4Q24 earnings expectations: A solid end to the year

stocks and shares

In the last quarter of the year, we expect the balance of corporate results to be mostly positive. The dynamics of the exchange rate and the management of efficiencies have proven to have a positive effect on several local companies. With an optimistic year-end, we will focus on the messages from managers regarding expectations for 2025. Find out here our perspectives for the upcoming results of the main companies in the local index.

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Inflation and exchange rate: Inflation surprises and resumes upward pressure: How does the TRM interpret it?

For the foreign exchange market, the surprise in the March data and the expectation of a more restrictive monetary policy for a longer period have strengthened one of the currency's main structural supports: the carry channel. This feature continues to give the Colombian peso significant appeal, particularly in an environment where the global dollar has lost some momentum, but the selection process within Latin America has become more demanding.

Shareholders' meetings

Find an executive summary of the most relevant aspects discussed at the 2026 Annual General Meetings. This report focuses on the business management milestones during the year, the ESG progress reported in the supporting material, and the final approval of statutory reforms, profit distribution (dividend) projects, and share buyback program authorizations by the General Meetings.

Equity Report: Summary of Corporate Results for 2025

The financial results for Q4 2025 and the full year 2025 were impacted by corporate events such as the consolidation of Davivienda Group, the sale of Multibank by Grupo Aval, and the divestment of Banistmo by Grupo Cibest. Furthermore, while economic growth showed resilience, the monetary and regulatory environment remained challenging. In the fourth quarter of 25, we rated the reports of 5 issuers as having “positive results” (31%), 7 as having “neutral results” (44%), and 4 as having “negative results” (25%).