Slides
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FINANCIAL RESULTS 2nd quarter / 2025
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Legal Disclaimer Financial Results This document was prepared by Ecopetrol S.A. (the “Company” or “Ecopetrol”) with the purpose of providing the market and interested parties certain financial and other information of the Company. This document may include strategy discussions and forward-looking statements regarding the probable development of Ecopetrol’s business. Said projections and statements include references to estimates or expectations of the Company regarding its future and operational results. Potential investors and the market in general should be aware that the information provided herein does not constitute any guarantee of its performance, risks or uncertainties that may occur or materialize. Actual results may fluctuate and differ from those provided herein due to several factors outside of the control of the Company. Such forward-looking statements speak only as at the date in which they are made and neither Ecopetrol nor its advisors, officers, employees, directors or agents, make any representation nor shall assume any responsibility in the event actual performance of the Company differs from what is provided herein. Moreover, Ecopetrol, its advisors, officers, employees, directors or agents shall not have any obligation whatsoever to update, correct, amend or adjust this presentation based on new information or events occurring after its disclosure. Additional factors that may affect the future results of Ecopetrol are set forth in the section entitled “Risk Factors” in the Company’s Report on Form 20-F for the year ended December 31, 2023, and in the Company’s other filings with Securities and Exchange Commission (the “SEC”), which are available at www.sec.gov. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Ecopetrol. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Ecopetrol. The information contained in this earnings report relating to operational information, financial information and/or statistical data pertaining to companies or institutions that might be considered peer group companies to Ecopetrol has been obtained from public sources available to the general public and is being used solely for informative and statistical purposes. We have not independently verified any such operational information, financial information and/or statistical data, although we believe such operational information, financial information and/or statistical data has been obtained from reliable sources. Ecopetrol S.A. is not liable and does not assume any responsibility for the accuracy, veracity or authenticity of any such operational information, financial information and/or statistical data. 2
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Rafael Guzmán Executive VP of Hydrocarbons Camilo Barco Chief Financial Officer Bayron Triana Executive VP Energies for the Transition Ricardo Roa Chief Executive Officer 3
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Strengthening of operations, efficiency gains, and progress in diversifying the energy matrix 4 mboed 716 715 711 726 706 668 698 724 750 751 mbd mbd 1H: First Half. 2Q: Second Quarter. 1,0701,0851,092 1,146 1,031 984 1,059 1,094 1,135 1,088 215 338 367 364 300 360 345 420 426405 1H-2016 1H-2017 1H-2018 1H-2019 1H-2020 1H-2021 1H-2022 1H-2023 1H-2024 1H-2025 Midstream Downstream Upstream 755 2Q-2025 1084 413 Increased production driven by Caño Sur, CPO-09, and the Permian Basin, the highest half-yearly production in the last 10 years Declaration of commerciality for Lorito (the largest in the last decade) and start of drilling at Papayuela (Offshore) Efficiencies at Pozos Colorados: expanded infrastructure to receive larger refined product vessels Refinery´s turnarounds maintenances almost complete: operations fully available to capture improved margins Acquisition of the Windpeshi wind project in La Guajira, aligned with the strategy to diversify the energy matrix Commercialization of long-term imported natural gas (60 GBTUD block for 5 years) for first the time in Colombia 2Q-2025 2Q-2025
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36.7 76.4 73.2 63.9 61.0 17.6 38.1 32.4 28.3 24.4 6.8 17.0 9.7 7.4 4.9 1H-2021 1H-2022 1H-2023 1H-2024 1H-2025 236 411 367 327 297 Operational and efficiency progress partially impacted by lower crude oil prices 668 698 724 750 751 9% 17% 15% 5 11% Average Production mboed Brent USD/Bl Target 2025: 740-750 EBITDA (TCOP) Revenue (TCOP) ROACENet Income (BCOP) EBITDA Margin 3.4 1.8 1.4 2Q-2024 2Q-2025 Normalized 3.2 9% Dividends paid: 10% return 8.8 TCOP 1H-2025 efficiencies: +27% vs. plan 2.2 TCOP CapEx 1H-2025 2,582 MUSD 48% 50% 44% 44% 40% 65 105 80 83 71 32.6 29.7 14.1 11.1 3.4 1.8 2Q-2024 2Q-2025 Quarterly figures Best quarterly crude differential in the last 4 years -3.7 USD/BL 43% 38% Brent in pesos mCOP/Bl 85 67 Brent USD/Bl 1 TCOP Cost and expense reduction: 80% progress -22% Net income affected by external factors (TCOP) 1.7 Price 0.2 Inflation 0.5 FX rate
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6 Leading with Impact: Progress in TESG TESG Achievements Expected to exceed the 2025 target for the renewable energy portfolio+900 MW Accumulated GHG1 emissions reduction exceeds the semiannual target by 132% (183 thousand tCO₂e)242 mTCO2e Investments made in the Sustainable Territorial Development Portfolio during 2Q 2025180 BCOP 43 BCOP Job opportunities generated through contractors during 1H-202566k Completion of 6 “Liu of Taxes” mechanism initiatives during 2Q 2025 44 million m³ of water reused in operations during 2Q 202582% 1. Greenhouse Gases
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Hydrocarbons
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ANTIOQUIA ATLANTICO BOLIVAR BOYACA CALDAS CAQUETA CAUCA CESAR CORDOBA CUNDINAMARCA CHOCO HUILA GUAJIRA MAGDALENA META NORTE DE SANTANDER QUINDIO RISARALDA SANTANDER SUCRE TOLIMA VALLE DEL CAUCA ARAUCA CASANARE GUAINIA GUAVIARE VICHADA LLA-123 LLA-87 PIEDEMONTE CAPACHOS GUA OFF 0 Floreña N18Y Andina Este - 1 Exploration 44.44%55.56% Lorito Advanced to the commercialization stage GUAJIRA Sirius - 2 ST2 Buena Suerte - 1 GUA OFF 0 Papayuela - 1 LLA 123 Currucutu - 1 Barranca de Upia Cabuyaro Villanueva Paratebueno Medina Toritos Oeste - 1 Toritos Sur - 3 50%50% Currucutu-1 Hydrocarbon manifestation – Heavy crude Milestones for resource to reserve conversion Gato do Mato Recognition of the effectiveness of the commerciality declaration by the ANP CPO-9 COL 6 COL 7 COL 2 COL 1 GUA OFF 0 6 Drilling 2 Floreña N18Y Papayuela-1 Wells drilled6 Exploratory Success: Sirius-2 ST2 Currucutu-1 Under Evaluation: Toritos Oeste-1 Toritos Sur-3 Dry wells: Andina Este-1 Buena Suerte-1 From discovery to development: progress in resources Executed investments: 156 MUSD in the 1H-2025 Papayuela-1 spud (June 15, 2025) • Estimated total depth Q4-2025 Sirius project progressed toward its development • Provenance certificate for the beach crossing • Ethnic, social, and environmental feasibility activities 8
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Commerciality of the Lorito discovery The largest in the past decade – realization of the benefits from the 45% acquisition of CPO-09 FID: Final Investment Decision 8 a 9 °API Type of hydrocarbon 2,154 MMBOE Original oil in place 13,584 acres Area ~250 MMBOE Estimated recoverable resources of which 109 MMBOE are Contingent +1,450 BPD Daily production from Guamal Prof-1 & Tejón-1 Exploratory wells in production 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Drilling Lorito-1 & Trogon-1 Drilling Tejón-1 Commerciality (Q1-2025) Presentation of the exploration plan to ANH (4Q25) Environmental license process (2025-2026+) FID, gradual progression of reserves Drilling Lorito A1 Wells evaluation Wells evaluation Wells evaluation Successful exploratory wells Drilling Guamal Prof-1 Exploration 9 MMBOE: Millions of barrels of oil equivalent BPD: Barrels per day
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498.9 507.7 514.7 511.9 517.0 522-525 142.9 154.1 146.9 138.5 118.9 118-120 26.4 36.6 62.1 100.0 114.6 100-105668 698 724 750 751 740-750 1H-2021 1H-2022 1H-2023 1H-2024 1H-2025* Pj 2025 • Rapid recovery of crude oil production • Record production at Caño Sur: 53 mboed (June 9, 2025) driven by facility expansion • Permian peak production 2Q25: 116 mboed (64 mbopd of crude). Full-year projection 90–98 mboed Ecopetrol Group’s production aligned with the annual target Highest first half production since 2015 and highest national crude output since 2021 Production 10 524 520 519 492 522 524 118 122 121 119 118 116 98 106 109 120 131 123 740 748 749 732 771 763 ene-25 feb-25 mar-25 abr-25 may-25 jun-25 P r o d u c t i o n (M B O E D ) National CrudeNational gas + whitesInternational Workovers Production investment 1,439 MUSD Development wells 220 180 Production 2Q25: 755 mboed • Expansion of processing capacity at Rubiales and Caño Sur • Commissioning of Orotoy ’ crude capacity +35K Recovery from external events Milestones *Deferred production of 1.8 million barrels in 1H25, mainly due to external events caused by third-party actions I N V E S T M E N T P R O G R E S S ( 1 H 2 5 ) Jan-25
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718 768 790 831 795 265 291 304 304 293 1H-2021 1H-2022 1H-2023 1H-2024 1H-2025 984 1,059 1,094 1,1135 1,088 -4% Products Crude 4.5 4.9 6.4 5.5 6.0 1H-2021 1H-2022 1H-2023 1H-2024 1H-2025 +8.7%EBITDA (TCOP) The transportation segment represents for 25% c p p’s total EBITDA . • Increased flexibility in refined product storage and transportation operations • Logistics cost optimization • Expanded strategic storage capacity to enhance response to and external events . 2.7 2.9 2Q-2024 2Q-2025 +6.5% 849 787 304 297 2Q-2024 2Q-2025 1,1152 1,084 -6% Pozos Colorados: New refined products tank 320 MB and expanded vessel unloading capacity to 550 mbbls Vasconia – Barrancabermeja System: +7% capacity to 209 mbpd, increasing availability of domestic crudes for the refinery Caño Sur-Rubiales Pipeline: ∼50 MBD, ensures evacuation and captures savings (∼77 BCOP) Araguaney – Cusiana System: 60% reduction in field inventories at Caño-Limón, reducing the likelihood of production deferrals Pozos Colorados : Expansion of infrastructure for storage and receiving of larger refined product vessels Transported volume (mbd) Financial Performance Infrastructure Milestones 94%: Exogenous, Currency & CPI 6%: Operational Performance Key Impacts: ∼79% External events: blockades, infrastructure damage, theft, third-party production, others ∼21% Scheduled maintenance at refineries Resilient results in a challenging environment Transport Alternate evacuation routes, rapid repair and recovery, use of technology, and strengthened interagency coordination Contribution to energy security Pozos Colorados: Operational resilience amid external disruptions 11
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12 Refining & Petrochemical Recovery, efficiency, and opportunity captured from international markets Eight out of ten maintenance activities completed, restoring operational availability to 95.8% Milestones Recovery of electrical reliability at the Cartagena Refinery: 9 out of 16 milestones completed as of June 2025 Market diversification: First direct paraffin export to Brazil Transformation of low-value feedstocks boosts exports with higher quality and better margins (IFO 380 marine fuel and liquid asphalt) Partnership with Aerocivil to promote sustainable aviation fuels Throughput (mbpd) EBITDA Downstream (BCOP) ∼67% Improvement in operational availability ∼33% Product differentials • Higher throughput (+4% vs 1Q-2025) • Better margins (+15% vs 1Q-2025) • Inventory management 1. Price Effect + Currency + CPI / 2. Blackout in Cartagena and load restrictions / 3. Stoppages Planes / 4. Criminal acts, blockades, and public order issues 227 264 94 148 1H-2024 1,147 1H-2025 1,881 Exogenous¹ Operations² Planned Operations³ Externals⁴ EBITDA 482 665 1Q-2025 2Q-2025 +38% 435 665 2Q-2024 2Q-2025 +53% • Better margins (+37% vs 2Q-2024) • Inventory management • Lower crude purchases due to stoppages schedule 426 405 1H-2024 1H-2025 -5% 424 413 2Q-2024 2Q-2025 -3% 396 413 1Q-2025 2Q-2025 +4% Scheduled maintenance in 1H-2025 12.0 1H-2024 1H-2025 11.7 -2% 9.1 12.5 2Q-2024 2Q-2025 +37% 10.9 12.5 1Q-2025 2Q-2025 +15% ~30% Turnarounds maintenances ~30% Operational events ~ 25% Lower receipts of light crude ~15% Lower demand and other external factors Turnarounds maintenances 80% complete (8 /1 0), Operational availability: 96% vs 91% 1Q-2025 Gross Refining Margin (USD/Bl)
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Cost cutting program mitigates cost pressures 13 Refining Cash CostCost per Barrel Transported Cost and Efficiencies COP Thousand Mn Hydrocarbon Efficiencies 1H-2025 1,135 1,088 Transported Volume (kbd) 426 405Throughput (kbd) 37 108 831 668 451 684 567 647 1S 2024 1S 2025 1,886 2,106 Revenues Opex CapEx Working Capital 60% 10% 18% 10% 2% Upstream Midstream Downstream Corporate Trade USD/Bl USD/Bl 3.07 1H-2024 0.02 3.14 1H-2025 +2% Optimization through efficiencies 5.49 1H-2024 0.07 5.66 1H-2025 +3% USD/Bl Lifting Cost 750Production (kbped) 751 Efficient energy management: 0.44 12.04 1H-2024 0.81 11.59 1H-2025 -4% 7.10 7.80 8.40 8.80 9.301.73 1.64 1.62 2021 1.71 2022 1.64 2023 2024 1S2025 Total Fluids – Average Daily Volume per Year (MBFED) Energy Intensity (kWh/MBFE) • Energy efficiency:operational control and more efficient energy consumption processes • Technology upgrade:e.g., widespread adoption of permanent magnet motors Lifting Cost (USD/Bl) Efficiencies contributed 0.37 USD/Bl to cost reduction 1H-2024 1H-2025 0.81 0.28 0.45 0.37 1H-2024 Exchange Rate Inflation Costs Efficiencies 11.59 1H-2025 12.04 -4%
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Energies for the Transition
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58 GBTUD a v e r a g e Committed deliveries of domestic and imported natural gas under contracts ranging from 4 to 5 years Commercialization Major fields 60 GBTUD Deliveries between Dec. 25 & Nov. 29 Gas fully allocated among 25 agents. The allocation prioritized meeting essential demand Commercialization of regasified gas in Buga Start in August 2026 for a 5-year term Gas fully allocated among 18 agents under the Firm Contract Subject to Precedent Conditions scheme (Decree 1467 of 2024)¹ Regasification in the Caribbean3 Selection phase of location alternatives for the FSRU2 Commercialization subject to precedent conditions, including site selection and environmental licensing Estimated start of operations: 2026–2027 1. Defined by Decree 1073 of 2015 – Note: includes compression stations of the National Transport System (SNT), the residential and small commercial sectors, NGV, and refineries (excluding self-generation of electric power) 2. FSRU: Floating Storage and Regasification Unit 3. Leveraging the assets and facilities of the Business Group Energies for the Transition 15
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208 208 404 436 139 108 95 125 99 99 2022 2023 2024 2025 1S Operación* Construcción Ejecución 16 Diversification of electricity supply sources to meet Ecopetrol Group's demand 70.3 BCOP Accumulated savings First half of 2025 22.960 Ton CO2e Reduced emissions First half of 2025 6% 53% 29% 12%Autogeneración FNCER (localizada y remota) Autogeneración convencional Contratos Bolsa Electricity demand of Ecopetrol Group 23.3 GWh/day 1st half 2025 Demand coverage Self-generation + contracts First half of 2025 87.7% vs. 80.6% 1H2024 Renewable portfolio evolution (MW) 900 MW Target @2025 Agreements that strengthen the renewable portfolio - 2025+ April/25: Master investment agreement with AES May/25: Acquisition agreement with Statkraft July/25: 100% acquisition of the Windpeshi project 208 472 611 630 *Includes purchases in the Wholesale Energy Market (MEM) Energies for the Transition FNCER self-generation (on-site and remote) Conventional self-generation Contracts Energy Exchange Operation* Construction Execution 2025 1H
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7.0 10.9 19.9 22.3 2022 2023 2024 2025 1S 17 1,538 BCOP vs. 1,472 BCOP 1H-2024 EBITDA Gas & LPG 161 mboed vs. 173 1H-2024 Production Gas & GLP Contribution of Natural Gas & LPG to GE Production 21% Energy Efficiency Cumulative Savings – Petajoules (PJ) Cumulative Savings First Half of 2025 53 BCOP Social Gas Cumulative Connections Reduced Emissions +170k Ton CO2e New Connections for Low-Income Households – First Half of 2025 19,242 2.42 PJ Cumulative Savings in the 1H-205 107,000 Target @2025 Better results driven by operational efficiencies 3,789 4,559 10,691 24,138 44,351 75,265 94,507 2019 2020 2021 2022 2023 2024 2025 1S Results 1H-2025 +4.5% Energies for the Transition 2025 1H 2025 1H
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Energy Transmission and Toll Roads
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Progress in financial results impacted by non-recurring events Brazil: • ISA Energy awarded 7 reinforcement projects (CapEx ~ 187 BCOP) • Commissioning of 7 reinforcements and network upgrades (CapEx ~ 232 BCOP) • Start of operations for the Água Vermelha project, integrating solar energy projects (~70 BCOP) Colombia: • Completion of the renewal of the Bolívar Sabanalarga and Bolívar Termocartagena transmission lines (~16 BCOP) Progress of awarded and operational projects in 2Q-2025 19 Energy Transmission and Toll Roads- ISA 7.1 7.4 4.5 4.1 0.4 0.2 1H-2024 1H-2025 Revenues EBITDA Net income* TCOP 1H-2025 Vs. 1H 2024 2Q-2025 Vs. 2Q 2024 3.4 3.3 2.2 1.6 0.2 0.1 2Q-2024 2Q-2025 1. One-off: Adjustment of the financial component of RBSE in ISA Brazil (as defined by the regulatory agency ANEEL): • Impact on the Group’s EBITDA 0.6 TCOP and net income 0.1 TCOP • Industry-wide impact • Lower collections from July 2025 to July 2028 2. Impairment of AIR-e’s accounts receivable: Impact on the Group’s EBITDA ~0.2 T COP and net income ~0.1 TCOP ISA maintains its strategy, financial plan, and investment program *Brazil’s Existing System Basic Network Analysis of variations 1H-2025 vs 1H-2024 Contribution: 17% to the Group's EBITDA *Attributable to ECP shareholders
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Financial Performance
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TCOP -2.1 -0.3 -0.2 -0.1 0.2 7.4 4.9 1H-2024 net income Market factors Local environment New taxes RBSE* adjustment in ISA DD&A, tax surcharge & others 1H-2025 net income Cash management committee Financial Performance EBITDA 54% 25% 4% 17% E&P* Midstream Downstream Energy Trans. & toll roads 24.4 TCOP * Includes gas • 2.2 TCOP: 66% from OPEX optimization and improvements in revenue generation • Key areas: ✓ Energy costs ✓ Maintenance and contracted services ✓ Reduction of unit costs 28.3 24.4 1S-2024 1S-2025 83 71 Brent USD/Bl 1H-2025 EBITDA by segment • Preventive measures enable compliance with the financial plan in a lower price environment • 80% progress in additional cost and expense reduction measures announced in 1Q-2025 (1 TCOP) • EBITDA protection through cost savings that support the targets of the annual plan Net income Strength in efficiency management aligned with the financial p ’s value proposition E&P maintains its steady contribution to the Group's EBITDA -14% Efficiency plan (1H-2025) EBITDA margin Factors that limited the positive impact of operational management: 2.7 TCOP 40% 44% Brent -2,6 Inflation - 0.3 Exchange rate +0.8 Explain 78% of the variation TCOP Variation: ~72% due to market factors Compared to peers* (second quartile), better performance in: • Profitability: EBITDA margin and ROACE • OPEX competitiveness: Lifting cost, cost of sales per barrel, operating expense per barrel *14 Companies (5 Super majors, 1 IOCS, 5 NOCS, 3 Juniors Latam) juniors Source: Capital IQ
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Timely activation of levers to support liquidity levels Cash flow * Includes investment portfolio **Includes Exchange rate difference 3.1 -10.7 2.5 18.2 13.1 2025 initial cash balance* Free cash flow Net dividends ** Financial expenses and others 1H -2025 cash balance TCOP 22 Financial Performance • 2024 FEPC anticipated collection (7.6 TCOP) • Tax credit compensation (3.2 TCOP) • Trade finance operations in subsidiaries (~ 100 MUSD) 51% Target: Working capital management: ~ 2 TCOP Foreign exchange hedging: • 935 MUSD FEPC balance: 2Q-2024 3Q-2024 4Q-2024 1Q-2025 2Q-2025 12.1 9.0 7.6 7.0 2.5 TCOP • Accounts receivable balance at its lowest level since 2Q 2021 • Monthly average accrual below COP 500 billion • Operating cash: +16,2 TCOP (FEPC collection 7.6 TCOP) • Investments: 13.1 TCOP • Payments to ECP shareholders: 8.8 TCOP • Payment to non-controlling shareholders of subsidiaries: 1.9 TCOP Cash management measures Additional measures
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Maturity profile 23 1.2 0.1 0.7 0.6 0.7 1.50.1 1.2 1.3 0.7 0.6 0.8 2.7 2025 2026 2027 2028 2029 Short term credits Long term credits Bonds No significant maturities over the next 3 yearsShort term loans Repos: ~ 800MUSD Treasury Loans ~ 400 MUSD USD billions • Stable average cost as of June 2025: 7.5%* • Ongoing activities: ✓ Interest rate reduction on local credit pending approval by the MHCP ✓ Renegotiation of existing terms at both local and international levels Gross debt/ EBITDA 2.4x Ecopetrol Group 1.7x Excluding ISA Ecopetrol S.A. Moody´s S&P Global Fitch Global Ba1/Stable BB/Negative BB+/Negative SACP* b1 bb+ bbb * Stand Alone Credit Profile Debt During 2Q-2025: • Moody’s affirmed its global and standalone credit ratings. • S&P revised its global and standalone credit ratings Debt aligned with the plan* and supported by cash levels * Target: Gross debt/ EBITDA < 2.5x * Compared to the cost as of March 2025 and December 2024 Net debt/ EBITDA 2.2x Ecopetrol Group 1.6x Excluding ISA Organic investment plan remains in place with no incremental debt Debt optimization measures Credit ratingsMetrics Ecopetrol S. A
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Financial Performance Execution of investments in line with historical levels and targets Additional target: 500 MUSD Flexibility in CapEx Intervention 56% CapEx Execution – 1H 2025 Ongoing Monitoring for Additional CapEx Optimizations 1,009 1,392 1,318 1,373 2,229 2,667 2,616 2,582 5,800-6,800 1H-2018 1H-2019 1H-2020 1H-2021 1H-2022 1H-2023 1H-2024 1H-2025 2025 Plan Ecopetrol Group´s investments USD Millions 86% 14% Growth Maintenance Investment focus • Investments in Colombia 62%; Brazil 17%, USA 15% and others 6% Progress in Capital Discipline Measures Focus on Growth and Future Value Creation Energy Transmission and Toll Roads 11% 25% 5% 16% 12% 31% 2,582 MUSD Energy security 1. Securing refining throughput 2. Supply Chain – Maintenance and Growth. Exports (1) Heavy oil Long Term Cash (2) Investment in hydrocarbons to finance energy transition Gas & LPG 1. Supply Growth. 2. Gas maintenance and supply chain. New Energies and TESG Energy efficiency, renewables, hydrogen, CCUS. CT+i, industrial security, wáter management. ~ 59% Energy security and cash generation ~ 41% Energy transistion(3) CapEx savings in 1H 2025: 0.7 TCOP (1) Heavy oil from Castilla, Chichimene, Apiay, CPO-09, among others (2) Includes international upstream subsidiaries and exploration investments, (3) Includes Gas, Tranmission and roads, new energies and sustainability..
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• VAT payment applicable as of January 2025, made under the parameters of the new regulations. • Ecopetrol and Refineríade Cartagena continue to defend their position through the appropriate legal channels to protect their interests regarding the VAT charges on gasoline and diesel imports for the 2022–2024 period. Current Status • Timely response to DIAN’s requirements and appeals. • Claims to date amount to approximately 11.1 TCOP (related to gasoline and diesel).* • Potential additional requirements. Ecopetrol Group advances with payments established since 2025 and reaffirms regulatory interpretation differences with DIAN for the 2022–2024 period Progress in the VAT collection process on gasoline and diesel Imports * Includes VAT, penalties, and interest as of July 31, 2025, related to the Special Customs Requirements and Official Customs Assessments received from Ecopetrol S.A. and Refinería de Cartagena Response to Requirements Next Steps • Technical working group between Ecopetrol and government entities. • Administrative process for each requirement to be completed, with an estimated duration of approximately 6 months. • Official liquidation lawsuit could take up to 5 years. Financial Performance
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26 Conclusions Strategic Investment Aligned with long-term vision Growing Businesses Positive trends despite volatility. Energy Efficiency Progress in self-generation Strong Financial Management Cash protection and sustainable debt Resilient Financial Results Efficient operations amid external challenges Operational Flexibility Continuous adaptation to changing conditions Social Commitment Contributions to regions and sustainable projects +900 MW (projected by 2025) Target 2025: 5.8 – 6.8 BUSD Production +750 mboed 180 BCOP1 1. Investments in the Sustainable Territorial Development Portfolio Gross Debt / EBITDA < 2.5x Target 2025: >4 TCOP Key Messages Lifting Cost <12 USD/Bl
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Q&A