BRC Ratings – S&P Global reaffirms Grupo Argos’ AAA rating as an issuer and for its ordinary bonds

• The rating reaffirms Grupo Argos’ structural strength, as well as the favorable outlook for the businesses in which it participates, which continue to exhibit solid fundamentals.
• The rating agency highlighted the Company’s consistent strategic execution over time, which has enabled it to complete transformational transactions in recent years.
• Grupo Argos has maintained an AAA rating as an issuer and for its bonds with BRC Ratings – S&P Global since 2022.

BRC Ratings – S&P Global reaffirmed the AAA rating (the highest on the local scale) for Grupo Argos as an issuer and for its ordinary bond program. In addition, it reaffirmed the BRC 1+ rating for its commercial paper, the highest level for short-term debt.

The rating agency’s decision recognizes the Company’s structural strength, as well as the strategic consistency with which it has executed a portfolio of profitable and sustainable infrastructure investments. The analysis also highlighted the favorable outlook for the businesses in which Grupo Argos participates, supported by robust fundamentals and a proven ability to generate value.

This reaffirmation reflects not only the operating performance of Grupo Argos’ investment platforms, but also a strengthened capital structure. Over the past 20 years, Grupo Argos has executed more than 30 transactions totaling more than USD 7.0 billion, including the following highlights:

• The sale of its 31% stake in Summit Materials for USD 2,875 million.
• The divestment of its stake in Grupo Nutresa and the corporate restructuring that will enable it to continue scaling its specialization in the construction materials and infrastructure industries.
• The continued growth of its energy (renewables, transmission, and distribution) and road and airport concessions platforms.

The Company’s financial strength is reflected in an EBITDA margin of 34% at year-end 2024 and double-digit pro forma growth in revenues and controlling net income on a consolidated basis. Over the same period, consolidated net debt decreased from COP 10.9 trillion in 2023 to COP 9.3 trillion in 2024, with a net debt/EBITDA ratio below 2.0x, demonstrating a healthy financial position and prudent leverage management.