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UPDATE ON BRAVA ACQUISITION B U I L D I N G VA L U E T H R O U G H A F O C U S E D E X E C U T I O N I N B R A Z I L August 2026
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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 public in general 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. Legal Disclaimer Financial Results
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CFO Ecopetrol Camilo Barco Julián Lemos Corporate VP of Strategy and New Businesses at Ecopetrol
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BRAZIL: An Energy Leader Brazil is one of the leading countries in energy worldwide, with a robust, diverse, and expanding ecosystem Source: IBP April 2025: https://www.ibp.org.br/media/01-a-panorama-geral-do-setor-de-og-portugues-compressed.pdf ANP October 2025: https://www.gov.br/anp/pt-br/canais_atendimento/imprensa/noticias-comunicados/anp-divulga-dados-consolidados- da-producao-de-petroleo-e-gas-em-agosto-de-2025 9th Largest Refining Park worldwide 8th Largest Oil Producer worldwide 5 million BOE/D* Total Production (Oil + Natural Gas) 8th Largest Oil Consumer *September 2025 INTRODUCTION 4
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243 1 5 Potiguar Complex 1 Macau 2 Pescada 3 Fazenda Belém 4 Areia Branca 5 Potiguar 7 6 Recôncavo Complex 6 Rio Ventura 7 Recôncavo Manati Peroá9 10 Parque das Conchas 11 12 Papa-Terra Atlanta Ativo Industrial | Terminal Aquaviário | UPGN | Clara Camarão Refinery 8 Diversified portfolio among independent Oil and Gas companies in Brazil With both offshore and onshore operations, positioning the company to address industry challenges and create sustainable value ~1,200 employees with knowledge and experience in the E&P industry and in onshore and offshore operations Oil Gas Offshore Onshore 78.8 kboe/d Brava’s main assets 78.8 kboe/d 1H26 Production Breakdown | Oil and Gas 1H26 Production Breakdown | by Type Brava’s 1H26 Production Breakdown Exploratory assets Producing assets Source: BRAVA institutional presentation 79% 21% 65% 35%
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6 Ecopetrol acquired a 51% controlling stake in Brava, establishing a scalable growth platform in Brazil April 23rd SPA signed 26% agreed with relevant shareholders August 5th VTO Auction 25% Offered to Brava shareholders August 17th Transaction closed: SPA Closing + VTO Settlement 51% Controlling stake acquired August 18th Board of Directors T r a n s a c t i o n v a l u e : ~ U S D 1 . 2 b i l l i o n ¹ Integrated Company Onshore and offshore energy platform in Brazil TRANSACTION OVERVIEW 1. Exchange rate BRL 5.12 per US dollar. Includes transaction value and estimated 2026 financing-related costs and interest. SPA: Share Purchase Agreement. VTO: Voluntary Tender Offer. 3 new members • Catalina Velázquez • Camilo Barco • Julián Lemos THE TRANSACTION JOURNEY (2026) Transaction completed through Ecopetrol Investimentos do Brasil LTDA Operating platform to continue disciplined, profitable growth 6
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VALUE CREATION ROADMAP How Success Will Be Measured Reliable operations Strong cash generation Sustainable capital structure Profitable long-term growth 1P/2P Reserves and Contingent Resources EBITDA and cash flow generation ROACE / IRR vs. Base Case Gross debt/EBITDA Focused execution, disciplined capital allocation and robust governance will guide Brava’s long -term value creation Near-Term | 2026 1 GOVERNANCE FRAMEWORK • Define and implement the governance model respecting Brava’s 49% minority shareholder base • Integrate Brava into Ecopetrol’s planning and reporting cycle • Align business plans and capital allocation • Strengthen risk control, compliance and reporting A disciplined execution roadmap focused on governance, performance and profitable growth Long-Term | 2030+ 3 DISCIPLINED GROWTH • Develop the existing reserve base • Maintain competitive production • Advance the exploratory portfolio • Selectively evaluate new inorganic growth or divestment opportunities Mid-Term | 2027-2030 2 OPTIMIZING PERFORMANCE • Optimize assets performance by leveraging on Ecopetrol’s capabilities as strategic, long-term investor • Prioritize investments by return and risk • Actively manage liquidity and capital structure 7
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PRO FORMA METRICS Pro-forma Metrics1 & Contribution (illustrative) Financial and Operational Indicators 52 1. Ecopetrol + Brava as of 1H2026. Figures based on public information reported as of 1H26, subject to the harmonization of accounting and reporting standards. | 2. Net Income and net margin presented on a pro rata basis reflecting Ecopetrol's 51% ownership interest in Brava | 3. Estimated figures, subject to financing operation effects related to Brava acquisition | 4. Net figures as of Dece mber 2025, Brava figures remain subject to adjustments under SEC methodology . | 5. Under Petroleum Resources Management System (PRMS) standard. | 6. Average Production 1H2026. | 7. Excludes transactional costs. As reported for 2025. Consolidated Net Revenue Consolidated EBITDA & Margin Production6 USD Millions 45% 51% 46% 18,827 1,305 20,132 +7% 660 8,517 9,177 +8% 715.5 78.8 USD 8.4 per boe 1P RESERVES USD 6.3 per boe 2P RESERVES Brava 1H26 Ecopetrol 1H26 Pro Forma 1H26 Brava 1H26 Ecopetrol 1H26 Ecopetrol Group 1H26 Brava 1H26 Transaction & Multiples7 USD Millions Mboed 1P Reserves4 459 1,944 Ecopetrol Group 2025 Brava 2025 Mmboe Net Income2 & Margin 13% 4% 12% 2,449 2,501 +2% 2 3 2 USD Millions Brava 1H26 Ecopetrol 1H26 Pro Forma 1H26 Pro Forma 1H26 ~24% of Ecopetrol Group Reserves ~11% of Ecopetrol Group Production 5 8
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C R I T E R I A F O R T H E L O N G - T E R M D E B T Value creation will be measured by our ability to convert reserves and production into cash, while maintaining a strong financial structure VALUATION AND FINANCIAL DISCIPLINE Disciplined and Sustainable Financing A two-stage structure to secure closing while preserving the Group’s financial strength LONG-TERM FUNDING PLAN • Assessing long-term structural funding: debt, portfolio management, internal sources. • The goal is to optimize cost, tenor, diversification and liquidity. • Phased execution, keeping leverage below 2.5x Gross Debt/EBITDA. 2INITIAL FUNDING • Funding closed on August 17th, 2026 • Disbursement of USD 1.2 Bn1 • Ecopetrol Capital AG channeled the proceeds to Ecopetrol Investimentos do Brasil 1 Cost Efficient Capital Cost Tenor Sustainable maturity profile Sources Banking, capital markets and cash resources Liquidity Preserved flexibility LEVERAGE Gross Debt/EBITDA <2.5 x 1. Exchange rate BRL 5.12 per US dollar, includes transaction value and estimated 2026 financing-related costs and interest. 9
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Haga clic para modificar el estilo de título del patrón • Haga clic para modificar los estilos de texto del patrón • Segundo nivel • Tercer nivel • Cuarto nivel • Quinto nivel 8/24/2026 10 10 Key takeaways We combine complementary capabilities to strengthen Ecopetrol Group's energy portfolio in Brazil and across Latin America Brazil + Colombia | Energy, Talent and Shared Value Creation SCALABLE GROWTH PLATFORM 1 2 3 Material production and EBITDA contribution Reserves and development opportunities COMPLEMENTARY ASSET BASE GEOGRAPHIC DIVERSIFICATION Diversified exposure across onshore, shallow-water and deepwater operations Expanded presence in Brazil, a key Latin American energy market 10Source: Site visit to BRAVA facilities
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Q&A