Ecopetrol Sa · BVC:ECOPETROL
Ecopetrol Sa — Q1 2026 Earnings Presentation
22 slides from Ecopetrol Sa's earnings presentation, May 13, 2026
Slide 1: 1Q26 Operational and Financial Results
1Q26 Operational and Financial Results
Slide 2: Legal Disclaimer
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 st
Slide 3: Presenters
Juan Carlos Hurtado Parra Carlos Mauricio Ávila Bayron Triana Camilo Barco Chief Executive Officer (a) Executive VP of Executive VP Energies for Chief Financial Officer Hydrocarbons (a) the Transition
Slide 4: Operational Performance and Key Developments
Operational Performance and Key Developments Copoazú-1 Exploration Success: confirmed presence of two gas accumulations, independent from Sirius, expanding Strategic Growth: Brava Potential acquisition of a 51% stake (reserves and international the block’s discovered potential. diversification) Stre
Slide 5: Effective commercial management supported financial performance
Effective commercial management supported financial performance Brent USD/bbl Brent 75 314,393 67 280,129 68 272,958 63 78 289,960 Realized Basket Prices vs. 1Q25 1.4 BUSD Investment (23% progress vs 2026 plan) COP/bbl 240,883 Crude 68 USD/bbl -0.7% 4.2 4,193 4,199 Products 93 USD/bbl +7.7% 4,004 TR
Slide 6: Potential Strategic Acquisition of Brava Energia S.A. in Brazil
Potential Strategic Acquisition of Brava Energia S.A. in Brazil Transaction Overview 1P reserves² Production • Acquisition of 51%¹ of Brava Energia (BRAV3): Agreement ~459 81 with minority shareholders for 26% & voluntary tender offer at BRL 23/share • Transaction Value: ~US$1.0–1.2 billion (bridge
Slide 7: Strategic Partnerships with Key Partners in the Magdalena Medio Valley
Strategic Partnerships with Key Partners in the Magdalena Medio Valley CÚCUTA Parex Partner Gran Tierra Tisquirama-San Roque 250 MUSD Partner-led investment 92 MUSD 94 MMBOE gross 33 MMBOE gross 64 Development wells Incremental 8 New wells 132 workovers potential 24 workovers Llanito Casabe 3 Explor
Slide 8: Hydrocarbons
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Slide 9: High-potential exploration portfolio in Colombia
High-potential exploration portfolio in Colombia Colombia’s Caribbean as a key driver of gas growth 5 wells drilled in 1Q26 Sandía-1 well 1 Success Copoazú-1 55.56% 44.44% Copoazú-1 Copoazú-1 2 Under evaluation exploratory well: Gas confirmed in two 964 m Sirius-2 803 m Sirius-1 864 m Bisbita sur-1
Slide 10: Committed to delivering on guidance
Committed to delivering on guidance Operational flexibility and disciplined capital allocation in a challenging environment Plan 2026 Key production enablers 730-740 MBOED • Drilling campaign: CPO-09, Caño Sur • Enhanced recovery at Chichimene • Facilities expansion in Rubiales International Gas+Nat
Slide 11: Operational excellence in a favorable pricing environment
Operational excellence in a favorable pricing environment Refining and Petrochemicals Midstream Crude throughput % Valuable product yield (1) Refining Gross Margin Transportation throughput 417 5% + Thousand bbl/day vs. 396 1Q25 73% +2% vs. 71% 1Q25 17.3 +60% USD/bbl vs. 10.9 USD/bbl 1Q25 1,122 +3%
Slide 12: EBITDA growth supported by stronger fundamentals and cost discipline
EBITDA growth supported by stronger fundamentals and cost discipline Hydrocarbons segment EBITDA Cost reduction drove EBITDA growth in the hydrocarbons segment in 1Q26 +419 COP (in billion) (+4%) +44% vs. 4Q25 l +4% vs. 1Q25 +3,412 (+44%) Key levers: 10,811 11,230 7,818 • Contract optimization and m
Slide 13: Energies for the Transition
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Slide 14: Ecopetrol's efforts to maximize gas supply to the market
Ecopetrol’s efforts to maximize gas supply to the market National Natural Gas Gas marketing 2026 (GBTUD) Own production* Contracts suscribed 72 61 23 31 29 46 67 45 32 25 18 Ecopetrol: 296 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Only supplier offering long-term firm gas volumes to Own consumptio
Slide 15: We promote natural gas import solutions
We promote natural gas import solutions to contribute to the country's short, medium, and long-term supply 2 Puerto Bahía 126 – 370 GBTUD Sirius 1. LNG Sourcing 2S 2026 FSRU Ballena Public, competitive bidding process launched for LNG Coveñas up to procurement at DES1 Buenaventura (Mar/26) 3 400 GBT
Slide 16: We secure the Group's energy supply in a cost-efficient manner
We secure the Group’s energy supply in a cost-efficient manner Through measures aimed at mitigating potential El Niño impacts GE Energy Demand Renewable energy self-generation Energy Efficiency 2,185 GWh 2025 Renewable Energy 2026 Outlook Portfolio 25.5 PJ 88% + 347 MW Cumulative since incorporados
Slide 17: Financial Performance
Financial Performance
Slide 18: Financial results underpinned by operational flexibility and financial discipline
Financial results underpinned by operational flexibility and financial discipline Ebitda by segment Financial Indicators Downstream drives performance: +10 pp contribution vs. 1Q25 TCOP 13.2 13.5 Gross 18% 17% EBITDA Margin Debt/EBITDA Interest coverage1 4% 14% 24% 2.3x Group 47% 7.6x 19% 54% 50% +5
Slide 19: Improved price environment supports 1Q26 net income
Improved price environment supports 1Q26 net income Net income bridge 1T26 / 1T25 Market factors Key variables +0.7 1Q25 1Q26 Y/Y Brent (USD/bbl) $75 $78 +4% FX (COP) 4,193 3,700 -12% Brent ((revenues, net of purchases)) +0.7 Crude basket (USD/bbl) $69 $68 -1% Product differentials +0.5 Crude differ
Slide 20: Active management of working capital to protect the Group's cashflow in 2026
Active management of working capital to protect the Group’s cashflow in 2026 Ecopetrol Groups cash flow¹ TCOP 7.2 12.7 14.0 -3.0 -0.5 -2.4 Positive free cash flow: ~4 TCOP Initial balance Cash flow Dividends paid 3 Cash flow Ending balance (dec-25) from investment from financing & (dec-25) 1. Includ
Slide 21: Operational excellence enabled value generation
Operational excellence enabled value generation The Group leveraged a favorable price environment, offsetting production pressures while maintaining volumes and product competitiveness Disciplined execution in a dynamic environment Priority on deepening efficiencies, growing through value-accretive
Slide 22: Q&A
Q&A