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ECOPETROL GROUP Operational and Financial Results Second Quarter 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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Juan Carlos Hurtado Parra Chief Executive Officer (a) Carlos Mauricio Ávila Executive VP of Hydrocarbons (a) Camilo Barco Chief Financial Officer
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280 273 241 290 349 67 68 63 78 97 Growth in financial results driven by the capture of market opportunities | Net Income +235% 4 Brent USD/bbl EBITDA (TCOP) Revenue (TCOP) Net Income (TCOP) EBITDA Margen 29.7 29.8 28.8 28.6 40.2 11.1 12.3 10.0 13.5 17.7 1.8 2.6 1.5 2.9 6.1 2Q25 3Q25 4Q25 1Q26 2Q26 47% 44% Brent kCOP/bbl 4,199 4,004 3,819 3,700 3,612TRM 1 USDCOP 35% 41%38% 1: Average FX rate for the quarter +59% vs 2Q25 +35% vs 2Q25 +235% vs 2Q25 1H26 Investments 49% progress plan 2026 MUSD2,985 Realized Basket Prices Products 129 USD/bbl +64%vs. 2Q25 Dividends Total Payments to Shareholders 5 TCOP 1H26 FEPC Accrual Build-up 1 TCOP Collection (2Q25 Accrual) 6 TCOP Revenue EBITDA Net Income Crude90 USD/bbl +43%vs. 2Q25
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Potential Brava Acquisition Tender offer resumed; auction scheduled for August 5 Energy for the Transition Supply of approximately 62% of Colombia’s natural gas demand Long-term gas offering reliability assured: 293 GBTUD Transmission & Roads New transmission awards totaling USD 428 million 706 mboed Impact from environmental and black-out disruptions in strategic fields (CPO-9, Rubiales) TRANSPORTATION 1,125 mbd Additional volumes transported and higher refined product deliveries REFINING 439 mbd Record quarterly throughput, supported by operational discipline and a favorable pricing environment Sandía-1 Exploratory Success 8 exploration wells drilled during 1H26 Copoazú-1: Successful testing of the main reservoir +6% vs. 2Q25 +4% vs. 2Q25 -6.6% vs. 2T25 Operational Highlights | Record Performance in Refining Quarter Highlights PRODUCTION Strong Commercial Performance Crude differential of USD 6.57/bbl, up 36% vs. 1Q26, supported by market diversification and customer retention 5
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Financial Performance
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53% 26% 6%15% 2Q25 54% 14% 17% 15% 2Q26 Financial strength supports EBITDA growth, margin expansion, and investment execution 63%8% 29% Hydrocarbons Energies for the transition Energy Transmission & Toll roads 2,229 2,667 2,616 2,583 2,985 1H22 1H23 1H24 1H25 1H26 Group’s organic investments *Includes Gas and LPG EBITDA Colombia 71%, Brasil 22%, EE.UU. and others 7% USD Millons EBITDA by segment 44% +6 p.p. vs 2Q25 ➢ EBITDA: 63% ➢ CapEX: 20% ➢ Working capital: 17% 17.7 11.1 TCOP 8.8x +1.2 vs. 1Q26 2.0x Group (-0.4x vs 1Q25) 1.3x Excluding ISA (-0.4 VS 1H25) Financial Indicators EBITDA Margin Gross Debt/EBITDA1 Interest coverage2 Production and Refining Drove 2Q26 Results 1. Gross Debt-to-EBITDA (excluding ISA): excludes ISA debt, Ecopetrol debt incurred to acquire ISA, and ISA EBITDA 2. Interest Coverage Ratio: EBITDA / Interest Expense +59% vs 2Q25 Figures rounded to one decimal place. Variances calculated using unrounded figures. +365% vs 2Q25 Efficiencies Record High in 1H26 1.0 1.6 1.9 2.2 2.6 1S22 1S23 1S24 1S25 1S26 TCOP 7
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1H26 Net Income in line with full-year 2025 level; best quarterly performance since 4Q22 En un entorno de precios altos, las cargas históricas y la gestión comercial contribuyeron al crecimiento de la Utilidad Neta del semestre en un 81% TCOP Market factors +5.6 8 Brent (USD/Bbl) 1H25 K e y v a r i a b l e s FX (USDCOP) Crude basket (USD/Bbl) Product basket (USD/Bbl) Total basket (USD/Bbl) Y/Y1H26 $71 +24%$88 4,196 -13%3,655 $66 +21%$80 $83 +35%$112 $70 +31%$92 Quarterly Net Income 1.8 2.9 6.1 2Q25 1Q26 2Q26 Net Income grows 3.4x vs. 2Q25 TCOP Figures rounded to one decimal place. Variances calculated using unrounded figures. +235% vs 2Q25 +7.6 -0,34.9 Net Income 1H25 Price Effect Macro Variables Financials and othersTaxes Net Income 1H26 -2.0 -1.2 9.0 Brent (revenues net of purchases) Product differentials Crude differentials Inventory valuation +4.1 +2.8 -0.5 +1.2 FX (revenues, costs and expenses) Inflation -1.6 -0.4 Income tax surcharge (10%) Wealth tax -0.6 -0.6 +81%Net Income y/y
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Liquidity position supports investment capacity and financial stability 1. Includes investment portfolio 2. Includes fixed asset investments 3. Includes dividends paid by Ecopetrol and payments by subsidiaries to non -controlling shareholders Ecopetrol: 6.3 Reficar: 1.7 FEPC 12Q26 Liquidity management Liquidity mobilization across the Group: 716 MUSD Tax offsetting: 3.3 TCOP Initial balance (2025) Operating cash Investment activities Dividends paid Financing and others Ending balance (1H26) Ecopetrol Group 1H26 cash flow¹ TCOP Positive free cash flow: ~ 6 TCOP 14.1 -8.4 -6.0 -1.1 12.7 11.3 FEPC Collection: 1.0 TCOP 2 3 9 8 TCOP Balance 1H26 2025: 2 TCOP (balance) 1S26: 6 TCOP (accrual) ~8 – 12 TCOP 2026E Year-End (Subject to Brent and FX performance)By company By year
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Hydrocarbons
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Successful 100% Under evaluation Copoazú-1 Bisbita sur -1 ST2 Wells drilled as of 1H26* 8 Gas Crude 50% 50% 55.56% 44.44% Floreña N18Y ST-1 100% Sandía-1 • Prior consultations: Pre consultations 97%, consultations 92%** • Progress on gas in Ballena • FID approval by 4Q27 • Successful testing of the main reservoir • Resource volume estimated by year-end 2026 MMcf/d: million cubic feet per day EIA: Environmental Impact Assessment FPSO: Floating Production, Storage, and Offloading FID: Final Investment Decision TD: Total Depth 6 TCF of potential gas resources (gross) DISCOVERY MATURATION 35 MMcf/d Maximum flow rate achieved during testing • FPSO construction advanced by 48% • Subsea system 21% completed • Environmental Impact Assessments filed in June 2026 ~210 Mmboe Ecopetrol’s potential • Under evaluation Offshore SIRIUS COPOAZÚ ORCA BRAZIL TINAMÚ, MAGNUS & KIMERA ZORZAL In exploration, we continue adding new opportunities and advancing on strategic discoveries toward development (Investment fully funded by the partner) Chupadero – 1ST *Does not include the Sandía-1 well, which completed drilling in July **Progress across the 120 certified communities 55.56% 44.44% Onshore CPO9 Block Lla 87 Block Plan 2026: 8 – 10 wells Reached TD on July 29, 2026 30% 70% 100% 50%50% 55.56% 44.44% 55.56% 44.44% 11
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Copoazú-1 Sirius-1Sirius-2 Sandía-1 well 803 m 864 m 964 m Water depth: 1,285 m Sandía-1 exploration success The Colombian Caribbean emerges as a key driver of the country’s gas growth, with three discoveries in the GUA-OFF-0 block 42 kms from the coast 18 kms from Sirius-1 (discovery well) and 9 kms from Copoazú LOCATION DETAILS: 55.56% 44.44%
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44 56 48 68 408 702 150 122 133 234 85 90 194 178 181 302 493 791 ene-26 feb-26 mar-26 abr-26 may-26 jun-26 Total Entorno Evento eléctrico 20.5 27.1 40.4 - 5.00 10.0 0 15.0 0 20.0 0 25.0 0 30.0 0 35.0 0 40.0 0 45.0 0 50.0 0 2Q25 1Q26 2Q26 96 104 515 1H26 • Field blockades • Physical security • Electrical reliability • El Niño phenomenon • Increased activity in the Permian (+7 wells) • Start-up of the Liria YZ10 development well in the Piedemonte Llanero and sustained production at Gibraltar • Enhanced recovery initiatives, additional drilling in Caño Sur, increased workover activity across Colombia, and expanded facility capacity at Castilla and Rubiales • Inorganic growth opportunities (Brava and collaboration agreements) Weather events External 715 Higher value generation per barrel despite operational and external challenges Figures in thousand barrels of oil Impact on strategic growth and sustainable assets (CPO-9, Rubiales, Castilla and Chichimene) Production Enablers2H26 Challenges International Domestic crude Domestic gas+ white products 40 USD/Bbl EBITDA USD/BblEBITDA Margin % 33% 40% 42% Profitability per barrel EBITDA / Barrel Production impacted by external and weather- related events External Events Weather Events jan-26 apr-26 13
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665 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Refining and Petrochemicals 2Q26 439 +6% vs. 2Q25 Thousand bbl/day 2Q26 29.8 +138% vs. 12.5 2Q25 USD/Bbl Crude throughput Refining optimization and favorable price differentials delivered record crude throughput and gross margin Transportation throughput 2Q26 72 vs. 69% 2Q25 % High-value product yield (%) (1) (1) High-value product yield / crude throughput Record operational performance in Refining and Midstream Value chain integration offset operational pressures and enhanced value capture Midstream 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 4% 2Q25 11% 1Q26 12% 2Q26 1,902 3,091 +2,426 (+365%)EBITDA (BCOP) EBITDA Margin 2Q26 1,125 +4% vs. 1,084 2Q25 Thousand bbl/day Operational flexibility and multimodal logistics to maximize asset utilization Refining gross margin 0 1 2 3 4 5 6 7 8 9 10 11 12 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 3% 1H25 12% 1H26 4,993 1,147 +3,846 (+335%) 2Q25 0.4 2Q26 1H25 0.8 1H26 2.42.9 6.0 5.0 -1.0 (-16%) FX effect EBITDA (TCOP) EBITDA Midstream EBITDA Refining 14
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EBITDA LÍNEA HIDROCARBUROSE B I T D A H y d r o c a r b o n s s e g m e n t Structural efficiencies drive EBITDA growth and strengthen business resilience 1.3 billones beneficios en EBITDA Structural initiatives to reduce costs and increase revenues • Implementation of new dilution technologies • Water management optimization • New enhanced recovery mechanisms • Improved energy efficiency and reliability 1H25 1H26 20.3 25.7 38% 45% +5.4 (+26%) 1H25 1H26 48,631 47,249 -1.382 (-3%) 1H25 1H26 23,731 22,820 -911 (-4%) 1H25 1H26 13,155 14,240 +1.085 (+8%) 11.6 12.9 5.7 6.2 3.1 3.9 USD/Bbl COP/Bbl 11.6 11.3 5.7 5.4 3.1 3.4USD/Bbl FX-normalized 2,266 154621Efficiencies (COP/Bbl) 4,196 3,655 FX Δ (-13%) 1H25 1H26 Lifting Cost Refining Cash Cost Cost per Barrel Transported COP/Bbl COP/Bbl COP 1.3 trillion in EBITDA benefits EBITDA (TCOP) EBITDA Margin 15
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Energy for the Transition
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Domestic SupplyRegasification Alternatives 1Q 2027 FSRU Jobo San Andresito Vasconia Sebastopol Barranca Sincelejo Cartagena B/quilla Coveñas La Mami Ballena KGG Sirius Venezuela 50 – 150 GBTUD Puerto Bahía 500 GBTUD 4Q 2026 FSU Virtual Pipeline Buenaventura - Buga Buenaventura 60 GBTUD 1. FSRU: Floating Storage Regasification Unit. 2. Average volume delivered to the market in 2026 by Ecopetrol: Domestic firm gas and imported gas., PTDV, PTDVF. SNT Gas TGI Converted Infrastructure- ODC SNT Gas Promigas Onshore Gas pipeline Offshore Pipeline Antonio Ricaurte Gas Pipeline 30,500 Ton/month 293 Gbtud 3 1 2 FSRU Plem Connection + Existing Subsea Pipeline 2H 2029 Coveñas hasta 400 GBTUD Natural Gas Supply Delivered to the market in 20262 LPG 38% share of national demand as of 2Q 2026. 4Q 2026 COD Buenaventura Jul 2026 Launch of the LNG procurement process Jan 2026 1Q 2027 COD Aug 2026 Receipt of Biding Offers (4 weeks) Jul 2026 Launch of the LNG procurement process (1 week) Sep 2026 Estimated Supply Award (1 week) Sep 2026 Estimated Supply Award (2 weeks) 1 Puerto Bahia2 17 The gas portfolio aims to ensure energy security in the short, medium and long terms Integrated Logistics and Regasification Contract Execution
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Commercial Contingency Processes during the SPEC Maintenance Outage (30 Jul a 03 Ago) 25 29 8 5 16 13 97 Cusiana – Cupiagua Reduction in Reinjection Volumes Teca - Nare Reduction in Own Consumption Barrancabermeja Reduction in Gas Consumption Meta STN Connection with EMSA Disponibilidad Contingency Contracts Ecopetrol allocated volumes to 10 market participants to meet essential and thermal power generation demand. Exceptional measures implemented for the five-day duration of the SPEC plant maintenance activities Allocations 30 Jul – 03 Aug 30 31 01 02 03 Essential and NGV Demand 17 20 20 20 16 Thermal Power 77 78 74 80 81 GBTUD 94 98 94 100 97 First Process (July 8-15) 81 GBTUD. Planned and proactive efforts to replace consumption with alternative energy sources and gas previously allocated for reinjection Ecopetrol provided additional 97 GBTUD to help addressing the country's gas supply deficit resulting from the maintenance of the Cartagena regasification terminal operated by SPEC LNG in 2026, while ensuring the fulfillment of industrial market contracts with its customers 1 2 Second Process (July 25-27) 16 GBTUD of additional volumes available through fuel switching at thermal power plants Cusiana – Cupiagua Base Surplus Volumes Cartagena Reduction in Gas Consumption 18 81 GBTUD. Planned and proactive efforts to replace consumption with alternative energy sources and gas previously allocated for reinjection.
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Energy Transition is a reality at the Ecopetrol Group With a diversified and cost-efficient energy matrix. GE Energy Demand 1H26 [Gwh] 1. MEM: Mercado de Energía Mayorista. 2. Management Initiatives to Reduce Contracted Tariffs 4,495 GWh Total Demand ~11.7 BCOP MEM 2Management Efficiencies 49% 5% 35% 11% Conventional Self-generation WEM Contracts Spot Market Renewables Self-generation 90% Energy Coverage Through Self-generation and Wholesale Electricity Market (MEM) Contracts Renewables Self Generation In Operation In execution MEM Purchases Under construction We are the largest renewable energy self-generator in the country • Windpeshi: (205 MW): Resumption of Interconnection Line Construction Works • JK1 – JK2: (259 MW): 49% equity interest acquired • Quifa: 50.1 MW. COD Energy Efficiency ~48.5 BCOP Energy optimizations efficiencies 1H26 26.4 PJ Cumulative since 2018 • Lower energy consumption and reduced exposure to spot market prices • Additional gas volumes made available to the market 1.6 PJ 2Q26 Allows: 19
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Prepared to Contribute to Energy Security Amid the El Niño Weather Event Natural Gas and Fuel Supply Energy Portfolio Water Management 500 Increase Natural Gas Supply Availability Strategic Regasification Projects Up to 360 GBTUD Energy Efficiency Equivalent to 872 million kWh of electricity per year, enough to supply approximately 500,000 households Reduced Pressure on the SIN1 Conventional Self-generation (1,548 MW) and Renewable Energy Capacity (414 MW) 1,962 MW Contract Management 93% Energy Purchase Contract Coverage 1. SNT: Sistema Nacional de Transporte Increase Diesel Supply Availability Between 9.65 KBD and 25.39 KBD, sourced from domestic production and/or imports Lower dependence on surface water sources during periods of drought Water Savings from Efficiency Initiatives in 2026 equivalent to the domestic water demand of more than 25,000 people gpm 48.53 Additional Estimated Savings by Year-End BCOP 20 SIN: National Interconnected System
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➢ +235% Net Income and +59% EBITDA vs. 2Q25 ➢ Record refining throughput and margins ➢ Successful capture of favorable market condition Focused on growth, competitiveness, and sustainable value creation ➢ Actions underway to recover impacted production volumes and execute investments ➢ Driving efficiencies and strengthening competitiveness across the value chain ➢ Strong financial flexibility to capture future growth opportunities Outstanding financial performance driven by execution and market opportunities
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Q&A