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 August 2026

Commission File Number: 001-36631

Grupo Aval Acciones y Valores S.A.

(Exact name of registrant as specified in its charter)

Carrera 13 No. 26A - 47

Bogotá D.C., Colombia

(Address of principal executive office)

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

GRUPO AVAL ACCIONES Y VALORES S.A.

TABLE OF CONTENTS

Item 1

DISCLAIMER

Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) is an issuer of securities in Colombia and in the United States (“SEC”). As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.

The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-IFRS measures such as ROAA and ROAE, among others, are explained when required in this report. On November 27, 2025, Banco de Bogotá’s subsidiary Multi Financial Holding, Inc. (“MFG”) entered into a share purchase agreement with BAC International Corporation (BIC), a subsidiary of BAC Holding International Corp., for the disposal of 99.57% of the issued and outstanding shares of Multi Financial Group Inc. (“MFG”), the parent company of Multibank, Inc. On March 18, 2026, after obtaining the required regulatory authorizations and fulfilling all agreed conditions precedent, the transaction was completed.

For comparability purposes only, we have prepared and present supplemental unaudited pro forma financial information for the periods prior to 4Q25, which reflects the reclassification of the operations relating to MFG as non-current assets and liabilities held for sale and discontinued operations.

This supplemental unaudited pro forma financial information is not intended to represent, and should not be considered indicative of, the results of operations or financial position that would have been achieved had the transaction occurred on the dates assumed, nor is it intended to project our results of operations or financial position for any future period or date. The pro forma financial information is unaudited and the completion of the external audit for the year ended December 31, 2026, may result in adjustments to the unaudited pro forma financial information presented herein.

This report includes forward-looking statements. In some cases, you can identify these forward looking statements by words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risks described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC.

Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time, but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward looking statements, and do not intend to provide any update for such material developments prior to our next earnings report. The Financial Statements of Grupo Aval Acciones y Valores S.A., in accordance with Colombian regulations, must be filed with the market and with the Superintendency of Finance with the opinion of an external auditor. At the time of this Solicitation, this process is still ongoing.

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description.

When applicable, in this document we refer to billions as thousands of millions.

 

ABOUT GRUPO AVAL

Grupo Aval, leading financial conglomerate in Colombia, operates through four commercial banks in Colombia (Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas), the largest private pensions and severance fund manager in Colombia (Porvenir), and the largest merchant bank in Colombia (Corficolombiana), and through three entities in the financial services sector (Aval Fiduciaria, Aval Casa de Bolsa y Aval Banca de Inversión).

Grupo Aval Acciones y Valores S.A. ("Grupo Aval") is an issuer of securities in Colombia and the United States ("SEC").

As of June 30, 2026, the Company has the following issuances:

Main domicile: Bogotá D.C., Colombia

Address: Carrera 13 No 26A – 47- 23rd Floor

 

GRUPO AVAL

Contents

 

Bogotá, August 14th, 2026, Grupo Aval S.A. (NYSE: AVAL; BVC: AVAL and PFAVAL) reported a consolidated attributable net income of Ps 577.5 billion (Ps 24.3 pesos per share) for 2Q2026. ROAE was 12.7% and ROAA was 1.1% for the quarter.

Net income attributable to owners of the parent reached Ps 577.5 billion, increasing 71.6% and 16.7% compared to 1Q26 and 2Q25, respectively. Return on average equity was 12.7% for the quarter, the highest in 4 years.

This incorporates the following results:

 

Ratios and Measures of Financial Performance

 

(1) Includes gross balance of (i) financial assets at fair value, (ii) financial assets at amortized cost, and (iii) intangible assets.

(1) NIM is calculated as Net Interest Income divided by the average of Interest Earning Assets; (2) Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income; (3) ROAA is calculated as Income before Minority Interest divided by the average of total assets for each quarter; (4) ROAE is calculated as Net Income attributable to Grupo Aval’s shareholders divided by the average of shareholders´ attributable equity for each quarter; (5) PDLs 90+ defined as loans more than 90 days past due include interest accounts receivables. Gross loans excluding interbank and overnight funds; (6) Refers to average gross loans for the period; (7) Tangible Equity Ratio is calculated as Total Equity minus Intangibles (excluding those related to concessions) divided by Total Assets minus Intangibles (excluding those related to concessions); (8) Based on Preferred share prices. (9) Pro-forma information for 2Q25 is calculated based on the previously reported consolidated figures excluding MFG’s contribution to these numbers. Pro-forma ratios for 2Q25 are calculated based on the proforma

 

Consolidated Financial Results

Grupo Aval is organized into four operating segments, which comprise the types of business detailed below:

Statement of Financial Position Analysis

1.0 Assets

Total assets as of June 30, 2026 totaled Ps 350,741.1 billion, increasing 3.9% versus March 31, 2026 and 4.5% versus June 30, 2025. The annual change was driven by three main dynamics: a 99.8% decrease in non-current assets held for sale to Ps 44.3 billion, reflecting the derecognition of MFG's non-current assets held for sale following the closing of the transaction; a 7.6% increase in total loans, net to Ps 189,782.3 billion; and a 43.3% growth in trading assets to Ps 35,176.9 billion.

1.1 Loan portfolio

Gross loans, excluding interbank and overnight funds, reached Ps 197,718.7 billion as of June 30, 2026, increasing 2.1% versus March 31, 2026 and 7.6% versus June 30, 2025 on a continuing operations basis. The annual growth was driven by a 7.7% increase in commercial loans to Ps 112,709.5 billion, a 15.7% increase in mortgages to Ps 23,535.2 billion, and a 4.7% increase in consumer loans to Ps 61,473.3 billion.

Interbank & overnight funds decreased by 65.0% to Ps 516.7 billion between June 30, 2026, and June 30, 2025.

Loss allowance was Ps 8,453.1 billion as of June 30, 2026, taking net loans to Ps 189,782.3 billion.

In terms of currency, for our gross loans, 92.1% are Peso denominated loans and 7.9% are USD denominated.

A 15.5% yearly and 6.0% quarterly appreciation of the Peso relative to the U.S. Dollar, negatively impacted growth metrics for US Dollar denominated loans in Pesos.

Commercial loans increased 2.4% versus 1Q26 and 7.7% versus 2Q25. Over the year, peso-denominated loans grew 10.9%, while dollar-denominated loans increased 5.2% in dollar terms.

Consumer loans increased by 1.1% versus 1Q26 and 4.7% versus 2Q25, driven mainly by an increase in personal loans.

Mortgages increased by 2.9% versus 1Q26 and 15.7% versus 2Q25, while we maintain a strong position in this segment, we deliberately continue to moderate our origination pace relative to 2025.

The following table shows the gross loan composition per product of each of our loan categories.

 

For comparability, reported gross loans as of June 30, 2025 reached Ps 199,357.1 billion, including commercial loans of Ps 113,011.8 billion, consumer loans of Ps 62,725.1 billion, and mortgage loans of Ps 23,618.6 billion, which included Ps 8,359.2 billion in commercial loans, Ps 3,999.9 billion in consumer loans, and Ps 3,268.8 billion in mortgages from MFG that have since been reclassified as discontinued operations.

The following table shows the loans and receivables composition per segment.

 

1.2 Investment securities and trading assets

Total investment securities and trading assets increased 10.1% to Ps 74,008.2 billion between June 30, 2026, and March 31, 2026, and 20.5% versus June 30, 2025, on a continuing operations basis.

A total of Ps 60,204.7 billion of our total portfolio is invested in debt securities, which increased by 11.6% between June 30, 2026, and March 31, 2026, and by 20.5% versus June 30, 2025.

Ps 11,280.4 billion of our total investment securities is invested in equity securities, which remained stable between June 30, 2026, and March 31, 2026, and increased by 11.5% versus June 30, 2025.

Overall, the year-on-year growth reflects our strategy to deploy liquidity into fixed income instruments in a higher rate environment.

For comparability, reported investment securities and trading assets as of June 30, 2025, were Ps 64,866.2 billion, which included Ps 3,460.6 billion from MFG that has since been reclassified as discontinued operations.

 

1.3 Cash and Cash Equivalents

As of June 30, 2026, cash and cash equivalents had a balance of Ps 22,525.6 billion showing a decrease of 5.1% versus March 31, 2026, and an increase of 18.2% versus June 30, 2025. Reported cash and cash equivalents as of June 30, 2025, were Ps 18,633.9 billion.

The ratio of cash and cash equivalents to customer deposits was 10.2% at June 30, 2026, 10.9% at March 31, 2026, and 9.6% at June 30, 2025.

1.4 Tangible Assets

As of June 30, 2026, tangible assets had a balance of Ps 12,542.7 billion, showing an increase of 30.3% versus March 31, 2026, and of 83.6% versus June 30, 2025. Growth is mainly explained by the acquisition of Zelestra Latam by Corficolombiana. Reported Tangible assets as of June 30, 2025, were Ps 7,217.4 billion.

1.5 Goodwill

Goodwill as of June 30, 2026, was Ps 2,716.1 billion, increasing by 32.0% versus March 31, 2026, and 31.7% versus June 30, 2025, Quarterly and annual variation is explained by the Corficolombiana’s acquisition of Zelestra Latam. Reported goodwill as of June 30, 2025, was Ps 2,211.2 billion.

1.6 Concessions (financial assets and intangibles)

These mainly reflect the gross assets concession arrangement rights, reflecting the value of road concessions recorded for the most part at Corficolombiana’s subsidiaries. As of June 30, 2026, concessions reached Ps 30,987.0 billion and increased by 0.7% versus March 31, 2026, and decreased by 4.5% versus June 30, 2025.

2. Liabilities

Total liabilities reached Ps 315,971.3 billion at the end of 2Q26, increasing 3.9% versus 1Q26 and by 4.6% versus 2Q25. The quarter-on-quarter increase is mainly explained by (I) the increase in customer deposits and (ii) the increase in interbank borrowings and overnight funds.

As of June 30, 2026, Total funding represented 92.4% of total liabilities and other liabilities represented 7.6%.

 

2.1 Funding

Our banking subsidiaries fund most of their loans with customer deposits. Other sources of funding include interbank borrowings and overnight funds, borrowings from banks and others (includes borrowings from development entities) and bonds issued. Funding of our continuing operations increased 3.8% versus March 31, 2026, and 11.0% versus June 30, 2025.

As of June 30, 2026, funding reached Ps 291,894.1 billion, mainly due to an increase in customer deposits and interbank borrowings and overnight funds. Total customer deposits represented 75.9% of total funding as of 2Q26, 77.1% for 1Q26, and 75.5% for 2Q25.

Average cost of funds was 7.7% for 2Q26, 7.0% for 1Q26, and 6.9% for 2Q25.

For comparability, reported funding as of June 30, 2025, was Ps 280,558.9 billion, including Ps 17,479.1 billion of funding from MFG that have since been reclassified as discontinued operations.

The following table summarizes Grupo Aval’s consolidated funding structure.

The following table shows the funding composition by segment.

2.1.1 Customer deposits

Our customer deposits reached Ps 221,470.3 billion at June 30, 2026, increasing 2.1% versus March 31, 2026 and 11.5% versus June 30, 2025, on a continuing operations basis. Non-interest bearing deposits totaled Ps 18,529.1 billion, representing 8.4% of total deposits, while interest-bearing deposits stood at Ps 202,941.2 billion, representing 91.6% of total deposits.

 

By product, checking accounts represented 11.0%, time deposits 45.9%, savings accounts 42.8%, and other deposits 0.3%.

For comparability, reported customer deposits as of June 30, 2025 were Ps 211,825.0 billion, which included Ps 13,130.4 billion in deposits from MFG that have since been reclassified as discontinued operations.

The following table shows the deposit composition by segment.

2.1.2 Interbank borrowings and overnight funds

As of June 30, 2026, interbank borrowings and overnight funds totaled Ps 26,518.2 billion, increasing 25.7% versus March 31, 2026, and by 49.3% versus June 30, 2025. The year-on-year growth is linked to our investment strategy, as these instruments have been used to support the expansion of our trading portfolio in debt securities.

Reported interbank borrowings and overnight funds as of June 30, 2025, were Ps 18,247.8 billion.

2.1.3 Borrowings from Banks and Other (includes borrowings from development entities)

As of June 30, 2026, borrowings from banks and other totaled Ps 24,450.5 billion, increasing 0.2% versus March 31, 2026, and 2.2% versus June 30, 2025.

Reported borrowings from banks and others as of June 30, 2025, were Ps 26,326.4 billion.

 

2.1.4 Bonds issued

Total bonds issued as of June 30, 2026, totaled Ps 19,455.2 billion and increased 2.7% versus March 31, 2026, and decreased 14.3% versus June 30, 2025. During the quarter, Av Villas issued a Ps 100 billion subordinated bond, strengthening its Tier 2 capital.

Reported bonds issued as of June 30, 2025, were Ps 24,159.7 billion.

3. Non-controlling Interest

Non-controlling Interest in Grupo Aval reflects the minority stakes that third party shareholders hold in each of its most relevant consolidated subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas, Corficolombiana, Ficentro, Porvenir, Aval Fiduciaria, Aval Casa de Bolsa and Aval Banca de Inversión).

As of June 30, 2026, non-controlling interest was Ps 16,194.9 billion which increased by 2.4% versus March 31, 2026 and by 1.9% versus June 30, 2025. Total non-controlling interest represents 46.6% of total equity as of 2Q26, compared to 47.0% in 1Q26 and 47.2% in 2Q25.

Total non-controlling interest derives from the sum of the combined minority interests of our banks and of Grupo Aval, applying eliminations associated with the consolidation process of Grupo Aval.

Grupo Aval S.A., Banco de Bogotá S.A., Banco de Occidente S.A., and Banco Popular S.A. (collectively, the “Contributing Shareholders”) transferred, by means of in-kind contributions at book value, all of their common shares in Corporación Financiera Colombiana S.A. (“Corficolombiana”), representing 52.80% of its outstanding share capital, to Corporación Financiera Centroamericana S.A. (“Ficentro”), a company incorporated under the laws of the Republic of Panama and part of the Aval Financial Conglomerate. Banco Popular S.A. will continue to serve as the consolidating entity of Corficolombiana pursuant to a shareholders’ voting agreement among the Contributing Shareholders, who collectively hold, directly, 100% of Ficentro’s share capital and, indirectly, through Ficentro, 52.80% of Corficolombiana’s share capital.

4. Attributable Shareholders’ Equity

Attributable shareholders’ equity as of June 30, 2026, was Ps 18,575.0 billion, showing a increase of 4.4% versus March 31, 2026 and of 4.6% versus June 2025.

 

Income Statement Analysis

Grupo Aval’s net income attributable to owners of the parent for the quarter ended June 30, 2026, was Ps 577.5 billion (Ps 24.3 per share, including common and preferred shares), increasing 71.6% or Ps 240.9 billion compared to the quarter ended March 31, 2026, and 16.7% or Ps 82.5 billion compared to the quarter ended June 30, 2025.

Return on average equity for the quarter was 12.7%, as compared to 7.4% in 1Q26 and 11.3% in 2Q25.

Net interest income decreased 2.9% to Ps 1,856.7 billion in 2Q26 versus 1Q26 and by 5.1% versus 2Q25. Total interest income increased 9.1% or Ps 618.0 billion versus 1Q26 and 15.0% or Ps 962.9 billion versus 2Q25, driven by a 354 basis points and 290 basis points increase in the average yield of interest-earning assets compared to the previous quarter and to the same quarter of the previous year, complemented by a 1.1% and 6.6% increase in the average balance of interest-earning assets.

Total interest expense increased 13.8% versus 1Q26 and 23.7% versus 2Q25, from an 80 and a 90 basis points increase in interest rates paid on interest-bearing liabilities compared to 1Q26 and 2Q25 respectively, complemented by a 2.9% and a 10.2% increase in the average balance of interest-bearing liabilities on a quarterly and an annual basis.

Net Interest Income

Total interest-earning assets reached Ps 263,465.7 billion in 2Q26, growing 2.1% quarter-on-quarter and 9.4% year-on-year. This growth was driven by a 1.8% quarterly and 6.8% annual increase in gross loans to Ps 195,703.9 billion, while investments reached Ps 67,761.8 billion, growing 3.2% quarter-on-quarter and 17.6% year-on-year, which reflects our strategy to deploy liquidity into fixed income instruments.

 

Total consolidated NIM was 5.5% in 2Q26, compared to 3.3% in 1Q26 and 4.2% in 2Q25. Variation was driven by a recovery in NIM on investments to 8.7% from 0.3% in 1Q26, product of (i) a significant improvement in the Colombian sovereign debt market after June’s presidential election and (ii) a sustained increase of our average investment portfolio of 3.2% compared to 1Q26 and of 17.6% compared to 2Q25. NIM on loans slightly increased by 1 basis point quarter-on-quarter to 4.4%. On a year-on-year basis, the 130-basis point increase in total NIM from 4.2% to 5.5% was affected by the same factors that drove our quarterly variation.

Broken down by operating segment, banking services reached Ps 246,549.0 billion in interest-earning assets, growing 1.9% quarter-on-quarter and 8.9% year-on-year. Banking services NIM continues its recovery, reaching 6.1% from 4.2% in 1Q26, mainly driven by the repricing of loan yields for commercial loans. The pension and severance fund segment reached Ps 3,701.2 billion in interest-earning assets, growing 18.7% year-on-year and 2.1% quarter-on-quarter, with NIM reaching to 24.7% from 3.4% in 1Q26, driven by the same fixed-income market dynamics that affected our overall NIM. Our merchant banking segment, given its investment-driven nature, structurally results in a negative NIM, as its returns are mainly captured through gross profits from sales of goods and services rather than interest income.

 

Net impairment loss on financial assets

Grupo Aval’s impairment loss on loans and other accounts receivable reached Ps 908.3 billion and increased 7.1% compared to last quarter and 8.5% compared to the same quarter of the previous year. The following tables provide detail by category of impairment loss on loans and other accounts receivable, cost of risk and cost of risk, net.

 

Cost of risk, net for the quarter reached 1.9%, 8 basis points higher compared to 1Q26 and 5 basis points compared to 2Q25. Commercial loans quarterly variation was driven mainly by higher loss allowances in stage 3 loans. In the case of consumer loans, the variation is mostly explained by a net cost of risk increase for personal loans. Finally, mortgage loans continue to present healthy cost of risk metrics, with net cost of risk for the quarter reaching 0.5%, 20 and 52 basis points lower compared to 1Q26 and 2Q25, respectively.

The following table shows our gross loan classification by Stages in accordance with IFRS 9 (interbank and overnight funds are not included as they tend to be mostly Stage 1 and with low loss allowance due to their characteristics and short-term nature).

The following table shows the balance of loans at least 91 days past due, delinquency ratios, charge-offs and charge-offs as a percentage of average gross loans for Grupo Aval (interbank and overnight funds are not included as they tend not to be past due or charged-off due to their characteristics and short-term nature).

 

90-day past due loans increased 2.1% compared to the previous quarter, driven by increases in consumer and mortgage loans. The 90-day delinquency ratio for total gross loans remained stable at 3.1% compared to 1Q26 and decreased compared to 3.6% in 2Q25. By loan category, the commercial portfolio delinquency ratio remained at 3.3% for 2Q26 compared to 1Q26 and decreased compared to 3.9% in 2Q25, the consumer portfolio increased slightly to 2.7% from 2.6% in 1Q26 and decreased compared to 3.0% in 2Q25. Mortgages remained stable at 3.6% compared to 1Q26 and decreased from 3.7% in 2Q25.

Delinquency coverage ratio for gross loans, measured as loss allowance divided by past due gross loans more than 90 days reached 136.8% in 2Q26 compared to 137.2% in 1Q26 and 136.1% in 2Q25. Charge-offs as a percentage of average gross loans reached 2.0% and decreased by 4 basis points compared to 1Q26 and by 125 basis points compared to 2Q25, mainly as a result of lower charge-offs in the consumer portfolio.

Net income from commissions and fees

Net income from commissions and fees reached Ps 906.9 billion, showing a decrease of 5.2% compared to the previous quarter and an increase of 3.3% compared to the same quarter for 2025. Income from commissions and fees decreased 3.7% and increased 4.1% on a quarterly and an annual basis respectively.

 

Quarterly variation was driven by the performance of banking services fees, which decreased 6.4% on a quarterly basis. Fees from trust activities and portfolio management services increased 3.8% quarter-on-quarter and 9.8% year-on-year, supported by higher assets under management and favorable capital markets conditions.

Pension and severance fund management fees decreased 8.3% quarter-on-quarter and increased 8.1% year-on-year. Quarterly variation is explained by an increase in the life and disability insurance fee on mandatory pension contributions beginning in April.

Gross profit from sales of goods and services

Gross profit from sales of goods and services mainly reflects income and expenses related to non-financial assets and liabilities of Grupo Aval’s non-financial subsidiaries. Results related to financial assets and liabilities of these companies are presented under: i) interest income, ii) interest expense, iii) net income from other financial instruments mandatorily at FVTPL, iv) net trading (loss) income, v) in Other income under foreign exchange gains (losses) and share of profit of equity accounted investees, net of tax (equity method).

Gross profit from sales of goods and services for the quarter reached Ps 560.9 billion and decreased 34.9% compared to the previous quarter and increased by 13.7% compared to the same quarter of the previous year. Annual and quarterly variations were mainly driven by the performance of the infrastructure sector, which reached Ps 392.8 billion and decreased 44.6% and increased 28.3% compared to 1Q26 and 2Q25, respectively.

Net trading (loss) income

Net trading income for the quarter was Ps 1,126.7 billion in 2Q26, 108.6% and 100.0% higher than for 1Q26 and 2Q25 respectively, resulting from a Ps 1,528.7 billion quarterly increase in income from investment securities at fair value through profit or loss and partially offset by a Ps 942.0 billion decrease in net trading (loss) income from derivatives. It is worth noting that net trading (loss) income from derivatives should be analyzed in conjunction with foreign exchange gains (losses); in this sense, the performance of net trading (loss) income from derivatives was further increased by a Ps 88.9 billion quarterly increase in foreign exchange gains (losses), net, recognized under other income as described below.

 

Total income from investment securities

The group’s securities portfolio is classified in the following categories: (i) equity and fixed income investments at FVTPL (described in this section as net trading (loss) income in investment securities at FVTPL), (ii) fixed income investments at FVOCI and (iii) fixed income investments at amortized cost or “AC” (results from (ii) and (iii) are included in net interest income as interest income on investments in debt securities). Grupo Aval manages its investment portfolio in a comprehensive and integral manner that considers individual return of each one of these three categories and the total return of the investment securities portfolio.

Total income from investment securities for the group (comprised of interest income on investments in debt securities and net trading (loss) income from investment securities at FVTPL) was Ps 2,698.3 billion for the quarter, 140.7% and 104.6% higher than for 1Q26 and 2Q25, respectively. Quarterly variation was primarily driven by a 916 basis points increase in the average yield on total investment securities to 16.2% from 7.0% in 1Q26.

Net income from other financial instruments mandatorily at FVTPL

Net income from other financial instruments mandatorily at FVTPL reflect the fair value of certain concession arrangements entered between Promigas and the Colombian government, that meet the requirements for mandatory recognition at FVTPL. This reached Ps 56.9 billion for the quarter and decreased by 38.1% and 36.4% compared to last quarter and to the same quarter for the previous year, respectively.

Other income

Other income reached Ps 269.9 billion for the quarter, decreasing by 31.9% and increasing 93.9% on a quarterly and an annual basis, respectively. Quarterly variation was mainly driven by the decrease in dividends (which are stational) and in net gain (loss) on sale of debt and equity securities

The increase in foreign exchange gains (losses), net should be analyzed in conjunction with net trading (loss) income from derivatives, as described above under net trading income. The net result of both activities (foreign exchange and derivatives) for 1Q26 was a Ps 528.6 billion loss, compared to Ps 324.5 billion profit in 1Q26 and Ps 12.6 billion loss in 2Q25. This lower derivatives result is the natural hedging counterpart to the strong trading income recorded this quarter.

 

Other expenses

Other expenses for the quarter reached Ps 2,356.9 billion and decreased 8.1% compared to last quarter and increased 7.4% compared to the same period last year. Quarterly decrease was mainly due to a 20.4% decrease in administrative and other expenses, mostly from the implementation of a one-time equity tax by the Colombian government that increased expenses by Ps 311.7 billion in 1Q26.

The ratio of other expenses as a percentage of average assets reached 2.7% in 2Q26, compared to 3.0% in 1Q26 and 2.6% in 2Q25.

Cost to income efficiency ratio was 49.3% in 2Q26, compared to 53.9% for 1Q26 and 53.3% for 2Q25.

Tax expense

Income tax expense for the group reached Ps 531.0 billion and decreased by 8.1% compared to the previous quarter and increased by 45.6% compared to the same quarter of the previous year.

Grupo Aval’s income tax expense divided by net income before income tax expense excluding dividends and share of profit of equity accounted investees, net of tax (as they are non-taxable income), was 37.2% in 2Q26, 50.1% in 1Q26 and 36.7% in 2Q25. The quarterly decrease in tax expense is mainly explained by the equity tax expense during 1Q26, as it is non-deductible.

Net income attributable to non-controlling interest

Net income attributable to non-controlling interest reached Ps 404.4 billion and decreased 1.4% versus 1Q26 and increased by 4.0% compared to 2Q25. The ratio of net income attributable to non-controlling interest to net income reached 41.2% in 2Q26 compared to 54.9% in 1Q26 and 44.0% in 2Q25. The decrease in this ratio is mainly attributable to a change in the mix of our segments’ contribution to net income, driven by a higher contribution to net income from our banking segment.

 

Information related to Grupo Aval Acciones y Valores S.A. (Holding Company) and Grupo Aval Limited

The holding company recorded a total gross indebtedness (*) of Ps 1,597.8 billion (Ps 389.2 billion of bank debt and Ps 1,208.6 billion of bonds denominated in Colombian pesos) as of June 30, 2026. It also guarantees irrevocably and unconditionally Grupo Aval Limited’s (144A / Reg S) 2030 (USD 1.0 billion) bonds under its respective indentures. As of June 30, 2026, the total amount outstanding (including interests payable) of such bonds was USD 1.0 billion, or Ps 3,488.4 billion when converted into pesos.

The debt at Grupo Aval Limited is serviced with interest income on loans, investments and cash & cash equivalents. Grupo Aval Limited has not required, to this date, cash from Grupo Aval Acciones y Valores S.A. to fulfill its obligations.

When combined, Grupo Aval Acciones y Valores S.A. and Grupo Aval Ltd. had Ps 751.7 billion of total liquid assets, a total gross indebtedness of Ps 5,086.2 billion and a net indebtedness of Ps 4,334.5 billion as of June 30, 2026. In addition to liquid assets, it has Ps 879.4 billion in loans with related parties, Ps 100.7 billion in subordinated instruments and Grupo Aval Ltd. has Ps 1,797.7 billion in investments in AT1 instruments.

As of June 30, 2026, our combined double leverage (calculated as investments in subsidiaries, subordinated instruments, AT1 instruments, and goodwill as a percentage of shareholders' equity) was 1.19x. Finally, we present an evolution of our key ratios on a combined basis:

(*) Grupo Aval Ltd extended US$ 260 million loans to Grupo Aval Acciones y Valores S.A. which is eliminated in the combined figures of Grupo Aval Acciones y Valores S.A. and Grupo Aval Ltd. (1) Double leverage is calculated as investments in subsidiaries at book value, subordinated and AT1 loans or investments and goodwill as a percentage of shareholders' equity; (2) Core earnings are defined as annualized recurring cash flow from dividends, investments and net operating income; (3) Net debt is calculated as total gross debt minus cash and cash equivalents and fixed income investments

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Financial Results

Statement of Financial Position Analysis

Below, we present a summary of our financial statements at the separate level by the end of the second quarter of 2026. The results presented are in accordance with the Colombian International Financial Reporting Standards (Colombian IFRS). The information reported below is expressed in Colombian Pesos (Ps) billion, except where otherwise indicated.

Assets

The assets are mainly represented by the interests we have in Banco de Bogotá (68.9%), Banco de Occidente (72.7 %), Banco Popular (93.9%), Banco AV Villas (79.9%), AFP Porvenir (20.0%), Corficolombiana (8.7%), Aval Fiduciaria (28.1%), Aval Casa de Bolsa (40.8%), Aval Banca de Inversión (70.0%) and 100.0% of Grupo Aval Ltd. (GAL).

Total assets as of June 30, 2026, totaled Ps 22,015.2 billion, increasing 1.6% or Ps 339.9 billion versus March 31, 2026, and 2.4% or Ps 512.9 billion versus June 30, 2025. The annual variation is mainly explained by the annual increase of Ps 615.2 billion in investments in subsidiaries and associates.

Liabilities

Total liabilities as of June 30, 2026, totaled Ps 3,152.4 billion, decreasing 7.3% or Ps 246.9 billion versus March 31, 2026 and 2.6% or Ps 82.6 billion versus June 30, 2025. The annual variation is mainly explained by an decrease in borrowings at amortized cost. The quarterly variation is mainly due to a decrease of Ps 195.3 in accounts payable due to the seasonality of dividends declared during 1Q26.

The financial indebtedness of Grupo Aval did not present material changes compared to what was reported as of March 31, 2026.

Equity

As of June 30, 2026, shareholders' equity was Ps 18,862.8 billion, 3.2% higher than reported on March 31, 2026, and 3.3% higher compared to the equity reported as of June 30, 2025.

Income Statement Analysis

Net income in our separate financial statements is derived primarily from equity method income from our investments and other income, net of the Holding's operating, financial and tax expenses.

During 2Q26 we presented a net profit of Ps 576.7 billion, increasing 5.4% versus 1Q26 and 15.5% versus 2Q25. The increase in profits is explained by a higher income from equity method.

Results for the 2Q26 reflect a continuation in the positive trend in our banking segment (margins and cost of risk), along with positive performance in our pension and severance fund management segment.

 

RISK MANAGEMENT

During the first quarter of 2026, there were no material changes in the degree of exposure to the relevant risks disclosed in the report as of March 2026, nor have any new relevant risks been identified that merit disclosure as of June 30th , 2024, according to the instructions given in paragraph 8.4.1.2.1 of Exhibit 1 «Información periódica de los emisores» in Chapter I of Title V of Part III of the Basic Legal Circular «Registro Nacional de Valores y Emisores – RNVE.

QUANTITATIVE AND QUALITATIVE ANALYSIS OF MARKET RISK

During 2Q26, there were no material qualitative and quantitative changes in market risk in comparison with the information reported in the report as of 1Q26, that merit disclosure as of March 31st, 2026, in accordance with the instructions given in paragraph 8.4.1.1.4 of Exhibit 1 «Información periódica de los emisores» in Chapter I of Title V of Part III of the Basic Legal Circular «Registro Nacional de Valores y Emisores – RNVE.

ESG

In terms of ESG, during this quarter there were no material changes that should be reported.

CORPORATE GOVERNANCE

During the second quarter of 2026, two significant developments took place in the area of Corporate Governance. The first was the appointment of Lined Johanna Ramírez as Internal Audit Manager of Grupo Aval, replacing Luis Alfonso Fajardo, who resigned from the position to pursue new professional opportunities During the second quarter of 2026, two significant developments took place in the area of Corporate Governance. The first was the appointment of Lined Johanna Ramírez as Internal Audit Manager of Grupo Aval, replacing Luis Alfonso Fajardo, who resigned from the position to pursue new professional opportunities.

Additionally, Grupo Aval’s Board of Directors approved amendments to the Company’s corporate governance documents, including the Corporate Governance Code and various internal policies, with the objective of adopting best-practice recommendations applicable to publicly listed issuers.

 

DEFINITIONS

Cost of Risk calculated as Impairment loss on loans and other accounts receivable net of recoveries of charged-off assets divided by average gross loans

Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatorily at FVTPL and total other income

Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatorily at FVTPL and total other income.

Gross loans exclude interbank and overnight funds.

Interest Earning Assets are calculated as the sum of average gross loans, average interbank and average investments.

Net Interest Income is the difference between Total Interest Income and Total Interest Expense.

Net Interest Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average interest-earning assets.

NIM on Loans is calculated as Net Interest Income on Loans to Average loans and financial leases.

NIM on Investments is calculated as Net Interest income on fixed income securities, net trading income from equity and fixed income investment securities held for trading through profit and on interbank and overnight funds to Average securities and Interbank and overnight funds

Non-controlling interest refers to the participation of minority shareholders in a subsidiary’s equity or net income.

ROAA is calculated as annualized Net Income divided by average of total assets.

ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity.