4th Quarter of 2022:

Financial Results

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4th Quarter of 2022:
Financial Results

CONTENT

GRUPO ARGOS SEPARATED FINANCIAL RESULTS 4Q2022 ......................................................................................... 3

GRUPO ARGOS CONSOLIDATED FINANCIAL RESULTS 4Q2022................................................................................... 4
NET CONTRIBUTION BY SEGMENT TO GRUPO ARGO'S CONSOLIDATED REVENUES .................................................. 6
INVESTMENT PORTFOLIO ............................................................................................................................................... 7
OPERATING REVENUE AND CASH FLOW FROM DIVIDENDS - SEPARATED ................................................................. 7
SEPARATED STATEMENT OF FINANCIAL POSITION ....................................................................................................... 8
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .............................................................................................. 12
REAL ESTATE BUSINESS ............................................................................................................................................... 16
ODINSA .......................................................................................................................................................................... 18

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4th Quarter of 2022:
Financial Results

GRUPO ARGOS SEPARATED FINANCIAL RESULTS 4Q2022

Separated Revenue

Revenue in 4Q2022 grew 11.3% compared to the same period the previous year due to
increased contributions from the real estate business.

Var
COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21
YOY
Revenue from ordinary activities 156.113 73.187 113,3% 779.186 652.760 19,4%
-
Revenue from financial activity 0 10 142.454 111.239 28,1%
100,0%
Real estate revenue 98.545 54.925 79,4% 298.851 238.484 25,3%
Profit (loss) net via equity method 57.568 18.252 215,4% 337.881 303.037 11,5%

*Revenue recognized by Grupo Argos in the P&L for the real estate business mainly includes: Sale of urbanized lots. Pactia
and lot valuation. The profit from the sale of raw lots is classified under other revenue in the P&L.

Separate Costs & Expenses

The cost of ordinary activities in 4Q2022 closed at COP 51.65 billion, an increase of 100.7%
compared to the same period the previous year, explained by higher sales by the real estate
business associated with increased revenues in this segment.

Operating expenses for the quarter closed at COP 60,267 billion, a 72.2% increase associated
with inflationary pressure, business reactivation, and special company projects.

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY

Cost of ordinary activities 51,658 25,738 100.7% 112,955 (103,496) 9.1%
Cost of sales of financial activity 0 0 0 1,148 -100.0%
Cost of sales of real estate business 51,658 25,738 100.7% 112,955 102,348 10.4%
Operating expenses 60,267 35,005 72.2% 190,810 136,191 40.1%
Management 58,697 29,808 96.9% 174,673 117,035 49.2%
Management depreciation and amortization 599 4,372 -86.3% 13,858 17,486 -20.7%
Sales 971 825 17.7% 2,279 1,670 36.5%

Other Operating Revenue, Expenses

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY
Other revenue and expenditures -6,222 -8,025 22.5% -13,422 -10,700 -25.4%
Other revenue 235 1,944 -87.9% 1,983 8,017 -75.3%
Other expenditures -6,457 -9,969 35.2% -15,405 -18,717 17.7%

Other Non-Operating Revenue, Expenses

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY

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4th Quarter of 2022:
Financial Results

Non-operating revenue and expenditures -23,295 -26,684 12.7% -105,205 -92,464 -13.8%
Financial, net -26,892 -25,430 -5.7% -108,673 -91,158 -19.2%
Exchange rate difference, net 3,597 -1,254 386.8% 3,468 -1,306 365.5%

Net Income

Net income for the year is COP 346 billion. Highlights include positive results from the real
estate business.

Summary separated Grupo Argos financial results

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY

Revenue 156,113 73,187 113.3% 779,186 652,760 19.4%
Ebitda 38,565 8,791 338.7% 475,857 419,859 13.3%
Ebitda Margin 24.7% 12.0% 61.1% 64.3%
Net Income 9,007 -9,116 198.8% 345,789 336,205 2.9%
Net Margin 5.8% -12.5% 44.4% 51.5%

Debt and Cash Flow

Grupo Argos’s separate debt ended the second quarter at COP 1.1 trillion, with 99% of its loans
maturing after 2023, providing the company with greater financial flexibility and allowing it to
end out the period with healthy indebtedness indicators that are in line with its current credit
ratings.

Financing rates have increased worldwide, leading the cost of debt to end the year at 12%, an
increase compared to the rate in December 2021. However, the company has implemented a
number of hedging mechanisms to partially mitigate increased rates. If the company had not
implemented a hedging strategy, the financing rate would now be 15.5%, 350 basic points
higher than it is.

A highlight of the treasury strategy is that the company has invested in COP 180 billion in fixed
return securities that give rise to a positive carries, as their returns are higher than the cost of
debt.

GRUPO ARGOS CONSOLIDATED FINANCIAL RESULTS 4Q2022

Consolidated Revenue

Revenue was COP 5.7 trillion during the period, an increase of 29.4% compared to 4Q2021.

Increased consolidated revenue has mainly been driven by historic revenue levels registered
throughout the year by the cement and energy businesses, as well as positive contributions

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4th Quarter of 2022:
Financial Results

from the concessions business, the real estate business, and investments in associated
companies.

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY

Revenue 5,739,804 4,434,066 29.4% 21,339,706 16,309,119 30.8%
Revenue from sales of goods and
5,351,082 4,149,579 29.0% 18,928,919 15,274,874 23.9%
services
Revenue from financial activity 26,069 44,156 -41.0% 1,186,827 247,708 379.1%
Revenue from real estate business 227,868 201,351 13.2% 760,989 621,665 22.4%
Equity method, net 215,302 101,985 111.1% 759,273 394,232 92.6%
Sales returns and discounts -80,517 -63,005 -27.8% -296,302 -229,360 -29.2%

Consolidated Costs and Expenses

Increased costs and expenses for the period (+32.8% YOY) are due to increasing variable costs
from higher sales volumes during the period and to cost inflation across all sectors, especially
in the cement business where the cost of fuel has increased substantially.

The cost of financial activity corresponds to the costs associated with a divestment of 50% in
the road concessions business in Colombia that had associated revenue and made a positive
contribution to EBITDA and Net Income.

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY

Total Cost 4,227,589 3,183,862 32.8% 15,791,372 11,848,313 33.3%
Cost of goods sold 3,850,700 2,772,862 38.9% 13,163,263 10,245,065 28.5%
Depreciation and amortization 324,989 371,397 -12.5% 1,441,882 1,465,773 -1.6%
-
Cost of sales – Financial act. 0 6,874
100.0%
1,044,922 7,783 13325.7%
Cost of sales - Real estate 51,900 32,729 58.6% 141,305 129,692 9.0%
Operating expenses 592,958 509,432 16.4% 2,039,182 1,777,658 14.7%
Administrative expenses 474,092 381,817 24.2% 1,567,145 1,281,978 22.2%
D&A- administrative 30,884 50,854 -39.3% 137,863 208,808 -34.0%
Selling expenses 75,005 65,675 14.2% 287,007 242,802 18.2%
D&A- administrative 12,977 11,086 17.1% 47,167 44,070 7.0%

Other Consolidated Revenue, Expenditures

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY

Other income/expenses 55,949 -250,902 122.3% 84,113 -65,694 228.0%
Other income 127,768 1,931,396 -93.4% 361,913 2,225,472 -83.7%
- - -
Other expenses -71,819 96.7% 87.9%
2,182,298 277,800 2,291,166

Consolidated EBITDA

Higher sales levels resulted in increased EBITDA, which closed at COP 1.34 trillion for the
quarter and COP 5.2 trillion accumulated. Highlights are the energy business, the real estate

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4th Quarter of 2022:
Financial Results

business and the concessions business with increased contributions of 33%, 57%, and 66%
respectively.

Non-Operating Revenue and Expenditures

Financial expenses at the end of the year increased 39.4% compared to the end of 2021 due
to higher indexation rates even with reductions in overall debt during the period.

COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY

Non-operating revenues and expenses -373,386 -178,529 109.1% -1,338,988 -960,834 39.4%
Financial revenues and expenses, net -449,396 -240,672 86.7% -1,441,341 -988,649 45.8%
Exchange difference, net 76,010 62,143 22.3% 102,353 27,815 268.0%

Net Income Consolidated

Net income for 2022 increased 19.4% compared to the previous year, closing December at
COP 1.44 trillion. Cumulative net income to the controlling interest ended the year at COP 881
billion, growing 49% compared to December 2021.

Summary Consolidated Grupo Argos financial results

Var
COP bn 4Q2022 4Q2021 Var YOY Dec-22 Dec-21
YOY
Revenue 5,739,804 4,434,066 29.4% 21,339,706 16,309,119 30.8%
Ebitda 1,344,056 923,207 45.6% 5,220,177 4,336,105 20.4%
Ebitda Margin 23.4% 20.8% 24.5% 26.6%
Net Income 388,165 248,360 56.3% 1,440,341 1,206,033 19.4%
Controlling interest 298,607 93,039 220.9% 881,424 589,799 49.4%

NET CONTRIBUTION BY SEGMENT TO GRUPO ARGO'S CONSOLIDATED

REVENUES

The following is a net contribution of the different businesses to Grupo Argos’s cumulative
consolidated financial results. Keep in mind that contributions do not necessarily coincide with
the figures reported by each company due to standardization adjustments required by the
accounting standards.

Net contribution by segment to the consolidated results

Dec-22 Cement Energy Real Estate Portfolio Concessions Other Total

Revenue 11,693,868 5,576,991 297,149 612,076 1,943,595 1,216,027 21,339,706

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4th Quarter of 2022:
Financial Results

Gross income 2,072,281 1,690,251 184,194 589,401 887,307 124,900 5,548,334

Operational income 1,188,420 1,297,438 133,627 428,663 505,532 39,585 3,593,265
Ebitda 2,148,479 1,725,890 134,360 442,909 723,735 44,804 5,220,177
Net profit 205,618 421,982 144,286 295,490 344,268 28,697 1,440,341
Controlling interest 73,132 125,677 144,286 246,044 263,432 28,853 881,424

Dec-21 Cement Energy Real Estate Portfolio Concessions Other Total

Revenue 9,857,386 4,089,345 235,522 430,434 1,614,994 81,438 16,309,119
Gross income 1,949,578 1,264,902 133,174 410,404 684,387 18,361 4,460,806
Operational income 1,226,894 901,342 84,819 335,045 58,105 11,249 2,617,454
Ebitda 2,146,742 1,299,952 85,472 353,062 435,885 14,992 4,336,105
Net profit 512,441 530,024 82,109 268,579 -192,323 5,203 1,206,033
Controlling interest 213,397 162,220 82,109 232,167 -105,299 5,205 589,799

Does not include reclassifications

*This segment includes the impact of the sale and contribution to Odinsa Vías

INVESTMENT PORTFOLIO

Business Stake # of shares Value Value Px / share

(%) (#) (COP mm) (USD mm)* (COP)*
Cement (Cementos Argos)** 58.8% 687,885,624 2,476,388 515 3,600
Energy (Celsia) 52.9% 566,360,307 1,574,482 327 2,780
Concessions (Odinsa)*** 99.9% 195,926,657 2,057,230 428 10,500
Grupo Sura 28.0% 130,608,956 5,485,576 1,140 42,000
Grupo Nutresa 9.9% 45,243,781 2,013,348 419 44,500
Total 13,607,024 2,829

* Stock market closing price as of Dec 31, 2022. Official Exchange Rate: COP 4,810 / 1 USD
** Grupo Argos' stake in Cementos Argos is equivalent to 49.9% of its outstanding shares and 58.8% of its ordinary shares
*** Odinsa's share price is equivalent to the delist takeover bid value (COP 10,500).

OPERATING REVENUE AND CASH FLOW FROM DIVIDENDS - SEPARATED

Operating income from dividends booked in the P&L

COP bn Dec-22 Dec-21 Var YOY

Grupo Sura 66,693 78,274 -14.8%
Grupo Nutresa 42,891 31,761 35.0%
Pactia & Pactia SAS 25,529 13,616 87.5%

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4th Quarter of 2022:
Financial Results

Other 8,500 6,823 24.6%

Total 143,613 130,474 10.1%

Income from dividends received as cash

COP bn Dec-22 Dec-21 Var YOY

Cementos Argos S.A. 144,641 110,767 31%
Celsia S.A. E.S.P. 160,422 173,873 -8%
Odinsa S.A. 360,957 0
Opain S.A. 0 0
Opain Maintenance 0 0
Grupo Sura 69,599 77,612 -10%
Grupo Nutresa 40,108 31,164 29%
Pactia & Pactia SAS 25,530 63,155 -60%
Valle Cement 0 15,833 -100%
Fondo Regional de Garantías de la C. Atlántica and others 1,534 0
Total dividends and others received 802,791 472,404 70%

SEPARATED STATEMENT OF FINANCIAL POSITION

STATEMENT OF FINANCIAL POSITION - SEPARATED

COP bn Dec-22 Dec-21 Var YOY
Cash and cash equivalents 72,319 16,237 345%
Derivative Financial Instruments 3,521 3,000 17%
Current Investments 180,828 0
Trade account receivables, net 262,194 200,051 31%
Inventories 268,832 200,354 34%
Prepayments 0
Non-current assets for sale 32,209 5,631 472%
64,617 0
Total current assets 884,520 425,273 108%

Permanent investments 17,937,344 16,160,782 11%

Other non-current account receivables 112,594 151,249 -26%
Inventories 0 0
Assets by right of use PPE 7,021 6,723 4%
Intangibles, Net 0 76,021 -100%
Property, plant and equipment, net 1,491 1,806 -17%
Investment properties 2,020,317 2,123,104 -5%
Deferred tax asset 0 0
Biological assets 0 0
Derivative financial instruments 0 0
Other non-current assets 1,548 7,134 -78%

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4th Quarter of 2022:
Financial Results

Total non-current assets 20,080,315 18,526,819 8%

Total assets 20,964,835 18,952,092 11%

US$ 4,358 4,760 -8%

Current financial liabilities 8,920 2,556 249%

Lease liabilities 3,706 2,053 81%
Bonds and other financial liabilities 10,357 95,117 -89%
Current trade and other current payables 148,922 11,274 1221%
Provisions 5,255 5,005 5%
Current tax payables 2,135 15,682 -86%
Current employee benefits liabilities 13,907 12,510 11%
Other current liabilities 175,533 109,055 61%
Derivative financial instruments 0 727 -100%

Total current liabilities 368,735 253,979 45%

Non-current financial liabilities 392,297 392,281 0%

Lease liabilities 3,617 4,679 -23%
Bonds and other financial liabilities 994,367 1,003,177 -1%
Deferred tax liabilities 557,402 185,302 201%
Non current employee benefits liabilities 1,647 2,122 -22%
Derivative Financial Instruments 0 921 -100%
Other non current liabilities 0 0
Total non-current liabilities 1,949,330 1,588,482 23%

Total liabilities 2,318,065 1,842,461 26%

US$ 482 463 4%

Share capital 54,697 54,697 0%

Additional paid-in capital 1,503,373 1,503,373 0%
Other comprehensive income 4,728,224 3,012,156 57%
Reserves 3,241,097 3,339,623 -3%
Other components of equity 300,068 275,290 9%
Retained earnings 8,473,522 8,588,287 -1%
Profit (Loss) for the year 345,789 336,205 3%
Total Equity 18,646,770 17,109,631 9%
US$ 3,877 4,298 -10%

SEPARATED RESULTS STATEMENT

COP mm 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY
Revenue 156,113 73,187 113% 779,186 652,760 19%
Income from financial activity 0 10 -100% 142,454 111,239 28%
Income from real estate business 98,545 54,925 79% 298,851 238,484 25%
Profit (loss) net via equity method 57,568 18,252 215% 337,881 303,037 11%

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4th Quarter of 2022:
Financial Results

Cost of ordinary activities 51,658 25,738 101% 112,955 (103,496) 9%

Cost of sales of financial activity 0 0 0 1,148 -100%
Cost of sales of real estate business 51,658 25,738 101% 112,955 102,348 10%
Net Income 104,455 47,449 120% 666,231 549,264 21%
Gross Margin 66.9% 64.8% 85.5% 84.1%
Operating expenses 60,267 35,005 72% 190,810 136,191 40%
Management 58,697 29,808 97% 174,673 117,035 49%
Management D&A 599 4,372 -86% 13,858 17,486 -21%
Sales 971 825 18% 2,279 1,670 36%
Sales D&A
Other revenue and expenditures -6,222 -8,025 22% -13,422 -10,700 -25%
Other revenue 235 1,944 -88% 1,983 8,017 -75%
Other expenditures -6,457 -9,969 35% -15,405 -18,717 18%
Wealth tax 0 0 0
Profit from operating activities 37,966 4,419 759% 461,999 402,373 15%
Operating margin 24.3% 6.0% 59.3% 61.6%
EBITDA 38,565 8,791 339% 475,857 419,859 13%
EBITDA margin 24.7% 12.0% 61.1% 64.3%
Non-operating revenue and expenditures -23,295 -26,684 13% -105,205 -92,464 -14%
Financial, net -26,892 -25,430 -6% -108,673 -91,158 -19%
Exchange rate difference, net 3,597 -1,254 387% 3,468 -1,306 366%
Profit before tax 14,671 -22,265 166% 356,794 309,909 15%
Income tax -5,664 -13,149 57% 11,005 -26,296 142%
Net profit (loss) 9,007 -9,116 199% 345,789 336,205 3%
Net margin 5.8% -12.5% 44.4% 51.5%

SEPARATED CASH FLOW

COP mm Dec-22 Dec-21

CASH FLOWS FROM OPERATING ACTIVITIES

Net profit (loss) 345,789 336,205
Adjustments:
Dividend and interest income -143,615 -130,473
Income tax expense recognized through profit or loss 11,005 -26,296
Equity-accounted investees in the results of subsidiaries -337,881 -303,037
Financial expense, net recognized through profit for the period 74,632 91,157
Loss on disposal of non-current assets 750 4,840
-2 -55
Gain on fair value measurement -88,272 -74,275
Depreciation and amortization of non-current assets 13,858 17,486
Impairment, net of financial assets 595 231
Foreign exchange gains and losses on financial instruments recognized through profit or loss -3,468 1,307
Other Adjustments -898 -10,424
-127,507 -93,334

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4th Quarter of 2022:
Financial Results

Changes in Working Capital:

Trade and other receivables -10,507 -34,742
Inventories 53,322 105,311
Other assets -22,000 333
Trade and other payables 24,320 -3,629
Provisions -449 -139
Other liabilities 56,611 29,222
CASH USED IN OPERATIONS -26,210 3,022
Dividends received 802,790 422,774
Income tax paid 9,721 -5,260
NET CASH FLOW FROM OPERATING ACTIVITIES 786,301 420,536

CASH FLOW FROM INVESTING ACTIVITIES

Financial interest received 39,636 4,516
Acquisition of property, plant and equipment - -1,201
Proceeds from the sale of property, plant and equipment - 260
Acquisition of investment property -5,246 -16,696
Proceeds from the sale of investment property 800 3,502
Acquisition of control of subsidiaries and other businesses -12,282 -492
Proceeds from the sale of subsidiaries and other businesses 13,052 -
Acquisition and/or contributions to interests in associates and joint ventures - -7,054
Proceeds from the sale of investments in associates and joint ventures 256 1,148
Acquisition of financial assets -364,571 -318
Proceeds from the sale of financial assets 144,247 23,635
Loans granted to third parties -10,821 -22,085
Proceeds from the repayment of loans granted to third parties 17,854 -
Refund of contributions 11,191 53,737
CASH FLOW FROM INVESTING ACTIVITIES -165,884 38,952

CASH FLOWS FROM FINANCING ACTIVITIES

Bonds Issued
Payment of bonds -95,107 -31,716
Increase in financing instruments 43,385 327,800
Payment of financing instruments -43,756 -417,302
Payment of lease liabilities -1,826 -1,706
Financial derivative contracts hedging financial liabilities 10,790 1,322
Dividends paid on ordinary shares -246,854 -167,445
Dividends paid on preferential shares -78,630 -90,674
Interest paid -152,177 -87,665
Other cash inflows / outflows -30 -617
NET CASH FLOW USED IN FINANCING ACTIVITIES -564,205 -468,003

(NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 56,212 -8,515

Cash and cash equivalents at the beginning of the period 16,237 24,148
Effect of exchange rate changes on cash and cash equivalents held in foreign
currencies -130 604

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 72,319 16,237

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4th Quarter of 2022:
Financial Results

FINANCIAL INDEXES - SEPARATED RESULTS STATEMENT

Dec-22 Dec-21
Liquidity:
Current ratio 2.40 1.67 Current assets /Current liabilities
Current assets - inventory / Current
Quick ratio 1.67 0.89
liabilities

Indebtedness:
Total liabilities / Total
Debt ratio 0.11 0.10
assets
Debt to equity ratio 0.12 0.11 Total liabilities / Equity

Solvency:
Assets to equity ratio 1.12 1.11 Total assets / Equity
Financial Leverage 0.87 0.85 (UAI / Equity) / (UAII / Total assets)

Returns:
ROA 1.65% 1.77% Net profit / Total assets
Gross margin 86% 84% Gross profit / Operational revenues
Operational profit / Operational
Operational margin 59% 62%
revenues
Net margin 44% 52% Net profit / Operational revenues

Other:
Working Capital 515,785 171,294 Current assets – Current liabilities
EBITDA 475,857 419,859 EBITDA
EBITDA
EBITDA margin 61.07% 64.32%
margin
P&L indicators are as of LTM

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

STATEMENT OF FINANCIAL POSITION – CONSOLIDATED
COP mm Dec-22 Dec-21 Var YOY
Cash and cash equivalents 1,429,105 2,683,143 -47%
Derivative financial instruments 70,236 20,856 237%
Other financial Investments 763,678 869,849 -12%
Trade account receivables, net 2,993,918 2,746,524 9%
Inventories 1,924,803 1,376,345 40%
Biological assets 5,112 4,312 19%
Prepayments and other non-financial assets 336,957 229,924 47%
Non-current assets held for sale 6,169,569 58,304 10482%

Total current assets 13,693,378 7,989,257 71%

Investments in associates and joint Ventures 13,489,764 11,590,167 16%

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4th Quarter of 2022:
Financial Results

Other non-current account receivables 574,099 867,991 -34%

Inventories 0 0
Assets by right of use properties, plants and equipment 669,838 704,186 -5%
Intangibles, net 3,103,213 7,430,883 -58%
Property, plant and equipment, net 22,497,982 21,057,939 7%
Assets by right of use investment properties 0 0
Investment properties 2,290,960 2,352,836 -3%
Deferred taxes 326,029 400,299 -19%
Biological assets 57,993 56,866 2%
Derivative financial instruments 87,544 15,974 448%
Restricted cash 0 0
Prepayments and other non-financial assets 150,268 122,946 22%

Total non-current assets 43,247,690 44,600,087 -3%

Total assets 56,941,068 52,589,344 8%

US$ 11,838 13,210 -10%

Current financial liabilities 1,635,930 2,628,060 -38%

Lease liabilities 148,443 137,257 8%
Bonds and other financial liabilities 830,643 1,126,948 -26%
Current trade and other current payables 2,840,691 2,603,991 9%
Current provisions 142,956 309,164 -54%
Current tax payables 233,247 171,501 36%
Employee benefits liabilities 277,951 290,224 -4%
Other employee benefits liabilities 0 0
Income received in advance 0 0
Non-current financial liabilities 85,018 0
Other current liabilities 594,852 487,959 22%
Derivative financial instruments 22,014 2,087 955%
Liabilities associated with assets held for sale 3,509,787 7,772 45059%
Total current liabilities 10,321,532 7,764,963 33%

Non-current financial liabilities 6,080,834 4,038,878 51%

Lease liabilities 615,979 628,449 -2%
Bonds and other financial liabilities 5,784,720 8,678,684 -33%
Deferred taxes 1,479,769 1,283,447 15%
Provisions 207,384 232,008 -11%
Other non-current payables 127,424 135,088 -6%
Employee benefits liabilities 292,873 362,307 -19%
Other employee benefits liabilities 0 0
Derivative financial instruments 649 48,373 -99%
Tax liabilities 0 0
Other non-current liabilities 0 610,589 -100%

Total non-current liabilities 14,589,632 16,017,823 -9%

Total Liabilities 24,911,164 23,782,786 5%

US$ 5,179 5,974 -13%

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4th Quarter of 2022:
Financial Results

Share capital 54,697 54,697 0%

Additional paid-in capital 1,503,373 1,503,373 0%
Other comprehensive income 6,303,067 3,996,628 58%
Reserves 3,241,099 3,339,623 -3%
Other components of equity -151,350 -111,432 -36%
Retained earnings 9,218,971 9,083,552 1%
Profit for the period 881,424 589,799 49%
Equity buybacks 0 0
Non-controlling interests 10,978,623 10,350,318 6%
TOTAL EQUITY 32,029,904 28,806,558 11%
US$ 6,659 7,236 -8%

STATEMENT OF INCOME - CONSOLIDATED

COP mm 4Q2022 4Q2021 Var YOY Dec-22 Dec-21 Var YOY
Revenue 5,739,804 4,434,066 29% 21,339,706 16,309,119 31%
Revenue from sales of goods and services 5,351,082 4,149,579 29% 18,928,919 15,274,874 24%
Revenue from financial activity 26,069 44,156 -41% 1,186,827 247,708 379%
Revenue from real estate business 227,868 201,351 13% 760,989 621,665 22%
Equity method, net 215,302 101,985 111% 759,273 394,232 93%
Sales returns and discounts -80,517 -63,005 -28% -296,302 -229,360 -29%
Total Cost 4,227,589 3,183,862 33% 15,791,372 11,848,313 33%
Cost of goods sold 3,850,700 2,772,862 39% 13,163,263 10,245,065 28%
Depreciation and amortization 324,989 371,397 -12% 1,441,882 1,465,773 -2%
Cost of sales – Financial act. 0 6,874 -100% 1,044,922 7,783 13326%
Cost of sales - Real estate 51,900 32,729 59% 141,305 129,692 9%
Gross income 1,512,215 1,250,204 21% 5,548,334 4,460,806 24%
Gross margin 26.3% 28.2% 26.0% 27.4%
Operating expenses 592,958 509,432 16% 2,039,182 1,777,658 15%
Administrative expenses 474,092 381,817 24% 1,567,145 1,281,978 22%
D&A- administrative 30,884 50,854 -39% 137,863 208,808 -34%
Selling expenses 75,005 65,675 14% 287,007 242,802 18%
D&A- administrative 12,977 11,086 17% 47,167 44,070 7%
Other income/expenses 55,949 -250,902 122% 84,113 -65,694 228%
Other income 127,768 1,931,396 -93% 361,913 2,225,472 -84%
Other expenses -71,819 -2,182,298 97% -277,800 -2,291,166 88%
Wealth tax 0 0 0 0
Operating profit 975,206 489,870 99% 3,593,265 2,617,454 37%
Operating margin 17.0% 11.0% 16.8% 16.0%
EBITDA 1,344,056 923,207 46% 5,220,177 4,336,105 20%
EBITDA margin 23.4% 20.8% 24.5% 26.6%
Non-operating revenues and expenses -373,386 -178,529 -109% -1,338,988 -960,834 -39%
Financial revenues and expenses, net -449,396 -240,672 -87% -1,441,341 -988,649 -46%
Exchange difference, net 76,010 62,143 22% 102,353 27,815 268%
Pre-tax profit (loss) 601,820 311,341 93% 2,254,277 1,656,620 36%
Income tax 213,655 62,981 239% 813,936 450,587 81%
Net Income 388,165 248,360 56% 1,440,341 1,206,033 19%

14
4th Quarter of 2022:
Financial Results

Net margin 6.8% 5.6% 6.7% 7.4%

Controlling interest 298,607 93,039 221% 881,424 589,799 49%
Net margin - controlling 5.2% 2.1% 4.1% 3.6%

15
4th Quarter of 2022:
Concessions Business

REAL ESTATE BUSINESS

4th Quarter of 2022 Results:

Real Estate Business
2022 was an excellent year for the NDU, with revenues of 224 billion, 39% above the previous
year, and closed with a net cash flow of 100 billion, 24% higher than in 2021.
We launched a very successful call for the third stage of Ciudad Mallorquín and for 3 blocks
of the Portal Empresarial del Norte, from which we received 12 proposals for Ciudad
Mallorquín and 5 proposals for the PEN, equivalent to 7x and 3.8x the area offered
respectively, for a total of $627.72 billion in proposals. Both projects are for VIS housing, a
segment that continues to be in high demand.
This quarter, the P&L booked the assignment of 5 plots: 3 in Puerto Colombia and 2 in
Barranquilla. This, added to the previous quarters, resulted in an EBITDA of more than 40
billion.
We also added $800 billion in 47 active transactions for, $350 billion of which remain
pending.
In Barú we continue to make progress with positioning it as a Caribbean tourist destination.
The Sofitel Barú CalaBlanca hotel proved to be one of the most representative assets of luxury
hospitality, receiving multiple awards from the industry including recognition from Conde
Nasté Traveler as the sixth best resort in America and from Luxury Lifestyle Wards as the Best
New Luxury Resort in South America 2022. Additionally, the hotel had operational and
financial results that exceeded its budget, allowing dividends to be distributed to its partners
(PEI, AyC and Grupo Argos), something unheard of for a first year of operations.

4Q22 4Q21 Var YOY at Dec22 at Dec21 Var QOQ

P&L Revenue NDU 67,057 50,474 32.85% 212,553 184,450 15.24%
Revenue from sales of lots 76,674 28,665 167.48% 223,669 162,569 37.58%
NDU EBITDA 2,221 9,927 -77.63% 41,043 33,339 23.11%
Sq. mts. sold and/or transferred 68,949 498,445 -86.17% 336,984 651,564 -48.28%
Cash Flow Revenue 99,977 82,044 21.86% 223,920 161,197 38.91%
Net cash flow 47,151 59,407 -20.63% 99,403 80,355 23.71%

16
4th Quarter of 2022:
Concessions Business

Pactia
In the real estate income business, the Pactia real estate fund has had effective annual
returns of 6.00% since its incorporation on January 20, 2017, with value per unit of COP
$14,142.39 including returns and $13,282.19 without returns.

There were 187,517,359 total units in circulation on December 31, implying an Equity value
of COP 931 billion for Grupo Argos’s 70,106,639 units. It should also be noted that, during
the quarter, the fund carried out a COP 15 billion buyback of units belonging to Protección.

Total GLA was effectively the same compared to the end of 3Q2022, from 804,722 sq. mt. to
803,509 sq.mt. Over the last 12 months, total GLA decreased 4.1% due to divestments in
flexible office space in Chantilly, Virginia, United States and the Sonesta Valledupar and GHL
Style Neiva hotels. At a portfolio level, assets mostly focus on commercial and industrial
properties with 632 thousand sq. mts. of GLA. Assets under management totaled COP 3.87
trillion during the third quarter, and liabilities ended the period at COP 1.38 trillion.

After the buyback of units belonging to Protección, the shareholding structure as of December
31 was as follows: 37.39% Conconcreto, 37.39% Grupo Argos, and 25.23% Protección.

Gross cash revenues for the quarter were COP 109 billion, a 1% year-over-year increase, while
net operating revenue was COP 70 billion, a decrease of 2%. EBITDA for the quarter was COP
52 billion, a 2% year-on-year increase. After adjusting for divestments, gross cash revenue,
net operating revenue and EBITDA grew 11%, 14% and 26% respectively.

Finally, for the same assets for the year-to-date, gross cash revenue, net operating revenue
and EBITDA grew 25%, 24% and 34% respectively.

Summary revenue and costs- Pactia

Millions of COP 4Q2022 4Q2021 Var YOY Cum. 2022 Cum. 2021 Var YOY

Gross Cash Income 108,923 107,781 1% 393,710 356,735 10%

Operating Costs 39,390 36,941 7% 138,053 120,847 14%

Net Operating Revenue 69,533 70,840 -2% 255,657 235,888 8%

Consolidated EBITDA 52,140 50,967 2% 187,430 163,367 15%

Ebitda Margin 48% 47% +58 bp 48% 46% +181 bp

17
4th Quarter of 2022:
Concessions Business

ODINSA
Consolidated Results 4Q2022

In 4Q2022, Odinsa received prefeasibility approval from the National Infrastructure Agency for
its El Dorado Max Private Initiative, which advances thus to the feasibility stage. This initiative
intends to expand and improve the existing infrastructure of El Dorado Airport to increase its
capacity from 40 million passengers per year to 60 million passengers per year with a new
terminal, more parking positions, extension of the north runway, and expansion of the cargo
terminal. The Capex for the initiative is approximately USD 2.1 million. This will be an efficient
solution to maximize use of the El Dorado Airport’s current terminal and is a key project for the
development of the country and the region.

In 4Q2022, traffic on most assets increased significantly compared with 2021, which allowed
us to end the year with positive results. During the fourth quarter, roadway concession
reported 10.4 million vehicles in total traffic vs. 10.1 million vehicles in 2021, an increase of
2%. Passengers through the airport concessions increased 23% in 4Q2022, from 8 million
passengers in 2021 to 11 million passengers in 2022.

Consolidated Results 4Q2022

Before explaining the results of the quarter, that were very positive, it should be remembered
that conclusion of the roadway platform business with MAM is generating (as of June this year)
changes in the way Odinsa books accounting results for the 4 roadway concessions included
under the platform. This is because Odinsa is no longer a direct shareholder in these roadway
projects, and is now an investor in a Private Equity Fund, which, in turn, invests in these
projects.

These changes imply deconsolidation of the following roadway concessions: Autopistas del
Café (including its construction consortium), Malla Vial del Meta and Túnel Aburrá Oriente.
These will begin to be recorded under a single entry included in Odinsa’s Financial Statements
using the equity method to book its share of returns from the Private Equity Fund. This will also
happen once precedent conditions for operating the airport platform are achieved. Grupo
Argos currently consolidates the El Dorado airport concession. Once the transaction has been
concluded, Grupo Argos will cease consolidation and Odinsa will carry the results of the asset
using the equity method to book it share of returns from the Private Equity Fund.

Starting to analyze 4Q results, Odinsa booked COP 3 billion in consolidated revenue during the
fourth quarter of 2022 arising from revenues from its share in the private equity fund and
booked under the equity method.

18
4th Quarter of 2022:
Concessions Business

Only revenues from Green Corridor are registered in the roadway concession segment, as it is
the only concession it continues consolidating after conclusion of the roadway vertical in June.
During the fourth quarter, Green Corridor reported COP 6 billion in revenue.

It should be highlighted that revenue has increased for most of the roadway concessions, for
a total of COP 273 billion (18% YOY). This is mainly explained by traffic recovery and, in the
case of MVM, by construction revenues, as it began construction work during 2022.

Finally, Odinsa obtained positive Revenue, EBITDA, and Net Income from the airport segment
via the Equity Method (EM), resulting from increasing passenger traffic. This segment
contributed about COP 23 billion to the quarter’s results as of September 2022, approximately
COP 4 billion more than the same period the previous year. It should be mentioned that Opain's
results, despite being very positive, do not contribute to Odinsa's results due to an accounting
decision made in 2021 under which this assets’ results will only begin to be recorded in
Odinsa's results once its equity ceases to present negative values. This is expected to occur in
2023.

EBITDA for 4Q2022 has a variation of 112% YOY, with a value of COP 30 billion. This increase
is mainly explained by the early termination of the Autopistas del Nordeste and Boulevard
Turístico del Atlántico concessions in the last quarter of 2021. The airport segment contributed
COP 23 billion (+25% YOY) to EBITDA, in line with the revenue mentioned previously.
Comparisons to 2021 are affected by the roadway vertical and the accounting effects
mentioned before.

Net Income to the Controlling Interest increased by approximately COP 124 billion in 4Q2022
compared to the same period the previous year (COP -191 billion in 4Q2022). Due to the
effects of the divestment of the two concessions in the Dominican Republic.

The company's consolidated financial debt ended the third quarter at COP 631 trillion, a
reduction of 76% compared to the year before. This reduction corresponds mainly to early
payment of debt belonging to Odinsa Holding and Odinsa SA for close to COP 1.2 trillion and
deconsolidation of the debt in Autopistas del Nordeste, Boulevard Turístico del Atlántico, and
the roadways transferred to the Private Equity Fund.

Compared to 4Q2021, debt costs in COP showed decreased 187 basis points, due to the
deconsolidation of the debt in pesos of the concessions and prepayment of debt belonging to
Odinsa Holding and Odinsa S.A. Debt costs in USD increased 337 basis points, explained by
increased indexation rates.

The balance for separated debt was COP 424 billion at the end of 4Q2022, 73% lower than at
the same cut-off date the previous year.

Results for the third quarter compared to the same period the previous year can be found
below:

19
4th Quarter of 2022:
Concessions Business

Results 4Q2022

Millions of COP Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21 Var YOY
Revenue 26,786 195,630 -86% 515,358 918,402 -44%
Ebitda 30,112 -244,745 112% 501,059 235,973 112%
Net Income 102,328 -304,007 134% 429,261 -134,526 419%
Majority holding 124,474 -191,443 165% 432,142 -91,882 570%

* Revenue includes eliminations and other adjustments between businesses.

Roadway concessions in operation

AUTOPISTA DEL CAFÉ - AKF

20
4th Quarter of 2022:
Concessions Business

Colombia
Term: 30 years (1997 – 2027)
Guaranteed minimum revenues
FCP Odinsa Vías

This concession reports total traffic of 3.7 million vehicles for 4Q2022, a decrease of -6.5%
YOY explained mainly by reductions in category 5, 6 and 7 vehicles as a result of the Pacifico
1 project.
Revenue decreased 6% YOY (COP 67 billion vs. COP 72 billion reported the previous year), due
to reduced traffic numbers. EBITDA for the concession increased of 10% due to lower
operating costs. Net Income decreased 99% YOY due to increased financial expenses and
considerable tax increases.

Var
Millions of COP Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21
YOY
Total Traffic 3,760,915 4,020,779 -6.5% 14,301,889 13,390,297 7%
Average Daily Traffic ADT 40,880 43,705 -6.5% 39,183 36,685 7%
Revenue 67,048 71,654 -6% 262,043 252,328 4%
Ebitda 7,549 6,883 10% 85,421 84,977 1%
Net Income 33 4,366 -99% 39,359 57,156 -31%
*Average Daily Traffic (ADT) expressed in vehicles per day.

CONCESIÓN TÚNEL ABURRA ORIENTE

Colombia
Estimated maturity: 2037 (based on Expected Income (EI) fulfillment)
Revenue from toll collection

21
4th Quarter of 2022:
Concessions Business

FCP Odinsa Vías

Traffic increased 12% YOY on this concession compared to 4Q2021, with 3.7 million vehicles.
ADT growth from 36 thousand to 40 thousand vehicles per day compared to 4Q2021 provides
evidence of solid demand for transportation and connectivity between the valleys, as well as
service levels on the concession and an evident improvement in airport traffic associated with
the José María Córdoba Airport.
Revenue increased 26%, EBITDA 68%, and Net Income 154% YOY in 4Q2022. Higher
revenues are a result of increased traffic, COVID compensation (AMB 52), and accounting
revenue from accounts receivable from the Government. The rate of the latter increased as
they are indexed against the CPI, increasing their value compared to the same period the year
before. Operating expenses also decreased during the fourth quarter of 2022.

Var
Millions of COP Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21
YOY
Total Traffic (millions) 3,709,753 3,322,821 12% 13,828,430 10,640,463 30%
Average Daily Traffic ADT 40,323 36,118 12% 37,886 29,152 30%
Revenue 70,287 55,836 26% 233,967 180,872 29%
Ebitda 53,218 31,647 68% 177,508 112,592 58%
Net Income 17,511 6,904 154% 51,186 35,397 45%
*Average Daily Traffic (ADT) expressed in vehicles per day.

CONCESIÓN LA PINTADA
Colombia
Term: subject to compliance with a VPIP with a maximum term of 29 years (2043)
Present Value of Toll Revenue (VPIP, in Spanish)
FCP Odinsa Vías

22
4th Quarter of 2022:
Concessions Business

Traffic on this concession decreased 8% YOY during 4Q2022, reaching 664 thousand vehicles.

Revenue increased 27% YOY and EBITDA increased 28% YOY, due to increased accounting
revenue. This project is a financial asset where its revenues are equal to costs plus an
accounting margin, according to specific standards (IFRS 15). However, Net Income decreased
185% YOY as a result of higher financial expenses related to debt in USD and COP due to
higher interest rates (Libor and UVR respectively).

It should be noted that, under the concession agreement, cashflow for this concession’s debt
in dollars is naturally covered by the payment of future terms.

Var
Millions of COP Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21
YOY
Total Traffic (millions) 664,668 721,847 -8% 2,563,074 2,515,362 2%
Average Daily Traffic ADT 7,225 7,846 -8% 7,022 6,891 2%
Revenue 103,014 80,872 27% 317,279 316,169 0%
Ebitda 77,581 60,841 28% 263,450 241,781 9%
Net Income -5,069 5,949 -185% 28,423 62,253 -54%
*Average Daily Traffic (ADT) expressed in vehicles per day.

GREEN CORRIDOR
Aruba
DBFM (Design, Build, Finance & Maintain) type contract
Guaranteed quarterly compensation subject to service indicators
Odinsa Share: 100%
Construction work duration: 30 months

23
4th Quarter of 2022:
Concessions Business

Maintenance: 18 years
Form of Payment: Once the works are completed, the state will make quarterly payments for
18 years. Payments equal 130 million guilders at the January 2011 exchange rate (USD 73
million)

Comparing 4Q2022 to the same period of the previous year, there is a -46% decrease in
revenues, and an annual variation of -4%. Considering that the Gross Availability Payment has
been received without delay, financial revenues tend to decrease each year.

Var
Millions of USD Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21
YOY
Revenue 1.117 1.913 -42% 7.782 8.071 -4%
Ebitda 0.269 1.046 -74% 4.848 5.098 -5%
Net Income -0.654 0.160 -509% 0.547 1.022 -46%

Roadway Concessions under Construction

MALLA VIAL DEL META

24
4th Quarter of 2022:
Concessions Business

Colombia
Private initiative PPP
No guaranteed traffic
FCP Odinsa Vías

Under the concession agreement, the company continues operating and maintaining the
entire corridor under the concession and, therefore, receiving 47.7% of tolls collected from
UF0.
Average daily traffic on the concession was 24 thousand vehicles during 4T2022 and total
traffic was 2.3 million vehicles, a YOY increase of 7% compared to 4Q2021. Revenue
increased by 44% YOY due to construction revenue, UF0 remuneration and UF0 rate
differential offset. On the other hand, EBITDA decreased by 37% YOY and Net Income
decreased 28% YOY compared to the fourth quarter of the previous year, mainly due to
construction costs.

Var
Millions of COP Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21
YOY
Total Traffic (millions) 2,282,257 2,133,564 7% 8,461,803 7,489,725 13%
Average Daily Traffic ADT 24,807 23,191 7% 23,183 20,520 13%
Revenue 32,387 22,419 44% 130,667 80,279 63%
Ebitda 7,337 11,677 -37% 34,490 28,149 23%
Net Income 4,658 4,747 -2% 22,238 18,610 19%
*Average Daily Traffic (ADT) expressed in vehicles per day.

Airport Concessions

25
4th Quarter of 2022:
Concessions Business

OPAIN
Colombia
Term: 20 years (2007 – 2027)
Royalty (% total revenue): 46.2%
Odinsa + GA Share: 65%

Airport results continued to improve during the fourth quarter of 2022, which surpassed both
domestic and international traffic levels for 2019.

9.8 million (+21% YOY) total passengers were reported in 4Q2022, 6.7 million of which were
domestic passengers (+12% YOY) and 3.1 million of which were international (+45% YOY).

Revenues were COP 426 billion (+41% YOY), EBITDA COP 158 billion (+48% YOY), and Net
Income was positive, equal to approximately COP 45 billion (+62% YOY). These results reflect
the airport’s solidity with considerable revenue growth, deriving both from an increasing
number of passengers boarded and from airport tax payments related to route reorganizations
and the commercial strategies of new airlines entering the market, including, JetSmart, Sky
Airline, Volaris, and Plus Ultra with a new Bogota-Madrid route.

Variations in regulated revenues are explained by passenger traffic dynamics. International

and national airport tax revenues, and parking and boarding bridge rights are highlights.

Growth is less accelerated in unregulated revenues. However, Duty Free, Food and Beverages,
and commercial premises have made a significant recovery in line with the recovery in airport
traffic, and this is reflected by EBITDA and Net Income.

Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21 Var YOY

Passengers: 9,824,171 8,115,336 21% 36,375,366 22,672,949 60%
Domestic 6,701,252 5,967,206 12% 24,823,898 17,415,965 43%
International 3,122,919 2,148,131 45% 11,551,468 5,256,985 120%
Revenue (Millions of COP) 2 426,093 302,274 41% 1,502,555 828,156 81%
Regulated 315,282 219,705 44% 1,101,348 576,490 91%
Non-Regulated 110,811 82,569 34% 401,207 251,666 59%
Ebitda (Millions of COP) 158,291 106,841 48% 537,328 234,142 129%
Net Income (millions of COP) 45,245 27,977 62% 137,420 1,105 12336%
2This revenue includes regulated, unregulated, construction, and other operating concepts associated with the concession. The figures reported may suffer
variations compared to those presented previously due to differences in results presentation times.

QUIPORT
Ecuador
Term: 35 years (2006 – 2041)
Royalty (% regulated income): 11%

26
4th Quarter of 2022:
Concessions Business

Odinsa Share: 46.5%

During the year 2022, 4.3 million passengers on domestic and international flights travelled
through the Mariscal Sucre International Airport. This was a recovery of 86% compared to
2019 traffic (before the Covid-19 pandemic), which was more than 5 million passengers. Total
passengers increased 47% YOY in 4Q2022 compared to the same period the year before,
reaching 1.2 million passengers. There was a positive variation of 58% YOY in domestic
passengers and 35% YOY in international passengers.

Increased Revenue (+29% YOY), Ebitda (+34% YOY), and Net Income (+49% YOY) for the
quarter is due to increased passenger numbers, especially domestic passengers, resulting
from the recovery of internal traffic and the commercial operations of the airport team that
have opened new routes to the country’s interior. During 2022, Quiport paid dividends of USD
144 million (+42% YOY), a clear example of the assets recovery and financial strength.

Var
Q4 2022 Q4 2021 Var YOY Dec-22 Dec-21
YOY
Passengers: 1,203,216 818,461 47% 4,329,888 2,368,102 83%
Domestic 686,508 434,642 58% 2,484,132 1,152,342 116%
International 516,708 383,819 35% 1,845,756 1,215,760 52%
Revenue (thousands of USD) 41,015 31,908 29% 152,386 109,475 39%
Regulated 28,690 21,451 34% 105,290 73,497 43%
Non-Regulated 11,063 8,520 30% 39,706 27,640 44%
Other Revenue 1,262 1,937 -35% 7,390 8,338 -11%
Ebitda (thousands of USD) 27,945 20,796 34% 108,998 72,666 50%
Net Income (thousands of USD) 7,649 5,146 49% 36,155 8,214 340%

27