Grupo Cibest SA (CIB) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Grupo Cibest Bancolombia's fourth quarter 2025 earnings conference call. My name is Carrie, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

各位女士、先生，早安，歡迎參加 Grupo Cibest Bancolombia 2025 年第四季財報電話會議。我是 Carrie，將擔任今天會議的接線員。(接線員指示) 請注意，本次會議將被錄音。

Please note that this conference call will include forward-looking statements, including statements related to our future performance, capital position, credit-related expenses and credit losses. All forward-looking statements, whether made in this conference call and future filings, in press releases or verbally, address matters that involve risks and uncertainty.

請注意，本次電話會議將包含前瞻性陳述，包括與我們未來表現、資本狀況、與信貸相關的費用及信用損失相關之陳述。所有前瞻性陳述，無論是在本次電話會議及未來申報文件、新聞稿或口頭發表，均涉及具有風險與不確定性的事項。

Consequently, there are factors that could cause actual results to differ materially from those indicated in such statements, including changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptance of new products or services by our targeted clients, changes in business strategy and various other factors that we describe in our reports filed with the SEC.

因此，存在若干因素可能導致實際結果與該等陳述所示結果出現重大差異，包括一般經濟與商業環境變化、匯率與利率變動、其他公司推出競爭性產品、目標客戶對新產品或服務接受度不足、商業策略變更，以及我們在向美國證券交易委員會（SEC）提交之報告中所描述的其他各項因素。

With us today is Mr. Juan Carlos Mora, Chief Executive Officer; Mr. Mauricio Botero Wolff, Chief Strategy and Financial Officer; Mr. Rodrigo Prieto, Chief Risk Officer; Mrs. Catalina Tobon, Investor Relations and Capital Markets Director; and Ms. Laura Clavijo, Chief Economist.

今天與會者包括：執行長 Juan Carlos Mora 先生；策略暨財務長 Mauricio Botero Wolff 先生；風險長 Rodrigo Prieto 先生；投資人關係暨資本市場總監 Catalina Tobon 女士；以及首席經濟學家 Laura Clavijo 女士。

I will now turn the call over to Mr. Juan Carlos Mora, Chief Executive Officer. Please go ahead.

接下來我將把電話交給執行長 Juan Carlos Mora 先生。請開始。

Good morning, and welcome to Grupo Cibest Q4 conference call. Please turn to Slide 2. Even with fiscal difficulties and volatile markets caused by trade tariffs and geopolitical issues, Colombia experienced steady economic growth in 2025 largely driven by consumer spending and government expenditures. Raising public debt, uncertainty about minimum wage changes, potential new taxes and possible mandatory investments for financial institutions have recently worsened the macroeconomic outlook for 2026, leading to inflationary pressures, higher interest rates and expected weaker overall economic performance.

各位早安，歡迎參加 Grupo Cibest 第四季電話會議。請翻到第 2 張投影片。儘管受到貿易關稅與地緣政治議題引發的財政困難與市場波動影響，哥倫比亞在 2025 年仍呈現穩健的經濟成長，主要由消費支出與政府支出所帶動。公共債務攀升、最低工資調整的不確定性、潛在新稅負，以及可能要求金融機構進行強制性投資等因素，近期使 2026 年的總體經濟展望惡化，導致通膨壓力、利率走高，並預期整體經濟表現轉弱。

Last year, Grupo Cibest's new holding structure improved our capital allocation enabling higher dividends, share buybacks and greater flexibility, as shown by Banistmo recent divestment. Furthermore, the agreement to sell Banistmo resulted in a noncash impairment charge and asset held for sale accounting during the quarter, which affected both quarterly and annual financial results, as will be detailed further. Thus, annual net income totaled COP 3.8 trillion and ROE reached 9.1%, reflecting the impact of the impairment. However, excluding this one-off accounting effect, Grupo Cibest will have delivered COP 7.3 trillion in net income, significantly exceeding its guidance, equivalent to an ROE of 17.2%. This performance was driven by strong operational results, resilient margins and improved asset quality.

去年，Grupo Cibest 的新控股架構改善了我們的資本配置，使得股利提高、庫藏股回購以及更大的彈性成為可能，Banistmo 近期的撤資即為例證。此外，出售 Banistmo 的協議在本季產生非現金減損費用，並採用「待售資產」會計處理，影響了季度與年度財務結果，後續將進一步說明。因此，全年淨利合計為 3.8 兆哥倫比亞披索（COP），股東權益報酬率（ROE）達 9.1%，反映減損影響。然而，若排除這項一次性的會計影響，Grupo Cibest 的淨利將達 7.3 兆 COP，顯著超越指引，相當於 17.2% 的 ROE。此一表現主要來自強勁的營運成果、具韌性的利差，以及資產品質改善。

Moreover, given the significant progress achieved in our digital businesses, both Nequi and Wompi reached breakeven in the fourth quarter, another key milestone as these businesses complete our value proposal and are key drivers of Cibest's long-term returns. Also, yesterday, we announced to the market our proposed dividend to be submitted for shareholders' approval amounting to COP 4.3 trillion, equivalent to COP 4,512 per share to be paid on 4 installments starting April 1. Despite one-off effects from Banistmo divestment, the group achieved a 14.6% annual dividend growth exceeding inflation by over 950 basis points and boosting shareholder returns through its new corporate structure.

此外，鑑於我們在數位業務方面取得顯著進展，Nequi 與 Wompi 皆於第四季達到損益兩平，這是另一項關鍵里程碑；這些業務完善了我們的價值主張，亦是推動 Cibest 長期報酬的關鍵動能。同時，昨日我們向市場公告擬議股利方案，將提交股東核准，金額為 4.3 兆 COP，等同每股 4,512 COP，並自 4 月 1 日起分 4 期支付。儘管 Banistmo 撤資帶來一次性影響，本集團仍達成全年股利成長 14.6%，較通膨高出逾 950 個基點，並透過新的公司架構提升股東報酬。

Please proceed to Slide 3. The market has acknowledged the value generated by our transformation into Grupo Cibest as evidenced by the strong performance of our shares. This success further strengthens the credibility of our strategic road map. From the time the transaction was announced until the end of 2025, the common shares, preferred shares and ADRs have each shown impressive double-digit gains, 87%, 75% and 104%, respectively. These increases were mainly driven by major milestones: shareholders' approval of the holding company's, creation, the introduction of the share buyback program and subsequently Banistmo divestiture.

請翻到第 3 張投影片。市場已認可我們轉型為 Grupo Cibest 所創造的價值，從股價的強勁表現可見一斑。此一成功也進一步強化了我們策略路線圖的可信度。自交易宣布至 2025 年底，普通股、特別股與 ADR 分別錄得亮眼的雙位數漲幅，分別為 87%、75% 與 104%。這些上漲主要由幾項重大里程碑所帶動：股東核准成立控股公司、推出庫藏股回購計畫，以及其後的 Banistmo 撤資。

When it comes to valuations, our price-to-book ratios have improved and our PE multiples now indicate increased market confidence and more optimistic outlook on our long-term profitability. Moreover, we are very pleased with the recent announcement of the inclusion of our common shares in the FTSE Large Cap Index, supported by the continued increase in the trading volumes.

就估值而言，我們的股價淨值比（P/B）已改善，而本益比（P/E）倍數亦顯示市場信心提升，並對我們長期獲利能力的展望更為樂觀。此外，我們也非常高興近期宣布我們的普通股納入 FTSE 大型股指數（FTSE Large Cap Index），並受到成交量持續增加的支持。

Please proceed to Slide 4. Regarding the share buyback program, as of December 31, approximately 32% of the total authorized amount has been executed, representing around 8.6 million shares or nearly 1% of our total shares outstanding. Of the repurchased shares, 53% were preferred shares, 40% were ADRs and 7% were common shares. Since the program began, we have observed an average appreciation of 37% across all 3 share types. I would like to emphasize that the program remains active, and its ongoing execution continues to be fully aligned with our strategic capital allocation plan, market conditions and each share class liquidity and capacity to absorb volume.

請翻到第 4 張投影片。關於庫藏股回購計畫，截至 12 月 31 日，已執行約占核准總額的 32%，相當於約 860 萬股，或接近我們流通在外總股數的 1%。在已回購的股份中，53% 為特別股、40% 為 ADR、7% 為普通股。自計畫啟動以來，我們觀察到三種股別的平均漲幅為 37%。我想強調，該計畫仍在進行中，其持續執行完全符合我們的策略性資本配置計畫、市場狀況，以及各股別的流動性與承接量能。

I would now like to invite Laura Clavijo, Chief Economist to provide an overview of the macroeconomic landscape. Laura?

接下來我想邀請首席經濟學家 Laura Clavijo，為各位概述總體經濟情勢。Laura？

Thank you, Juan Carlos. If you could please turn to Slide 6. In 2025, the Colombian economy demonstrated moderate resilience with overall growth of 2.6% amid a complex macro environment marked by global uncertainty, domestic policy shifts and structural challenges. During the fourth quarter, real GDP growth of 2.3% underperformed against expectations, reflecting short-term strength in domestic demand, but structural weakness in investment and the external balance.

謝謝你，Juan Carlos。請翻到第 6 張投影片。2025 年，在全球不確定性、國內政策轉向與結構性挑戰交織的複雜總體環境下，哥倫比亞經濟展現中度韌性，整體成長 2.6%。第四季實質 GDP 成長 2.3%，低於預期，反映內需短期走強，但投資與對外收支的結構性疲弱。

Private consumption remains the primary driver of growth, supported by robust household spending, remittance flows and a surprisingly strong labor market. Demand in sectors such as retail, entertainment and financial services continue to thrive even as primary activities such as mining, agriculture and construction underperformed relative to broader economic activity. Public expenditure also favored economic momentum, increasing at an annual pace of almost 5% during the fourth quarter for an overall expansion of 4.5% during 2025.

民間消費仍是成長的主要驅動力，受惠於強勁的家庭支出、匯款流入，以及出乎意料強勁的勞動市場。零售、娛樂與金融服務等產業需求持續蓬勃，即便採礦、農業與營建等第一級活動相較整體經濟表現仍顯疲弱。公共支出亦支撐經濟動能，第四季年增速接近 5%，使 2025 年全年擴張達 4.5%。

Public sector spending has come at the expense of a widening fiscal deficit of close to 6.3% of GDP and a primary deficit of 3.4%. The government has adamantly responded with emergency fiscal measures, including tax reforms, debt management operations, and regulatory efforts to support spending in the final leg of the administration and the ongoing electoral campaign.

公共部門支出增加的代價，是財政赤字擴大至接近 GDP 的 6.3%，以及 3.4% 的基本赤字。政府已強硬回應，採取緊急財政措施，包括稅制改革、債務管理操作，以及監管層面的努力，以支持本屆政府任期最後階段與持續進行的選舉活動期間的支出。

Inflationary pressures persisted throughout 2025, with the consumer price index missing the Central Bank's 3% target for fifth consecutive year. Inflation closed at 5.1% and expectations rose sharply at the end of the year, proving that a stable monetary policy rate was ineffective. Furthermore, expectations increased even further on the onset of the announcement of a historically high minimum wage of 23.7% for 2026. In response, Banco de la República initiated a hiking cycle by raising its policy rate in 100 basis points during its January meeting. Our updated view incorporates year-end inflation of 6.4% and a monetary policy rate that should rise at least 200 basis points and may undermine growth dynamics.

通膨壓力在 2025 年全年持續存在，消費者物價指數連續第五年未達央行 3% 的目標。通膨年終收在 5.1%，且年底通膨預期急升，顯示維持穩定的政策利率並未奏效。此外，隨著宣布 2026 年最低工資將上調至歷史高點 23.7%，通膨預期進一步升高。作為回應，哥倫比亞共和國銀行（Banco de la República）在 1 月會議中將政策利率上調 100 個基點，啟動升息循環。我們更新後的觀點納入年終通膨 6.4% 的預估，以及政策利率至少再上升 200 個基點的情境，這可能削弱成長動能。

In summary, Colombia's economy is poised for moderate growth in 2026, supported by resilient domestic demand, but remains exposed to inflationary pressure, rising interest rates and deteriorating fiscal and external balance. Boosting investment, both foreign and local, will be the key to unlocking better economic dynamics and stronger macro fundamentals that may prove challenging amidst political uncertainty.

總結而言，哥倫比亞經濟在2026年可望呈現溫和成長，受惠於具韌性的內需支撐，但仍暴露於通膨壓力、利率上升，以及財政與對外收支惡化等風險之下。提升投資（包括外資與本地投資）將是解鎖更佳經濟動能與更強健總體基本面的關鍵，然而在政治不確定性之下，這可能具挑戰性。

If you could please turn to Slide 7. In 2025, the Central American region delivered a moderate but solid economic performance with Guatemala and Panama among the fastest-growing economies in the subregion. According to World Bank estimates both Guatemala and Panama expanded GDP by approximately 3.8% and 4.1% in 2025, outpacing regional peers. El Salvador's growth was slightly more modest, around 2.8%, reflecting ongoing structural constraints and external vulnerability. Guatemala's diversified economic base supported resilient domestic demand, while Panama's performance was underpinned by services, logistics and trade sectors. El Salvador state was constrained by lower productivity and fiscal adjustments, though tourism and remittances provided important buffers. Overall, the outlook for 2026 remains constructive for investors with growth prospects supported by stable consumption, remittance flows and integration into regional value chains though careful monitoring of fiscal dynamics and external risks is warranted.

請各位翻到第7頁投影片。2025年，中美洲地區交出溫和但穩健的經濟表現，其中瓜地馬拉與巴拿馬位居該次區成長最快的經濟體之列。依世界銀行估計，瓜地馬拉與巴拿馬在2025年的GDP分別約成長3.8%與4.1%，優於區域同業。薩爾瓦多的成長則略為溫和，約2.8%，反映其持續的結構性限制與對外部環境的脆弱性。瓜地馬拉多元化的經濟基礎支撐了具韌性的內需，而巴拿馬的表現則由服務、物流與貿易部門所帶動。薩爾瓦多則受較低生產力與財政調整所制約，不過觀光與匯款提供了重要緩衝。整體而言，2026年展望對投資人仍偏正向，成長前景受穩定消費、匯款流入與融入區域價值鏈所支撐，但仍需審慎監測財政動態與外部風險。

Now please let me turn the presentation to Mauricio Botero, who will present Cibest 2025 performance.

現在請讓我把簡報交給Mauricio Botero，他將說明Cibest 2025年的表現。

Thank you, Laura. Please go to slide number 9. Before we discuss our results, I would like to briefly explain the accounting impacts recorded in the fourth quarter given the recently announced agreement to sell 100% of Banistmo's shares to Inversiones Cuscatlán Centroamérica S.A. The transaction consists of an all-cash consideration of $1.4 billion, equivalent to a multiple of 17.1x earnings and 1.2x book value, triggering a onetime noncash net impairment charge of COP 3.4 trillion related to goodwill. Banistmo's operation had to be recognized as assets held for sale, meaning all assets and liabilities were reclassified, creating significant variations on the balance sheet compared to the previous quarter and previous year. Consistently, Banistmo's contribution was deducted from the P&L and net impact adjusted through net income from discontinued operations from fiscal year 2024 and 2025. However, to facilitate understanding, the year-over-year variations of the P&L items presented here are calculated based on the actual 2024 results, excluding the reclassification.

謝謝你，Laura。請翻到第9頁投影片。在討論我們的結果之前，我想先簡要說明第四季所認列的會計影響，原因是近期宣布已達成協議，將Banistmo 100%股權出售予Inversiones Cuscatlán Centroamérica S.A.。本交易為全現金對價14億美元，相當於17.1倍盈餘與1.2倍帳面價值，並觸發一次性非現金之淨減損費用34兆哥倫比亞披索（COP），與商譽相關。Banistmo的營運必須認列為待出售資產，亦即所有資產與負債均重新分類，導致資產負債表相較前一季與前一年出現顯著變動。相應地，Banistmo的貢獻自損益表中扣除，淨影響則透過2024與2025會計年度之停業單位淨利進行調整。然而，為便於理解，此處所呈現之損益表項目的年對年變動係以實際2024年結果計算，並排除重新分類的影響。

Also, we provide a pro forma year-over-year variation assuming no reclassification on 2025 figures either. A set of balance sheet and P&L statements for both the fourth quarter and full year reflecting the required reclassifications as well as pro forma versions, excluding these effects, are available in the press release published yesterday and included in the appendix of this presentation. I just want to emphasize that the accounting impact did not affect the bank's capital ratios or the dividend flows to and from Cibest.

此外，我們亦提供一組備考（pro forma）的年對年變動，假設2025年的數字同樣未進行重新分類。新聞稿（昨日發布）以及本簡報附錄中，均提供第四季與全年之資產負債表與損益表，包含反映必要重新分類的版本，以及排除該等影響的備考版本。我想強調的是，會計影響並未影響本行的資本比率，亦未影響Cibest之間的股利流入與流出。

Now please proceed to slide number 10. Our loan portfolio declined 8.3% over the year, mainly explained by the accounting impact, absent of which the growth would have been 2.1%. In addition, the 15% appreciation of the Colombian peso in the period reduced the value of our foreign currency portfolios when translated into local currency. Excluding both impacts, the loan book would have grown 7.2% year-over-year. When broken down by loan category, mortgages continued to lead growth. Consumer lending also regained momentum after 2 years of contraction, driven by a renewed risk appetite and by Nequi's continued expansion in low-value loans. Meanwhile, commercial lending grew at a more moderate pace, though it showed a slight pickup in the second half of the year in Colombia despite ongoing political uncertainty.

現在請翻到第10頁投影片。我們的放款組合全年下滑8.3%，主要由會計影響所致；若排除該影響，成長本應為2.1%。此外，期間哥倫比亞披索升值15%，使我們的外幣投資組合在換算為本地貨幣時價值下降。若同時排除上述兩項影響，放款餘額年對年將成長7.2%。按放款類別拆分，房貸仍持續領先成長。消費金融在連續2年收縮後亦重拾動能，受惠於風險偏好回升，以及Nequi在小額貸款的持續擴張。同時，商業放款以較溫和的速度成長；儘管政治不確定性仍在，哥倫比亞於下半年仍出現些微回升。

Now please proceed to Slide 11. When analyzing performance by operations, Bancolombia in El Salvador led loan growth. Banco Agrícola delivered the strongest expansion with commercial lending accelerating sharply, particularly in the construction sector, supported by renewed demand for housing projects. Consumer activity was also positive, driven by personal loans in credit cards. Bam in Guatemala and Banistmo in Panama applied tighter credit standards, resulting in a more restrained lending dynamic during the year.

現在請翻到第11頁投影片。按各營運單位分析，薩爾瓦多的Bancolombia帶動了放款成長。Banco Agrícola交出最強勁的擴張，商業放款明顯加速，特別是在營建部門，受惠於住宅專案需求回升。消費活動亦呈正向，主要由個人貸款與信用卡所帶動。瓜地馬拉的Bam與巴拿馬的Banistmo採取較嚴格的授信標準，使得全年放款動能相對受抑。

Now please proceed to slide number 12. Our deposits reported a 5.2% contraction in the year, but expanded 4.5% absent of accounting impacts. If FX impact is removed, deposits growth would have been 10.2%. I would like to highlight the solid performance of savings accounts, which grew 16.1% net of accounting and foreign exchange effects. Deposit growth was very positive across all operations, with particularly strong contributions from Banco Agrícola and Bancolombia, which explains the group's robust liquidity position throughout the year.

現在請翻到第12頁投影片。我們的存款全年下滑5.2%，但若排除會計影響則成長4.5%。若再排除匯率（FX）影響，存款成長將達10.2%。我想特別強調活期儲蓄存款（savings accounts）的穩健表現：在扣除會計與外匯影響後，仍成長16.1%。各營運單位的存款成長皆相當正向，其中Banco Agrícola與Bancolombia貢獻尤為強勁，這也解釋了本集團全年維持強健流動性部位的原因。

Now please proceed to slide number 13. In terms of our funding mix, we highlight the larger share of SA deposits relative to time deposits and other funding sources, which reduces funding costs and enhances structural liquidity. To a certain extent, this shift is the result of the reclassification of Banistmo that held a higher share of time deposits and other liabilities relative to other banks of the group, but also given the strong growth on savings accounts across Colombia, El Salvador and Guatemala such that this now represents 47% of total deposits on a consolidated basis compared with 40% a year earlier. This outcome clearly underscores our ability to attract and retain stable low-cost funding, reducing the overall cost of liabilities to 3.8%, a decline of 114 basis points compared to the previous year.

現在請翻到第13頁投影片。就資金來源結構而言，我們強調活期儲蓄存款（SA deposits）相對於定期存款與其他資金來源的占比提高，這有助於降低資金成本並提升結構性流動性。在某種程度上，此一轉變源自Banistmo的重新分類；相較於集團其他銀行，Banistmo原本持有較高比重的定期存款與其他負債。同時，哥倫比亞、薩爾瓦多與瓜地馬拉的活期儲蓄存款強勁成長，使其在合併基礎上占總存款比重由一年前的40%提升至47%。此結果清楚凸顯我們吸引並留存穩定低成本資金的能力，使整體負債成本降至3.8%，較前一年下降114個基點。

Now please proceed to Slide 14. Net interest income decreased by 5.3% on an annual basis, but recorded a 1% expansion excluding accounting impacts. Such increase is the result of a larger contraction in interest expense relative to interest income during the year, supported by a series of hedging strategies that allowed us to reprice funding more quickly as rates came down. The annual NIM decreased, as expected, from 6.8% to 6.5%, excluding accounting impacts, given the lower prevailing interest rates compared to the previous year. When broken down by entity, it is worth noting Banco Agrícola's consistent NIM expansion due to its well-balanced growth, both in high-yielding loans and low-cost deposits.

現在請翻到第14頁投影片。淨利息收入年減5.3%，但若排除會計影響則成長1%。此一增幅來自於全年利息費用的收縮幅度大於利息收入，並受惠於一系列避險策略，使我們在利率下行時得以更快地重新訂價資金成本。如預期，年度淨利差（NIM）在排除會計影響後，由6.8%降至6.5%，反映相較前一年較低的市場利率水準。按個別機構拆分，值得注意的是Banco Agrícola的NIM持續擴張，原因在於其高收益放款與低成本存款均衡成長。

Please proceed to Slide 15. Net fee income increased by 4.3% year-over-year or 10.4% excluding accounting impacts. This strong performance was fueled by higher transactional activity in credit and debit cards, mainly supported by a new bancassurance alliance in Colombia. In addition, brokerage, payments and collections and trust services continued to perform well, reflecting a well-diversified noninterest revenue mix. While fee-related expenses increased in line with higher activity levels, particularly in card-related services, we continue to capture operational efficiencies, especially through adjustments in the corresponding banking model. Overall, fee income continues to be key for our earnings diversification, and it represented 18.4% of our total net operating income in 2025.

請翻到第15頁投影片。淨手續費收入年對年成長4.3%，若排除會計影響則成長10.4%。此一強勁表現主要由信用卡與簽帳金融卡交易活動增加所帶動，並主要受哥倫比亞新的銀保（bancassurance）合作聯盟支持。此外，經紀業務、支付與代收付以及信託服務亦持續表現良好，反映我們多元化的非利息收入結構。儘管與手續費相關的費用隨活動量提升而增加，特別是在卡片相關服務方面，我們仍持續透過相應銀行營運模式的調整來取得營運效率。整體而言，手續費收入仍是我們獲利多元化的關鍵，並於2025年占總淨營運收入的18.4%。

Please proceed to Slide 16. Moreover, I would like to highlight the solid progress we are making in scaling our complementary businesses, which play a key role in strengthening our group's competitive advantage by combining the best of traditional banking with the innovation of our digital solutions. Wompi achieved a major milestone by reaching breakeven in 2025, supported by strong growth in clients, transaction volumes and fee income. This expansion in revenues outpaced operating expenses, enabling the company to reach profitability. On the other hand, Wenia continued advancing steadily supported by growth in onboarded clients, assets under custody as well as a sharp increase in transactions that reinforces its compelling value proposition. Finally, regarding Nequi, I'm pleased to share that it reached breakeven in the fourth quarter earlier than expected, driven by strong growth and deeper monetization across its ecosystem, which I briefly discuss next.

請翻到第16頁。此外，我想強調我們在擴大互補性業務方面所取得的扎實進展；這些業務透過結合傳統銀行的優勢與我們數位解決方案的創新，在強化本集團競爭優勢上扮演關鍵角色。Wompi 在2025年達成一項重大里程碑，成功損益兩平，這得益於客戶數、交易量與手續費收入的強勁成長。營收擴張速度超過營運費用，使公司得以達成獲利。另一方面，Wenia 在已導入客戶、託管資產成長，以及交易量大幅增加的支持下，持續穩健推進，進一步強化其具吸引力的價值主張。最後，關於 Nequi，我很高興分享其在第四季較預期更早達成損益兩平，主要由其生態系的強勁成長與更深度的變現所帶動；我接下來會簡要說明。

Please proceed to Slide 17. Nequi's loan portfolio scaled significantly, increasing 174% over the period to reach a balance of COP 1.6 trillion, surpassing the goal of doubling the loan portfolio by 2025. As of year-end, 700,000 clients held active loans, reflecting an average ticket size of COP 2.3 million in an average term of 32 months. The 90-day past-due loan for 2025 stands at 3.5% and the cost of risk remains contained at 13.1%, aligned with a scalable digital origination model. Deposits show similar momentum, up 58% year-over-year to COP 7 trillion in the fourth quarter of 2025, reinforcing Nequi's role as a leading digital savings and transactional platform, still with room in its loan-to-deposit ratio to further expand the loan portfolio. On the revenue side, financial income increased 75%, supported by strong portfolio growth and a more balanced mix between low income and investment income, positioning Nequi for continued improvement in structural profitability.

請翻到第17頁。Nequi 的放款組合規模顯著擴大，期間成長174%，餘額達到1.6兆哥倫比亞披索（COP），超越了在2025年前將放款組合翻倍的目標。截至年底，70萬名客戶持有有效貸款，平均單筆金額為230萬COP，平均期限為32個月。2025年的90天逾期貸款比率為3.5%，風險成本維持在13.1%的可控水準，與可擴展的數位授信起案模式一致。存款亦呈現相同動能，2025年第四季年增58%至7兆COP，強化 Nequi 作為領先的數位儲蓄與交易平台之角色；其存放比仍有空間，可進一步擴大放款組合。在營收方面，金融收入成長75%，受惠於放款組合強勁成長，以及低收益與投資收益之間更均衡的組合，使 Nequi 得以持續改善結構性獲利能力。

Please proceed to Slide 18. Moreover, it closed 2025 with 27.4 million users in an activity ratio close to 80%, demonstrating a strong client engagement. Also monetized users rose 43% to 16.5 million, driven by deeper product adoption across the ecosystem. Regarding fee income, Nequi delivered a 53% increase versus the prior year, reaching COP 175 billion in the fourth quarter of 2025. We diversified growth across cards, withdrawals and FX, reducing concentration risk and enhancing resilience. Consistently, ARPAC and CTS metrics remain with positive trends, supporting a disciplined path toward profitability as monetization expands in line with customer engagement. Finally, looking ahead to 2025, guidance remains strong with total users expected to grow 5%, loans expanding 50%, deposits increasing 10% and total income rising 40%, reinforcing each strategic relevance and long-term value creation potential within the group.

請翻到第18頁。此外，2025年結束時用戶數達2,740萬，活躍率接近80%，顯示客戶黏著度強勁。同時，已變現用戶數成長43%至1,650萬，主要由生態系內更深度的產品採用所帶動。就手續費收入而言，Nequi 較前一年成長53%，於2025年第四季達到1,750億COP。我們在卡片、提款與外匯（FX）等領域分散成長動能，降低集中度風險並提升韌性。同樣地，ARPAC 與 CTS 指標持續呈現正向趨勢，支持在變現隨客戶參與度同步擴張的情況下，沿著審慎的路徑邁向獲利。最後，展望2025年，指引仍然強勁：預期總用戶數成長5%、放款擴張50%、存款增加10%、總收入成長40%，進一步強化其在集團內的策略重要性與長期價值創造潛力。

Please proceed to Slide 19. Net provisions for the year amounted to COP 4.4 trillion, an almost 19% reduction over the year, 16% excluding accounting impacts on the back of lower expected losses related to consumer and SMEs that offset the growth on corporates given the deterioration recorded of a few nonsector related groups. The group performance on almost all segments more than compensated for the increase in provisions recorded at the end of the year, given the sudden change in macro variables discussed earlier, which exerts pressure on households and enterprises disposable income. Thus, the annual cost of risk was 1.8%, which, absent of the deduction of Banistmo's assets, would have been 1.6%, in line with our updated guidance.

請翻到第19頁。本年度淨提存準備金為4.4兆COP，較去年下降近19%；若排除會計影響則下降16%，主要因消費金融與中小企業（SMEs）相關的預期損失降低，抵銷了企業金融因少數非產業相關集團出現惡化而帶來的增提。鑑於先前提到的宏觀變數突然變動，對家庭與企業可支配所得造成壓力，年末提存增加；然而，集團在幾乎所有業務分部的表現，已足以彌補該增提的影響。因此，年度風險成本為1.8%；若不扣除 Banistmo 的資產，則為1.6%，符合我們更新後的指引。

Please proceed to Slide 20. Consistent with the lower expected losses that drove net provision charges down, asset quality strengthened steadily throughout the year across all major indicators. From a past-due loan formation standpoint, the volume of loans becoming delinquent during the period declined significantly versus historical averages, led primarily by improvements in the consumer portfolio. In line with this trend, both the stage distribution and the nonperforming loan ratio improved, reinforcing provision coverage levels.

請翻到第20頁。與推動淨提存費用下降的較低預期損失一致，資產品質在全年於所有主要指標上持續穩步改善。從逾期形成的角度來看，期間內轉為逾期的放款量相較歷史平均顯著下降，主要由消費金融放款組合的改善所帶動。隨著此趨勢發展，分期（stage）分布與不良貸款比率皆有所改善，進一步強化準備金覆蓋水準。

Please proceed to Slide 21. The operating expenses increased by 1.6% year-over-year or 8.3% excluding the accounting impacts. General expenses increased primarily due to licensing and technology-related costs associated with the group's ongoing business transformation, followed by an uptick in other taxes stemming from the incorporation of Grupo Cibest. Personnel expenses increased 2.3% year-over-year or 10%, excluding accounting impacts, primarily driven by the annual adjustment in higher bonus provisions aligned with the full year financial results forecast. The cost-to-income ratio reached 49.8%, in line with our updated guidance, reflecting a slower pace of income growth relative to expenses explained by the NIM reduction as expected.

請翻到第21頁。營運費用年增1.6%；若排除會計影響則年增8.3%。一般費用增加主要來自授權與科技相關成本，與集團持續推動的業務轉型相關；其次是因併入 Grupo Cibest 而帶動的其他稅負上升。人事費用年增2.3%；若排除會計影響則年增10%，主要由年度調整所致，因應與全年財務結果預測一致的較高獎金提列。成本收入比達49.8%，符合我們更新後的指引，反映如預期般因淨利差（NIM）下降，收入成長速度相對費用較慢。

Please turn to Slide 22. Net income for the year was COP 3.8 trillion, which, absent of the one-off accounting impact, would have reached COP 7.3 trillion, reflecting the strength of our operation even outperforming our updated guidance. As a result, consolidated ROE was 9.1% or 17.2% absent of impacts, primarily pushed by Bancolombia's stand-alone pro forma return of 24%.

請翻到第22頁。本年度淨利為3.8兆COP；若不計一次性會計影響，淨利將達7.3兆COP，反映我們營運的強勁表現，甚至優於更新後的指引。因此，合併股東權益報酬率（ROE）為9.1%；若排除影響則為17.2%，主要由 Bancolombia 單體（stand-alone）備考（pro forma）報酬率24%所推動。

Please turn to Slide 23. Shareholders' equity fell 8.7% year-over-year, 1% absent of impact, explained by a reduction of retained earnings driven by the net impact of the impairment charge discussed above. On the other hand, Bancolombia's stand-alone core equity Tier 1 ratio closed at 12.2%, an increase of 27 basis points over the 2024 year-end pro forma figure, assuming the corporate evolution into Grupo Cibest has already taken place. I would also like to highlight the significantly lower CET1 deductions recorded during the year, only 7 bps compared to nearly 70 bps in 2024 as the goodwill from the Central American bank was no longer required to be deducted. All in all, Bancolombia's stand-alone total solvency reached 14.4% and Banco Agrícola and BAM above 13.5%, all of them available well above minimum requirements. These sound capital ratios, coupled with a low double leverage of 101% in Grupo Cibest allowed us to propose the 60% dividend payout ratio discussed earlier.

請翻到第23頁。股東權益年減8.7%；若排除影響則下降1%，原因在於前述減損費用的淨影響導致保留盈餘減少。另一方面，假設公司演進為 Grupo Cibest 已經完成，Bancolombia 單體核心第一類資本比率（CET1）期末為12.2%，較2024年期末備考數增加27個基點。我也想強調，本年度認列的CET1扣減顯著降低，僅7個基點，相較2024年接近70個基點，因中美洲銀行的商譽不再需要扣減。總體而言，Bancolombia 單體總資本適足率達14.4%，Banco Agrícola 與 BAM 皆高於13.5%，且均遠高於最低監理要求。這些穩健的資本比率，加上 Grupo Cibest 101%的低雙重槓桿，使我們得以提出先前討論的60%股利配發率。

With this, I will now hand the presentation back to Juan Carlos. Juan?

接下來，我將把簡報交回給 Juan Carlos。Juan？

Thank you, Mauricio. Please proceed to Slide 24. By 2025, Grupo Cibest had originated COP 370 trillion in loans through its business with purpose strategy, progressing towards the COP 716 trillion target for 2030. In the latest, Dow Jones Sustainability Index evaluation, Grupo Cibest achieved a score of 88 points, which is higher than the last year's result. Banco Agrícola has been recognized as the organization with a high reputation in El Salvador, while Bancolombia has received equivalent recognition in Colombia for the 11th consecutive year.

謝謝你，Mauricio。請翻到第24頁。截至2025年，Grupo Cibest 透過其「使命導向」業務策略已發放哥倫比亞披索（COP）370兆的貸款，正朝向2030年COP 716兆的目標邁進。在最新一次道瓊永續指數（Dow Jones Sustainability Index）評估中，Grupo Cibest 取得88分，高於去年的成績。Banco Agrícola 獲認可為薩爾瓦多具高度聲譽的機構，而 Bancolombia 亦在哥倫比亞連續第11年獲得同等認可。

Please proceed to Slide 26. Our 2026 forecast now incorporates major shifts in our macroeconomic expectations, especially regarding inflation and interest rates. It also accounts for the impact of the Banistmo deconsolidation and increased uncertainty largely due to higher taxes compared to our earlier assumptions. In this context, we anticipate loan growth in the range of 7% to 8%, with a net interest margin expected between 6.8% and 7%, reflecting the current higher interest rate environment. The cost of risk is projected to be between 1.6% and 1.8%, while operational efficiency is targeted at approximately 49%. As a result, ROE is expected to be between 18% and 18.5%.

請翻到第26頁。我們對2026年的預測現已納入宏觀經濟預期的重大變化，特別是通膨與利率方面。同時也反映 Banistmo 去合併（deconsolidation）的影響，以及相較於我們先前假設、因稅負提高而帶來的不確定性上升。在此背景下，我們預期放款成長約為7%至8%，淨利差（NIM）預估介於6.8%至7%，反映目前較高利率環境。風險成本（cost of risk）預估介於1.6%至1.8%，而營運效率目標約為49%。因此，股東權益報酬率（ROE）預期介於18%至18.5%。

Now please proceed to Slide 27 for some final remarks. In conclusion, I wish to emphasize that 2025 represent a pivotal year for the group, characterized by an effective implementation of our corporate transformation, the initiation of our share repurchase program and the agreement regarding the Banistmo divestment. Collectively, these actions demonstrate our continued dedication to generating sustained value for our shareholders.

現在請翻到第27頁，我們做一些最後的說明。總結而言，我想強調2025年對本集團是關鍵的一年，其特徵包括我們企業轉型的有效落地、啟動庫藏股回購計畫，以及就 Banistmo 出售所達成的協議。整體而言，這些行動展現我們持續致力於為股東創造可持續價值。

Looking ahead, although fiscal deficit challenges persist, the prevailing high interest rate environment offers potential for marginal improvement, which could offset weaker loan demand and emerging credit risks. We are confident that the electoral process will be conducted smoothly strengthening our positive environment for operations.

展望未來，儘管財政赤字的挑戰仍在，但目前的高利率環境提供了邊際改善的可能性，或可抵銷較弱的放款需求與新出現的信用風險。我們有信心選舉程序將順利進行，進一步強化我們營運的正向環境。

This concludes our presentation for today. We welcome any questions you may have at this point.

以上為我們今天的簡報內容。此刻我們歡迎各位提出任何問題。

(Operator Instructions)

（接線員指示）

Tito Labarta, Goldman Sachs.

Tito Labarta，高盛。

Hi, good morning. Thank you for the call and taking my question. My question I guess, is on the outlook for asset quality and the cost of risk guidance, right? I mean I think short term, things are going well, but inflation remains high, interest rates are high. Juan Carlos, you mentioned the potential asset quality risk. How are you seeing asset quality? And what do you think the risks are given this continued high inflation, high level of rates? And could that put maybe some pressure on cost of risk or asset quality throughout the year or into next year?

嗨，早安。謝謝這通電話並讓我提問。我的問題主要是關於資產品質的展望以及風險成本指引，對吧？我的意思是，短期來看情況進展良好，但通膨仍然偏高、利率也很高。Juan Carlos，你提到潛在的資產品質風險。你們如何看待資產品質？在通膨持續偏高、利率水準偏高的情況下，你們認為風險在哪裡？這是否可能在今年或延伸到明年，對風險成本或資產品質造成一些壓力？

Thank you, Tito. Definitely, the cost of risk is something that we will need to manage during this year. It's a year in which we will have some challenges -- sorry. Sorry for that. And you mentioned some of them. Inflation is one of them and also, as a consequence, interest rates. But we believe that we are well prepared to manage that uncertainty that is coming in the economy. So our guidance regarding cost of risk includes those challenges that we have in front of us. So we are very well aware that there will be macroeconomic challenges. But again, we think that in the guidance that we are providing, we are incorporating our capacity to manage those risks. In the upper level, which is 1.8% of cost of risk, we are incorporated some of those risks that we see.

謝謝你，Tito。確實，風險成本是我們今年需要管理的一項重點。今年我們會面臨一些挑戰——抱歉。不好意思。你也提到其中一些。通膨是其中之一，而其結果也包括利率。但我們相信，我們已做好充分準備來管理經濟中即將到來的不確定性。因此，我們對風險成本的指引已包含這些我們面前的挑戰。我們非常清楚宏觀經濟將帶來挑戰。但再次強調，我們在所提供的指引中，已納入我們管理這些風險的能力。在上緣，也就是1.8%的風險成本水準，我們已納入部分我們所看到的風險。

But even though those risks, we believe that there are opportunities the Colombian economy has shown so far that could manage some of those risks, particularly coming from consumption that it's fueling that development. So Tito, definitely is something that we are going to watch very closely and we will continue updating how are we seeing the forecast of the cost of risk, but we are confident that with the tools that we have, the understanding that we have of the economy, we can react fast to any upcoming risk and adapt our models and our behavior to those risks, Tito.

不過即便存在這些風險，我們認為哥倫比亞經濟迄今展現出一些機會，能夠消化部分風險，特別是由消費所帶動的成長動能。所以，Tito，這確實是我們會非常密切關注的事項，我們也會持續更新我們對風險成本預測的看法；但我們有信心，憑藉我們的工具與對經濟的理解，我們能夠對任何即將出現的風險快速反應，並調整我們的模型與行為來因應這些風險，Tito。

Second question, if I may, just in terms of capital allocation, right? I mean ROE has been doing better than expected. All the underlying banks are fairly well capitalized. You have been executing on your buyback, but I think there could potentially be room for more. How do you think, one, either about additional buybacks once this program is completed? And two, just I think the market, as you highlight, the sale of Banistmo has been well received. You still have Banco Agromercantil, which is just relatively underperforming from an ROE perspective. I liked that charts that you showed, lower NIM, higher NPLs. How do you think about just the capital allocation into Banco Agromercantil, which has been underperforming a bit? Could there be more sales here? Or do you see room to improve that? And how much could you improve that?

如果可以的話，第二個問題是關於資本配置。我的意思是，ROE 的表現優於預期。各家底層銀行的資本水準也相當充足。你們一直在執行回購，但我認為可能還有進一步空間。第一，你們如何看待在本次計畫完成後，是否會有額外回購？第二，正如你們所提到的，市場對 Banistmo 的出售反應良好。你們仍有 Banco Agromercantil，從 ROE 角度看相對表現較弱。我喜歡你們展示的那張圖表：較低的淨利差、更高的不良貸款（NPL）。你們如何看待對 Banco Agromercantil 的資本配置，畢竟它的表現有些落後？這裡是否可能有更多出售？或者你們認為有改善空間？以及可以改善到什麼程度？

Tito, what we achieved with the creation of Grupo Cibest was a lot of the ability to manage our capital in a much better way. So now we have much more flexibility. And we are aware of the possibilities that we have. So we will continue managing capital to be very efficient in the sense that we will utilize that capital for growth, but also to return to shareholders, depending on the situation. Regarding to your specific comment about BAM, I want to emphasize that we are committed to continue supporting the opposition in Guatemala. We see very good potential in that operation. It's a country with the good macroeconomic stability with potential for commercial businesses.

Tito，我們透過成立 Grupo Cibest 所達成的一項重要成果，是大幅提升了我們更有效管理資本的能力。因此現在我們有更高的彈性。我們也清楚自身所擁有的各種可能性。所以我們將持續以非常有效率的方式管理資本：一方面用於成長，另一方面也會視情況回饋股東。至於你對 BAM 的具體提問，我想強調，我們承諾將持續支持我們在瓜地馬拉的營運。我們看好該業務具備很好的潛力。該國宏觀經濟穩定性良好，且商業金融業務具備成長潛力。

And so we will -- we are confident that our model will create a positive impact on our operation in Guatemala. So we will continue supporting the operation. And we are confident that the numbers that you mentioned will continue improving. We are targeting double-digit ROE. It will take some time. We are aware of that, that the year for -- the performance of BAM will show its results or full year results in 2027. We are on a transition to have those numbers that we are looking for. But again, we are very confident about how we can develop that franchise in Guatemala. I don't know, Mauricio, if you have any additional comments to Tito's question.

因此我們將——我們有信心，我們的模式將對我們在瓜地馬拉的營運帶來正面影響。所以我們會持續支持該營運。我們也有信心，你所提到的那些數字將持續改善。我們的目標是達到雙位數的 ROE。這需要一些時間。我們也清楚，BAM 的表現——其全年完整成果將在2027年呈現。我們正處於過渡期，以達成我們所期待的數字。但再次強調，我們對於如何在瓜地馬拉發展這個特許經營（franchise）非常有信心。Mauricio，我不確定你是否對 Tito 的問題還有其他補充？

Tito, I would just add that due to the flexibility we have now with the new corporate structure, and with the level of capital and liquidity we're going to have in -- at the holding level, we're going to be optimizing the capital of the different operations. So we expect to do some -- to issue some instruments inside the perimeter of the holding in order to have some flow of capital going from the holding to the operating entities and the operating entities flowing dividends to the holding company. So that's going to be one way to capitalize -- to optimize capital allocation along with investments we plan to do.

Tito，我只想補充一點，鑑於我們在新的公司架構下目前具備的彈性，以及我們在——在控股層面將擁有的資本與流動性水準，我們將會優化各項營運的資本配置。因此，我們預期會做一些——在控股範圍內發行一些工具，以便讓資本能從控股流向營運實體，同時營運實體向控股公司支付股利。因此，這將會是資本化——優化資本配置的一種方式，並搭配我們計畫進行的投資。

We want to capitalize Nequi. We're going to capitalize Wompi and Wenia, which are having very good dynamics. And we're also going to be investing in IT projects that you know are making a big difference in our value proposal. So we plan to do all of that. And only to wrap up, the buyback program will be there, is here to stay. We're going to present a 3-year buyback program, but we are only going to execute according to market conditions.

我們希望為 Nequi 增資。我們將為 Wompi 和 Wenia 增資，這兩者目前動能非常好。我們也將投資於你所知道的 IT 專案，這些專案正在我們的價值主張上帶來很大的差異。所以我們計畫把這些都做完。最後補充一下，庫藏股回購計畫會持續存在，會長期保留。我們將提出一個 3 年期的回購計畫，但只會依市場狀況來執行。

Yuri Fernandes with JPMorgan.

摩根大通（JPMorgan）的 Yuri Fernandes。

Congrats on the year. I have a -- I will ask just 2 questions here regarding the guidance and the outlook for 2026. The first one is regarding taxes. We saw some, I'm not sure if I can call that one-off, but COP 150 billion tax headwind in the fourth quarter. So just asking your view, like should we continue to see this emergency tax into 2026? And what was the tax rate that the guidance was built with? Like are you assuming like a higher tax rate? And if yes, what? I'm just trying to understand the taxes moving pieces.

恭喜今年的表現。我有——我這裡只問兩個關於指引與 2026 年展望的問題。第一個是關於稅負。我們看到第四季有一些，我不確定能不能稱為一次性，但有 COP 1,500 億的稅負逆風。所以想請教你們的看法：我們是否應該預期這種緊急稅會延續到 2026 年？另外，指引是以什麼稅率為基礎建立的？例如你們是否假設較高的稅率？如果是，是多少？我只是想了解稅負變動的各個因素。

And then I have a question regarding the ROE for the year, 18% to 18.5%. I know the guidance is fully done without Banistmo. So I would assume that you are also using the lower equity, right, the equity with lower impairment and ex-minority. So just checking what was the equity that you are implying so we can kind of estimate the net income because basically, the average equity for 2025 was higher, right, than the end of period. So just checking here for us to try to estimate the net income growth.

然後我有一個關於全年 ROE（股東權益報酬率）18% 到 18.5% 的問題。我知道指引完全是在不含 Banistmo 的情況下做的。所以我會假設你們也使用較低的權益基礎，對吧，也就是扣除減損後、且不含少數股權的權益。因此想確認一下你們隱含使用的權益水準，讓我們可以大致推算淨利，因為基本上 2025 年的平均權益高於期末水準，對吧。所以在這裡確認一下，方便我們估算淨利成長。

Thank you, Yuri. Let me give you some general comments about your 2 questions and then pass Mauricio for comments -- for additional comments. Taxes -- reading taxes at this point in Colombia is very difficult. I mean, you know that at the end of the year, there was -- there were some regulations regarding taxes that in February were suspended by the constitutional court. So those taxes that incorporated additional income tax for financial institutions is now suspended. And it is awaiting for the final decision from the constitutional court. So what we did at the end of 2025 was incorporating the information that we had at that moment. So in the fourth quarter, we have around COP 150 trillion -- billion, I'm sorry, in which we are -- with the information that we had at that moment, we were in fourth quarter, there is a provision about additional taxes.

謝謝你，Yuri。我先就你這兩個問題做一些一般性的說明，然後再請 Mauricio 補充——提供額外的說明。稅負——在目前這個時間點解讀哥倫比亞的稅制非常困難。我的意思是，你知道在年底時曾有——有一些關於稅負的規範，但在二月被憲法法院暫停。因此，那些對金融機構加徵所得稅的稅項目前已被暫停。並且仍在等待憲法法院的最終裁決。所以我們在 2025 年底所做的是納入當時我們掌握的資訊。因此在第四季，我們大約有 COP 150 兆——十億，抱歉，是十億；依照當時我們掌握的資訊，我們在第四季提列了關於額外稅負的準備。

So now there is another regulation that is in progress. We don't have the information yet. It has been informal or some messages from the government that will incorporate some equity taxes. And they are saying that probably we'll have tariff for financial institutions, but we don't have that information yet. It's supposed to come out this week. So it's difficult to wait at this moment how are we going, or what are going to be the effective taxes for 2025 in Colombia? With that scenario, what we have for our guidance is an effective tax rate of 28% that we believe reflects the current information that we have. Once we have more information, we will incorporate additional information -- I'm sorry, about how are going to be the effective taxes for '25. Regarding your question about ROE, I will pass it to Mauricio.

所以現在又有另一項規範正在推進中。我們目前還沒有相關資訊。目前只是非正式地、或政府釋出一些訊息，表示將納入某些股權稅。他們也表示金融機構可能會有稅率，但我們還沒有那方面的資訊。據說會在本週公布。所以此刻很難判斷我們將如何走，或 2025 年在哥倫比亞的有效稅率會是多少？在這樣的情境下，我們的指引採用 28% 的有效稅率，我們認為這反映了目前我們掌握的資訊。一旦我們有更多資訊，我們會納入更多資訊——抱歉，是關於 2025 年有效稅率將會如何。至於你關於 ROE 的問題，我交給 Mauricio 回答。

Thank you, just to be very clear with the message that Juan Carlos just passed, the tax rate with which we projected our guidance in regular operations is the one that he just mentioned is 29%, it moves from 28% to 30%. Now we included extra taxes because of the extra tax rate because of the decrease that was on the table that, as you know, has not been confirmed, but I guess my message here is our guidance of 18% to 18.5% does include extra taxes because of the extra tax rate, which was the information we have at the moment, we built the guidance. The new decree, the one on the equity has not been included. So the message here is very unlikely that both of the decrees are accepted regardless of which one is accepted or confirmed. It's important to note that the guidance does include extra provisions for taxes.

謝謝。為了把 Juan Carlos 剛剛傳達的訊息說得非常清楚，我們在一般營運下用來推估指引的稅率，就是他剛提到的，大約是 29%，區間在 28% 到 30% 之間。另外，我們也納入了額外稅負，因為當時桌面上有一個額外稅率的調整（下降）方案；如你所知，這尚未被確認。但我在這裡要傳達的是，我們 18% 到 18.5% 的指引確實包含了因額外稅率而來的額外稅負，這是基於我們當時掌握的資訊所建立的指引。新的法令，也就是針對股權的那一個，尚未被納入。所以這裡的訊息是：兩個法令都被接受的可能性非常低，不論最後是哪一個被接受或被確認。重要的是，指引確實包含了額外的稅負提列。

Now to your second point, around the equity used for the guidance, it is the equity after the impairment. So to do your math, the 18% ROE corresponds to a net income of COP 7.3 trillion. So it's flat in terms of net income as compared to 2025, but without Banistmo, without Banistmo's equity and without Banistmo's net income.

接著回到你第二點，關於指引所使用的權益基礎，是扣除減損後的權益。所以你要做計算的話，18% 的 ROE 對應的淨利是 COP 7.3 兆。因此相較於 2025 年，淨利大致持平，但不含 Banistmo，不含 Banistmo 的權益，也不含 Banistmo 的淨利。

Super clear, Mauricio and Juan Carlos. So basically, the guidance, I would say, is in between on tax rate? It's very hard, as Juan Carlos mentioned, to have a view, a lot of uncertainty. So you have some of the decrees, not the true decrees. So let's say, above case none of those decrees will prevail, there is an upside risk to the guidance on taxes. If the second decree prevails and the first decree also prevails, then there could be a downside risk to the guidance on higher taxes. That's basically the message, right?

非常清楚，Mauricio 和 Juan Carlos。所以基本上，我會說指引在稅率上是介於中間值？如 Juan Carlos 所提，確實很難判斷，不確定性很高。所以你們納入了其中一些法令，但不是全部真正的法令。所以假設最好的情況是這些法令都不會成立，那麼在稅負上對指引就有上行風險。如果第二個法令成立，而第一個法令也成立，那麼因稅負更高，指引就可能有下行風險。這基本上就是你們要傳達的訊息，對吧？

That is correct, Yuri.

沒錯，Yuri。

That's correct.

沒錯。

Andres Soto with Santander Mexico.

墨西哥桑坦德（Santander Mexico）的 Andres Soto。

My question is again regarding guidance. I would like to understand if you are assuming 11% policy rate and actually expectations are quickly moving higher than that, will that imply that you will need to do another model update down the road and build additional provisions? And if so, is that a downside risk to your guidance and also considering the uncertainties on taxes, it looks like that could be another potential headwind to your ROE in 2026. So I would like to understand what will be the factors that could balance out in order for you guys to reach this 18% to 18.5% ROE?

我的問題同樣是關於指引。我想了解，如果你們假設政策利率為 11%，但市場預期正快速上修高於此水準，這是否意味著你們之後需要再更新模型並提列額外準備？如果是的話，這是否會對你們的指引構成下行風險？同時考量稅負的不確定性，看起來這也可能成為 2026 年 ROE 的另一個潛在逆風。所以我想了解，為了達成 18% 到 18.5% 的 ROE，你們會有哪些因素可以相互抵銷、達到平衡？

Thank you, Andres. The guidance that we've given to the market, it incorporates the information that we have at this point. And you mentioned that, of course, interest rates are going up. That's a fact already the Central Bank increased the reference rate 100 basis points. And our view is that, that is going to continue. So that implies that interest rates will be higher in the economy, much higher. That -- as you know, we are asset sensitive and that is going to have a positive effect on our NIM. So that is the positive effect. The other side of the coin on that comment is that, that it's increasing the risk. So we will there have to balance that higher margin with a higher cost of risk. But we think in that equation, we are able to deliver the guidance that we are providing.

謝謝你，Andres。我們向市場提供的指引，已納入截至目前我們所掌握的資訊。而你也提到，當然，利率正在上升。這已是事實，央行已將政策利率上調100個基點。我們的看法是，這種趨勢將會持續。因此，這意味著經濟體中的利率將更高，且會高出許多。如你所知，我們對資產端利率較為敏感，這將對我們的淨利差（NIM）帶來正面影響。這就是正面效果。但同一件事的另一面是，這也在提高風險。因此，我們必須在更高的利差與更高的風險成本之間取得平衡。但我們認為，在這個等式中，我們有能力達成我們所提供的指引。

So even with those risks and anticipating that behavior, we think that we are able to deliver the guidance that we are providing. So it's a year in which we will need very -- need to be following the development of the macro variables and also risk very, very closely, but we are confident that we have the tools to react fast enough to deliver the guidance that we are providing. Mauricio, do you have any additional comments?

所以即使面對這些風險並預期到那樣的走勢，我們仍認為我們有能力達成我們所提供的指引。因此，這將是我們需要非常——需要非常密切追蹤總體變數的發展以及風險的一年，但我們有信心我們具備工具，能夠足夠快速地反應，以達成我們所提供的指引。Mauricio，你還有其他補充嗎？

Yes, Andres. Taking into account that we have like a natural hedge on volumes and prices, volumes -- as prices go up because interest rates go up, volumes may go down, and that may be offset. So just to take into account that we have -- we simulated some scenarios of interest rates going up to 12%. So that's why we use ranges in our guidance, not only in ROE, but also in cost of risk to consider both scenarios. Now in order to anticipate what could happen with an interest rate of -- with a high interest rate scenario, just wanted to let you know that we have already closed some risk brackets in consumer lending. So we already closed some of the origination risk profiles.

是的，Andres。考量到我們在量與價之間有某種自然避險，當利率上升導致價格上升時，量——也就是業務量可能會下降，而這可能形成抵銷。所以請把這點納入考量：我們——已模擬了一些利率上升至12%的情境。因此我們在指引中使用區間，不僅在ROE，也在風險成本上，以同時涵蓋兩種情境。另外，為了預先因應在——高利率情境下可能發生的狀況，我想讓你知道，我們已經在消費金融放款中關閉了一些風險區間。也就是說，我們已經關閉了部分承作的風險客群。

And it's also good to take into account that we -- at the end of 2025, we anticipated 300,000 provisions considering the increase in the legal minimum wage because we knew -- when we included that into the models, we knew that, that could cause inflation pressures and interest rate increases. So we already have 300,000 of potential deterioration in our consumer portfolio. And also, we have, as you know, extra provisions for a specific corporate clients at the end of 2025. So if you put those things together, we feel very comfortable we can meet the target of cost of risk for 2026.

同時也要把這點納入考量：我們——在2025年底，考量到法定最低工資上調，已預先提列了300,000的備抵（provisions），因為我們知道——當我們把這納入模型時，我們知道這可能造成通膨壓力與利率上升。因此，在我們的消費金融投資組合中，我們已經納入了300,000的潛在惡化。此外，如你所知，我們在2025年底也針對特定企業客戶提列了額外備抵。把這些因素合在一起，我們對於能在2026年達成風險成本目標感到非常有信心。

Perfect. My second question is regarding capital deployment. Your double leverage stands at 101%. What is the level you guys feel comfortable with? And regarding the capital allocation priorities that you previously mentioned, including providing capital for your new ventures, can you please quantify how much capital are you planning to put into those subsidiaries?

很好。我的第二個問題是關於資本運用。你們的雙重槓桿目前是101%。你們覺得舒適的水位是多少？另外，關於你們先前提到的資本配置優先順序，包括為新事業提供資本，你們能否量化一下計畫投入到那些子公司的資本規模？

Yes, Andres, we plan to put around COP 600 billion in Nequi, around...

是的，Andres，我們計畫在Nequi投入約6,000億哥倫比亞披索（COP），約……

That's pesos, right?

那是披索，對吧？

Yes, pesos. COP 50 billion to both Wenia and Wompi. We are investing a lot in IT organic projects. And according to the instruments I mentioned before, we plan to do at least COP trillion of AT1s from Bancolombia to Cibest and around $250 million from the Central American operations to Cibest. So that's the overall picture in terms of capital deployment. And I'm sorry, around the question of double levers. Yes, it's 101. Our limit according to conversation risk rating agencies is at 120. So we're using the capital, as I just mentioned, but it's important to know that we have approximately 20 percentage points of extra leverage if we would like.

是的，披索。Wenia和Wompi兩者各投入500億哥倫比亞披索（COP）。我們在IT的內生（organic）專案上投入很多。並且依照我先前提到的工具，我們計畫至少由Bancolombia向Cibest發行1兆哥倫比亞披索（COP）的AT1，並由中美洲營運向Cibest投入約2.5億美元。以上就是資本運用的整體概況。另外，抱歉，關於雙重槓桿的問題。是的，目前是101%。根據我們與信評機構的溝通，我們的上限是120%。因此我們正在如我剛才所說地運用資本，但重要的是要知道，如果我們願意，我們大約還有20個百分點的額外槓桿空間。

Thank you very much and congratulations on the results.

非常感謝，也恭喜你們的業績表現。

Ernesto Gabilondo with Bank of America.

美國銀行（Bank of America）的Ernesto Gabilondo。

My first question will be on the political and economic outlook. So given the recent salary increase, how do you see the Congress election on March 8. And can you elaborate on the proposals of the 3 leading candidates for the next presidential election in May?

我的第一個問題是關於政治與經濟展望。鑑於近期的薪資上調，你們如何看待3月8日的國會選舉？另外，能否說明一下5月下一次總統大選三位領先候選人的提案主張？

And my second question is on operating expenses. I believe last time you mentioned OpEx growth should be around inflation, plus 200 basis points. So just wanted to know if that will be the case for this year? And if you are seeing any impact related to the recent salary increase in personnel costs? And also, if you can elaborate on how much of the OpEx growth will be on a recurring basis? And how much will be related to the technology cost, advertising all of what you are doing in Nequi, Wenia and Wompi?

我的第二個問題是關於營運費用。我記得上次你們提到，OpEx成長應該大約是通膨再加200個基點。所以想請問今年是否仍會如此？以及你們是否看到近期薪資上調對人事成本帶來任何影響？另外，也請你們說明OpEx成長中有多少是經常性（recurring）的？又有多少與科技成本、廣告，以及你們在Nequi、Wenia與Wompi所做的一切相關？

Thank you, Ernesto. Let me elaborate a little bit on the political scenario. As you all maybe know, we are 2 weeks away of Congressional elections. And also, there are going to be 3 primaries in the same date, that's the 8th of March. It is difficult to try to predict how the Congress is going to evolve in this composition, but there are some facts that is important to take into account. There are going -- the 5 seats that were given on the peace process of 2016, now expire. So those 5 seats that were in the government coalition are not going to be there anymore, so there are 5 seats less and those seats were supporting the government.

謝謝你，Ernesto。我來稍微說明一下政治情勢。各位可能都知道，我們距離國會選舉只剩兩週。同一天也將舉行三場初選，也就是3月8日。要預測國會席次組成將如何演變很困難，但有一些事實值得納入考量。2016年和平進程所分配的5個席次，現在將到期。因此，原本在政府聯盟中的那5個席次將不再存在，也就是少了5席，而這些席次原本是支持政府的。

On the other hand, the composition of the several leading parties, at this point, there are some forecasts that, in the case of the parties that have had a coalition in this case opposing to this government will probably continue having a strong position. But again, at this point, it's very difficult to know. What we know is that probably the Senate will be -- will have a composition that is going to be very much balanced and probably with majority of coalition that is not supporting this government. That we have now.

另一方面，就幾個主要政黨的組成而言，目前有一些預測指出，在這種情況下，曾經組成聯盟、並反對本屆政府的政黨，可能仍會維持強勢地位。但同樣地，在此時此刻仍很難判斷。我們所知道的是，參議院的組成可能會——會非常均衡，並且很可能由不支持本屆政府的聯盟取得多數。也就是我們現在的政府。

Regarding the propositions of the several candidates, there are -- I will just say that there are clear candidate from the left. And there is going to be a primary to elect another candidate from the left also. So we will have probably 2 candidates running on the first round representing the left. There is a coalition in the center, 9 candidates -- center right, 9 candidates, and we will have another strong candidate there. And there is a more far right candidate that is also strong. And the proposals are more are reflecting in what they are -- the way of thinking. The candidate from the left will continue on the peace process and will continue with a view of much strong government intervention.

至於各候選人的主張，我只能說——左派有一位明確的候選人。而且左派也將透過初選再選出另一位候選人。因此，在第一輪我們可能會有兩位代表左派參選的候選人。中間派有一個聯盟，9位候選人——中間偏右，9位候選人，我們也會在那裡看到另一位強勢候選人。此外，還有一位更偏極右、同樣強勢的候選人。而他們的提案主張更多是反映其——思維方式。左派候選人將會延續和平進程，並且會持續採取更強的政府介入觀點。

And the other candidates are more true, more rule of law and are strong position against violence and peace processes and much more friendly to private initiatives. So that's a summary. But we after March 8, we will have a much clear picture of who are the candidates with more possibilities on the first round. And also, we will have the information of what is the composition of the Congress. Regarding your second question, I will pass on to Mauricio to answer that question.

而其他候選人更務實、更尊重法治，並且在反對暴力與推動和平進程方面立場更堅定，也對民間倡議更為友善。以上就是摘要。不過在3月8日之後，我們將更清楚地看到哪些候選人在第一輪更有勝算。同時，我們也會掌握國會的組成資訊。至於你的第二個問題，我會請Mauricio來回答。

Yes, Ernesto, the way to think about the OpEx growth is what we consider run the business would grow in line with inflation and what we consider change in the business, that's what is going to lead us to grow above inflation, 2 or 3 percentage points above inflation. So thinking about a growth of inflation plus 2 or 3 would be right. And in terms of the salary increase, we don't have any employees earning minimum wage. But we do have some vendors offering services that are tied to that salary. So we may have an increase in expenses from that side, and that is already included in our guidance.

是的，Ernesto，思考營運費用（OpEx）成長的方式是：我們認為「維持日常營運」的部分會隨通膨同步成長；而我們認為「業務變動」的部分，將使我們的成長高於通膨，也就是高出通膨2到3個百分點。因此，以「通膨加2到3個百分點」來看待成長會比較合理。至於薪資調整，我們沒有任何員工領取基本工資。但我們確實有一些提供服務的供應商，其費用與該薪資水準連動。因此，我們可能會在那一端看到費用增加，而這已經納入我們的指引之中。

And any comments on how much of the OpEx will be related to technology costs, advertising and your 3 initiatives, Nequi, Wompi, Wenia?

另外，能否評論一下OpEx中有多少會與科技成本、廣告，以及你們的三項倡議（Nequi、Wompi、Wenia）相關？

Well, the most significant figures would be the figures from capital that I just mentioned for the digital companies. But the breakdown of the general expenses, I would say the main lines are, of course, IT investments, also things related with fixed assets and everything that involves the physical distribution network, but also for correspondent banking, the mobile digital channels, but we can offer you a more explicit breakdown after the call.

嗯，最顯著的數字會是我剛才提到的、針對數位公司的資本支出數字。但若要拆解一般費用，我會說主要項目當然包括IT投資，也包括與固定資產相關的事項，以及所有涉及實體通路網絡的支出；同時也包含代理銀行（correspondent banking）、行動數位通路等。

Brian Flores with Citibank.

Citibank的Brian Flores。

My first one is a follow-up on Yuri's question on taxes. I just wanted to confirm the number you said for the effective tax rate is the same as last year. What I mean by this is close to 30%. I understood that it was a bit higher. I think it was around 35%, 36% for -- in your guidance, right? And then if I can, my second question, just wanted to understand on Nequi because in your consolidated fee income growth of 10% year-over-year, how much of this could you attribute to Nequi? I just wanted to know if, obviously, you're providing more details on the stand-alone operation, you provide guidance now. So I just wanted to understand if at some point, we should see a stand-alone efficiency ratio too for Nequi?

我的第一個問題是延續Yuri關於稅務的提問。我只是想確認你提到的有效稅率數字是否與去年相同。我的意思是大約接近30%。我理解它應該稍微高一些。我記得在你們的指引中大約是35%、36%——對吧？另外如果可以的話，我的第二個問題是想了解Nequi：在你們合併手續費收入年增10%之中，有多少可以歸因於Nequi？我想知道，既然你們現在提供更多獨立營運的細節，也開始提供指引，那麼未來某個時點，我們是否也應該看到Nequi的單獨效率比率（efficiency ratio）？

Thank you, Brian. Let me give you some comments about Nequi and then I will pass Mauricio for the taxes question. As you know, Nequi, now it's operating under the umbrella of Bancolombia. And the figures of Nequi are improving. We mentioned that it already passed the breakeven point last quarter and the numbers are very good. I mean in terms of loans, it's COP 1.7 trillion in outstanding loans and that's around 700,000 clients. The interest rate in the case of Nequi is very close to the maximum rate that we can charge. So it's close to 25%. And the cost of funds in the case of Nequi is very low. It's very low. So you know that we fund Nequi mainly with savings accounts that with our cost of funds very close to 0.

謝謝你，Brian。我先就Nequi補充一些看法，然後把稅務問題交給Mauricio。如你所知，Nequi目前是在Bancolombia的架構之下營運。Nequi的數據正在改善。我們提到它在上一季已經跨過損益兩平點（breakeven），而且數字非常好。以放款而言，未償放款餘額為1.7兆哥倫比亞披索（COP），約有70萬名客戶。就Nequi而言，其利率非常接近我們可收取的最高利率。因此接近25%。而Nequi的資金成本非常低。非常低。你也知道，我們主要以儲蓄帳戶為Nequi提供資金，而我們的資金成本非常接近0。

So the margin -- the financial margin of Nequi is very high. So also, it's going to know that we announced that we are in the process of separating Nequi, and we are expecting to have that operation conclude in the third quarter of this year. So you will see Nequi as a separate entity in Grupo Cibest, we expect by the third quarter or maximum for the fourth quarter. So you will have the whole information of Nequi as a separate entity. But what we can say is, on the numbers that we have under the umbrella of Bancolombia, Nequi is performing very well. It's -- the loan book is growing and now we reach profitability. Mauricio?

因此，Nequi的利差——也就是金融利差——非常高。另外，也請注意我們已宣布正在進行Nequi的分拆，並預期在今年第三季完成該作業。因此，你將在Grupo Cibest中看到Nequi作為一個獨立實體，我們預期在第三季，最晚第四季。屆時你將能取得Nequi作為獨立實體的完整資訊。但我們可以說的是，在Bancolombia架構之下的數據顯示，Nequi表現非常好。放款組合正在成長，而且我們現在已達到獲利。Mauricio？

Yes. Brian, in terms of taxes, is as you just mentioned. So the tax rate for 2026 is in line with the one from 2025, plus COP 650 billion from the extra tax rate decree, which is under the analysis of the courts. So if you combine those, that's when you get to the 35% rate approximately that you just mentioned.

是的。Brian，就稅務而言，正如你剛才提到的。因此，2026年的稅率與2025年一致，另外再加上因額外稅率法令所帶來的6500億哥倫比亞披索（COP），該法令目前仍在法院審理中。所以把兩者合併起來，就會得到你提到的大約35%的稅率。

Carlos Gomez with HSBC.

HSBC的Carlos Gomez。

I wanted to ask you -- first congratulations on the results and on the conclusion of the progress in the disposal of Panama. So I wanted to ask you, looking forward, not 1, 2, but more like 5, 10 years from now, how do you see the group evolving? Do you think you will concentrate more in Colombia? Do you think you will expand more in Central America, perhaps go back to retail in Canada through electronic means or Nequi or something? Do you see yourself more in Venezuela or the Dominican Republic? How do you think the group is going to evolve over the next 5 or 10 years? And again, does that mean that we should expect to continue to invest? Or we should see more that the focus is on shareholder return and therefore to return capital as fast as possible to shareholders?

我想請教你——首先恭喜你們的業績，以及完成巴拿馬處分進程的收尾。我想問的是，展望未來，不是1、2年，而是更像5到10年之後，你們如何看待集團的演進？你們認為會更集中在哥倫比亞嗎？你們認為會在中美洲擴張更多嗎，或許透過電子方式、或透過Nequi之類回到加拿大的零售業務？你們會在委內瑞拉或多明尼加共和國有更多布局嗎？你認為未來5到10年集團會如何演進？另外，這是否意味著我們應該預期你們會持續投資？或者我們應該看到更聚焦於股東報酬，因此盡快把資本回饋給股東？

Thank you, Carlos. We created Grupo Cibest in order to, I remind you, with 3 main goals. One is to have a more efficient way of managing capital. The other is that we could have more flexibility on our corporate evolution and also that we can complement our financial services. So to answer directly your question, we see ourselves developing as a Latin American financial group with presence in several countries, not necessarily with operations, a full banking operations, but leveraging our digital capabilities. So definitely, we see ourselves growing, growing in Latin America, and that's why we are investing at this point developing those digital capabilities and Mauricio mentioned that we are having our plans fund those operations in order to continue developing those capabilities that allow us to move in the spectrum of payments, also on digital banking again, we are also developing capabilities as a corporate investment bank possibility.

謝謝你，Carlos。我們成立Grupo Cibest是為了——我提醒你——三個主要目標。第一是以更有效率的方式管理資本。第二是讓我們在企業演進上有更大的彈性，同時也能互補我們的金融服務。因此，直接回答你的問題，我們將自己定位為一個拉丁美洲金融集團，在多個國家有布局，不一定是完整的銀行營運據點，而是運用我們的數位能力。所以我們確實看見自己會成長、在拉丁美洲成長；這也是為什麼我們此刻正在投資、發展那些數位能力。Mauricio也提到，我們已有計畫為這些營運提供資金，以持續發展讓我們能在支付領域拓展的能力；同時在數位銀行方面，我們也在發展能力，並探索成為企業投資銀行（corporate investment bank）的可能性。

So we will continue growing, but we need to balance that growth with returning -- we're giving the returns our shareholders are expecting. And we have declared that we will target an ROE around 17%, 18%. So with that target, so we will continue returning to shareholders what they are expecting in terms of ROE, but we will continue expanding our footprint. We -- as you know, in Colombia, we have a market presence that is important. So in Colombia, we will complement our services with other digital operations. And in other countries, we will look for opportunities even organic or inorganic possibilities in the mid- and long-term, Carlos.

因此我們將持續成長，但需要在成長與回饋之間取得平衡——我們正在提供股東所期待的回報。而且我們已宣示將把股東權益報酬率（ROE）目標設定在約17%、18%。因此在這個目標之下，我們將持續以ROE的角度回饋股東所期待的報酬，同時也會持續擴大我們的版圖。我們——如各位所知，在哥倫比亞我們擁有重要的市場據點。因此在哥倫比亞，我們將以其他數位化營運來補強我們的服務。而在其他國家，我們將在中長期尋找機會，不論是有機成長或非有機（併購等）可能性，Carlos。

Alonso Aramburú with BTG.

BTG 的 Alonso Aramburú。

I wanted to ask about, there's a recent announcement from the government regarding a proposal to, I guess, force lending from banks to fund emergency spending. I don't know if this is something already approved. Can you give us some color on this? And what would be the impact for Bancolombia?

我想請教，政府最近宣布了一項提案，應該是要強制銀行放款以資助緊急支出。我不確定這是否已經獲得核准。你們能否就此提供一些說明？以及這對 Bancolombia 會有什麼影響？

Thank you, Alonso. That is not something that is approval now. There was -- there are some comments coming from the government that they are considering the possibility of mandatory investments for the financial services, but there is not yet an official document or an official issue about that particular tax. So as you know, there are discussions about equity tax for legal entities in Colombia. And also, they mentioned the possibility of those mandatory investment, but there is not an official document yet about that. So we will expect that to happen this week to have the official document decree from government announcing what they are going to do regarding the taxes that they are planning under these new economic emergency that they declared 3 weeks ago.

謝謝你，Alonso。目前這件事尚未獲得核准。政府方面確實有一些評論，表示他們正在考慮對金融服務業採取強制性投資的可能性，但目前尚未有任何正式文件或正式公告針對那項特定稅負。如各位所知，哥倫比亞目前正在討論針對法人課徵股本稅（equity tax）。同時他們也提到強制性投資的可能性，但目前仍未有相關正式文件。因此我們預期本週會有進一步進展，政府將發布正式文件／法令，宣布他們針對三週前所宣布的新經濟緊急狀態下，計畫採取哪些稅務措施。

Okay. And any estimate on what could be the impact? Did they declare -- I don't know if they mentioned some parameters about this forced investment. So any potential estimate you can have on the potential impact of this?

好的。那對可能的影響有任何估計嗎？他們是否宣布——我不確定他們是否提到這種強制投資的一些參數。所以你們是否能提供任何對潛在影響的估計？

It's difficult to know because as -- just to elaborate a little bit on those mandatory investments, the instrument is that they ask the financial institutions to invest in government papers. And then they direct those proceeds to specific sectors. But it's very difficult to have an opinion if we don't have what is the amount that they are planning and what is the interest rate that those papers are going to earn, and we don't have that information. So I'm not, at this point, with -- I don't have at this point enough information to have a position, Alonso.

這很難判斷，因為——稍微補充一下所謂的強制性投資，其工具是要求金融機構投資政府債券。然後他們把這些資金導向特定產業部門。但如果我們不知道他們計畫的金額是多少、以及這些債券將支付的利率是多少，就很難提出看法，而我們目前沒有這些資訊。所以就目前而言——我現在沒有足夠資訊來形成立場，Alonso。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Juan Carlos Mora for closing comments.

現在問答環節到此結束。我想把時間交還給 Juan Carlos Mora 作結語。

Before closing, I want to highlight the strong results achieved in 2025, which underscores our strategic progress. With this, we invite you to join us for the upcoming first quarter results conference call. We look forward to your participation. We wish you a very good day.

在結束之前，我想強調我們在2025年取得的強勁成果，這凸顯了我們策略推進的進展。同時，我們也邀請各位參加即將舉行的第一季財報電話會議。我們期待各位的參與。祝各位有美好的一天。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。各位可以掛線，祝各位有美好的一天。