Capital designated as hedging instrument** |
| 18/10/2017 | 18/10/2027 | 7.03% | 461707 | 428000 |
| 24/06/2024 | 24/12/2034 | 8.82% | 800000 | 100000 |
| **Total Debt securities** | **Total Debt securities** | **Total Debt securities** | **1261707** | **528000** |

---

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** | **Debt securities issued in thousands of USD, designated as hedging instruments** |
| **Opening date** | **Due date** | **E.A rate** | **Capital balance** | **Capital designated as hedging instrument** |
| 18/10/2017 | 18/10/2027 | 7.03% | 461707 | 355339 |
| 24/06/2024 | 24/12/2034 | 8.82% | 800000 | 529205 |
| **Total Debt securities** | **Total Debt securities** | **Total Debt securities** | **1261707** | **884544** |

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**Measuring effectiveness and ineffectiveness**

A hedge is considered effective if, at the beginning of the period and in subsequent periods, the changes in fair value or cash flows attributable to the hedged risk during the period for which the hedge has been designated are offset.

The Bank has documented the evidence of effectiveness of the hedge of the net foreign investment based on the portion of the net investment hedged at the beginning of the hedging relationship amounting to USD 528,000. The hedge is considered perfectly effective since the critical terms and risks of the obligations that serve as hedging instruments are

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identical to those of the primary hedged position. The effectiveness of the hedge is measured on a before taxes.

Gains or losses from the currency translation of the financial statements of Bancolombia Panama and Bancolombia Puerto Rico for the year 2025 and Banistmo for the year 2024 are recognized in Other Comprehensive Income (OCI). Consequently, the exchange difference related to the translation of debt securities issued and borrowings from correspondent banks is recognized directly in OCI. The foreign currency translation adjustment corresponding to hedging instruments as of June 30, 2025 was COP 65,304 and as of June 30, 2024 was COP (452,000). See Condensed separate interim statement of comprehensive income - Gain (loss) on hedge of net investment in a foreign operation.

Panama Branch is a net investment of the Bank, and the restatement directly impacts the profit or loss for the period. In the hedging relationship between the bonds and the net assets of the Panama Branch, no adjustment is recognized in OCI, since both the restatement of the investment and the effect of the hedging instrument are reflected in the income statement, thus constituting a natural hedge.

**NOTE 5. LOANS PORTFOLIO AND FINANCIAL LEASING OPERATIONS, NET**

The following is the composition of the loans and financial leasing operations portfolio, net as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| **Composition** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Commercial <sup>(1)</sup> | 106315942 | 102823571 |
| Consumer | 37585952 | 37130451 |
| Financial leasing | 26503296 | 26154135 |
| Mortgage <sup>(2)</sup> | 27410491 | 25163198 |
| Small business loans | 906523 | 656350 |
| **Total loan portfolio and financial leasing operations** | **198722204** | **191927705** |
| **Total provision for loan portfolio and leasing operations impairment** <sup>(3)</sup> | **(12862532)** | **(13829166)** |
| **Total loan portfolio and leasing operations, net** | **185859672** | **178098539** |

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<sup>(1)</sup> The increase was mainly attributable to disbursements made during the first half of the year, due to the quotas offered with rate benefits.

<sup>(2)</sup> The increase is mainly due to better dynamics following the reactivation of government subsidies, as well as in response to the housing for all strategy.

<sup>(3)</sup> Includes general provision for loan portfolio and leasing operations, in accordance with SFC regulations

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| | | |
|:---|:---|:---|
| **Provision concept** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| General provision Small business loans and Mortgage (Circular 100, 1995) | 280711 | 256011 |
| **Total general provision** | 280711 | 256011 |

---

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**Loans and leasing operations portfolio by risk category**

As of June 30, 2025 and December 31, 2024, the loan portfolio and leasing operations are distributed in the following risk categories:

**As of June 30, 2025**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commercial** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 97495301 | 1297265 | 15431 | 1344602 | 19998 | 466 | 97442931 |
| B – Acceptable risk | 1330032 | 20655 | 1445 | 62907 | 3657 | 244 | 1285324 |
| C – Appreciable risk | 1475306 | 34263 | 1059 | 487420 | 31706 | 794 | 990708 |
| D – Significant risk | 2083661 | 61578 | 11734 | 1513163 | 61578 | 11706 | 570526 |
| E – Unrecoverable risk | 2450331 | 29189 | 8692 | 2066742 | 29189 | 8498 | 383783 |
| **Total** | **104834631** | **1442950** | **38361** | **5474834** | **146128** | **21708** | **100673272** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consumer** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 31894272 | 409305 | 60591 | 931912 | 14824 | 2776 | 31414656 |
| B – Acceptable risk | 910160 | 20423 | 3598 | 147478 | 6391 | 1609 | 778703 |
| C – Appreciable risk | 730023 | 15003 | 3300 | 191148 | 11511 | 2800 | 542867 |
| D – Significant risk | 766832 | 19200 | 5154 | 727813 | 19200 | 5146 | 39027 |
| E – Unrecoverable risk | 2651092 | 75075 | 21924 | 2551331 | 75075 | 21601 | 100084 |
| **Total** | **36952379** | **539006** | **94567** | **4549682** | **127001** | **33932** | **32875337** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Leasing** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 22023382 | 142675 | 2136191 | 396913 | 3279 | 36097 | 23865959 |
| B – Acceptable risk | 610463 | 8592 | 29497 | 25756 | 532 | 1237 | 621027 |
| C – Appreciable risk | 452524 | 5040 | 17595 | 89120 | 4216 | 12489 | 369334 |
| D – Significant risk | 634675 | 57437 | 30038 | 332908 | 57368 | 29961 | 301913 |
| E – Unrecoverable risk | 249522 | 77601 | 28064 | 237858 | 77599 | 28050 | 11680 |
| **Total** | **23970566** | **291345** | **2241385** | **1082555** | **142994** | **107834** | **25169913** |

---

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mortgage** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** |
| A – Normal risk | 25474257 | 191729 | 3338 | 526575 | 2006 | 33 | 25140710 |
| B – Acceptable risk | 470979 | 5061 | 729 | 29477 | 5061 | 729 | 441502 |
| C – Appreciable risk | 354008 | 8592 | 973 | 51330 | 8592 | 973 | 302678 |
| D – Significant risk | 540003 | 6474 | 1955 | 118814 | 6474 | 1955 | 421189 |
| E – Unrecoverable risk | 342398 | 5288 | 4707 | 342398 | 5288 | 4707 | - |
| **Total** | **27181645** | **217144** | **11702** | **1068594** | **27421** | **8397** | **26306079** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small business loans** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 815762 | 10568 | 3219 | 17058 | 145 | 39 | 812307 |
| B – Acceptable risk | 15719 | 499 | 147 | 500 | 499 | 147 | 15219 |
| C – Appreciable risk | 12349 | 405 | 128 | 7508 | 405 | 128 | 4841 |
| D – Significant risk | 13575 | 351 | 114 | 13508 | 351 | 114 | 67 |
| E – Unrecoverable risk | 31891 | 940 | 856 | 29258 | 940 | 852 | 2637 |
| **Total** | **889296** | **12763** | **4464** | **67832** | **2340** | **1280** | **835071** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total loans** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total Net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total Net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 177702974 | 2051542 | 2218770 | 3217060 | 40252 | 39411 | 178676563 |
| B – Acceptable risk | 3337353 | 55230 | 35416 | 266118 | 16140 | 3966 | 3141775 |
| C – Appreciable risk | 3024210 | 63303 | 23055 | 826526 | 56430 | 17184 | 2210428 |
| D – Significant risk | 4038746 | 145040 | 48995 | 2706206 | 144971 | 48882 | 1332722 |
| E – Unrecoverable risk | 5725234 | 188093 | 64243 | 5227587 | 188091 | 63708 | 498184 |
| **Total** | **193828517** | **2503208** | **2390479** | **12243497** | **445884** | **173151** | **185859672** |

---

**As of December 31, 2024**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Commercial** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 93518674 | 1163523 | 14050 | 1316245 | 19548 | 392 | 93360062 |
| B – Acceptable risk | 1494066 | 23438 | 1623 | 63573 | 2047 | 292 | 1453215 |
| C – Appreciable risk | 1391353 | 91893 | 1326 | 451521 | 90701 | 1184 | 941166 |
| D – Significant risk | 2363500 | 71352 | 14343 | 1712661 | 71352 | 14312 | 650870 |
| E – Unrecoverable risk | 2621618 | 44396 | 8416 | 2205917 | 44396 | 8249 | 415868 |
| **Total** | **101389211** | **1394602** | **39758** | **5749917** | **228044** | **24429** | **96821181** |

---

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consumer** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 30764653 | 385004 | 55730 | 917778 | 14658 | 2639 | 30270312 |
| B – Acceptable risk | 821642 | 22653 | 3633 | 122317 | 7039 | 1603 | 716969 |
| C – Appreciable risk | 756964 | 18313 | 3539 | 196859 | 13998 | 3000 | 564959 |
| D – Significant risk | 1117242 | 27980 | 6792 | 1058048 | 27980 | 6783 | 59203 |
| E – Unrecoverable risk | 3039743 | 82528 | 24035 | 2928664 | 82528 | 23590 | 111524 |
| **Total** | **36500244** | **536478** | **93729** | **5223666** | **146203** | **37615** | **31722967** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Leasing** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 21194174 | 132244 | 2589208 | 385259 | 3031 | 46891 | 23480445 |
| B – Acceptable risk | 582525 | 7561 | 31141 | 23652 | 1003 | 1416 | 595156 |
| C – Appreciable risk | 482049 | 6193 | 18406 | 99424 | 5517 | 14588 | 387119 |
| D – Significant risk | 641233 | 57034 | 37158 | 339518 | 57033 | 36619 | 302255 |
| E – Unrecoverable risk | 267640 | 76025 | 31544 | 256572 | 76023 | 31544 | 11070 |
| **Total** | **23167621** | **279057** | **2707457** | **1104425** | **142607** | **131058** | **24776045** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mortgage** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** |
| A – Normal risk | 23413649 | 177235 | 1750 | 483766 | 1861 | 18 | 23106989 |
| B – Acceptable risk | 457800 | 4759 | 699 | 29489 | 4759 | 699 | 428311 |
| C – Appreciable risk | 359989 | 6146 | 1153 | 49697 | 6146 | 1153 | 310292 |
| D – Significant risk | 445213 | 4970 | 1688 | 99614 | 4970 | 1688 | 345599 |
| E – Unrecoverable risk | 279846 | 4093 | 4208 | 279846 | 4093 | 4208 |  |
| **Total** | **24956497** | **197203** | **9498** | **942412** | **21829** | **7766** | **24191191** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small business loans** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 576447 | 6595 | 1952 | 12214 | 99 | 32 | 572649 |
| B – Acceptable risk | 9059 | 249 | 69 | 320 | 249 | 69 | 8739 |
| C – Appreciable risk | 7226 | 227 | 63 | 4441 | 227 | 63 | 2785 |
| D – Significant risk | 14176 | 421 | 165 | 14045 | 421 | 165 | 131 |
| E – Unrecoverable risk | 37470 | 1252 | 979 | 34624 | 1252 | 974 | 2851 |
| **Total** | **644378** | **8744** | **3228** | **65644** | **2248** | **1303** | **587155** |

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total loans** | **Loans** | **Loans** | **Loans** | **Provision** | **Provision** | **Provision** | **Total net** |
| **Category** | **Capital** | **Interest and/or financial component** | **Other items** | **Capital** | **Interest and/or financial component** | **Other items** | **Total net** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A – Normal risk | 169467597 | 1864601 | 2662690 | 3115262 | 39197 | 49972 | 170790457 |
| B – Acceptable risk | 3365092 | 58660 | 37165 | 239351 | 15097 | 4079 | 3202390 |
| C – Appreciable risk | 2997581 | 122772 | 24487 | 801942 | 116589 | 19988 | 2206321 |
| D – Significant risk | 4581364 | 161757 | 60146 | 3223886 | 161756 | 59567 | 1358058 |
| E – Unrecoverable risk | 6246317 | 208294 | 69182 | 5705623 | 208292 | 68565 | 541313 |
| **Total** | **186657951** | **2416084** | **2853670** | **13086064** | **540931** | **202171** | **178098539** |

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**Provision for impairment of loan portfolio and leasing operations**

The following table sets forth the changes in the allowance for loans and leasing operations losses as of June 30, 2025 and 2024:

Movement of the provision for the six-months period ended June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Loans** | **Commercial** | **Consumer** | **Leasing** | **Mortgage** | **Small business loans** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **(+) Balance as of December 31, 2024** | **6002390** | **5407484** | **1378090** | **972007** | **69195** | **13829166** |
| (+) Charged-off-loan recovery | 77111 | 149797 | 42003 | 12425 | 471 | **281807** |
| (+) Impairment of loan portfolio and leasing operations, net <sup>(1)</sup>  | 317225 | 1050956 | 39458 | 143841 | 30059 | **1581539** |
| (-) Period charges-off <sup>(2)</sup> | 592399 | 1897622 | 126168 | 23861 | 28273 | **2668323** |
| (+) Provision for purchased portfolio | 72657 | - | - | - | - | **72657** |
| (-) Provision sold loan portfolio | 234314 | - | - | - | - | **234314** |
| **Balance as of June 30, 2025** | **5642670** | **4710615** | **1333383** | **1104412** | **71452** | **12862532** |

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Movement of the provision for the three months between April 1 and June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Loans** | **Commercial** | **Consumer** | **Leasing** | **Mortgage** | **Small business loans** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **(+) Balance as of March 31, 2025** | **5927298** | **5013884** | **1375494** | **1040994** | **65127** | **13422797** |
| (+) Charged-off-loan recovery | 66824 | 84940 | 18859 | 6636 | 482 | **177741** |
| (+) Impairment of loan portfolio and leasing operations, net <sup>(1)</sup>  | 187428 | 517922 | 30183 | 67627 | 18347 | **821507** |
| (-) Period charges-off <sup>(2)</sup> | 304566 | 906131 | 91153 | 10845 | 12504 | **1325199** |
| (-) Provision sold loan portfolio | 234314 | - | - | - | - | **234314** |
| **Balance as of June 30, 2025** | **5642670** | **4710615** | **1333383** | **1104412** | **71452** | **12862532** |

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Movement of the provision for the six-months period ended June 30, 2024

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Loans** | **Commercial** | **Consumer** | **Leasing** | **Mortgage** | **Small business loans** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **(+) Balance as of December 31, 2024** | **5087527** | **5461726** | **1282986** | **974580** | **85533** | **12892352** |
| (+) Charged-off-loan recovery | 54652 | 139298 | 36119 | 1167 | 18166 | **249402** |
| (+) Impairment of loan portfolio and leasing operations, net <sup>(1)</sup> | 643916 | 2374123 | 96899 | (13936) | 19461 | **3120463** |
| (-) Period charges-off <sup>(2)</sup> | 218580 | 2160161 | 70465 | 32263 | 41304 | **2522773** |
| **Balance as of June 30, 2024** | **5567515** | **5814986** | **1345539** | **929548** | **81856** | **13739444** |

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Movement of the provision for the three months between April 1 and June 30, 2024

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Loans** | **Commercial** | **Consumer** | **Leasing** | **Mortgage** | **Small business loans** | **Total** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **(+) Balance as of March 31, 2024** | **5259859** | **5574923** | **1337412** | **1009355** | **84688** | **13266237** |
| (+) Charged-off-loan recovery | 46454 | 74039 | 20255 | (8217) | 18164 | **150695** |
| (+) Impairment of loan portfolio and leasing operations, net <sup>(1)</sup> | 382573 | 1247281 | 22601 | (47014) | (43) | **1605398** |
| (-) Period charges-off <sup>(2)</sup> | 121371 | 1081257 | 34729 | 24576 | 20953 | **1282886** |
| **Balance as of June 30, 2024** | **5567515** | **5814986** | **1345539** | **929548** | **81856** | **13739444** |

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<sup>(1)</sup> The decrease in spending in June 2025 compared to June 2024 is due to a lower deterioration in the portfolio for this year, especially in the Individuals and Self-Employed segments.

<sup>(2)</sup> The write-offs are still in the process of collection management.

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**NOTE 6. INVESTMENT IN SUBSIDIARIES**

The detail of investments in subsidiaries as of June 30, 2025 and December 31, 2024 is as below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Company name** | **Main activity** | **Country** | **% of ownership** | **Investment value** | **% of ownership** | **Investment value** |
| FCP Inmobiliario Colombia S.A. | Real estate services | Colombia | 80.43% | 3147564 | 80.43% | 2987499 |
| Bancolombia Panamá S.A. <sup>(1)</sup> | Financial services | Panama | 100.00% | 1436596 | 100.00% | 10206593 |
| Bancolombia Puerto Rico Internacional Inc. | Financial services | Puerto Rico | 100.00% | 733174 | 100.00% | 761560 |
| Banca de Inversión Bancolombia S.A. Corporación Financiera <sup>(1)</sup> | Financial services | Colombia | 89.74% | 589488 | 94.90% | 1156057 |
| P.A. Sodimac | Real estate services | Colombia | 100.00% | 517047 | 100.00% | 500744 |
| Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | Financial trust services | Colombia | 94.97% | 515752 | 94.97% | 533885 |
| P.A. Mercurio | Real estate services | Colombia | 100.00% | 327459 | 100.00% | 318453 |
| Valores Bancolombia S.A. Comisionista de Bolsa | Trade-broker dealer | Colombia | 93.61% | 252629 | 93.61% | 254025 |
| P.A. Nomad Central | Real estate services | Colombia | 98.00% | 158170 | 98.00% | 133572 |
| P.A. Nomad Cabrera | Real estate services | Colombia | 98.00% | 156106 | 98.00% | 154492 |
| P.A. Nomad Salitre | Real estate services | Colombia | 98.00% | 133813 | 98.00% | 88832 |
| P.A. Nomad Distrito Vera | Real estate services | Colombia | 98.00% | 98772 | 98.00% | 58827 |
| P.A. FAI Calle 77 (Nomad77) | Real estate services | Colombia | 98.00% | 62725 | 98.00% | 62656 |
| P.A. Nomad Nexo | Real estate services | Colombia | 98.00% | 41656 | 98.00% | 14 |
| Banistmo S.A. <sup>(1)</sup> | Financial services | Panama | -% | - | 100.00% | 11500974 |
| Sociedad Beneficiaria BC Panamá S.A.S. <sup>(1)</sup> | Investments | Colombia | -% | - | 100.00% | - |
| **Total investment in subsidiaries** |  |  |  | **8170951** |  | **28718183** |

---

<sup>(1)</sup> In May 2025, the formalization of the partial spin-off of assets and liabilities from Bancolombia in favor of Grupo Cibest S.A. was carried out. As part of this transaction, a percentage of the equity interest in Banca de Inversión Bancolombia S.A. amounting to COP 8,141,872 was spun off, along with the total equity interest in Banistmo S.A. amounting to COP 11,125,504. Additionally, as part of the corporate reorganization, the merger by absorption of the beneficiary company BC Panamá was completed. See Note 1. Reporting Entity.

------

The following tables sets forth the changes of the Bank's subsidiary investments as of June 30, 2025 and December 31, 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Initial balance** | **Equity method through income statement** | **OCI (Equity method)** | **Purchase / capitalizations** | **Dividends** | **Profit for previous years** | **Spin-off effects** <sup>(1)</sup> | **Final balance** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| FCP Fondo Inmobiliario Colombia | 2987499 | 160065 | - | - | - | - | - | **3147564** |
| Bancolombia Panamá S.A. <sup>(1)</sup> | 10206593 | 463962 | (337580) | - | (595582) | (158925) | (8141872) | **1436596** |
| Bancolombia Puerto Rico Internacional Inc. | 761560 | 31183 | (59569) | - | - | - | - | **733174** |
| Banca de Inversión Bancolombia S.A. Corporación Financiera <sup>(2)</sup> | 1156057 | 25986 | (188) | - | - | - | (592367) | **589488** |
| P.A. Sodimac | 500744 | 16303 | - | - | - | - | - | **517047** |
| Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | 533885 | 92284 | 1475 | - | (111906) | 14 | - | **515752** |
| P.A. Mercurio | 318453 | 9006 | - | - | - | - | - | **327459** |
| Valores Bancolombia S.A. Comisionista de Bolsa | 254025 | 27985 | 1691 | - | (31072) | - | - | **252629** |
| P.A. Nomad Central | 133572 | (4802) | - | 29400 | - | - | - | **158170** |
| P.A. Nomad Cabrera | 154492 | (5736) | - | 7350 | - | - | - | **156106** |
| P.A. Nomad Salitre | 88832 | (3529) | - | 48510 | - | - | - | **133813** |
| P.A. Nomad Distrito Vera | 58827 | (2783) | - | 42728 | - | - | - | **98772** |
| P.A. FAI Calle 77 (Nomad77) | 62656 | 69 | - | - | - | - | - | **62725** |
| P.A. Nomad Nexo | 14 | (8) | - | 41650 | - | - | - | **41656** |
| Banistmo S.A. <sup>(3)</sup> | 11500974 | 107923 | (483393) | - | - | - | (11125504) | **-** |
| **Total** | **28718183** | **917908** | **(877564)** | **169638** | **(738560)** | **(158911)** | **(19859743)** | **8170951** |

---

<sup>(1)</sup> The split value corresponds to the stake that this subsidiary had in Banagricola S.A. and Grupo Agromercantil Holding. At the time of the transaction, the balance recognized for these two investments in the income statement as income under the equity method was COP 226,817, and the accumulated value in the OCI was COP 3,138,925.

<sup>(2)</sup> The split value corresponds to the transfer of equity investments. At the time of the transaction, the balance recognized for these investments in the income statement as loss under the equity method was COP (20,812) and the accumulated value in the OCI was COP 6,252.

<sup>(3)</sup> At the time of the transaction, the balance recognized for the investment in Banistmo S.A. in the income statement as income under the equity method was COP 107,923, and the accumulated value in the OCI was COP 5,417,811.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Initial balance** | **Equity method through income statement** | **OCI (Equity method)** | **Purchase / capitalizations** | **Dividends** | **Restitution of contributions** | **Profit for previous years** | **Final balance** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| FCP Fondo Inmobiliario Colombia | 2733074 | 254425 | - | - | - | - | - | **2987499** |
| Bancolombia Panamá S.A. | 8838482 | 1324141 | 1472293 | - | (1432156) | - | 3833 | **10206593** |
| Bancolombia Puerto Rico Internacional Inc. | 580423 | 84983 | 96154 | - | - | - | - | **761560** |
| Banca de Inversión Bancolombia S.A. Corporación Financiera | 1394710 | (244727) | 8171 | - | - | - | (2097) | **1156057** |
| P.A. Sodimac | - | 38303 | - | 464520 | - | (2079) | - | **500744** |
| Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | 490721 | 176777 | (3781) | - | (130301) | - | 469 | **533885** |
| P.A. Mercurio | 279491 | 39774 | - | - | - | (812) | - | **318453** |
| Valores Bancolombia S.A. Comisionista de Bolsa | 213275 | 38778 | 2770 | - | - | - | (798) | **254025** |
| P.A. Nomad Central | 101260 | (8358) | - | 40670 | - | - | - | **133572** |
| P.A. Nomad Cabrera | 99109 | (5377) | - | 60760 | - | - | - | **154492** |
| P.A. Nomad Salitre | 43790 | (7878) | - | 52920 | - | - | - | **88832** |
| P.A. Nomad Distrito Vera | - | 468 | - | 58359 | - | - | - | **58827** |
| P.A. FAI Calle 77 (Nomad77) | 57306 | 4524 | - | 980 | - | (154) | - | **62656** |
| P.A. Nomad Nexo | - | (15) | - | 29 | - | - | - | **14** |
| Banistmo S.A. | 9920304 | 215595 | 1859077 | - | (495524) | - | 1522 | **11500974** |
| **Total** | **24751945** | **1911413** | **3434684** | **678238** | **(2057981)** | **(3045)** | **2929** | **28718183** |

---

The following is the supplementary information of the Bank's most significant subsidiaries as of June 30, 2025 and December 31, 2024 without eliminations:

**As of June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company name** | **Assets** | **Liabilities** | **Income from ordinary activities** | **Gain / (Loss)** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| FCP Fondo Inmobiliario Colombia | 6116150 | 1985574 | 427757 | 199022 |
| Bancolombia Panamá S.A. <sup>(1)</sup> | 21842728 | 20409430 | 708081 | 238392 |
| Bancolombia Puerto Rico Internacional Inc. | 3080871 | 2347697 | 98312 | 31183 |
| Banca de Inversión Bancolombia S.A. Corporación Financiera <sup>(2)</sup> | 881237 | 30294 | 73485 | 48677 |

---

<sup>(1)</sup> The decrease in assets is due to the spin-off of investments in Banagrícola S.A. and Grupo Agromercantil Holding.

<sup>(2)</sup> The decrease in assets is mainly due to the spin-off of investments in Wenia Ltd, Wompi S.A.S., Nequi S.A. Compañía de Financiamiento, and Renting Colombia S.A.S.

The financial statements as of June 30, 2025 have been used for the purpose of applying the equity method for the subsidiaries.

**As of December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company name** | **Assets** | **Liabilities** | **Income from ordinary activities** | **Gain / (Loss)** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Banistmo S.A. | 45964767 | 41132908 | 4343350 | 215595 |
| Bancolombia Panamá S.A. | 32095844 | 21889251 | 2190330 | 1324141 |
| FCP Fondo Inmobiliario Colombia | 6039891 | 2112456 | 882817 | 316349 |
| Banca de Inversión Bancolombia S.A. Corporación Financiera | 1464181 | 48620 | 190300 | (258823) |

---

------

The financial statements as of December 31, 2024 have been used for the purpose of applying the equity method for the subsidiaries.

As of June 30, 2025 and December 31, 2024 there are no restrictions or limitations on the ability of subsidiaries to transfer funds to the Bank in the form of dividends and other capital distributions.

------

**NOTE 7 . INVESTMENTS IN ASSOCIATES AND JOINT VENTURES**

<br> The following table summarizes the balance sheet balances of investments in associates and joint ventures as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Composition** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Investments in associates | 103196 | 129807 |
| Investments in joint ventures | 86724 | 75505 |
| **Total** | **189920** | **205312** |

---

The following tables present the Bank's investments in associates as of June 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Company name** | **Main activity** | **Country** | **% of Ownership interest** | **Investment** | **% of Ownership interest** | **Investment** |
| Redeban Multicolor S.A. | Network data transmission services | Colombia | 20.4% | 41557 | 20.4% | 42190 |
| Titularizadora Colombiana S.A. Hitos | Mortgage portfolio securities | Colombia | 27.0% | 40519 | 27.0% | 42050 |
| ACH Colombia S.A. | Electronic transfer services | Colombia | 19.9% | 20066 | 19.9% | 23706 |
| Agricapital S.A.S | Financial services | Colombia | 10.8% | 1054 | 10.8% | 991 |
| Servicios de Identidad Digital S.A.S.<sup>(1)</sup> | Digital services | Colombia | 33.3% | - | 33.3% | - |
| Protección S.A. <sup>(2)</sup> | Administration of pension funds and severances | Colombia | -% | - | 0.7% | 20870 |
| **Total investments in associates** |  |  |  | **103196** |  | **129807** |

---

<sup>(1)</sup> During 2024, the Bank made capital contributions to Digital Identity Services for COP 2,487. As of December 31, 2024, the carrying value of this investment is COP 0, due to the recognition of the entity's losses during 2024 through the application of the equity method.

<sup>(2)</sup> In May 2025, the partial spin-off of Bancolombia's assets and liabilities to Grupo Cibest S.A. was completed. As part of this transaction, the 0.69% stake corresponding to 197,855 shares of Protección S.A., valued at COP 20,163, was spun off. See note 1. Reporting entity.

The following tables present the changes in the Bank's investments in associates as of June 30, 2025 and December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Redeban Multicolor S.A.** | **Titularizadora Colombiana S.A. Hitos** | **ACH Colombia S.A.** | **Agricapital S.A.S** | **Servicios de Identidad Digital S.A.S** | **Protección S.A.** <sup>(1)</sup> | **Total** |
| **Initial balance** | **42190** | **42050** | **23706** | **991** | **-** | **20870** | **129807** |
| Equity method through income statement | 2557 | 1449 | 12237 | 63 | - | 667 | **16973** |
| OCI (Equity method) | (1) | (10) | - | - | - | - | **(11)** |
| Dividends | (3189) | (2970) | (16554) | - | - | (1374) | **(24087)** |
| Profit for previous years | - | - | 677 | - | - | - | **677** |
| Spin-off effects <sup>(1)</sup> | - | - | - | - | - | (20163) | **(20163)** |
| **Final balance** | **41557** | **40519** | **20066** | **1054** | **-** | **20163** | **123359** |

---

------

<sup>(1)</sup> In May 2025, the partial spin-off of Bancolombia's assets and liabilities to Grupo Cibest S.A. was completed. As part of this transaction, the 0.69% stake corresponding to 197,855 shares of Protección S.A., valued at COP 20,163, was spun off. At the time of the transaction, the balance recognized in income as income from equity method investments was COP 667, and the accumulated value in the OCI was COP 154. See note 1. Reporting entity

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Redeban Multicolor S.A.** | **Titularizadora Colombiana S.A. Hitos** | **ACH Colombia S.A.** | **Agricapital S.A.S** | **Servicios de Identidad Digital S.A.S** | **Protección S.A.** | **Total** |
| **Initial balance** | **35735** | **37950** | **21952** | **1262** | **956** | **19827** | **117682** |
| Equity method through income statement | 6452 | 3090 | 23271 | (271) | (3443) | 3143 | **32242** |
| OCI (Equity method) | 3 | 92 | - | - | - | (282) | **(187)** |
| Purchase / capitalizations | - | 918 | - | - | 2487 | - | **3405** |
| Sales and/or refunds of contributions | - | - | - | - | - | - | **-** |
| Deterioration | - | - | - | - | - | - | **-** |
| Dividends | - | - | (21517) | - | - | (1855) | **(23372)** |
| Profit for previous years | - | - | - | - | - | 37 | **37** |
| **Final balance** | **42190** | **42050** | **23706** | **991** | **-** | **20870** | **129807** |

---

The following are the joint ventures that the Bank holds as of June 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Company name** | **Main activity** | **Country** | **% of Ownership interest** | **Investment** | **% of Ownership interest** | **Investment** |
| Compañía de Financiamiento Tuya S.A. | Financial services | Colombia | 39.06% | 86724 | 39.06% | 75505 |
| **Total investments in joint venture** | **Total investments in joint venture** |  |  | **86724** |  | **75505** |

---

The following table sets forth the changes in the carrying amount of joint ventures of the Bank as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Compañía de Financiamiento Tuya S.A.** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Initial balance** | **75505** | **180916** |
| Equity method through income statement | 11219 | (60373) |
| Purchase / capitalizations | - | 76750 |
| Deterioration <sup>(1)</sup> | - | (121788) |
| **Final balance** | **86724** | **75505** |

---

<sup>(1)</sup> During the year 2024, the Administration requested the valuation for the joint business Tuya S.A. to establish the recoverable value that amounted to COP 85,993, based on the value in use with a discount rate of 12.9% - 16.1%. As a result of the valuation, the recoverable value of the investment was lower than the book value, therefore, the Bank recorded an impairment in the Income Statement for COP 121,788.

The following is additional information regarding the Bank's most significant associates and joint ventures as of June 30, 2025 and December 31, 2024:

As of June 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company name** | **Classification** | **Assets** | **Liabilities** | **Income from ordinary activities** | **Profit / (Loss)** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Redeban Multicolor S.A. | Associates | 15735088 | 15523286 | 241356 | 10139 |
| Titularizadora Colombiana S.A. Hitos | Associates | 252391 | 106264 | 19874 | 3298 |
| ACH Colombia S.A. | Associates | 245604 | 145236 | 155543 | 50616 |
| Compañía de Financiamiento Tuya S.A. | Joint ventures | 2429314 | 1892558 | 573872 | 28726 |

---

For the purpose of applying the equity method for associates and joint ventures, the financial statements as of May 31, 2024 have been used.

December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company name** | **Classification** | **Assets** | **Liabilities** | **Income from ordinary activities** | **Profit / (Loss)** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Redeban Multicolor S.A. | Associates | 8834257 | 8619344 | 514796 | 28912 |
| Titularizadora Colombiana S.A. Hitos | Associates | 248267 | 99870 | 48212 | 10159 |
| Protección S.A. | Associates | 3194045 | 752834 | 1884277 | 446532 |
| Compañía de Financiamiento Tuya S.A. | Joint ventures | 2888860 | 2380831 | 1505074 | (155514) |

---

For the purpose of applying the equity method for associates and joint ventures, the financial statements as of November 30, 2024 have been used, except for Protección S.A. and Compañía de Financiamiento Tuya S.A., which used the financial statements as of the end of December 2024.

As of June 30, 2025 and December 31, 2024 there are no restrictions or limitations on the ability of subsidiaries to transfer funds to the Bank in the form of dividends and other capital distributions.

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**NOTE 8. PREMISES AND EQUIPMENT, NET**

As of June 30, 2025 and December 31, 2024, the premises and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
| **Composition** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Premises and equipment for own use | 1744085 | 1770827 |
| Premises and equipment in operating leases | 2916937 | 3095756 |
| **Total premises and equipment, net** | **4661022** | **4866583** |

---

**As of June 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Premises and equipment for own use** | **Balance as of<br>January 1, 2025** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Balance as of June 30, 2025** |
| **Premises and equipment for own use** | **Balance as of<br>January 1, 2025** | **Additions** <sup>(1)</sup> | **Expenses depreciation** | **Expenses impairment** <sup>(2)</sup> | **Written off** | **Movements** <sup>(3)</sup> | **Balance as of June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Land** | | | | | | | |
| Cost | 313215 | - | - | - | - | (3758) | 309457 |
| **Construction in progress** |  |  |  |  |  |  |  |
| Cost | 13586 | 1460 | - | - | - | - | 15046 |
| Impairment | - | - | - | - | - | - | - |
| **Buildings** |  |  |  |  |  |  |  |
| Cost | 1098887 | 613 | - | - | (168) | (12353) | 1086979 |
| Accumulated depreciation | (179109) | - | (10158) | - | (12) | 3323 | (185956) |
| **Furniture and fixtures** |  |  |  |  |  |  |  |
| Cost | 406490 | 10468 | - | - | (4613) | - | 412345 |
| Accumulated depreciation | (218814) | - | (13214) | - | 4167 | - | (227861) |
| Impairment | - | - | - | (5) | 5 | - | - |
| **Computer equipment** |  |  |  |  |  |  |  |
| Cost | 695302 | 35542 | - | - | (7371) | - | 723473 |
| Accumulated depreciation | (398699) | - | (41345) | - | 6848 | - | (433196) |
| Impairment | - | - | - | (411) | 411 | - | - |
| **Vehicles** |  |  |  |  |  |  |  |
| Cost | 17573 | 1464 | - | - | (598) | 788 | 19227 |
| Accumulated depreciation | (9339) | - | (1769) | - | 598 | - | (10510) |
| **Machinery** |  |  |  |  |  |  |  |
| Cost | 96725 | 910 | - | - | (871) | - | 96764 |
| Accumulated depreciation | (69058) | - | (1259) | - | 747 | - | (69570) |
| Impairment | - | - | - | (27) | 27 | - | - |
| **Leasehold improvements** |  |  |  |  |  |  |  |
| Cost (3) | 4068 | 5146 | - | - | - | (1327) | 7887 |
| Accumulated depreciation | - | - | - | - | - | - | - |
| **Total cost** | **2645846** | **55603** | **-** | **-** | **(13621)** | **(16650)** | **2671178** |
| **Total accumulated depreciation** | **(875019)** | **-** | **(67745)** | **-** | **12348** | **3323** | **(927093)** |
| **Total accumulated impairment, net** | **-** | **-** | **-** | **(443)** | **443** | **-** | **-** |
| **Total premises and equipment for own use, net** | **1770827** | **55603** | **(67745)** | **(443)** | **(830)** | **(13327)** | **1744085** |

---

<sup>(1)</sup> Computer equipment, mainly: laptops for COP 16,806 ATMs for COP 5,317, and CPUs for COP 4,692. Equipment and accessories, mainly: power plant for COP 1,987, condensing unit for COP 1,965, chiller for COP 1,391, handling unit for COP 1,322, and modular system for COP 1,240.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improvements in other people's properties, El Retiro at COP 804, Uribia at COP 621, and the Plaza de las Américas branch at COP 620.

------

<sup>(2)</sup> Impairment losses recorded correspond to the procedure defined for assets due to obsolescence, losses and others, which results in the derecognition of the asset.

<sup>(3)</sup> Due to transfers to other non-performing assets, the main properties were: Plaza de las Americas for COP 7,683 and the administrative headquarters in Cali for COP 2,464.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2025** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Balance at<br>June 30, <br>2025** |
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2025** | **Additions** <sup>(1)</sup> | **Expenses depreciation** | **Expenses impairment** | **Written off** | **Movements**<sup>(2)</sup> | **Balance at<br>June 30, <br>2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Furniture and fixtures** | | | | | | | |
| Cost | 2091 | - | - | - | - | - | 2091 |
| Accumulated depreciation | (868) | - | (127) | - | - | - | (995) |
| **Vehicles** |  |  |  |  |  |  |  |
| Cost | 3703309 | 379482 | - | - | (108095) | (410381) | 3564315 |
| Accumulated depreciation | (749141) | - | (171340) | - | 26520 | 110576 | (783385) |
| **Computer equipment** |  |  |  |  |  |  |  |
| Cost | 265230 | 30845 | - | - | (6897) | (17097) | 272081 |
| Accumulated depreciation | (124865) | - | (33290) | - | 5984 | 15001 | (137170) |
| Impairment | - | - | - | - | - | - | - |
| **Total cost** | 3970630 | 410327 | - | - | (114992) | (427478) | 3838487 |
| **Total accumulated depreciation** | **(874874)** | **-** | **(204757)** | **-** | **32504** | **125577** | **(921550)** |
| **Total premises and equipment in operating leases, net** | **3095756** | **410327** | **(204757)** | **-** | **(82488)** | **(301901)** | **2916937** |

---

<sup>(1)</sup> Purchase of vehicles to be included in operating lease agreements mainly with Renting Colombia S.A.S.

<sup>(2)</sup> Vehicles, corresponds mainly to transfers of assets that ended the lease contract and went to the inventory category for COP 297,363, net, and transfers to the portfolio for relocation of assets to Financial Leasing for COP 2,442.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total premises and equipment** | **Balance at<br>January 1, <br>2024** | **Movimientos** | **Movimientos** | **Movimientos** | **Movimientos** | **Movimientos** | **Balance at<br>June 30, <br>2025** |
| **Total premises and equipment** | **Balance at<br>January 1, <br>2024** | **Additions** | **Expenses depreciation** <sup>(1)</sup> | **Expenses impairment** <sup>(1)</sup> | **Written off** | **Movements** | **Balance at<br>June 30, <br>2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Total premises and equipment - cost** | **6616476** | **465930** | **-** | **-** | **(128613)** | **(444128)** | **6509665** |
| **Total premises and equipment - accumulated depreciation** | **(1749893)** | **-** | **(272502)** | **-** | **44852** | **128900** | **(1848643)** |
| **Total premises and equipment - impairment** | **-** | **-** | **-** | **(443)** | **443** | **-** | **-** |
| **Total premises and equipment, net** | **4866583** | **465930** | **(272502)** | **(443)** | **(83318)** | **(315228)** | **4661022** |

---

------

**As of December 31, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2024** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Balance at<br>December 31, <br>2024** |
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2024** | **Additions** <sup>(1)</sup> | **Expenses depreciation** <sup>(2)</sup> | **Expenses impairment** | **Written off** <sup>(3)</sup> | **Movements** <sup>(4)</sup> | **Balance at<br>December 31, <br>2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Land** | | | | | | | |
| Cost | 311778 | - | - | - | - | 1437 | 313215 |
| **Construction in progress** |  |  |  |  |  |  |  |
| Cost | 7690 | 8620 | - | - | - | (2724) | 13586 |
| Impairment | - | - | - | - | - | - | - |
| **Buildings** |  |  |  |  |  |  |  |
| Cost | 1102332 | 1364 | - | - | - | (4809) | 1098887 |
| Accumulated depreciation | (158997) | - | (20918) | - | - | 806 | (179109) |
| **Furniture and fixtures** |  |  |  |  |  |  |  |
| Cost | 366790 | 47774 | - | - | (8074) | - | 406490 |
| Accumulated depreciation | (200437) | - | (25125) | - | 6748 | - | (218814) |
| Impairment | - | - | - | (288) | 288 | - | - |
| **Computer equipment** |  |  |  |  |  |  |  |
| Cost | 661417 | 95628 | - | - | (61743) | - | 695302 |
| Accumulated depreciation | (379474) | - | (80184) | - | 60959 | - | (398699) |
| Impairment | - | - | - | (387) | 387 | - | - |
| **Vehicles** |  |  |  |  |  |  |  |
| Cost | 16717 | 4065 | - | - | (3209) | - | 17573 |
| Accumulated depreciation | (9276) | - | (3190) | - | 3127 | - | (9339) |
| **Machinery** |  |  |  |  |  |  |  |
| Cost | 91761 | 7199 | - | - | (2235) | - | 96725 |
| Accumulated depreciation | (68263) | - | (2819) | - | 2024 | - | (69058) |
| Impairment | - | - | - | (54) | 54 | - | - |
| **Leasehold improvements** |  |  |  |  |  |  |  |
| Cost | 15001 | 33848 | - | - | - | (44781) | 4068 |
| Accumulated depreciation | - | - | - | - | - | - | - |
| **Total premises and equipment - cost** | **2573486** | **198498** | **-** | **-** | **(75261)** | **(50877)** | **2645846** |
| **Total premises and equipment - accumulated depreciation** | **(816447)** | **-** | **(132236)** | **-** | **72858** | **806** | **(875019)** |
| **Total premises and equipment - impairment** | **-** | **-** | **-** | **(729)** | **729** | **-** | **-** |
| **Total premises and equipment, net** | **1757039** | **198498** | **(132236)** | **(729)** | **(1674)** | **(50071)** | **1770827** |

---

<sup>(1)</sup> Computer equipment, mainly: ATMs for COP 36,578, Laptops for COP 34,564, CPU for COP 6,632 and Security camera for COP 3,239.

Furniture and fixtures, mainly: Condensing unit for COP 9,543, Modular System for COP 5,658, Handling unit for COP 5,083, Power plant for COP 4,484, Chiller for COP 3,838 and Cashier station for COP 3,616.

Improvements in other people's properties, mainly Cosmocentro Headquarters Building for COP 4,668, Carrera Primera Branch for COP 2,315, Calle 76 Branch for COP 2,170.

<sup>(2)</sup> Impairments are related to the process applied for obsolescence, accidents and others, which results in the derecognition of the asset.

<sup>(3)</sup> Computer equipment, mainly due to obsolescence of ATMs and laptops.

<sup>(4)</sup> Mainly due to transfer to right-of-use assets for completion of improvements and activation of contracts for COP 41,929, the most significant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;improvements being in branches and activation due to termination of improvements of other assets for COP 2,962.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2024** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Balance at<br>December 31, <br>2024** |
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2024** | **Additions**<sup>(1)</sup> | **Expenses depreciation**<sup>(2)</sup> | **Expenses impairment**<sup>(2)</sup> | **Written off** | **Movements**<sup>(3)</sup> | **Balance at<br>December 31, <br>2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Furniture and fixtures** | | | | | | | |
| Cost | 2091 | - | - | - | - | - | 2091 |
| Accumulated depreciation | (614) | - | (254) | - | - | - | (868) |
| **Vehicles** |  |  |  |  |  |  |  |
| Cost | 4227271 | 668679 | - | - | (142435) | (1050206) | 3703309 |
| Accumulated depreciation | (672254) | - | (351398) | - | 27517 | 246994 | (749141) |
| **Computer equipment** |  |  |  |  |  |  |  |
| Cost | 228161 | 73678 | - | - | (15015) | (21594) | 265230 |
| Accumulated depreciation | (95638) | - | (63251) | - | 12730 | 21294 | (124865) |
| **Total cost** | **4457523** | **742357** | **-** | **-** | **(157450)** | **(1071800)** | **3970630** |
| **Total accumulated depreciation** | **(768506)** | **-** | **(414903)** | **-** | **40247** | **268288** | **(874874)** |
| **Total premises and equipment in operating leases, net** | **3689017** | **742357** | **(414903)** | **-** | **(117203)** | **(803512)** | **3095756** |

---

<sup>(1)</sup> Purchase of vehicles to include in operating lease contracts mainly with Renting Colombia S.A.S.

<sup>(2)</sup> Vehicles, corresponds mainly to transfers of assets that ended the lease contract and went to the inventory category for COP 793,352, net and transfers to the portfolio for relocation of assets to Financial Leasing for COP 7,435.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2024** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Roll - forward** | **Balance at<br>December 31, <br>2024** |
| **Premises and equipment in operating leases** | **Balance at<br>January 1, <br>2024** | **Additions** | **Expenses depreciation** | **Expenses impairment** | **Written off** | **Movements** | **Balance at<br>December 31, <br>2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Total premises and equipment - cost** | **7031009** | **940855** | **-** | **-** | **(232711)** | **(1122677)** | **6616476** |
| **Total premises and equipment - accumulated depreciation** | **(1584953)** | **-** | **(547139)** | **-** | **113105** | **269094** | **(1749893)** |
| **Total premises and equipment - impairment** | **-** | **-** | **-** | **(729)** | **729** | **-** | **-** |
| **Total premises and equipment, net** | **5446056** | **940855** | **(547139)** | **(729)** | **(118877)** | **(853583)** | **4866583** |

---

As of June 30, 2025, there are contractual commitments for the acquisition of assets amounting for COP 7,117, mainly for purchases of assets related to projects and investments in branches and ATMs, and for the project known as financing programs, as well as for the replacement of assets at the Datacenter Niquia data processing center and the purchase of assets to be used in electronic security.

As of June 30, 2025 and December 31, 2024, the Bank has no property and equipment with restricted title, nor guarantees of debts and contractual commitments for the fulfillment of obligations.

As of June 30, 2025 and December 31, 2024, the Bank's assessment indicates that there is no evidence of impairment of the Cash Generating Unit. Therefore, it is not considered necessary to make a formal estimate of the recoverable amount for these assets.

As of June 30, 2025 and December 31, 2024, the value of the property and equipment that is fully depreciated and in use is COP 286,289 and COP 257,886, respectively and corresponds mainly to computer equipment, fixtures and accessories and machinery.

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**NOTE 9. INCOME TAX**

The income tax is recognized in accordance with current tax regulations.

**9.1. Components recognized in the condensed interim separate income statement**

The following chart provides a detailed breakdown of the total income tax for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Current tax** |  |  |  |  |
| Fiscal term <sup>(1)</sup> | (1090358) | (614158) | (539361) | (50497) |
| Tax validity of foreign branch | (1862) | (652) | (1581) | (291) |
| Prior fiscal terms <sup>(2)</sup> | 63174 | 146180 | 8534 | 82892 |
| **Total current tax** | **(1029046)** | **(468630)** | **(532408)** | **32104** |
| **Deferred tax** | - | - | - | - |
| Fiscal term <sup>(3)</sup> | (40900) | (208242) | 19535 | (233045) |
| Prior fiscal terms | (53734) | (67083) | (10308) | (10711) |
| **Total deferred tax** | **(94634)** | **(275325)** | **9227** | **(243756)** |
| **Total income tax** | **(1123680)** | **(743955)** | **(523181)** | **(211652)** |

---

<sup>(1)</sup> Mainly due to current income tax associated with derivatives, exchange rate differences, and income tax.

<sup>(2)</sup> Mainly due to the recognition in 2024 of the effects of EC Ruling 26739 of January 25 of the same year.

<sup>(3)</sup> Composed mainly of deferred tax associated with derivatives and exchange rate differences.

**9.2. Reconciliation of the effective tax rate**

The detailed reconciliation between the total income tax expenses calculated at the current nominal tax rate and the recognized fiscal expense in the separate income statement for the

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periods ended June 30, 2025, and 2024 and for three months from April 1 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Reconciliation of the tax rate** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Accounting profit** | **4306515** | **3625857** | **1921426** | **1499660** |
| Applicable tax with nominal rate | (1722606) | (1450343) | (768571) | (599864) |
| Non-deductible expenses to determine taxable profit (loss) <sup>(1)</sup> | (49207) | (113413) | (16223) | (80437) |
| Accounting and non-tax income to determine taxable profit | 288613 | 425436 | 55923 | 194648 |
| Fiscal and non-accounting expense (income) to determine taxable profit (loss) | (282018) | (498860) | (18412) | (437952) |
| Ordinary activities income exempt from taxation | 489207 | 650659 | 127396 | 545212 |
| Ordinary activities income not constituting income or occasional tax gain | 52790 | 52285 | 7753 | 165 |
| Tax deductions | 105631 | 140629 | 48463 | 109465 |
| Tax depreciation surplus | 101765 | 106828 | 50530 | 53535 |
| Recovery of deductions | (71035) | (42657) | (28706) | (25147) |
| Prior fiscal terms | 9440 | 79097 | (1774) | 72181 |
| Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) | (46260) | (93616) | 20440 | (43458) |
| **Total income tax** | **(1123680)** | **(743955)** | **(523181)** | **(211652)** |

---

<sup>(1)</sup> Mainly due to the decrease in investment impairment.

**9.3. Components recognized in the Condensed Interim Statement of Comprehensive Income Separate (OCI).**

---

| | | | |
|:---|:---|:---|:---|
| **From January 1 to June 30, 2025** | **From January 1 to June 30, 2025** | **From January 1 to June 30, 2025** | **From January 1 to June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| Revaluation gain related to the defined benefit liability | 14985 | (5466) | 9519 |
| Net loss on financial instruments measured at fair value. | (23995) | 8755 | (15240) |
| Net loss from investments in subsidiaries accounted for using the equity method | (9440552) | - | (9440552) |
| Net loss from investments in associates and joint ventures accounted for using the equity method | (165) | - | (165) |
| Unrealized loss on cash flow hedge | (216) | 87 | (129) |
| Net investment income in a foreign operation | 4259296 | (87305) | 4171991 |
| **Net** | **(5190647)** | **(83929)** | **(5274576)** |

---

See Condensed Interim Statement of Comprehensive Income Separate

------

---

| | | | |
|:---|:---|:---|:---|
| **From January 1 to June 30, 2024** | **From January 1 to June 30, 2024** | **From January 1 to June 30, 2024** | **From January 1 to June 30, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| Revaluation gain related to the defined benefit liability | 15014 | (5382) | 9632 |
| Net loss on valuation of financial instruments | (42517) | 17021 | (25496) |
| Net income from investments in subsidiaries accounted for using the equity method | 2010657 | - | 2010657 |
| Net loss from investments in associates and joint ventures accounted for using the equity method | (113) | - | (113) |
| Loss in net investment coverage in a foreign operation | (452000) | 178154 | (273846) |
| **Net** | **1531041** | **189793** | **1720834** |

---

See Condensed Interim Statement of Comprehensive Income Separate

---

| | | | |
|:---|:---|:---|:---|
| **April 1 to June 30, 2025** | **April 1 to June 30, 2025** | **April 1 to June 30, 2025** | **April 1 to June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| Revaluation gain related to the defined benefit liability | 14985 | (5492) | 9493 |
| Net loss on financial instruments measured at fair value. | (18765) | 5570 | (13195) |
| Net loss from investments in subsidiaries accounted for using the equity method | (8314521) | - | (8314521) |
| Net loss from investments in associates and joint ventures accounted for using the equity method | (262) | - | (262) |
| Unrealized loss on cash flow hedges | (154) | 62 | (92) |
| Gain in net investment coverage in a foreign operation | 4067031 | (16150) | 4050881 |
| **Neto** | **(4251686)** | **(16010)** | **(4267696)** |

---

See Condensed Interim Statement of Comprehensive Income Separate

---

| | | | |
|:---|:---|:---|:---|
| **April 1 to June 30, 2024** | **April 1 to June 30, 2024** | **April 1 to June 30, 2024** | **April 1 to June 30, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Amounts before taxes** | **Deferred tax** | **Net taxes** |
| Revaluation gain related to the defined benefit liability | 15014 | (5388) | 9626 |
| Net loss on valuation of financial instruments | (38110) | 15589 | (22521) |
| Income from investments in subsidiaries accounted for by the equity method | 1944582 | - | 1944582 |
| Net loss from investments in associates and joint ventures accounted for using the equity method | (156) | - | (156) |
| Loss in net investment coverage in a foreign operation | (413925) | 161370 | (252555) |
| **Neto** | **1507405** | **171571** | **1678976** |

---

See Condensed Interim Statement of Comprehensive Income Separate

**9.4. Deferred tax**

According to the financial projections, it is expected to generate enough liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared considering information from the Cibest Group's economic

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research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **Effect on Income Statement** | **Effect on OCI** | **Effects on equity** <sup>(1)</sup> | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Asset Deferred Tax:** | | | | | |
| Employee Benefits | 219010 | 2312 | (5466) | - | 215856 |
| Deterioration assessment | 108913 | 50054 | - | - | 158967 |
| Financial Obligations | 184392 | (125019) | - | (59373) | - |
| Derivatives Valuation | - | 139326 | 87 | - | 139413 |
| Net investment coverage in operations abroad | 362784 | (72786) | (87305) | - | 202693 |
| Properties received in payment | 124038 | (495) | - | - | 123543 |
| Other deductions | 167125 | (54704) | - | - | 112421 |
| implementation adjustment | 90895 | - | - | - | 90895 |
| **Total Asset Deferred Tax** | **1257157** | **(61312)** | **(92684)** | **(59373)** | **1043788** |
| **Liability Deferred Tax:** |  |  |  |  |  |
| Property and equipment | (78142) | (10369) | - | - | (88511) |
| Lease restatement | (463183) | (17259) | - | - | (480442) |
| Derivatives Valuation | (80494) | 80494 | - | - | - |
| Financial obligations | - | (107024) | - | - | (107024) |
| Valuation of equity instruments | (371397) | 18318 | 8755 | - | (344324) |
| Goodwill | (1567225) | - | - | 1567225 | - |
| Other deductions | (84554) | 2518 | - | - | (82036) |
| **Total Liability Deferred Tax** | **(2644995)** | **(33322)** | **8755** | **1567225** | **(1102337)** |
| **Net Deferred Tax** | **(1387838)** | **(94634)** | **(83929)** | **1507852** | **(58549)** |

---

<sup>(1)</sup> Spin-off effect.

**9.5. Amount of temporary differences in subsidiaries, branches, and associates over which deferred tax was not recognized is:**

In accordance with IAS 12, no deferred tax credit was recorded, because Management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future.

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Temporary differences** | | |
| Local Subsidiaries | (131851) | (214304) |
| Foreign Subsidiaries | (2123840) | (20176494) |

---

**9.6. Dividends**

**9.6.1 Dividend Payment**

Dividends to be distributed by the Bank will be subject to the application of section 48 and 49 of the Colombian Tax Code, and consequently, they will be subject to a withholding tax

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established by the norm. This is in accordance with the tax characteristics of each shareholder.

**9.6.2 Dividends received from Colombian Subsidiary Companies** 

Considering the historical tax status of the dividends received by the Bank from its affiliates and national subsidiaries, it is expected that in the future dividends will be received on the basis of non-income tax. They will not be subject to withholding tax, taking into account that the Bank, its affiliates and national subsidiaries belong to the same business group.

**9.7. Tax contingent liabilities and assets**

In the determination of the effective current and deferred taxes subject to review by the tax authority, the relevant regulations have been applied in accordance with the interpretations made by the Cibest Group.

In Colombia, due to the complexity of the tax system, ongoing amendments to the tax regulations, accounting changes with implications on tax bases and in general the legal instability of the country, the tax administration's judgment may differ from that applied by Bancolombia at any time. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. However.

Based on the criteria established in the interpretation of IFRIC 23, Bancolombia did not recognize uncertain tax positions in its financial statements.

**9.8. Tax contingent liabilities and assets**

The Bank recognizes transactions between related parties by applying the arm's length principle. These transactions are documented and reported to the Colombian tax administration. No transfer pricing adjustments are expected for the current fiscal year.

**NOTE 10. DEPOSITS BY CUSTOMERS**

Details of customer deposits as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Saving accounts | 99663594 | 94644219 |
| Time deposits <sup>(1) (2)</sup> | 69753878 | 63637941 |
| Checking accounts | 19394231 | 21124420 |
| Other deposits | 5605238 | 6394493 |
| **Total** <sup>(3)</sup> | **194416941** | **185801073** |

---

<sup>(1)</sup> Increase generated mainly in CDT´s with terms between 6 and 12 months.

<sup>(2)</sup> Includes the effect of the adjustment to the item covered by fair value hedge accounting, which amounts to COP 2,122 and COP 963 as of June 30, 2025 and December 31, 2024, respectively.

<sup>(3)</sup> As of June 30, 2025 and December 31, 2024, Nequi deposits of COP 5,625,972 and COP 4,449,420 are included, respectively.

------

The following table details the time deposits issued by the Bank:

---

| | | | |
|:---|:---|:---|:---|
| **CDT** | **Effective interest rate** | **Effective interest rate** | **June 30, 2025** |
| **Modality** | **Minimum** | **Maximum** | **Carrying Value** |
| Less than 6 months | 0.10% | 9.90% | 24950367 |
| Between 6 months and 12 months | 4.60% | 10.50% | 17380510 |
| Between 12 months and 18 months | 4.70% | 12.00% | 7710306 |
| Greater than 18 months | 3.30% | 17.00% | 19712695 |
| **Total** |  |  | **69753878** |

---

---

| | | | |
|:---|:---|:---|:---|
| **CDT** | **Effective interest rate** | **Effective interest rate** | **December 31, 2024** |
| **Modality** | **Minimum** | **Maximum** | **Carrying Value** |
| Less than 6 months | 0.10% | 10.60% | 24962895 |
| Between 6 months and 12 months | 4.60% | 12.00% | 9423320 |
| Between 12 months and 18 months | 5.00% | 14.35% | 7310170 |
| Greater than 18 months | 3.30% | 17.65% | 21941556 |
| **Total** |  |  | **63637941** |

---

The maturity details of the Term Deposits issued by the Bank as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Less than 1 year | 55562821 | 47346967 |
| Between 1 and 3 years | 3403384 | 5400904 |
| Between 3 and 5 years | 1469771 | 1085237 |
| Greater than 5 years | 9317902 | 9804833 |
| **Total** | **69753878** | **63637941** |

---

**NOTE 11. INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS**

The following table sets forth information regarding the money market operations recognized as liabilities in Statement of Financial Position of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Interbank deposits** | | |
| Interbank liabilities | 261289 | - |
| **Total interbank deposits** | **261289** | **-** |
| **Repurchase agreements and other similar secured borrowing** |  |  |
| Simultaneous operations <sup>(1)</sup> | 2857638 | 481111 |
| short term operations | 69788 | 147372 |
| **Total Repurchase agreements** <sup>(2)</sup> | **2927426** | **628483** |
| **Total interbank deposits and repurchase agreements** | **3188715** | **628483** |

---

<sup>(1)</sup> The variation is mainly generated by repos in simultaneous operations, as of December 2024, there was 26 operations and as of June 2025, increased to 86 operations, especially with the Central Counterparty Risk Clearing House.

<sup>(2)</sup> Total repo liabilities have a maturity of less than one month.

------

**Offsetting of Repurchase and Resale Agreements**

For the Bank substantially all repurchase and resale activities are transacted under legally enforceable repurchase agreements that give the Bank, in the event of default by the counterparty, the right to liquidate securities held with the same counterparty.

The Bank does not offset repurchase and resale transactions with the same counterparty in the statement of financial position.

The table below presents repurchases and resale transactions included in the statement of financial position as of June 30, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Assets / <br>liabilities gross** | **Financial <br>instruments as <br>collaterals** | **Assets / <br>liabilities <br>net** |
| Securities purchased under resale agreements<sup>(1)</sup> | 2559435 | (2559435) | **-** |
| Securities sold under repurchase agreements | (2927426) | 2927426 | **-** |
| **Total repurchase and resale agreements** | **(367991)** | **367991** | **-** |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| | **Assets / <br>liabilities gross** | **Financial <br>instruments as <br>collaterals** | **Assets / <br>liabilities <br>net** |
| Securities purchased under resale agreements<sup>(1)</sup> | 5613041 | (5613041) | **-** |
| Securities sold under repurchase agreements | (628483) | 628483 | **-** |
| **Total repurchase and resale agreements** | **4984558** | **(4984558)** | **-** |

---

<sup>(1)</sup> See Note 3. Cash and cash equivalents.

**NOTE 12. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS**

The composition of financial obligations measured at amortized cost as of June 30, 2025 and December 2024, is as follows

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Obligations granted by domestic banks | 4103647 | 4002801 |
| Obligations granted by foreign banks<sup>(1)</sup> | 3784941 | 6555063 |
| **Total** | &nbsp;&nbsp;**7888588** | &nbsp;&nbsp;**10557864** |

---

(1)The decrease corresponds mainly to the Bank's obligation to Bancolombia Panama, which was spun off to Grupo Cibest S.A. See Note 1 Reporting entity..

------

**Obligations granted by domestic banks**

---

| | | | |
|:---|:---|:---|:---|
| **Financial institution** | **Rate minimum** | **Rate maximum** | **June 30, 2025** |
| | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Financiera de Desarrollo Territorial (FINDETER) | 4.00% | 15.45% | 1907246 |
| Fondo para el Fomento del Sector Agropecuario (FINAGRO) | 5.31% | 17.20% | 1912658 |
| Banco de Comercio Exterior de Colombia (BANCOLDEX) | 2.17% | 17.30% | 283743 |
| **Total** |  |  | **4103647** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Financial institution** | **Rate minimum** | **Rate maximum** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Financiera de Desarrollo Territorial (FINDETER) | 4.15% | 17.21% | 2239644 |
| Fondo para el Fomento del Sector Agropecuario (FINAGRO) | 5.09% | 13.59% | 1363891 |
| Banco de Comercio Exterior de Colombia (BANCOLDEX) | 2.17% | 17.50% | 399266 |
| **Total** |  |  | **4002801** |

---

The maturities of financial obligations with domestic banks, are as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Short term (less than 1 year) | 172275 | 125568 |
| Long term (more than 1 year) | 3931372 | 3877233 |
| **Total** | &nbsp;&nbsp;**4103647** | &nbsp;&nbsp;**4002801** |

---

**Obligations granted by foreign banks**

---

| | | | |
|:---|:---|:---|:---|
| **Financial institution** | **Rate minimum** | **Rate maximum** | **June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Financing with Correspondent Banks | 5.83% | 7.12% | 3784941 |
| **Total** |  |  | **3784941** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Financial institution** | **Rate minimum** | **Rate maximum** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Financing with Correspondent Banks | 5.45% | 7.45% | 6555063 |
| **Total** |  |  | **6555063** |

---

The contractual maturities of financial obligations with foreign entities are as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Short term (less than 1 year) | 2502747 | 3150200 |
| Long term (more than 1 year) | 1282194 | 3404863 |
| **Total** | &nbsp;&nbsp;**3784941** | &nbsp;&nbsp;**6555063** |

---

As of June 30, 2025 and December 31, 2024, there were covenants associated with the financial obligations described, mainly related to capital ratios, past due loan portfolio, and provisions. None of these obligations were past due.

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**NOTE 13. OTHER LIABILITIES**

The following is a detail of other liabilities as of June 30, 2025, and December 31, 2024 are presented below:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Payables<sup>(1)</sup> | 5222109 | 2849007 |
| Suppliers | 1395659 | 1669077 |
| Deferred income (2) | 1243276 | 453541 |
| Salaries and other labor obligations | 673203 | 324830 |
| Surplus to be applied | 547125 | 371426 |
| Collection services | 498974 | 552620 |
| Deposits delivered as security | 340453 | 461139 |
| Bonuses and short-term benefit | 328387 | 335761 |
| Advances in leasing operations | 150440 | 173168 |
| Withholdings and labor contributions <sup>(3)</sup> | 144456 | 479416 |
| Provisions | 116275 | 117616 |
| Liabilities from contracts with customers | 40843 | 47863 |
| Credits for factoring operations | 21976 | 21831 |
| Dividends <sup>(4)</sup> | 20329 | 865387 |
| Others | 14248 | 59478 |
| **Total** | **10757753** | **8782160** |

---

<sup>(1)</sup> The increase is mainly in items related to payment system networks and suppliers.

<sup>(2)</sup> The increase is mainly due to tax revenues.

<sup>(3)</sup> Decrease explained by the payment of withholdings incurred in 2024.

<sup>(4)</sup> Dividends payable corresponding to the distribution of profits. As of December 2024, these corresponded to the last installment of dividends declared from 2023 profits, which were paid in January 2025. Dividends declared in March 2025 were paid on April 1. In addition, an extraordinary dividend payment was made on April 29, 2025, for 600,180. See Statement of Changes in Equity, Dividend Distribution.

**NOTE 14. PROVISIONS AND CONTINGENT LIABILITIES**

**Judicial proceedings** 

Details of provisions and contingent liabilities as of December 31, 2024, are included in the annual report of the 2024 separate financial statements, for the six months period ending June 30, 2025, there is no relevant information on changes in provisions and contingent liabilities.

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**NOTE 15. SHARE CAPITAL**

As of June 30, 2025, and December 31, 2024, the reserves were as follows:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Authorized shares | 1500 | 1400000000 |
| **Subscribed and paid-in shares** |  |  |
| Common shares | 1000 | 509704584 |
| Preferred shares with dividend without voting rights | - | 452122416 |
| **Total shares** <sup>(1)</sup> | **1000** | **961827000** |
| **Subscribed and paid capital (nominal value in millions of COP)** | **480914** | **480914** |
| **Authorized shares (nominal value, in millions of COP))** | **721370** | **700000** |

---

<sup>(1)</sup> As a result of the completion of the spin-off transaction from Bancolombia S.A. to Grupo Cibest S.A., the shareholders of Bancolombia (excluding Cibest) became shareholders of Cibest. Cibest issued, on their behalf, the same number and class of shares—ordinary shares and preferred dividend shares without voting rights—preserving the terms and conditions previously held by the shareholders in Bancolombia, including their ownership percentage.

As of December 2024, the nominal value of each share was COP 500. As of June 2025, following the spin-off, the nominal value increased to COP 480,913,500.

**Distribution and payment of dividends**

Dividends must be approved at the ordinary general shareholders' meeting upon the recommendation of the Board of Directors. With the favorable vote of seventy-eight percent (78%) of the shares represented at the meeting, subject to the following exceptions:

In accordance with the legal regime applicable to the Bank, when the sum of the legal, statutory or occasional reserve exceeds one hundred percent (100%) of the subscribed capital, the corporation must distribute seventy percent (70%) of the net profits, unless the shareholders with a majority of seventy-eight percent (78%) of the shares represented at the meeting approve a different distribution amount. In the event of not obtaining the favorable vote of this number of shareholders, at least fifty percent (50%) of the net profits must be distributed.

The payment of dividends must be made in cash during the year following the applicable date for the annual general ordinary stockholders' meeting. If the payment is made in the Bank's own equity securities instead of cash, that must be approved by 80% of the outstanding common shareholders and 80% of the outstanding preferred shares.

The Bank's annual net profits must be allocated as follows: (i) first, an amount equal to ten percent (10%) of the net profits shall be transferred to a legal reserve until such reserve reaches at least fifty percent (50%) of the subscribed capital; (ii) second, to the payment of the minimum dividend on the preferred shares; and (iii) third, as may be determined in the ordinary annual general ordinary stockholders' meeting by the vote of the holders of a majority of the shares entitled to vote.

------

---

| | |
|:---|:---|
| **Dividends declared with respect to net income earned in:** | **Cash dividends per share** |
| **In millions of COP** | **In millions of COP** |
| 2024 | 3,900 |
| 2023 | 3,536 |
| 2022 | 3,536 |
| 2021 | 3,120 |
| 2020 | 260 |
| 2019 | 1,638 |

---

**Common shares**

The holders of common shares are entitled to vote on any matter subject to approval at an annual general ordinary stockholders' meeting. Within 15 calendar days prior to such meeting, such holders are entitled to inspect the books and records of the Company.

Also, the holders of common shares will receive a proportion of the profits subject to the provisions of law, statutes and established at general shareholders' meeting. The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares.

**Reserved Shares**

Stocks that are available between maximum authorized shares and paid-in shares. The Bank has not reserved shares.

**NOTE 16. APPROPRIATED RESERVES**

As of June 30, 2025, and December 31, 2024, the appropriated retained earnings consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Appropriation of net income <sup>(1) (2) (3)</sup> | 4280353 | 14208820 |
| Occasional reserve <sup>(4) (5)</sup> | 8782870 | 8689362 |
| Appropriated reserves for social benefit project <sup>(6)</sup> | 34000 | - |
| **Total appropriated reserves** <sup>(7)</sup> | **13097223** | **22898182** |

---

<sup>(1)</sup> In compliance with Article 452 of the Commercial Code of the Republic of Colombia, which establishes that corporations shall constitute a legal reserve amounting to at least fifty percent of the subscribed capital, formed with ten percent of the net profits of each fiscal year. The constitution of said reserve shall be mandatory until it reaches fifty percent of the subscribed capital. The legal reserve serves two specific purposes: to increase and maintain the company's capital and to absorb losses incurred in operations. Therefore, its value may not be distributed as dividends to shareholders.

<sup>(2)</sup> As of June 30, 2025 and December 31, 2024, includes reclassification of unclaimed dividends pursuant to Article 85 of the Bank's Bylaws for COP 348 and COP 506, respectively.

<sup>(3)</sup> The variation is mainly due to the partial spin-off from Bancolombia to Grupo Cibest S.A. in legal reserves for COP 9,928,815.

<sup>(4)</sup> The variation corresponds to the increase in the occasional reserve for equity strengthening and future growth, approved by the General Shareholders' Meeting on March 14, 2025, in the amount of COP 1,860,245, and to the distribution of dividends approved by the Extraordinary Shareholders' Meeting on April 23, 2025, in the amount of COP 600,180.

<sup>(5)</sup> The variation is mainly due to the spin-off from Bancolombia to Grupo Cibest S.A. in the occasional reserve for COP 1,166,557.

<sup>(6)</sup> Occasional reserve available to the Board of Directors for donations to social welfare projects, approved by the General Shareholders' Meeting on March 14, 2025.

<sup>(7)</sup> See Condensed separate interim statement of changes in equity.

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**NOTE 17. OPERATING INCOME**

Below is the information corresponding to operating income and expenses for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024:

**17.1 Interest and valuation on** f**inancial instruments**

The following table sets forth the detail of total interest income and valuation of investment securities for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024, included in the net margin calculation:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest and valuation on financial instruments** | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Interest and valuation on financial instruments** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Interest on debt securities through OCI | 170128 | 184329 | 84425 | 92805 |
| Debt securities held to maturity | 142928 | 149726 | 71547 | 70929 |
| **Total interest on debt instruments measured by the effective interest method** | **313056** | **334055** | **155972** | **163734** |
| **Net income from activities measured at fair value through income statement** |  |  |  |  |
| Debt securities <sup>(1)</sup> | 537182 | 358977 | 292980 | 163085 |
| Spot transactions | 27287 | (28881) | 11055 | (19207) |
| Hedging derivatives | (3312) | - | 325 | - |
| Money market transactions | (24128) | 156583 | (13590) | 49397 |
| Derivatives <sup>(2)</sup> | **(52927)** | **(10287)** | **(10318)** | **(17404)** |
| **Total activities measured at fair value through income statement, net** | **484102** | **476392** | **280452** | **175871** |
| **Total interest and valuation of investments** | **797158** | **810447** | **436424** | **339605** |

---

<sup>(1)</sup> There is a positive variation due to fixed-rate TES, in accordance with price factors, negotiated amounts, and changes in risk ratings, and a negative variation due to Treasury negotiations due to the loss in valuation, partly due to the decrease in the exchange rate.

<sup>(2)</sup> The variation is mainly due to the offset against notional bond futures in the amount of COP 45,216.

**17.2 Interest expenses**

The following table sets forth the detail of interest on financial liability instruments for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Interest expenses** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Deposits <sup>(1)</sup>  | 4390064 | 5117563 | 2239527 | 2474378 |
| Financial obligations <sup>(1)</sup> | 346549 | 523052 | 162860 | 235867 |
| Debt securities issued (bonds) | 330994 | 502127 | 165033 | 263746 |
| Lease liabilities | 50519 | 57972 | 24365 | 29421 |
| Preferred share <sup>(2)</sup> | - | 28649 | (14837) | 13812 |
| Interbank deposits purchased | 6550 | 1080 | 4011 | 594 |
| Other interest | 17272 | 22929 | 7187 | 11077 |
| **Interest expenses** | **5141948** | **6253372** | **2588146** | **3028895** |

---

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<sup>(1)</sup> The intervention rate issued by the Central Bank went from 13.00% at the beginning of 2024 to 9.25% in 2025, which has an impact on the rates for CDT deposit operations..

<sup>(2)</sup> Lower expenses, mainly explained by the decrease corresponding to interest on preferred shares, which were transferred to Grupo Cibest S.A.

Net interest income defined as: Interest on the loan portfolio and finance lease transactions, interest on debt instruments measured using the effective interest method, and interest expense amounted to COP 7,346,005 and COP 7,661,904 as of June 30, 2025 and June 30, 2024, respectively.

**17.3 Fees and commissions**

**17.3.1 Income from fees and commissions**

The Bank has elected to present the income from contracts with customers as an element in a line named "Fees and commissions income" in the consolidated statement of income separate from the other income sources.

The information contained in this section about the fees and commission's income presents information on the nature, amount, timing and uncertainty of the income from ordinary activities which arise from a contract with a customer under the regulatory framework of IFRS 15 Revenue from Ordinary activities from Contracts with Customers.

In the following table, the description of the main activities through which the Bank generates revenue from contracts with customers is presented:

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| | |
|:---|:---|
| **Fees and Commissions** | **Description** |
| &nbsp;&nbsp;Debit and credit cards fees | In debit card product contracts, it is identified that the price assigned to the services promised by the Bank to the customers is fixed, given that no financing component exists, it is established on the basis of the national and international interbank rate, additionally, the product charges to the customers commissions for handling fees, at a determined time and with a fixed rate. <br>For Credit Cards, the commissions are the handling fees and depend on the card franchise. The commitment is satisfied in so far that the customer has capacity available on the card.<br>Other revenue received by the (issuer) credit card product, is advance commission; this revenue is the charge generated each time the customer makes a national or international advance, at owned or non-owned ATMs, or through a physical branch. The exchange bank fee is a revenue for the Issuing Bank of the credit card for the services provided to the business for the transaction effected at the point of sale, the commission is accrued and collected immediately at the establishment and has a fixed amount.<br>In the credit cards product there is a customer loyalty program, in which points are awarded for each transaction made by the customer in a retail establishment. The program is administrated by a third party who assumes the inventory and claims risks, for which it acts as agent. The Bank, recognized it as a lower value of the revenue from the exchange bank fee.<br>The rights and obligations of each party in respect of the goods and services for transfer are clearly identified, the payment terms are explicit, and it is probable, that is, it takes into consideration the capacity of the customer and the intention of having to pay the consideration at termination to those entitled to change the transferred goods or services. The revenue is recognized at a point in time: the Bank satisfies the performance obligation when the "control" of the goods or services was transferred to the customers. |

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| | |
|:---|:---|
| **Fees and Commissions** | **Description** |
| &nbsp;&nbsp;Bancassurance | The Bank receives a commission for collecting insurance premiums at a given time and for allowing the use of its network to sell insurance from different insurance companies over time. The Bank in these bancassurance contracts acts as agent (intermediary between the customer and the insurance company), since it is the insurance company which assumes the risks, and which handles the complaints and claims of the customers inherent in each insurance. Therefore, the insurance company acts as principal before the customer. The prices agreed in bancassurance are defined as a percentage on the value of the policy premiums. The payment shall be tied to the premiums collected, sold or taken for the case of employees' insurance. The aforementioned then means that the price is variable, since the revenue will depend on the quantity of policies or calculations made by the insurance companies. |
| &nbsp;&nbsp;Payments | Service in which the Bank's customers can automatically perform whereby transactional channels, banking transactions for payroll payments, cancellation of invoices and credits, to beneficiaries of the Bank, as well as other financial entities affiliated to Automated Clearing House ACH, the commitment is satisfied once the Bank performs the transaction. The rate stipulated for this commission is variable, the income is recognized at a given time and acts as principal. |
| &nbsp;&nbsp;Collections | The Bank acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by the bank, send the information of the collections made and credit the money to the savings or checking account defined by the collecting customer. The commitment is satisfied at a point in time to the extent that the money is collected by the different channels, the information of the said collections is delivered appropriately, and the resources are credited in real-time to the account agreed with the customer. For the service, the Bank receives a fixed payment, which is received for each transaction once the contract is in effect. |
| &nbsp;&nbsp;Electronic services and ATMs | Revenue received from electronic services and ATMs arises through the provision of services so that the customers may make required transactions, and which are enabled by the Bank. These include online and real-time payments by the customers of the Bank holding a checking or savings accounts, with a debit or credit card for the products and services that the customer offers. Each transaction has a single price, for a single service. The provision of collection services or other different services provided by the Bank, through electronic equipment, generates consideration chargeable to the customer established contractually by the Bank as a fee. The Bank acts as principal and the revenue is recognized at a point in time. |
| &nbsp;&nbsp;Banking services | Banking Services are related to commissions from the use of digital physical channels or once the customer makes a transaction. The performance obligation is fulfilled once the payment is delivered to its beneficiary and the proof of receipt of the payment is sent, in that moment, the collection of the commission charged to the customer is generated, which is a fixed amount. The commitment is satisfied during the entire validity of the contract with the customer. The Bank acts as principal. |
| &nbsp;&nbsp;Letters of credit | Banking service corresponding to a documentary credit in which the Bank acquires the commitment to guarantee the fulfillment of financial, commercial or service obligations to a supplier of the contracting party, called beneficiary, in import or export operations through a correspondent bank. The consideration in this type of contract may include fixed amounts, variable amounts, or both, and is acted as principal. |
| &nbsp;&nbsp;Acceptances, guarantees and standby letters of credit | Bank service of acceptances guarantees and standby letters of credit that are not part of the Bank's portfolio. There are different performance obligations; the satisfaction of performance obligations occurs when the service is rendered to the customer. The consideration in these types of contracts may include fixed amounts, variable amounts, or both, and the Bank acts as principal. Revenue is recognized at a point in time. |
| &nbsp;&nbsp;Checks | Service through which the Bank offers its customers alternatives to avoid the risk of mobilizing cash, through the sale of domestic checks that can be exchanged in any place where the Bank has a presence. The consideration in this type of contract is fixed, the income is recognized at a determined time and acts as principal. |

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| | |
|:---|:---|
| **Fees and Commissions** | **Description** |
| &nbsp;&nbsp;Deposits | Deposits are related to the services generated from the offices network of the Bank once a customer makes a transaction. The Bank generally commits to maintain active channels for the products that the customer has with the Bank, with the purpose of making payments and transfers, sending statements and making transactions in general. The commissions are deducted from the deposit account, and they are incurred at a point in time. The Bank acts as principal. |
| &nbsp;&nbsp;Gains on sale of assets | These are the revenue from the sale of assets, where the sale value is higher than the book value recorded in the accounts, the difference representing the gains. The recognition of the revenue is at a point in time once the sale is realized. The Bank acts as principal in this type of transaction and the transaction price is determined by the market value of the asset being sold. For a detail of the balance see Note 15.4. Other operating income, net |

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The following table represents in detail and categorized by nature the fees and commissions for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024:

**Income from fees and commissions:**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
|<br>**Income from fees and commissions** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |  |  |
| Debit and credit cards and affiliated establishments | 1396702 | 1326510 | 707289 | 662637 |
| Bancassurance | 468479 | 462425 | 257244 | 269921 |
| Electronic services and ATMs <sup>(1)</sup> | 290001 | 233514 | 148493 | 120343 |
| Collections | 274307 | 256034 | 143290 | 136136 |
| Payment <sup>(2)</sup> | 262835 | 243780 | 132935 | 126586 |
| Acceptances, guarantees and Standby Letters of Credit and commissions for operations in foreign currencies | 102968 | 95428 | 50105 | 50696 |
| Banking services | 74605 | 80316 | 35853 | 45761 |
| Placements | 27641 | 28939 | 13629 | 14232 |
| Cheks | 9730 | 10026 | 4509 | 5154 |
| Others | 40861 | 32859 | 22122 | 16585 |
| **Total income from fees and commissions** | **2948129** | **2769831** | **1515469** | **1448051** |

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<sup>(1)</sup> Increase generated by digital banking fees.

<sup>(2)</sup> Increase in Bancolombia automatic payment transactions (PAB).

For the determination of the transaction price, the Bank assigns to each one of the services the amount which represents the value expected to be received as consideration for each independent commitment, which is based on the relative price of independent sale. The price that the Bank determines for each performance obligation is done by defining the cost of each service, related tax and associated risks to the operation and inherent to the transaction plus the margin expected to be received in each one of the services, taking as references the market prices and conditions, as well as the segmentation of the customer.

In the transactions evaluated in the contracts, changes in the price of the transaction are not identified.

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**Contract assets with customers**

The Bank receives payments from customers based on the provision of the service, in accordance to that established in the contracts. When the Bank incurs costs for providing the service prior to the invoicing, and if these are directly related with a contract, they improve the resources of the entity and are expected to recuperate, these costs correspond to a contract asset. As a practical measure, the Bank recognizes as an expense the incremental costs of obtaining a contract when the amortization period of the asset is equal to or less than one year.

**Contract liabilities with customers**

The contract liabilities constitute the obligation of the Bank to transfer the services to a customer, for which the Bank has received payment on the part of the final customer or if the amount is due before the execution of the contract. They also include deferred income related to services that shall be delivered or provided in the future, which will be invoiced to the customer in advance, but which are still not due.

The following table shows the details of the balance of accounts receivable and liabilities from contracts with customers, As of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Accounts receivable from contracts with clients <sup>(1)</sup> | 181064 | 170397 |
| Liabilities from contracts with clients <sup>(2)</sup> | 40843 | 47863 |

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<sup>(1)</sup> The impairment corresponding to accounts receivable from contracts with customers is COP 25,417 y COP 24,017 as of June 30, 2025 and December 31, 2024, respectively.

<sup>(2)</sup> See Note 13. Other liabilities.

**17.3.2 Fees and Commissions Expenses**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Fees and Commissions Expenses** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Banking services <sup>(1)</sup> | 568318 | 483282 | 296859 | 251955 |
| Sales, collections and other services <sup>(2)</sup> | 487671 | 449458 | 244847 | 235163 |
| Correspondent banking <sup>(1)</sup> | 310212 | 295006 | 160666 | 187545 |
| ACH y PSE services <sup>(1)</sup> | 89247 | 84966 | 44675 | 47514 |
| Payments and collections | 25573 | 20148 | 14108 | 11220 |
| Placements | 25278 | 33451 | 13217 | 15466 |
| Other <sup>(3)</sup> | 90995 | 65451 | 46304 | 41964 |
| **Total expenses for fees and commissions** | **1597294** | **1431762** | **820676** | **790827** |
| **Total income for fees and commissions, net** | **1350835** | **1338069** | **694793** | **657224** |

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<sup>(1)</sup> Increase due to increased transaction volume generated during 2025.

<sup>(2)</sup> Increase due to increased demand for customer service via telephone channels (contact center services) and increased collection management.

<sup>(3)</sup> The increase is primarily generated by payments to PayPal, corresponding to the commission for transfers made by Nequi customers through this platform to the correspondent bank.

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**17.4. Other operating income, net**

Other operating income, net, consists of the following items for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Other operating income, net** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Operating leases <sup>(1)</sup> | 419916 | 495405 | 209493 | 239924 |
| Exchange difference and foreign exchange derivatives net <sup>(2)</sup> | 324296 | 144959 | 132892 | 133128 |
| Profit on portfolio sale | 71727 | - | 71727 | - |
| Gain on sale of assets held for sale and inventories <sup>(3)</sup> | 60336 | 12119 | 26862 | 9579 |
| Recoveries | 14331 | 31349 | (335) | 13501 |
| Leases | 47683 | 36910 | 23201 | 18664 |
| Profit on sale of assets held for sale and inventories | 49237 | 68448 | 32711 | 37277 |
| Gain on sale of assets - Financial leasing | 4110 | 1045 | 1926 | 1004 |
| Gain on sale of property and equipment | 1289 | 1059 | 58 | 182 |
| Penalties for noncompliance with leasing contracts | 997 | 1215 | 490 | 695 |
| Valuation of investment properties | - | 4302 | - | 4302 |
| Other | 26557 | 42983 | 15644 | 23941 |
| **Total other operating income, net** | **1020479** | **839794** | **514669** | **482197** |

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<sup>(1)</sup> Decrease generated by lower activations of operating lease contracts.

<sup>(2)</sup> Variation generated by the fluctuation of the peso against the dollar in 2025.

<sup>(3)</sup> Variation mainly reflected in profits from vehicle sales.

**17.5. Equity investment income**

The following table shows the detail of equity investment income for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Dividends and other net income for equity investments.** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Equity method <sup>(1)</sup> | 603980 | 1004714 | 81625 | 431510 |
| Equity method investments in associates and joint ventures <sup>(2)</sup> | 27524 | (25555) | 13335 | (19233) |
| Valuation and sale of equity investments <sup>(3)</sup> | 30404 | 32026 | 19021 | 30816 |
| Dividends <sup>(4)</sup> | 4556 | 3351 | 964 | 678 |
| Investment impairment <sup>(5)</sup> | - | (121788) | - | (121788) |
| **Total dividends and other net income for equity investments.** | **666464** | **892748** | **114945** | **321983** |

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<sup>(1)</sup> For further information, see Note 6. Investments in subsidiaries. The difference with the value of COP 917,907 presented in Note 6 Investments in subsidiaries corresponds to the effects of the partial spin-off from Bancolombia S.A. to Grupo Cibest S.A. in May, as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Company** | **Result of the spin-off** |
| **In millions of COP** | **In millions of COP** |
| Bancolombia Panamá S.A. | 226817 |
| Banistmo S.A. | 107923 |
| Banca de Inversión Bancolombia S.A. Corporación Financiera | (20812) |
| **Total** | **313928** |

---

<sup>(2)</sup> The difference with the value of COP 28,192 presented in Note 7. Investments in associates and joint ventures corresponds to the spin-off of the equity method of Protección S.A. for COP 667. For more information, see Note 7. Investments in associates and joint ventures.

<sup>(3)</sup> In November 2024, the Bank recognized FCP Pactia Inmobiliario as a financial instrument. As of June 30, 2025, its valuation amounts to COP 20,085.

<sup>(4)</sup> Dividends received from equity instruments as of June 30, 2025 correspond to Credibanco S.A. for COP 1,905, Cámara de Riesgo Central de Contraparte S.A. for COP 1,335, Holding Bursátil Regional for COP 964, Bladex for COP 185, and Servibanca S.A. for COP 167.

(5)For more information, see Note 7. Investments in associates and joint ventures.

**NOTE 18. OPERATING EXPENSES**

The information corresponding to operating expenses for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024 is as follows:

**18.1. Salaries and employee benefit**

The detail of salaries and employee benefits for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024, is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Salaries and employee benefit** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Salaries<sup>(1)</sup> | 809855 | 741469 | 403867 | 368952 |
| Bonuses<sup>(2)</sup> | 359678 | 173584 | 191168 | 90913 |
| Private premium | 272848 | 250546 | 130008 | 105416 |
| Social security contributions | 270230 | 252152 | 132254 | 124634 |
| Indemnization payment | 90450 | 143455 | 63061 | 106426 |
| Defined Benefit severance obligation and interest | 84014 | 81297 | 42360 | 40447 |
| Vacation expenses | 52024 | 44950 | 25871 | 21036 |
| Pensión plan | 5186 | 5590 | 2432 | 2629 |
| Others<sup>(3)</sup> | 150092 | 121989 | 77292 | 56173 |
| **Total salaries and employee benefit** | **2094377** | **1815032** | **1068313** | **916626** |

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&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The variation corresponds mainly to salary increases for statutory employees and employees who belong to the Collective Bargaining Agreement.

<sup>(2)</sup> Corresponds mainly to bonuses for the Bank's employees in accordance with the variable compensation model of the Cibest Group.

<sup>(3)</sup> Includes employee benefits, mainly policies, training and recreation.

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**18.2. Other administrative and general expenses**

The Details of other administrative and general expenses for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024, is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Other administrative and general expenses** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Fees | 341035 | 289723 | 194473 | 158347 |
| Insurance <sup>(1)</sup> | 281908 | 254389 | 140628 | 129173 |
| Data processing <sup>(2)</sup> | 250733 | 184384 | 133701 | 96875 |
| Maintenance and repairs | 252622 | 203367 | 135752 | 104906 |
| Fraud and claims <sup>(3)</sup> | 150644 | 149817 | 63312 | 76476 |
| Transportation | 108087 | 102022 | 56220 | 55237 |
| Advertising | 49571 | 45512 | 28320 | 29276 |
| Intercompany Contracts <sup>(4)</sup> | 46979 | - | 46979 | - |
| Contributions and memberships | 42094 | 37210 | 21478 | 18620 |
| Cleaning and security services | 41829 | 38846 | 21487 | 19961 |
| Communications | 40198 | 37062 | 20197 | 18106 |
| Supplies and stationery | 39371 | 44337 | 22419 | 28483 |
| Utilities | 34235 | 37162 | 20645 | 20135 |
| Adjustment and installation | 27543 | 22335 | 16862 | 13610 |
| Property management | 21207 | 18732 | 10905 | 9575 |
| Litigation, fines, and penalties | 11272 | 18309 | 5587 | 5170 |
| Travel expenses | 10745 | 8034 | 6003 | 4394 |
| Warehousing services | 9070 | 8623 | 4525 | 3954 |
| Financial auditor and board of directors fees | 7287 | 6450 | 3485 | 3376 |
| Transactional services | 5327 | 4808 | 3186 | 2614 |
| Temporary services | 4244 | 2556 | 2236 | 1503 |
| Publications and subscriptions | 1542 | 1999 | 715 | 891 |
| Legal expenses | 3274 | 2473 | 2475 | 1532 |
| Small furniture and fixtures | 2008 | 2267 | 1352 | 2117 |
| Exchange processing | 1438 | 1704 | 862 | 1133 |
| Other | 92043 | 79551 | 43141 | 45450 |
| **Total other administrative and general expenses** | **1876306** | **1601672** | **1006945** | **850914** |
| **Taxes other than income tax** <sup>(5)</sup> | **602185** | **644201** | **312808** | **324389** |

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<sup>(1)</sup> The increase is mainly due to the Fogafin deposit insurance, driven by a higher volume of deposits.

<sup>(2)</sup> Increase mainly due to higher spending on technology services.

<sup>(3)</sup> Increase due to fraud losses such as social engineering smishing.

<sup>(4)</sup> Commercial agreement signed between Nequi and Bancolombia related to the services provided by the human resources of the Nequi Business Unit.

<sup>(5)</sup> The cumulative decrease as of June 2025 is mainly due to VAT taxes of COP 24,888 and industry and commerce taxes of COP 17,021.

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**18.3. Impairment, depreciation and amortization**

Details of amortization, depreciation and impairment expense for six-months period ended June 30, 2025, and 2024, and for the three-month periods from April 1 to June 30, 2025 and 2024, is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Accumulated** | **Accumulated** | **Quarterly** | **Quarterly** |
| **Impairment, depreciation and amortization** | **2025** | **2024** | **2025** | **2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |  |  |
| Depreciation of premises and equipment <sup>(1)</sup> | 272501 | 282727 | 137407 | 139442 |
| Impairment of marketable assets, non- marketable assets, and other assets, net | 92928 | 89285 | 49695 | 51518 |
| Depreciation of right-of-use assets, on lease | 68714 | 63937 | 34282 | 32145 |
| Amortization of intangible assets | 44218 | 31851 | 22294 | 16310 |
| Impairment of right-of-use assets, on lease | 1009 | 1 | 1 | 1 |
| Impairment of premises and equipment <sup>(1)</sup> | 443 | 216 | 219 | 54 |
| **Total impairment, depreciation and amortization** | **479813** | **468017** | **243898** | **239470** |

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<sup>(1)</sup> See note 7. Premises and equipment, net.

**NOTE 19. RELATED PARTY TRANSACTIONS**

The Bank offers banking and financial services to its related parties in order to meet their transactional needs for investment and liquidity in the ordinary course of business. These transactions are carried out in terms similar to those of transactions with third parties. In the case of treasury operations, the Bank operates between its own position and its related parties through transactional channels or systems established for this purpose and under the conditions established by current regulations.

Details of related party transactions as of December 31, 2024 are included in the annual report of the 2024 separate financial statements, for the six months ended June 30, 2025, there were no related party transactions that materially affected the Bank's financial position or results of operations, except for the partial spin-off, which is explained in Note 1. Reporting Entity.

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**NOTE 20. LIABILITIES FROM FINANCING ACTIVITIES**

The following table presents the reconciliation of the balances of liabilities from financing activities as of June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balance as of January 1, 2025** | **Cash flows** | **Non-cash changes** | **Non-cash changes** | **Balance as of June 30, 2025** |
| | **Balance as of January 1, 2025** | **Cash flows** | **Foreign<br>currency<br>translation<br>adjustment** | **Interests accrued** | **Balance as of June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Liabilities from financing activities** | | | | | |
| Borrowings from other financial institutions | 10557864 | (993573) | (494820) | 346549 | 9416020 |
| Debt instruments in issue | 7801008 | (424572) | (422580) | 330994 | 7284850 |
| Preferred shares | 628483 | 2560232 | - | - | 3188715 |
| Interbank and repurchase agreements <sup>(1)</sup> | 584204 | (57701) | - | - | 526503 |
| **Total liabilities from financing activities** | **19571559** | **1084386** | **(917400)** | **677543** | **20416088** |

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(1)The cash flow COP 57,701 corresponds to the minimum dividends paid to preferred shareholders and is included in the statement of cash flows in the line "dividends paid", which includes the total dividends paid during the year to preferred and common shareholders.

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**NOTE 21. FAIR VALUE OF ASSETS AND LIABILITIES** 

The characteristics of the asset or liability are considered in determining fair value in the same manner as market participants would consider in pricing the asset or the liability at the measurement date.

**Valuation process for fair value measurements** 

The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Precia) to the Bank.

All methodologies and procedures developed by the pricing services provider are supervised by the SFC, which has its authorization.

The following table shows the carrying value and fair value of assets and liabilities as of June 30, 2025, and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying value** | **Fair value** | **Carrying value** | **Fair value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| Debt securities negotiable investments and pledged financial assets <sup>(1)</sup> | 17941152 | 17941152 | 13866824 | 13866824 |
| Debt securities available for sale investments <sup>(1)</sup> | 3208532 | 3208532 | 3326813 | 3326813 |
| Debt securities held to maturity investments, net <sup>(1)</sup> | 4359336 | 4341953 | 4117051 | 4095270 |
| Equity instruments <sup>(1)</sup> | 464766 | 473205 | 445356 | 454423 |
| Derivative financial instruments <sup>(1)</sup> | 3214068 | 3214068 | 2924434 | 2924434 |
| Loans and leasing transactions <sup>(2)</sup> | 185859672 | 191111571 | 178098539 | 185329424 |
| Investment property | 941634 | 941634 | 846853 | 846853 |
| **Total assets** | **215989160** | **221232115** | **203625870** | **210844041** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Deposits by customers <sup>(3)</sup> | 194416941 | 194534583 | 185801073 | 186106658 |
| Repurchase agreements and other similar secured borrowing <sup>(4)</sup> | 3188715 | 3188715 | 628483 | 628483 |
| Derivative financial instruments <sup>(1)</sup> | 3502940 | 3502940 | 2667439 | 2667439 |
| Borrowings from other financial institutions <sup>(5)</sup> | 7888588 | 7888588 | 10557864 | 10557864 |
| Debt instruments in issue | 7284850 | 7488657 | 7801008 | 8006510 |
| Preferred shares | - | - | 584204 | 407174 |
| **Total liabilities** | **216282034** | **216603483** | **208040071** | **208374128** |

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<sup>(1)</sup> See Note 4.1. Investment financial instruments and derivatives.

<sup>(2)</sup> See Note 5. Loan portfolio and financial leasing operations, net.

<sup>(3)</sup> See Note 10. Deposits by customers.

<sup>(4)</sup> See Note 11. Interbank deposits and repurchase agreements and note 1. Reporting entity

<sup>(5)</sup> See Note 12. Borrowings from other financial institutions.

**Fair value measurement**

**Assets and liabilities**

**a.Debt instruments**

The Bank assigns prices to these debt investments, using the prices provided by the official pricing service provider (Precia) and assigns the appropriate level according to the procedure

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described at the beginning of this note. For securities not traded or over the counter such as certain bonds issued by other financial institutions, the Bank generally determines fair value utilizing internal valuation and standard techniques. These techniques include determination of expected future cash flows which are discounted using curves of the applicable currencies and the Colombian consumer price index (interest rate in this case), modified by the credit risk and liquidity risk. The interest rate is generally computed using observable market data and reference yield curves derived from quoted interest in appropriate time intervals, which match the timings of the cash flows and maturities of the instruments.

**b.Equity securities**

The Bank performs the market price valuation of its investments in variable income using the prices provided by the official pricing services provider (Precia) and classifies those investments according to the procedure described at the beginning of this note. Likewise, in order to determine the fair value of unquoted equity securities, the Bank affects the value of the investment in the corresponding percentage of participation, to the subsequent variations of the respective issuer's equity. Holdings in mutual funds, trusts and collective portfolios are valued taking into account the value of the holding as calculated by the management company.

**c.Derivative financial instruments**

The Bank holds positions in standardized derivatives, such as futures over local stocks, and over the representative exchange rate. These instruments are evaluated according to the information provided by Precia, which perfectly matches the information provided by the Central Counterparty Clearing House – CCP.

Additionally, the Bank holds positions in Over the Counter (OTC) derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider, which have the no objection of the Financial Superintendence of Colombia.

The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, the spot price of the underlying volatility, credit curves and correlation of such inputs.

**d.Credit valuation adjustment**

The Bank measures the effects of the credit risk of its counterparties and its own creditworthiness in determining fair value of the swap, option and forward derivatives.

Counterparty credit-risk adjustments are applied to derivatives when the Bank's position is a derivative asset and the Bank's credit risk is incorporated when the position is a derivative liability. The Bank attempts to mitigate credit risk to third parties which are international banks by entering into master netting agreements. The agreements allow to offset or bring net amounts that are liabilities, derivatives from transactions carried out by the different agreements. Master netting agreements take different forms and may allow payments to be made under a variety of other master agreements or other negotiation agreements between the same parties, some may have a monthly basis and others only apply at the time the agreements are terminated.

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When assessing the impact of credit exposure, only the net counterparty exposure is considered at risk, due to the offsetting of certain same-counterparty positions and the application of cash and other collateral.

The Bank generally calculates the asset's credit risk adjustment for derivatives transacted with international financial institutions by incorporating indicative credit related pricing that is generally observable in the market (Credit Default Swaps, "CDS"). The credit-risk adjustment for derivatives transacted with non-public counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in Colombia. The Bank also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if the Bank believes market participants would take that into account when transacting the respective instrument.

The approach to measuring the impact of the Bank's credit risk on an instrument transacted with international financial institutions is done using the asset swap curve calculated for subordinated bonds issued by the Bank in foreign currency.

For derivatives transacted with local financial institutions, the Bank calculates the credit risk adjustment by incorporating credit risk data provided by rating agencies and released in the Colombian financial market.

**e.Impaired loans measured at fair value**

The Bank measured certain impaired loans based on the fair value of the associated collateral less costs to sell. The fair values were determined as follows using external and internal valuation techniques or third party experts, depending on the type of underlying asset.

For vehicles under leasing arrangements, the Bank uses an internal valuation model based on price curves for each type of vehicle. Such curves show the expected price of the vehicle at different points in time based on the initial price and projection of economic variables such as inflation, devaluation and customs. The prices modelled in the curves are compared every six months with market information for the same or similar vehicles and in the case of significant deviation; the curve is adjusted to reflect the market conditions.

Other vehicles are measured using matrix pricing from a third party. This matrix is used by most of the market participants and is updated monthly. The matrix is developed from values provided by several price providers for identical or similar vehicles and considers brand, characteristics of the vehicles, and manufacturing date among other variables to determine the prices.

For real estate assets, a third-party qualified appraiser is used. The methodologies vary depending on the date of the last appraisal available for the property (the appraisal is estimated based on either of three approaches: cost, sales comparison and income approach, and is required every three years). When the property has been valued in the last 12 months and the market conditions have not shown significant changes, the most recent valuation is considered the fair value of the property.

For all other cases (for example, appraisals older than 12 months) the value of the property is updated by adjusting the value in the last appraisal for weighted factors such as location, type

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and characteristics of the property, size, structural conditions and the expected sales prices, among others. The factors are determined based on current market information gathered from several external real estate specialists.

**f.Assets held for sale measured at fair value less cost of sale**

The Bank measures certain impaired foreclosed assets and premises and equipment held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques, depending on the type of underlying asset. Those assets are comprised mainly of real estate properties for which the appraisal is conducted by experts considering factors such as the location, type and characteristics of the property, size, physical conditions and expected selling costs, among others. Likewise, in some cases the fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process.

**g.Mortgage backed securities (TIPS) and Asset-Backed securities**

The Bank invests in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and are classified as fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings.

TIPS are part of the Bank portfolio and its fair value is measured with published price by the official pricing services provider. These securities are leveled by margin and are assigned level 2 or 3 based on the Precia information.

Residual TIPS have their fair value measured using the discounted flow method, taking into account the amortization tables of the Titularizadora Colombiana, the betas in COP and UVR of Precia (used to construct the curves) and the margins; when they are residual TIPS of subordinated issues, a liquidity premium is applied. These securities are assigned level 3.

**h.Investment property**

The Bank's investment property is valued by external experts, who use valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement costs.

**Fair value hierarchy**

IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS the financial instruments are classified as follows:

Level 1: Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is a market in which transactions for the asset or liability being measured take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

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Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

This category generally includes certain retained residual interests in securitization, asset-backed securities (ABS) and highly structured or long-term derivative contracts where independent pricing information was not able to be obtained for a significant portion of the underlying assets.

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**Assets and liabilities measured at fair value on a recurring basis**

The following table presents assets and liabilities by fair value hierarchy that are measured on a recurring basis at June 30, 2025 and December 31, 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| **Type of instrument** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instrument** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** |
| **Type of instrument** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Investment securities** | | | | | | | | |
| **Negotiable and pledged financial assets** | | | | | | | | |
| &nbsp;&nbsp;Treasury securities issued by the Colombian Government - TES | 13510434 | 1647070 | - | **15157504** | 10329620 | 961960 | - | **11291580** |
| &nbsp;&nbsp;Mortgage-backed securities (TIPS) | - | 54901 | 58944 | **113845** | - | 79665 | 63280 | **142945** |
| &nbsp;&nbsp;Bonds | 2152481 | 206373 | 23668 | **2382522** | 1844920 | 227742 | 44062 | **2116724** |
| &nbsp;&nbsp;Other financial investment assets | - | 287281 | - | **287281** | - | 315575 | - | **315575** |
| **Total negotiable securities and pledged financial assets** | **15662915** | **2195625** | **82612** | **17941152** | **12174540** | **1584942** | **107342** | **13866824** |
| **Available for sale** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Solidarity Securities issued by the Colombian Government (TDS) | - | 2514109 | - | **2514109** | - | - | 2648355 | **2648355** |
| &nbsp;&nbsp;Bonds | - | 84199 | 50659 | **134858** | - | 51275 | 81784 | **133059** |
| &nbsp;&nbsp;Other public debt | - | - | 559565 | **559565** | - | - | 545399 | **545399** |
| **Total available for sale** | **-** | **2598308** | **610224** | **3208532** | **-** | **51275** | **3275538** | **3326813** |
| **Total debt securities** | **15662915** | **4793933** | **692836** | **21149684** | **12174540** | **1636217** | **3382880** | **17193637** |
| **Equity instruments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Equity instruments at fair value | 33559 | - | 421080 | **454639** | 11080 | 23707 | 402510 | **437297** |
| **Total equity instruments** | **33559** | **-** | **421080** | **454639** | **11080** | **23707** | **402510** | **437297** |
| **Derivative financial instruments** |  |  |  |  |  |  |  |  |
| **Forward** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Exchange rate | - | 1495603 | 506438 | **2002041** | - | 608625 | 465512 | **1074137** |
| &nbsp;&nbsp;Securities | - | 1248 | 12649 | **13897** | - | 298 | 51347 | **51645** |
| **Total forward** | **-** | **1496851** | **519087** | **2015938** | **-** | **608923** | **516859** | **1125782** |
| **Swaps** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Exchange rate | - | 842339 | 78097 | **920436** | - | 1200777 | 262479 | **1463256** |
| &nbsp;&nbsp;Interest rate | 89241 | 82541 | 21473 | **193255** | 105560 | 111966 | 15493 | **233019** |
| **Total swaps** | **89241** | **924880** | **99570** | **1113691** | **105560** | **1312743** | **277972** | **1696275** |
| **Options** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Exchange rate | 177 | 37195 | 47067 | **84439** | 161 | 36206 | 66010 | **102377** |
| **Total options** | **177** | **37195** | **47067** | **84439** | **161** | **36206** | **66010** | **102377** |
| **Total derivative financial instruments** | **89418** | **2458926** | **665724** | **3214068** | **105721** | **1957872** | **860841** | **2924434** |
| **Investment property** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Buildings | - | - | 941634 | **941634** | - | - | 846853 | **846853** |
| **Total investment properties** | **-** | **-** | **941634** | **941634** | **-** | **-** | **846853** | **846853** |
| **Total** | **15785892** | **7252859** | **2721274** | **25760025** | **12291341** | **3617796** | **5493084** | **21402221** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| **Type of instrument** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instrument** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** |
| **Type of instrument** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Financial liabilities** | | | | | | | | |
| **Forward** | | | | | | | | |
| Exchange rate | - | 1912138 | 58702 | **1970840** | - | 876502 | 87033 | **963535** |
| Securities | - | 5184 | 3965 | **9149** | - | 89 | 1278 | **1367** |
| **Total forward** | **-** | **1917322** | **62667** | **1979989** | **-** | **876591** | **88311** | **964902** |
| **Swaps** |  |  |  |  |  |  |  |  |
| Exchange rate | - | 1112409 | 29873 | **1142282** | - | 1264594 | 67838 | **1332432** |
| Interest rate | 87574 | 137685 | 1502 | **226761** | 102701 | 157276 | 27646 | **287623** |
| **Total swaps** | **87574** | **1250094** | **31375** | **1369043** | **102701** | **1421870** | **95484** | **1620055** |
| **Options** |  |  |  |  |  |  |  |  |
| Exchange rate | 128 | 153780 | - | **153908** | 421 | 82061 | - | **82482** |
| **Total options** | **128** | **153780** | **-** | **153908** | **421** | **82061** | **-** | **82482** |
| **Total derivative financial instruments** | **87702** | **3321196** | **94042** | **3502940** | **103122** | **2380522** | **183795** | **2667439** |
| **Total financial liabilities** | **87702** | **3321196** | **94042** | **3502940** | **103122** | **2380522** | **183795** | **2667439** |

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**Fair value of assets and liabilities that are not measured at fair value in the statement of financial position**

The following table presents for each level of the fair value hierarchy the Bank's assets and liabilities that are not measured at fair value in the statement of financial position, however, the fair value as of June 30, 2025 and December 31, 2024 is disclosed:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| **Type of instrument** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instrument** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** |
| **Type of instrument** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** | **Nivel 1** | **Nivel 2** | **Nivel 3** | **Total fair value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Investments to maturity** | | | | | | | | |
| Agricultural Development Securities issued by the Colombian Government (TDA) |  |  | 3586510 | **3586510** |  |  | 3326903 | **3326903** |
| Mortgage-backed securities (TIPS) |  |  |  |  |  |  |  |  |
| Other financial investment instruments |  | 43287 | 712156 | **755443** |  | 46272 | 722095 | **768367** |
| **Total held to maturity investments** |  | **43287** | **4298666** | **4341953** |  | **46272** | **4048998** | **4095270** |
| Equity securities |  |  | 18566 | **18566** |  |  | 17126 | **17126** |
| Loan portfolio and leasing operations, net Total |  |  | 191111571 | **191111571** |  |  | 185329424 | **185329424** |
| **Total** |  | **43287** | **195428803** | **195472090** |  | **46272** | **189395548** | **189441820** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| **Type of instrument** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Type of instrument** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** |
| **Type of instrument** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Deposits by customers | - | 66435507 | 128099076 | **194534583** | - | 60972074 | 125134584 | **186106658** |
| Interbank deposits | - | - | 261289 | **261289** | - | - | - | **-** |
| Repurchase agreements and other similar secured borrowing | - | - | 2927426 | **2927426** | - | - | 628483 | **628483** |
| Borrowings from other financial institutions | - | - | 7888588 | **7888588** | - | - | 10557864 | **10557864** |
| Debt instruments in issue | 5407126 | 1203259 | 878272 | **7488657** | 5802976 | 968406 | 1235128 | **8006510** |
| Preferred shares | - | - | - | **-** | - | - | 407174 | **407174** |
| **Total** | **5407126** | **67638766** | **140054651** | **213100543** | **5802976** | **61940480** | **137963233** | **205706689** |

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IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for fair value accounting.

The financial instruments below are not measured at fair value on a recurring and nonrecurring basis:

**Short-term financial instruments**

Short-term financial instruments are valued at their carrying amounts included in the consolidated statement of financial position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers'acceptances, accounts receivable, accounts payable, accrued interest payable and bank acceptances outstanding.

**Deposits from customers**

The fair value of time deposits was estimated based on the discounted value of cash flows using the appropriate discount rate for the applicable maturity. Fair value of deposits with no contractual maturities represents the amount payable on demand as of the statement of financial position date.

**Interbank deposits and repurchase agreements and other similar secured borrowings**

Short-term interbank borrowings and repurchase agreements have been valued at their carrying amounts because of their relatively short-term nature. Long-term and domestic development bank borrowings have also been valued at their carrying amount because they bear interest at variable rates.

**Borrowings from other financial institutions**

The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flows projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the

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cash flows were discounted using reference curves formed by the weighted average of the Bank's deposit rates.

**Debt instruments in issue**

The fair value of debt instruments in issue, comprised of bonds issued by Bancolombia S.A. and its subsidiaries, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and the Bank's creditworthiness.

**Loans and advances to customers** 

Estimating the fair value of loans and advances to customers is considered an area of considerable uncertainty as there is no observable market. The loan portfolio is stratified into tranches and loans segments such as commercial, consumer, small business loans, mortgage and leasing. The fair value of loans and advances to customers and financial institutions is determined using a discounted cash flow methodology, considering each credit's principal and interest projected cash flows to the prepayment date. The projected cash flows are discounted using reference curves according to the type of loan and its maturity date.

**Items measured at fair value on a non-recurring basis**

The Bank measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** | **Fair value hierarchy** | **Fair value hierarchy** | **Fair value hierarchy** | **Total fair value** |
| | **Level 1** | **Level 2** | **Level 1** | **Total fair value** | **Level 1** | **Level 2** | **Level 3** | **Total fair value** |
| | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Real estate different from residential properties | - | - | 1074 | 1074 | - | - | 1659 | 1659 |
| Real estate for residential purposes | - | - | 130 | 130 | - | - | 28 | 28 |
| Movable property | - | - | 3859 | 3859 | - | - | 4037 | 4037 |
| **Total** | - | - | 5063 | 5063 | - | - | 5724 | 5724 |

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**Changes in level 3 fair-value category**

The table below presents reconciliation for assets and liabilities measured at fair value, on a recurring basis using significant unobservable inputs as of June 30, 2025 and December 31, 2024:

**As of June 30, 2025**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance,<br>January 1,<br>2025** | **Included**<br>**in**<br>**earnings** | **OCI** | **Purchases** | **Settlement** | **Prepaids** | **Reclassifications** <sup>(1)</sup> | **Transfers**<br>**in to** <br>**level 3** | **Transfers**<br>**in to**<br>**level 3** | **Balance June 30, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** |
| **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** |
| &nbsp;&nbsp;Mortgage backed securities (TIPs) | 63280 | 1139 | - | - | (800) | - | - | - | (4675) | **58944** |
| &nbsp;&nbsp;Bonds | 44062 | 53 | - | - | (12615) | - | - | - | (7832) | **23668** |
| &nbsp;&nbsp;Other financial investment assets | - | - | - | - | - | - | - | - | - | **-** |
| **Total negotiable investments** | **107342** | **1192** | **-** | **-** | **(13415)** | **-** | **-** | **-** | **(12507)** | **82612** |
| **Available for- sale investments** | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;Solidarity Securities issued by the Colombian Government (TDS) | 2648355 | - | - | - | - | - | - | - | (2648355) | **-** |
| &nbsp;&nbsp;Bonds | 81784 | 915 | - | - | - | - | - | - | (32040) | **50659** |
| &nbsp;&nbsp;Other public debt | 545399 | 14166 | - | - | - | - | - | - | - | **559565** |
| **Total available for sale investments** | **3275538** | **15081** | **-** | **-** | **-** | **-** | **-** | **-** | **(2680395)** | **610224** |
| **Total debt securities** | **3382880** | **16273** | **-** | **-** | **(13415)** | **-** | **-** | **-** | **(2692902)** | **692836** |
| **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** |
| &nbsp;&nbsp;Exchange rate | 794001 | (11861) | - | 412756 | (526518) | - | (47770) | 126645 | (115651) | **631602** |
| &nbsp;&nbsp;Interest rate | 15493 | (2560) | - | 8182 | (331) | - | - | 830 | (141) | **21473** |
| &nbsp;&nbsp;Securities | 51347 | - | - | 12649 | (51347) | - | - | - | - | **12649** |
| **Total derivative financial instruments** | **860841** | **(14421)** | **-** | **433587** | **(578196)** | **-** | **(47770)** | **127475** | **(115792)** | **665724** |
| &nbsp;&nbsp;Equity investments at fair value | 402510 | 20265 | 2552 | - | (4247) | - | - | - | - | 421080 |
| &nbsp;&nbsp;Investment property | 846853 | - | - | 94781 | - | - | - | - | - | 941634 |
| **Total assets** | **5493084** | **22117** | **2552** | **528368** | **(595858)** | **-** | **(47770)** | **127475** | **(2808694)** | **2721274** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** |
| &nbsp;&nbsp;Exchange rate | 154871 | 1830 | - | 62234 | (81031) | - | (47770) | 1282 | (2841) | **88575** |
| &nbsp;&nbsp;Interest rate | 27646 | (284) | - | 1160 | (581) | - | - | 84 | (26523) | **1502** |
| &nbsp;&nbsp;Securities | 1278 | - | - | 3965 | (1278) | - | - | - | - | 3965 |
| **Total derivative financial instruments** | **183795** | **1546** | **-** | **67359** | **(82890)** | **-** | **(47770)** | **1366** | **(29364)** | **94042** |
| **Total assets** | **183795** | **1546** | **-** | **67359** | **(82890)** | **-** | **(47770)** | **1366** | **(29364)** | **94042** |

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**As of December 31, 2024**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Balance,**<br>**January 1,**<br>**2024** | **Included**<br>**in**<br>**earnings** | **OCI** | **Purchases** | **Settlement** | **Prepaids** | **Reclassifications** <sup>(1)</sup> | **Transfers**<br>**in to**<br>**level 3** | **Transfers**<br>**in to**<br>**level 3** | **Balance December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** | **Debt securities** |
| **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** | **Investments negotiable** |
| &nbsp;&nbsp;Mortgage backed securities (TIPS) | 74087 | (920) | - | - | (7515) | - | - | 3195 | (5567) | **63280** |
| &nbsp;&nbsp;Bonds | 14284 | 520 | - | 12814 | - | - | - | 16444 | - | **44062** |
| **Total negotiable investments** | **88371** | **(400)** | **-** | **12814** | **(7515)** | **-** | **-** | **19639** | **(5567)** | **107342** |
| **Available for- sale investments** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Solidarity Securities issued by the Colombian Government (TDS) | 2664295 | - | - | 2648355 | (2664295) | - | - | - | - | 2648355 |
| &nbsp;&nbsp;Bonds | - | - | - | 81784 | - | - | - | - | - | 81784 |
| &nbsp;&nbsp;Other public debt | - | - | - | 41369 | - | - | - | 504030 | - | 545399 |
| **total available for sale investments** | **2664295** | **-** | **-** | **2771508** | **(2664295)** | **-** | **-** | **504030** | **-** | **3275538** |
| **Total debt securities** | **2752666** | **(400)** | **-** | **2784322** | **(2671810)** | **-** | **-** | **523669** | **(5567)** | **3382880** |
| **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** |
| &nbsp;&nbsp;Exchange rate | 1380991 | (45871) | - | 590691 | (1190120) | - | (11487) | 155582 | (85785) | **794001** |
| &nbsp;&nbsp;Interest rate | 15621 | (2591) | - | 6910 | (3606) | - | (139) | 3909 | (4611) | **15493** |
| &nbsp;&nbsp;Securities | 2863 | - | - | 51347 | (2863) | - | - | - | - | **51347** |
| **Total derivative financial instruments** | **1399475** | **(48462)** | **-** | **648948** | **(1196589)** | **-** | **(11626)** | **159491** | **(90396)** | **860841** |
| &nbsp;&nbsp;Equity securities at fair value | 140815 | 44851 | 2975 | 232387 | - | (18516) | - | - | (2) | **402510** |
| &nbsp;&nbsp;Investment property | 574550 | 68536 | - | 203767 | - | - | - | - | - | **846853** |
| **Total assets** | **4867506** | **64525** | **2975** | **3869424** | **(3868399)** | **(18516)** | **(11626)** | **683160** | **(95965)** | **5493084** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** | **Derivatives** |
| &nbsp;&nbsp;Exchange rate | 170798 | 48127 | - | 114412 | (95051) | - | (11487) | 3193 | (75121) | **154871** |
| &nbsp;&nbsp;Interest rate | 11078 | (50) | - | 206 | (4595) | - | (137) | 27432 | (6288) | **27646** |
| &nbsp;&nbsp;Securities | 1852 | - | - | 1278 | (1852) | - | - | - | - | **1278** |
| **Total derivatives** | **183728** | **48077** | **-** | **115896** | **(101498)** | **-** | **(11624)** | **30625** | **(81409)** | **183795** |
| **Total assets** | **183728** | **48077** | **-** | **115896** | **(101498)** | **-** | **(11624)** | **30625** | **(81409)** | **183795** |

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<sup>(1)</sup> Reclassifications during the period are presented by the valuation of derivatives, where the Bank records its derivatives as assets when the fair value is positive and liabilities when the fair value is negative.

**Level 3 fair value – transfers**

The following were the significant level 3 transfers as of June 30, 2025:

**Transfers between Level 1 and Level 2 to Level 3:**

As of June 30, 2025, there were no transfers to level 3 debt securities. For December 31, 2024, there were transfers of COP 523,669.

Transfers of COP 126,109 and COP 128,866 were made as of June 30, 2025 and December 31, 2024, respectively of the exchange rate and interest rate derivative contracts to level 3. They are mainly linked to the transfer of own credit risk to the credit risk of the counterparty

**Transfers between Level 3 and Level 1 and 2:**

As of June 30, 2025 transfers for COP (2,692,902) from level 3 to level 2 corresponding to Solidarity Securities issued by the Colombian Government (TDS) bonds. In December 2024,

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these securities were not price marked and their margin was not registered by the Price Provider (Precia), therefore their level was 3. However, as of June 30, 2025 they registered historical margin provided by the Price Provider (Precia), therefore the current level is 2. As of December 31, 2024, transfers from level 3 to level 2 were for COP (5,567).

Transfer of COP (86,428) and COP (8,987) as of June 30, 2025 and December 31, 2024, respectively of the exchange rate and interest rate derivative contracts from Level 3 to Level 2, mainly related to a transfer of the counterparty's credit risk to the Company's own credit risk.

**Transfers between Level 2 and Level 1 of the Fair Value hierarchy**

As of June 30, 2025, the Bank transferred securities from level 1 to level 2 for COP 35,600 as these securities increased their liquidity and were traded more frequently in an active market, therefore, its level was 1; however, for June 2025 the margin is historical and provided by the price provider (Precia), therefore, the current level is 2. As of December 31, 2024 the value of these transfers was COP 202,779.

As of June 30, 2025 and December 31, 2024, there were no transfers from level 2 to level 1.

All transfers are assumed to have occurred at the end of the reporting period.

**Quantitative Information about Level 3 Fair Value measurements**

The fair value of financial instruments is, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market transactions in the same instrument and are not based on observable market data.

Changing one or more of the inputs to the valuation models to reasonably possible alternative assumptions would change the fair values and therefore a valuation adjustment would be recognized through income statement. Favorable and unfavorable changes are determined based on changes in the value of the instrument because of varying the levels of the unobservable input.

The following table sets forth information about significant unobservable inputs related to the Bank's material categories of level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions.

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**As of June 30, 2025** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial instrument** | **Fair Value** | **Valuation**<br>**technique** | **Significant**<br>**unobservable input** | **Range of**<br>**inputs** | **Weighted**<br>**average** | **Sensitivity**<br>**100**<br>**basis point**<br>**increase** | **Sensitivity**<br>**100**<br>**basis point**<br>**decrease** |
| **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** |
| TIPS | 58944 | Discounted cash flow | Margin <sup>(1)</sup> | 0.14% a 10.46% | 3.42% | 57483 | 60456 |
| TIPS | 58944 | Discounted cash flow | Amortization table <sup>(2)</sup> | —% | 0 | 59661 | - |
| TIPS | 58944 | Discounted cash flow | Amortization table <sup>(2)</sup> | —% | 0 | 55806 | - |
| Solidarity Securities issued by the Colombian Government (TDS) |  | Discounted cash flow | Margin <sup>(1)</sup> | 1.18%% a 1.18% | —% | - | - |
| Bonds | 575242 | Discounted cash flow | Margin <sup>(1)</sup> | 0.08% a 5.05% | 1.51% | 531229 | 596216 |
| Other bonds | 58649 | Discounted cash flow | Margin <sup>(1)</sup> | 0.07% a 1.12% | 1.01% | 57374 | 60038 |
| **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** |
| Equity instruments | 421080 | Price based | Price | NA | NA | NA | NA |
| **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** |
| Options | 47067 | Discounted cash flow | Counterparties COP (USD) <sup>(3)</sup> | 0.12% a 34.23% | 0.42% | 46712 | 47189 |
| Forward | 456421 | Discounted cash flow | Counterparties COP (USD) <sup>(3)</sup> | 0% a 30.76% | 2.95% | 455566 | 457284 |
| Swaps | 68195 | Discounted cash flow | Counterparties COP (USD) <sup>(3)</sup> | 0% a 64.53% | 3.36% | 52640 | 84695 |

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**As of December 31, 2024** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial instrument** | **Fair Value** | **Valuation**<br>**technique** | **Significant**<br>**unobservable input** | **Range of**<br>**inputs** | **Weighted**<br>**average** | **Sensitivity**<br>**100**<br>**basis point**<br>**increase** | **Sensitivity**<br>**100**<br>**basis point**<br>**decrease** |
| **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** | **Securities issued by other financial institutions** |
| TIPS | 63280 | Discounted cash flow | Margin <sup>(1)</sup> | 0% a 10.66% | 3.61% | 61474 | 65164 |
| TIPS | 63280 | Discounted cash flow | Amortization table <sup>(2)</sup> | NA | NA | 65081 | - |
| TIPS | 63280 | Discounted cash flow | Amortization table <sup>(2)</sup> | NA | NA | 60732 | - |
| Solidarity Securities issued by the Colombian Government (TDS) | 2648355 | Discounted cash flow | Margin <sup>(1)</sup> | 1.18%% a 1.18% | 1.18% | 2639349 | 2660301 |
| Bonds | 167215 | Discounted cash flow | Margin <sup>(1)</sup> | 0% a 5.25% | 2.10% | 164781 | 172140 |
| Other bonds | 504030 | Discounted cash flow | Margin <sup>(1)</sup> | 1.25% a 1.25% | 1.25% | 467145 | 536285 |
| **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** | **Equity instruments** |
| Equity instruments | 402510 | Price based | Price | NA | NA | NA | NA |
| **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** | **Derivative financial instruments, net** |
| Options | 66010 | Discounted cash flow | Counterparties COP (USD) <sup>(3)</sup> | 0.12% a 34.75% | 0.50% | 65512 | 66242 |
| Forward | 428548 | Discounted cash flow | Counterparties COP (USD) <sup>(3)</sup> | 0% a 20.80% | 4.98% | 427979 | 429124 |
| Swaps | 182488 | Discounted cash flow | Counterparties COP (USD) <sup>(3)</sup> | 0% a 56.14% | 4.03% | 166650 | 204677 |

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<sup>(1)</sup> Margin: The margin reflects the risks not incorporated in the reference rate, such as the credit risk, and is that value which, compounded with the reference rate, results in the discount rate which the price of the security in the operation is obtained.

<sup>(2)</sup> Amortization table (Applies to TIPS): It is based on the cash flows generated monthly by the Colombian Securitization Company, which incorporate, among other assumptions, the default and prepayment indicators, which correspond to inputs that are not observable in the market but are developed under statistical techniques and based on the history of mortgage loans in Colombia.

<sup>(3)</sup> Recovery rate and counterparties COP (USD): These refer to the recovery rates and the probabilities of default of the counterparties, which are used in the estimation of the CVA/DVA adjustment in the measurement of the fair value of the OTC derivative instruments.

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The following table presents the valuation techniques used in measuring the fair value of the Bank's investment properties, the most significant unobservable inputs, and the respective sensitivity:

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| | | | |
|:---|:---|:---|:---|
| **Metodología** | **Técnicas de valoración** | **Insumos no observables significativos** | **Descripción de la sensibilidad** |
| Sales Comparison Approach - SCA<br>The process by which an indication of value is obtained for the properties under analysis by comparing them with similar properties that can be considered comparable to those under analysis, that have been recently sold (ideally) or that are on offer, identifying the appropriate units of comparison and making the necessary adjustments to make them comparable to those under appraisal, based on market-derived comparables. | Comparable Prices | The weighted average rates used in the income capitalization methodology for the first quarter of 2025 are:<br>• Direct capitalization: initial rate 8.21%.<br>• Discounted cash flow: discount rate: 12.40% terminal rate: 8.32%. <br>The same weighted rates for the second quarter of 2025 are:<br>• Direct capitalization: initial rate 8.14%.<br>• Discounted cash flow: discount rate: 12.30% terminal rate: 8.26%. <br>The ratio between monthly gross rent and the value of the properties managed directly by the FIC (rental rate) considering the differences in locations and individual factors between properties and on a weighted basis was 0.87% at the end of the first quarter of 2025 and 0.87% at the end of the second quarter of 2025.  | An increase (Light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, considerable, normal, light) in the fair value of the asset, and vice versa.<br>An increase (Light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa |
| Income Approach<br>In this methodology the appraiser analyzes the capacity of a property to generate future benefits, which are brought to present value as an indication of value. | Direct Capitalization<br>Discounted Cash Flows | The weighted average rates used in the income capitalization methodology for the first quarter of 2025 are:<br>• Direct capitalization: initial rate 8.21%.<br>• Discounted cash flow: discount rate: 12.40% terminal rate: 8.32%. <br>The same weighted rates for the second quarter of 2025 are:<br>• Direct capitalization: initial rate 8.14%.<br>• Discounted cash flow: discount rate: 12.30% terminal rate: 8.26%. <br>The ratio between monthly gross rent and the value of the properties managed directly by the FIC (rental rate) considering the differences in locations and individual factors between properties and on a weighted basis was 0.87% at the end of the first quarter of 2025 and 0.87% at the end of the second quarter of 2025.  | An increase (Light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, considerable, normal, light) in the fair value of the asset, and vice versa.<br>An increase (Light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa |
| Cost approach<br>A set of procedures by which an indication of the Market Value of the Full Property Right is obtained by estimating the cost of constructing, reproducing or replacing the property being appraised, including a reasonable profit, deducting depreciation from the total cost and adding the value of the land separately. | Replacement cost | The weighted average rates used in the income capitalization methodology for the first quarter of 2025 are:<br>• Direct capitalization: initial rate 8.21%.<br>• Discounted cash flow: discount rate: 12.40% terminal rate: 8.32%. <br>The same weighted rates for the second quarter of 2025 are:<br>• Direct capitalization: initial rate 8.14%.<br>• Discounted cash flow: discount rate: 12.30% terminal rate: 8.26%. <br>The ratio between monthly gross rent and the value of the properties managed directly by the FIC (rental rate) considering the differences in locations and individual factors between properties and on a weighted basis was 0.87% at the end of the first quarter of 2025 and 0.87% at the end of the second quarter of 2025.  | An increase (Light, normal, considerable, significant) in the capitalization rate used would generate a decrease (significant, considerable, normal, light) in the fair value of the asset, and vice versa.<br>An increase (Light, normal, considerable, significant) in the leases used in the valuation would generate a (significant, light, considerable) increase in the fair value of the asset, and vice versa |

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There has been no change to the valuation technique during the year 2025 for each asset.

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**NOTE 22. EVENTS AFTER THE REPORTING PERIOD**

The financial statements of Bancolombia S.A. for the year ended June 30, 2025, were approved by Chief Executive Strategy and Finance for publication on

August 6, 2025.

On July 22, 2025, Bancolombia S.A. ("Bancolombia") announced its intention to voluntarily delist its 4.875% Subordinated Bonds due 2027 (the "2027 Bonds") and 8.625% Subordinated Bonds due 2034 (the "2034 Bonds", and together with the 2027 Bonds, the "Bonds") from the New York Stock Exchange (the "NYSE"). Management is currently carrying out the necessary procedures to change the listing jurisdiction of the aforementioned Bonds to the Singapore Exchange ("SGX").

**RISK MANAGEMENT**

The first half of 2025 was marked by an acceleration in economic growth compared to last year. However, uncertainty remains high at the local level due to the slower pace of inflation convergence, which has reduced the room for monetary policy rate cuts, and in light of the Government's numerous fiscal challenges following the activation of the escape clause of the Fiscal Rule. At the international level, U.S. trade policy and geopolitical conflicts in the Middle East have heightened the risk of an inflationary surge.

**Credit risk – credit portfolio and financial leasing operations**

Credit risk is the probability that the entity will incur losses due to i) non-compliance with the financial obligations taken by the counterparty, issuer or debtor, ii) deterioration due to the decrease in their risk rating, iii) the reduction of profits and remunerations and iv) the benefits delivered in restructuring and recovery costs.

The information included below presents the maximum exposure to credit risk as of June 30, 2025 and December 31, 2024

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| | | |
|:---|:---|:---|
| **In millions of COP** | **June 30, 2025** | **December 31, 2024** |
| Credit portfolio and financial leasing operations | 198722204 | 191927705 |
| Debt securities | 25509021 | 21310688 |
| Equity investments <sup>(1)</sup> | 464765 | 445356 |
| Derivatives <sup>(2)</sup> | 937462 | 917173 |
| **Subtotal maximum credit risk exposure** | **225633452** | **214600922** |
| Financial guarantees | 6808030 | 7812238 |
| **Total maximum credit risk exposure** | **232441482** | **222413160** |

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<sup>(1)</sup> For equity investments, the book value to be disclosed corresponds to the Other financial instruments.

<sup>(2)</sup> For derivative transactions, counterparty risk is revealed as long as the valuation is positive. Therefore, the value described here differs from the book value.

The maximum exposure to credit risk of the financial leasing portfolio and operations corresponds to it carrying amount at the end of the period without considering any guarantee received or other credit improvements.

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The maximum exposure to credit risk of financial guarantees corresponds to the total balance granted at the end of the period, which is why it does not reflect the expected results.

The maximum exposure to credit risk of derivatives corresponds to the market value (mark to market) at the end of the period without considering any guarantee received or other credit improvements.

The maximum exposure to credit risk of debt securities and equity investments corresponds to their book amount at the end of the period without considering any guarantee received or other credit improvements.

**a.Credit Risk Management – loan portfolio and Leasing operations**

Risk management in the cycles of the different types of credit operations, it develops by complying with the policies, procedures and methodologies stipulated in the Credit Risk Management Framework of the System of Integral Risk Management System (SIAR), which also contains the general criteria for evaluating, qualifying, assuming, controlling and covering the mentioned risk. In addition, the administration has developed process and method manuals that specify the policies and procedures for the different products and segments served by the entity, and realize the strategy approved by the Board of Directors for the monitoring and control of credit risk.

In accordance with the above the policies for credit risk management include those stipulated for the credit exposure limit, credit origination, guarantees and securities, provisions, and portfolio monitoring and collections. Below is a brief description of the mentioned policies:

• **Credit exposure limit Policy:** contains the guidelines regarding the establishment of credit exposure limits and levels. Is set in compliance with legal requirements and in accordance with the entity's internal guidelines.

• **Credit origination Policy:** with this policy, the broad and sufficient knowledge of the characteristics of potential clients, the proper selection of these and the optimal granting levels consistent with their capacities is sought.

• **Guarantees Policy:** this policy specifies the guarantees provided by the clients to the entity, the characteristics, and criteria to accept and evaluate them to mitigate the risk associated with the non-compliance of the agreed upon obligations.

• **Provisions Policy:** this policy underlines the compliance of legal guidelines, what is stipulated by the Bank and the analysis of clients regarding the actions which must be taken, to cover the risk of losses due to credit exposure.

• **Monitoring Polic**<sup>(1)</sup>**:** It contains all the following activities that the bank use to monitoring the customer with their information, the purpose of this is to review the correct evolution of credit risk. These activities require a specific classification process of credits operations and are consistent with the policies implemented for new credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> *Follow-up: Knowledge of the client's situation during the life of the credit.*

• **Portfolio recovery policy**<sup>(2)</sup>**:** through the definition of this policy, the Bank's objective is to establish those mechanisms that allow it to anticipate possible delays and carry out the recovery of the portfolio, that is, to minimize the impacts that result from late or non-compliance with payments, Additionally, this policy define all the activities and aspects that the bank has been considered as customer reconciliation management to make it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> *Recovery: Collection management during the different stages of the same.* 

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The Bank's credit risk management is carried out in all processes of the credit cycle, these processes are framed as follows:

• **Credit origination:** customer knowledge, payment capacity analysis, sectoral analysis, payment behavior and credit structuring.

• **Behavior:** knowledge of the client's situation during the credit life.

• **Recovery:** collection during the different stages.

Scoring and rating models based on statistical information or expert criteria are used to support credit origination processes. This allows a differentiation of the risk level of potential clients to support decision making.

The Vice Presidency of Risks defines and documents the characteristics of the models that are used in the process of credit origination. Also, defines parameters, variables and the cut-off points that applied in each model. At least every six months, the Vice Presidency of Risks must do the backtesting<sup>(3)</sup> of the scoring and rating models, used in the credit origination process to validate their effectiveness. Additionally, monthly the entire credit portfolio must be rated with reference models and days past due, in order to assess the credit risk of each debtor and the allocation of bank provisions.

<sup>(3)</sup> *Statistical procedure used to validate the quality and accuracy of a model, by comparing actual results and risk measures generated by the models.*

In addition to the evaluation and qualification of the portfolio, monthly provisions serve as a measure of the current condition of the portfolio, the parameters for their calculation are found in chapter 2 of the Basic Accounting and Financial Circular 100 of 1995 of the Financial Superintendence of Colombia, where define two matrices (A and B) for assigning the probability of default of the commercial and retail portfolio, a calculation that is made taking into account the rating, and in the commercial portfolio, the value of the client's assets, and in that of consumption, the historical behavior of the client's payments. For the remaining modalities, the portfolio is classified by risk level and then the provision percentage is calculated according to the days past due.

In order to guarantee compliance with the regulations established with respect to individual credit and concentration limits, the Bank carries out continuous monitoring of the concentration of risk groups, as well as daily control of the exposures of the different risk groups, evaluating the legal limits of indebtedness.

Additionally, there are internal concentration limits for the following classifications:

• **Concentration analysis by country:** the country risk for a client will be the one where the economic activity of the client take place to generate the resources to pay the credit obligation.

• **Sector concentration analysis:** carried out through the economic sector defined by the international ISIC code<sup>(4).</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> *ISIC: International Standard Industrial Classification of all economic activities.*

• **Concentration analysis by modality:** refers to the portfolio modality of each agreement (commercial, retail, microcredit and mortgage credit).

The Bank has models based on the optimization of risk and profitability, to determine the different levels of concentration of portfolios, also based on international references

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determined with external risk rating agencies that allow the analysis of concentration levels in different geographies.

**Country Risk**

At the end of June 30, 2025, no alerts were presented in any investment subject to country risk, nor were adjustments made for deterioration of investments that could affect or deteriorate the financial strength of the Bank, compared to the end of 2024. The decrease in the investment portfolio subject to country risk assessment is primarily due to the reallocation of investment companies within the Cibest Group and the sale of the investment in BANCO LATINOAMERICANO DE COMERCIO EXTERIOR. Additionally, the decrease in the value of investments is due to revaluation factors.

**b. Credit Quality Analysis - loans and Financial Leases portfolio**

**Credit risk rating system**

Its main goal is to determine the client's credit risk profile, which is given by the result of a rating.

The institutional or legal entities portfolio rating is performed through a rating model, based on the analysis of quantitative and qualitative variables, which could affect the payment of the financial commitments acquired by a client. This model is performed in the early stage of the credit process, it is updated every six months and includes credit risk variables, which could be summarized in the customer's financial performance measured from financial figures and payment capacity, payment behavior with the Bank and with other entities, and qualitative variables that are not explicit in the financial statements.

For the retail portfolio there is a rating model based on a score, which contains the last 12 months behavior variables, such as overdue, product counts, changes in the initial credit conditions, among others, gathering all this information the rating model gives a score, which will be categorized by a credit risk level, to identify the level of risk associated with the client.

For the Bank, the following credit risk levels have been determined to group customers according to their payment behavior:

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| | |
|:---|:---|
| **Category** | **description** |
| A - Normal Risk | Loans and financial lease operations thatoperations have an excellentexcellent payment behavior. The debtor's financial statements and cash flows forecast, as well as other available financial information, it, allows inferring an adequate payment capacity. |
| B - Acceptable Risk | Loans and financial lease transactions, even though they have an acceptable payment behavior, present some weakness that could potentially temporarily or permanently affect the debtor's ability to pay. |
| C - Appreciable Risk | Loans and financial lease operations that present deficiencies in the debtor's payment capacity or in its cash flow forecast, which could affect the normal payment of the obligation. |
| D - Significant Risk | Loans and financial lease transactions that have the same deficiencies as category "C", for a longer period, therefore its payment probability is low. |
| E – Uncollectible | Loans and financial lease obligations in this category are considered uncollectible. |

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The Bank's loan and financial lease portfolio distribution by the end of the period, according to the credit risk levels mentioned above, is shown below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Category** | **Balance** | **Participation %** | **balance** | **Participation %** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| A - Normal Risk | 181973286 | 91% | 173994888 | 91% |
| B - Acceptable Risk | 3427999 | 2% | 3460917 | 2% |
| C - Appreciable Risk | 3110568 | 2% | 3144840 | 2% |
| D - Significant Risk | 4232781 | 2% | 4803267 | 2% |
| E – Uncollectible | 5977570 | 3% | 6523793 | 3% |
| **Total** | **198722204** | **100%** | **191927705** | **101%** |

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**Additional provisions** 

**Additional individual provisions**

An individual review is carried out on significant clients with impairment, to determine whether they need an additional individual provision, based on their risk. At the end of June 2025, this provision amounts to COP 312,409.

**Relevant topics regulatory provisions** 

For the housing modality, an adjustment is made to the provision parameters, leaving them at the regulatory minimums for ratings C and D. This adjustment was made between June and July 2024 and continues to apply today. This adjustment allows for continued adequate coverage levels of the portfolio, which continue to be higher than those of the financial system, with parameters equal to or higher than the regulatory minimums required by the Financial Superintendency of Colombia.

**Portfolio monitoring**

**• Retail and SME Banking:**

As of the end of June 2025, the total loan portfolio for Retail and SME Banking increased by 3.3% compared to December 2024. Past-due loans decreased by 6%, improving the non-performing loan (NPL) ratio from 6.9% to 6.3%. This positive trend is attributed to the recovery of the macroeconomic environment, reflected in falling inflation, lower market interest rates, and reduced unemployment. Additionally, proactive monitoring and early collection and monitoring strategies have contributed to lower portfolio default rates. Early warning and predictive analytics strategies will continue to be applied to the loan portfolio, aiming to identify early signs of deterioration and mitigate the materialization of credit risk.

**• Corporate banking:**

As of the end of June 2025, the Corporate Business continued to show a positive performance in its loan portfolio, with an outstanding balance increase of 3.77% compared to December 2024. This growth is partly attributed to a favorable disbursement dynamic, with disbursement levels consistently exceeding COP 114 trillion.

Regarding portfolio quality, a significant improvement was observed. The 30-day past-due loan ratio stood at 2.32% at the end of June 2025, reflecting a reduction of 22 basis points

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compared to December 2024. This improvement highlights effective credit risk management, supported by stricter origination policies and proactive monitoring of clients showing early warning signs of deterioration.

Lastly, loan loss coverage through provisions remained strong, reaching 140.74% as of the second quarter of 2025. This level of coverage indicates the institution's solid capacity to absorb potential credit losses, reinforcing both its solvency and overall financial stability.

**Monitoring Sectoral Alerts, Macroeconomic Changes, and the Political Environment**

During the second quarter of 2025, monitoring and collection strategies remained active across all business segments, aiming to identify emerging risks and proactively implement timely solutions to mitigate potential impacts on the loan portfolio. As part of this process, Bancolombia has intensified its comprehensive review of the economic sectors to which it is exposed, considering macroeconomic, sectoral, financial, and transactional variables in a context of uncertainty driven by both local and international issues.

Currently, potential impacts of the new labor reform are being assessed. The reform could affect labor intensive sectors such as hotels, restaurants, and temporary service companies and services BPO , where an increase in operating costs and adjustments in hiring practices are expected. These changes may lead to a deterioration in some client's payment capacity, reduced profit margins, or even increased unemployment and informality among individuals. Bancolombia will continue to actively evaluate these risks and design strategies for clients who may be affected.

At the same time, a positive trend in client payment behavior persists, with customers responding favorably to the decline in inflation and interest rates. Nevertheless, alerts related to government budget management, monetary policy, trade policy, and key variables such as the exchange rate continue to be closely monitored. Additionally, sector-specific alerts remain in place for industries such as construction, healthcare, and public sector contractors.

**b.Credit Risk Management – investment financial instruments**

The portfolio is exposed to credit risks given the probability of incurring losses originated by the default in the payment of a coupon, principal and/or yields/dividends of a financial instrument by its issuer or counterparty. The probability of this type of events materializing may increase if there are scenarios of concentration in few issuers (counterparties) and whose credit performance is reflected by higher risk ratings; likewise, increases in credit risk may occur in scenarios in which the portfolio presents low levels of diversification at the level of type and sector of the counterparties with which financial asset transactions are carried out.

The Bank maintains control and continuous monitoring of the assigned credit risk limits, as well as the consumption thereof. Additionally, the Bank follows up and manages alerts on counterparties and issuers of securities, based on public market information and news related to their performance; this allows mitigating the risks of default or reduction of value for the managed positions.

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For credit risk management, each of the positions that make up the portfolio of the own position are adjusted to the policies and limits that have been defined and that seek to minimize the exposure to the same:

• Term Limits.

• Credit Limits.

• Counterparty Limits.

• Master Agreement.

• Margin Agreements.

• Counterparty Alerts.

**c. Credit Quality Analysis - Other Financial Instruments**

In order to evaluate the credit quality of a counterparty or issuer (to determine a risk level or profile), the Bank relies on two rating systems: an external one and an internal one, both of which allow to identify a degree of risk differentiated by segment and country and to apply the policies that have been established for issuers or counterparties with different levels of risk, in order to limit the impact on liquidity and/or the income statement of the Bank.

**External credit rating system:** is divided by the type of rating applied to each instrument or issuer; in this way the geographic location, the term and the type of instrument allow the assignment of a rating according to the methodology that each examining agency uses.

**Internal credit rating system:** the "ratings or risk profiles" scale is created with a range of levels that go from low risk to high risk (this can be reported in numerical or alphanumerical scales), where the rating model is sustained by the implementation and analysis of qualitative and quantitative variables at sector level, which according to the relative analysis of each variable, determine credit quality; in this way the internal credit rating system aims to establish adequate margin in decision-making regarding the management of financial instruments.

In accordance with the criteria and considerations specified in the internal rating allocation and external credit rating systems methodologies, the following schemes of relation can be established, according to credit quality given to each one of the qualification scales.

**Low Risk:** all investment grade positions (from AAA to BBB-), as well as those issuers that according to the information available (financial statements, relevant information, external ratings, CDS, among others) reflect adequate credit quality.

**Medium Risk:** all speculative grade positions (from BB+ to BB-), as well as those issuers that according to the available information (Financial statements, relevant information, external qualifications, CDS, among others) reflect weaknesses that could affect their financial situation in the medium term.

**High Risk:** all positions of speculative grade (from B+ to D), as well as those issuers that according to the information available (Financial statements, relevant information, external qualifications, CDS, among others) reflect a high probability of default of financial obligations or that already have failed to fulfill them.

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The credit risk rating of the Republic of Colombia was downgraded following the latest reports issued on June 26 by Moody's (to Baa3) and S&P (to BB). As a result, positions in Colombian sovereign debt and Colombian issuers have been reclassified to the medium-risk category.

**• Credit Quality Analysis**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Maximum Exposure to Credit Risk** | **Debt Instruments** | **Debt Instruments** | **Equity** | **Equity** | **Derivatives** | **Derivatives** |
| **Maximum Exposure to Credit Risk** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Low Risk | 1946897 | 21200354 | - | 131798 | 418725 | 825215 |
| Medium Risk | 23558869 | 107402 | 416231 | - | 495310 | 1782 |
| High Risk | 3255 | 2932 | - | - | 3556 | 3739 |
| Without Rating | - | - | 48535 | 313558 | 19871 | 86437 |
| **Total** | **25509020** | **21310688** | **464766** | **445356** | **937462** | **917173** |

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Note: A negative value corresponds to positions with a negative valuation.

**• Risk exposure by credit rating:**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** | **Maximum Exposure to Credit Risk** |
| **Rating Risk** | **Rating Scale** <sup>(1)</sup> | **_June 30, 2025** | **_June 30, 2025** | **_December 31, 2024** | **_December 31, 2024** |
| **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** | **In Millions of COP** |
| Medium Risk | Sovereign Risk | 17872859 | 66.5% | 14192240 | 62.6% |
| Low Risk | AAA | 1922977 | 7.1% | 7241893 | 31.9% |
| Low Risk | AA+ | 1637 | 0.0% | 196918 | 0.9% |
| Low Risk | AA | 44303 | 0.2% | 107982 | 0.5% |
| Low Risk | AA- | 56715 | 0.2% | 29360 | 0.1% |
| Low Risk | A+ | 134496 | 0.5% | 123794 | 0.5% |
| Low Risk | A | 67048 | 0.2% | 33982 | 0.1% |
| Low Risk | A- | 130069 | 0.5% | 127925 | 0.6% |
| Low Risk | BBB+ | (3436) | 0.0% | 67966 | 0.3% |
| Low Risk | BBB | - | 0.0% | 17999 | 0.1% |
| Low Risk | BBB- | 11815 | 0.0% | 17309 | 0.1% |
| Medium Risk | BB+ | 6587833 | 24.5% | 107759 | 0.5% |
| Medium Risk | BB | 9716 | 0.0% | 1426 | 0.0% |
| Medium Risk | BB- | - | 0.0% | - | 0.0% |
| Hihg Risk | B+ | 3748 | 0.0% | 3410 | 0.0% |
| Hihg Risk | B- | 850 | 0.0% | 2352 | 0.0% |
| Hihg Risk | CCC+ | 257 | 0.0% | 677 | 0.0% |
| Hihg Risk | C | 437 | 0.0% | 213 | 0.0% |
| Hihg Risk | D | 1519 | 0.0% | 18 | 0.0% |
| Without Rating | SC | 68406 | 0.3% | 399994 | 1.8% |
| **Total** |  | **26911248** | **100%** | **22673217** | **100%** |

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<sup>(1)</sup> Internal homologation.

**• Financial credit quality of other financial instruments that are not in default nor impaired in value**

-**Debt instruments:** 100% of the debt instruments are not in default.

-**Equity:** the positions do not represent significant risks.

-**Derivatives:** 99.9% of the credit exposure does not present incidences of material default. The remaining percentage corresponds to default events at the end of the period.

**• Maximum exposure level to the credit risk given:**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Maximum Exposure to Credit Risk** | **Maximum Exposure** | **Maximum Exposure** | **Collateral** | **Collateral** | **Net Exposure** | **Net Exposure** |
| **Maximum Exposure to Credit Risk** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Debt Instruments | 25509020 | 21310688 | (3715290) | (1156623) | 21793730 | 20154065 |
| Derivatives | 937462 | 917173 | 511247 | 589098 | 426216 | 328075 |
| Equity | 464766 | 445356 | - | - | 464766 | 445356 |
| **Total** | **26911248** | **22673217** | **(4226537)** | **(1745721)** | **22684712** | **20927496** |

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Note: In derivatives, positive collateral are received from counterparties and collateral negative are delivered to counterparties. Derivative collateral received from counterparties, whose have their market value positive when consolidate all the portfolio derivaties of related ID, in December of 2024 was COP 589,098 and in June of 2025 was COP 511,247. In debt securities, guarantees correspond to Repo, reverse repo, and securities lending trades.

**Collateral - other financial instruments**

**Level of collateral:** respect to the type of asset or operation, a collateral level is determined according to the policies defined for each product and the market where the operation is carried out.

**Assets held as collateral in organized markets:** the only assets that can be received as collateral are those defined by the central counterparties, the stock market where the operation is negotiated, those assets that are settled separately in different contracts or documents, which can be managed by each organization and must comply with the investment policies defined by the Bank, taking into account the credit limit for each type of asset or operation received or delivered, which collateral received are the best credit quality and liquidity.

**Assets received as bilateral collateral between counterparties:** the collateral accepted in international OTC derivative operations is agreed on bilaterally in the Credit Support Annex (CSA)<sup>(5)</sup> and with fulfillment in cash in dollars and managed by Citibank N.A. This company acts on behalf of Bancolombia for making international margin calls and providing better management of the collateral.

<sup>(5)</sup> *A Credit Support Annex (CSA) provides credit protection by setting forth the rules governing the mutual posting of collateral. CSAs are used in documenting collateral arrangements between two parties that trade privately negotiated (over the counter) derivative securities. The trade is documented under a standard contract called a master agreement, developed by the International Swaps and Derivatives Association (ISDA).*

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**Collateral adjustments for margin agreements:** the adjustments will be determined by the criteria applied by both the external and internal regulations in effect, and at the same time, mitigation standards are maintained so that the operation fulfills the liquidity and solidity criteria for settlement.

**d. Credit risk concentration - other financial instruments**

Currently, the Bank's positions do not exceed the concentration limit.

**Market Risk**

The Bank currently measures the treasury book exposure to market risk (including OTC derivatives positions) as well as the currency risk exposure of the banking book, which is provided to the Treasury Division. The exposure to each of the market risk factors is limited according to the risk appetite determined. To achieve this objective, a series of policies and limits are actively managed and monitored.

Within the Bank, several risk measures are used with the objective of quantifying the exposure to risk and, consequently, the effect of portfolio diversification. The main measures are: i) Regulatory VaR, whose calculation are established by Annex VI of the Chapter XXXI of the Basic Accounting and Financial Circular issued by the Financial Superintendence of Colombia and ii) Internal VaR, calculated using a weighted historical methodology with 250 observations, a holding period of 10 days, and a confidence level of 99%, along with hierarchical VaR value limits. The principles and guidelines for Market Risk management remain in accordance with the disclosures made as of December 31, 2024.

Total market risk exposure decreased by 24.4% from COP 1,483,039 in December 2024 to COP 1,120,737 in June 2025. This variation is primarily explained by a lower exposure to the exchange rate risk factor, due to a reduction in positions denominated in U.S. dollars. Secondly, the stock price risk factor decreased as a result of the divestment of certain investments following the creation of Grupo Cibest. Conversely, the interest rate risk factor increased, driven by higher exposure to private debt securities and foreign currency bonds. Lastly, the collective investment funds risk factor also rose, explained by the appreciation of the Colombia Inmobiliario Fund.

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Despite the current situation and market volatility, the Bank's Regulatory VaR has remained stable without significant variations:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Factor** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| **Factor** | **End of Period** | **Average** | **Maximum<br>January, 2025** | **Minimum<br>April, 2025** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Interest rate | 518604 | 427016 | 378818 | 415398 |
| Exchange rate | 127713 | 279361 | 623044 | 72240 |
| Stock price | 11310 | 13820 | 15127 | 14117 |
| Collective investment funds | 463110 | 452295 | 441167 | 455555 |
| **VaR Total** | **1120737** | **1172492** | **1458156** | **957310** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Factor** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Factor** | **End of Period** | **Average** | **Maximum<br>November, 2024** | **Minimum<br>January, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Interest rate | 413000 | 405330 | 452682 | 378787 |
| Exchange rate | 615479 | 404782 | 604595 | 234652 |
| Stock price | 14996 | 15638 | 14571 | 26578 |
| Collective investment funds | 439564 | 417525 | 426367 | 401821 |
| **VaR Total** | **1483039** | **1243275** | **1498215** | **1041838** |

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Regarding the internal measurement of value at risk, no relevant variations were identified in the VaR metrics at the end of the quarter, nor were any exceedances of the approved limits.

It is important to mention that these exposures are under constant monitoring by senior management and serve as a tool for decision-making to preserve the stability of the Bank.

**• Measuring interest rate risk in the banking book**

Interest rate risk is understood as the possibility of incurring losses due to a decrease in the economic value of assets or a reduction in the net interest margin, as a consequence of changes in interest rates. The impact of these variations could be reflected in the financial margin and, consequently, in equity due to the risks inherent in active and passive transactions, as well as in the administration of the resources that the Bank manages day to day.

The Bank adopts the guidelines for Interest Rate Risk of the Banking Book (IRRBB) established in Chapter XXXI - SIAR of the Basic Accounting and Financial Circular 100 of 1995, Annex 15 Standard Methodology to determine the IRRBB, on assets, liabilities and off-balance sheet positions indicated by the Financial Superintendency of Colombia.

In this regard, an IRRBB Management Framework has been designed, including the BBCSR (Bank Book Credit Spread Risk), which aims to measure its impact on the EVE (Economic Value of Equity) delta and on the NIM (Net Interest Margin) delta.

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• **Interest Rate Risk Exposure (Banking Book)**

**Net Interest Income Sensitivity (ΔNII)**

The ΔNII allows measuring the impact of interest rate risk on the Bank's financial income and expenses over a one-year time horizon. This approach allows assessing the effect of changes in interest rates on projected interest income and interest expense flows, providing a view of the immediate impact on the Bank's profitability.

To evaluate the change in Net Interest Margin (ΔNII), the use of two specific shock scenarios is established: an upward parallel shock and a downward parallel shock. These shocks involve uniform shifts of the interest rate curve upward or downward, allowing for an analysis of how these variations affect the net interest margin over a one-year horizon.

**Table 1. Sensitivity ΔNII**

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| | | |
|:---|:---|:---|
| **Positions** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Sensitivity of the asset | 5,260,643 | 5,047,412 |
| Sensitivity of liabilities | 4,211,671 | 3,989,352 |
| **NII sensitivity (NII Delta)** | **1,048,972** | **1,058,060** |

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The ΔNII for the June cutoff is COP 1.04 trillion under a parallel downward scenario, considering the positive mismatch of repricing and capital maturities of less than one year. The reduction observed in the ΔNII between June and December is explained by the implementation of accounting hedging strategies, which have increased the sensitivity of liabilities. This effect has been reinforced by the rise in term deposits (CDTs) with maturities of less than one year, which has helped mitigate the impact of a potential decrease in interest rates on the NII.

In June, accounting hedges contributed to a reduction of COP 64,157 in the ΔNII, representing a 6.12% mitigation of the risk reflected by this metric. Without the effect of these hedges, the ΔNII would have reached COP 1.11 trillion, highlighting the risk-reducing role of the implemented accounting strategies.

**Assumptions and limitations**

• The analysis is performed under the assumption of a constant balance, which implies that the cash flows that mature/reprice are replaced by new flows with the current terms of each product. that the cash flows that mature are replaced by new flows with identical characteristics in terms of term and interest rate.

• The projection of the flows includes behavioral options such as the prepayment of the fixed-rate portfolio, the maturation of the deposit accounts and the implicit or explicit options of the fixed-rate commitments and the variable-rate prepayments of the wholesale portfolio segment.

**Economic Value of Equity Delta (ΔEVE)**

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The ΔEVE measurement evaluates the change in the net present value of cash flows of assets, liabilities and off-balance sheet items until maturity, under stress scenarios. The objective is to capture how changes in interest rates affect the economic value of the Bank's equity.

This calculation incorporates interest rate shocks applied to the risk-free zero-coupon curve, according to each currency, considering six scenarios, to evaluate the impact of interest rates under various market conditions on the present value of the cash flows of the banking book operations, which in turn determines the economic value of the Bank.

**Table 2. ΔEVE**<sup>(1)</sup>

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| | | |
|:---|:---|:---|
| **Positions** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Sensitivity of the asset | 7,419,847 | 6,848,837 |
| Sensitivity of liabilities | 5,404,062 | 4,985,977 |
| **Sensitivity EVE (Delta EVE)** | **2,015,785** | **1,862,860** |

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<sup>(1)</sup> The exclusion of Bancolombia's commercial margins increases the Delta EVE by COP 317,352 under a parallel interest rate increase scenario. On the other hand, including the RSCLB (Credit Spread Risk of the Banking Book) would increase the EVE by COP 5,571, without representing a significant amount of IRBB (Interest Rate Risk in the Banking Book).

As of June 2025, Bancolombia's ΔEVE is COP 2.01 trillion under a scenario with a parallel upward shift in market interest rates. The ΔEVE increased by COP 152,925 compared to the December closing, explained by the growth in the mortgage portfolio balance and hedging swaps, which were offset by the increase in the balance of savings accounts.

The ΔEVE represents 9.17% of the ordinary basic equity plus additional basic equity, and therefore complies with the regulatory limit established in Chapter XXXI - SIAR of the Basic Accounting and Financial Circular 100 of 1995, Annex 15, which is equivalent to 15% of the ordinary basic equity plus additional basic equity.

During the month of June, accounting hedges generated an increase of COP 193,123 in the ΔEVE, representing a 9.58% rise compared to the value without hedges. This implies that, without considering the effect of accounting hedges, the ΔEVE would have stood at COP 1.82 trillion.

**Assumptions and limitations**

• The analysis is performed under the liquidation balance assumption, which implies that existing positions are amortized and not replaced by any new business.

• The projection of the flows includes behavioral options such as the prepayment of the fixed-rate portfolio, the maturation of the deposit accounts and the implicit or explicit options of the fixed-rate commitments and the variable-rate prepayments of the wholesale portfolio segment.

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**Liquidity Risk**

Liquidity risk refers to the possibility of not being able to efficiently and timely meet payment obligations, both expected and unexpected, present and future, without affecting the normal course of daily operations or the financial condition of the entity. This risk occurs when there is a shortage of available liquid assets or when it is necessary to assume unusual financing costs.

During the second quarter of the year, liquidity levels remained within adequate ranges, mainly supported by the positive performance of funding through term deposits (CDTs) and deposit accounts. These resources enabled the institution to meet the growth in loan disbursements without compromising its liquidity position.

Liquid Assets have remained consistently above the established limits.

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| | | |
|:---|:---|:---|
| **Funding Sources** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Demand deposit | 124663063 | 122163132 |
| Time deposits | 69753878 | 63637941 |
| **Total Funding Sources** | **194416941** | **185801073** |

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**• Liquidity Risk Exposure**

To estimate liquidity risk, a liquidity coverage indicator (IRL) is calculated that corresponds to the relationship between liquid assets and their net liquidity requirements for a horizon of 30 calendar days. This indicator allows you to know the liquidity coverage you have for the next month.

The net liquidity requirement is calculated from the flow of contractual maturities of the asset and the flow of contractual and non-contractual maturities of the liability, as defined in Chapter XXXI, of the Basic Accounting and Financial Circular of the Financial Superintendency of Colombia.

Below are the results of liquidity coverage for the Bank:

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| | | |
|:---|:---|:---|
| **Liquidity Coverage Ratio** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Net cash outflows into 30 days(2) | 19524183 | 18811459 |
| Liquid Assets | 35098862 | 35329433 |
| **Liquidity coverage ratio(1)** | **179.79%** | **187.80%** |

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\*The minimum level of liquidity coverage required by the standard is 100%.

\*\*30-day liquidity requirement: 30-day contractual maturities of the asset (portfolio, liquidity operations, investments that are not liquid assets, derivatives) less contractual maturities of the liability (term deposits, passive liquidity operations, bonds, portfolio liabilities, derivatives) less non-contractual maturities of deposit accounts.

The liquidity indicator stood at 179.79% at the end of June 2025, showing a reduction of 800 basis points compared to the December 2024 closing. This decrease is explained by the

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increase in the 30-day liquidity requirement due to a rise in the projected outflows with contractual maturities, mainly in term deposits.

**• Liquid Assets**

One of the Bank's main guidelines is to maintain a solid liquidity position, therefore, the Board of Directors has approved maintaining a minimum level of liquid assets, calculated based on liquidity requirements, in order to guarantee adequate operation of banking activities, such as placement of loans and withdrawals of deposits, protecting capital and taking advantage of market opportunities.

The following table shows the liquid assets held by Bank:

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| | | |
|:---|:---|:---|
| **Liquid Assets**<sup>(1)</sup> | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| **High quality liquid assets** | **High quality liquid assets** | **High quality liquid assets** |
| Cash | 13489194 | 12463277 |
| High quality liquid securities<sup>(2)</sup> | 19167174 | 20622441 |
| **Other Liquid Assets** | **Other Liquid Assets** | **Other Liquid Assets** |
| Other securities<sup>(3)</sup> | 2442493 | 2243715 |
| **Total Liquid Assets** | **35098861** | **35329433** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Liquid assets: Liquid assets will be considered those that are easily realized that form part of the entity's portfolio or those that have been received as collateral in active operations in the money market, and that have not been subsequently used in passive operations in the monetary market and do not have any mobility restrictions. The following are considered liquid assets: available assets, shares in open collective investment funds without a permanence agreement, shares registered on the Colombian stock exchange that are eligible to be subject to repo or repo operations, and negotiable investments available for sale. sale of fixed income securities..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>High-quality securities are considered to include cash and financial instruments that are eligible for repo operations with the central bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Other Liquid Assets: Liquid assets that do not meet the quality characteristic are those included in this item..

**• Net Stable Funding Ratio**

The Net Stable Funding Ratio (NSFR) indicator seeks to ensure that entities maintain a stable funding profile in relation to their long-term assets. The NSFR is a ratio between the stable funding required and the stable funding available.

The following are the results between December 2024 and June 2025:

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| | | |
|:---|:---|:---|
| **Net Stable Funding Ratio** | **Net Stable Funding Ratio** | **Net Stable Funding Ratio** |
| &nbsp;&nbsp;**ITEM** | **June 30, 2025** | **December 31, 2024** |
| **In millions of COP** | **In millions of COP** | **In millions of COP** |
| Funding stable available (FED) | 196651132 | 205786903 |
| Funding stable Required (FER) | 159241617 | 168405514 |
| **Net Stable Funding Ratio** | **123.49%** | **122.20%** |

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The indicator has remained above adequate levels, without breaching the established limits. Likewise, as of year-to-date, an increase of 129 basis points has been observed, taking into account the corporate reorganization of the Cibest Group, which led to a reduction in Non-Liquid Shares by COP 13.3 trillion and in Technical Equity by COP 10.9 trillion in June 2025.

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**Operational Risk**

The Bank operational risk system objective is to carry out an adequate risk management that allows minimizing, avoiding, or reducing the materialization of adverse events and/or reducing their consequences or costs in case of materialization. The operational risk management system has not presented changes in relation to what was revealed at the end of March 2025 in terms of regulations, policies, manuals, methodologies, structure or any other relevant element that may affect its effectiveness.

During the second quarter of the current year, no new risks or changes in existing risks have been identified that significantly modify the Bank's operational risk exposure. The accumulative losses to June 2025 reaches out to COP 159,112 million , COP 140,392 million explained by the fraud category, due to fraud enlistment in second factor of authentication (dynamic key) in the migration strategy to the new APP Mi Bancolombia, and capture of customer data through social engineering techniques of debit and credit cards. To contain this tendency, we did adjustments in monitoring models and password blocking and security campaigns.

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| | | | | |
|:---|:---|:---|:---|:---|
| **In millions of COP** | **Acummulative** | **Acummulative** | **Quarterly** | **Quarterly** |
| | **June 30 2025** | **June 30 2024** | **Quarter II, 2025** | **Quarter II, 2024** |
| Operational losses  | 159,112 | 144,358 | 66,005 | 68,527 |

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