Grupo Argos closed 2025 with the completion of strategic transactions and consolidated net income of COP 4.3 trillion.

• 2025 was an extraordinary year for the Company, during which it executed the Spin-off Project to simplify its corporate structure, divested its Construction Materials business stake in the United States, and achieved record value distributions of COP 11.5 trillion to its shareholders.
• Full-year revenues totaled COP 11.7 trillion (-7%), EBITDA reached COP 2.9 trillion (+10%), and the EBITDA margin stood at 25% (up 400 basis points vs. 2024), with net income of COP 4.3 trillion and controlling net income of COP 2.8 trillion. Excluding extraordinary transactions, EBITDA grew 16% and consolidated net income amounted to COP 1.1 trillion, 3.4 times that of 2024.
• On a separate financial statements basis, Grupo Argos reported revenues of COP 2.5 trillion, EBITDA of COP 1.8 trillion, and net income of COP 4.6 trillion, representing an 84% increase versus 2024.

Grupo Argos posted record earnings driven by the strong operating and financial performance of its businesses and the execution of extraordinary transactions. This resulted in consolidated earnings of nearly COP 12.0 trillion between 2024 and 2025, and in increased shareholder portfolio value: the common share rose 45% and the preferred share 47% during 2025, considering the combined value of Grupo Argos shares and the shares received from Grupo Sura. Including dividends paid, share repurchases, and the distribution of shares under the Spin-off Project, the organization delivered more than COP 11.5 trillion in shareholder returns in 2025.

“2025 was an exceptional year for Grupo Argos. We successfully executed the Spin-off Project to sharpen our focus and simplify our corporate structure, unlock and distribute value to our shareholders, and monetize the investment the organization held in the United States for 20 years. What remains is a company that manages a robust asset base in infrastructure and construction materials totaling COP 16.8 trillion, and that has a project pipeline of nearly COP 40 trillion to capture growing demand across these sectors throughout our geographic footprint.”

Jorge Mario Velásquez
President, Grupo Argos

The Company made progress in executing its project portfolio, with the following highlights:

• Cementos Argos made progress in its re-entry into the United States market through the creation of Argos Materials, its aggregates export platform serving coastal markets in the country’s Southeast. The platform is expected to reach potential production of more than 10 million tons per year and generate incremental EBITDA of USD 150 million by 2030.
• Celsia commissioned Carreto, its first wind power plant in Colombia, with 9.6 MW of installed capacity, located in the Atlántico department.
• Through C2 Energía, Grupo Argos’ energy company closed the year with 480 MWp in operation, which generated 544 GWh in 2025—7% more than in 2024.
• In Peru, Celsia advanced the development of its renewable portfolio totaling more than USD 1.2 billion. The 218 MW Caravelí Wind Farm reached 68% completion as of December 2025 and will enter into operation in 2026.
• The El Dorado Max project advanced its feasibility stage, with an estimated investment of COP 10 trillion to expand capacity to 67 million passengers per year. Approval is expected in 2026, enabling the process to move toward award in 2027.
• Phase II of the Oriente Tunnel continued to progress, reaching more than 20% completion.
• In 2025, Odinsa Aguas was created as an investment platform in water infrastructure, complementing the Company’s road and airport operations. As a first step, a contract was signed to acquire TICSA in Mexico for approximately USD 84 million. Closing is expected in the second quarter of the year and will be funded with Odinsa’s own operating resources.

Operating results focused on profitability

At year-end 2025, Cementos Argos reported consolidated revenues of COP 5.1 trillion and adjusted EBITDA of COP 1.3 trillion, representing 6.6% year-over-year growth, while its EBITDA margin reached 25%, expanding by 215 basis points. The Company maintained its focus on operational profitability and on delivering value to shareholders; through dividends, the spin-off distribution of Grupo Sura shares, and share repurchases, it distributed a total of COP 3.5 trillion.

Celsia closed the year benefiting from the normalization of weather conditions, with more efficient and profitable generation supported by higher hydrology and lower thermal dispatch requirements. As a result, revenues decreased by 20.5% to COP 5.4 trillion, while EBITDA increased by 11.8% to COP 1.7 trillion. The EBITDA margin reached 30.9%, up 898 basis points, and net income totaled COP 360 billion, 6.6% higher than in 2024.

Odinsa closed 2025 with more than 50 million passengers served across its airport platform, 45 million of whom traveled through El Dorado International Airport, which remained Latin America’s leading hub for passenger and cargo connectivity. On the road concessions front, Odinsa recorded average daily traffic of 112,000 vehicles in 2025, a 4% increase versus the prior year. Consolidated revenues reached COP 292 billion in 2025, up 46% versus 2024, while EBITDA totaled COP 190 billion, a 68% increase. Consolidated net income rose to COP 148 billion, up 65% year over year.

The Urban Development Business closed 2025 with cash-flow revenues of COP 250 billion and net cash flow of COP 70 billion, 14% higher than the previous year. This business executed non-VIS transactions in Barranquilla totaling COP 186 billion, bringing 1,710 housing units to the market. In Barú, the investment cycle in Sofitel Barú Cartagena was completed with the sale of the Company’s stake, achieving an annual return of 16%.

Summary of Financial Statements

Over the last two years, Grupo Argos has posted consolidated earnings of nearly COP 12.0 trillion—COP 7.6 trillion in 2024 and COP 4.3 trillion in 2025—reflecting its value creation capabilities across its investments. In 2025, results were driven in particular by earnings associated with Cementos Argos’ sale of its stake in Summit Materials and by the monetization of the investment in Grupo Sura.

In consolidated results for 2025, Grupo Argos reported revenues of COP 11.7 trillion, a 7% decline versus 2024; EBITDA of COP 2.9 trillion, up 10% year over year; and an EBITDA margin of 25%, 400 basis points higher than in 2024. Net income totaled COP 4.3 trillion and controlling net income reached COP 2.8 trillion. Excluding extraordinary transactions, EBITDA increased by 16% and consolidated net income amounted to COP 1.1 trillion, 3.4 times that of 2024.

On a separate financial statements basis, Grupo Argos reported revenues of COP 2.5 trillion, EBITDA of COP 1.8 trillion, and net income of COP 4.6 trillion—record results for the Company—representing an 84% increase versus 2024. As with the consolidated financial statements, when adjusting to reflect only results from recurring operations, separate revenues totaled COP 1.0 trillion, up 86% year over year; EBITDA was COP 694 billion, four times higher than in 2024; and net income was COP 449 billion, 11 times higher than the pro forma result in 2024.

Although 2025 results were affected by distortions stemming from extraordinary transactions that crystallized gains from investments actively managed for years, the underlying operating performance of the infrastructure business remains solid and shows growth compared to comparable 2024 figures.