Slide 1: Financial Results 3Q-2025
FINANCIAL RESULTS 3Q - 2025
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
Ricardo Roa Rafael Guzmán Bayron Triana Camilo Barco Chief Executive Officer Executive VP of Hydrocarbons Executive VP Energies for Chief Financial Officer the Transition 3
Slide 4: Strategic Pillars Driving our 2025 Targets
Strategic Pillars Driving our 2025 Targets Developing Natural Gas Safeguarding our Capital Discipline & Projects and Delivering Integration of Core Business Cost Control Profitable Contributions Renewable Energy to Energy Security Challenges Ahead for 2025 closure Volatility of external External eve
Slide 5: Operational Strengthening Leveraged Goal Achievements
Operational Strengthening Leveraged Goal Achievements Upstream mboed Exploratory Activity Above Plan 741 754 751 751 10* wells drilled and 3 in progress (2025 target: 10 wells in total) 720 9M-2025 Production at the Upper End of Target 681 684 (target 2025: 740 to 750 mboed) Midstream mbd 1,127 1,10
Slide 6: Cost Control Drives Recovery in Financial Performance
Cost Control Drives Recovery in Financial Performance Cumulative figures 79 Brent USD/Bl 74 75 9M25 67 68 82 -15% 70 4,347 4,193 4,199 Exchange Rate 4,094 Average 4,004 98.5 Brent COP/USD 90.9 USD/Bl Brent in pesos 322 322 314 kCOP/Bl 280 273 34.6 34.8 42.3 36.7 31.4 29.8 29.7 43% 40% 11.0 7.5 14.0
Slide 7: Advances in TESG Position Ecopetrol as a Great Place to Work
Advances in TESG Position Ecopetrol as a Great Place to Work 379 Accumulated GHG1 Emission Reductions 55% above target “Highly Satisfactory” level in Work Environment Index, mTCO2e (244 mTCO₂e) improved from 60 to 68. “Outstanding achievement in 105 Savings for Energy Source Substitution 9M25 - Incl
Slide 8: Hydrocarbons
Hydrocarbons m4 PeTROL GROUP
Slide 9: Exploration and Production: Exploratory Activity Above Plan
Exploration and Production Exploratory Activity above plan Exploratory wells Sirius Project Progress Commercial discoveries: Toritos & Saltador 8 3 2 Completed In execution Scheduled Wells being wells drilled drilled wells drilled First 1,900 BPD net Sirius-1 Sirius-2* FID under Discovery gas Daily
Slide 10: Solid Operational and Financial Results in Transportation and Refining
Transportation & Refining Solid Operational and Financial Results in Transportation and Refining MIDSTREAM DOWNSTREAM Transported Volume (mbd) Integrated Throughput (mbpd) Products Crude 3Q25: Second quarter with the highest throughput of the segment’s history, driven by Maximizing Infrastructure Ut
Slide 11: Operating Efficiency Underpinned Value Maximization and Mitigated Cost Pressures
Cost and Efficiencies Operating Efficiency Underpinned Value Maximization and Mitigated Cost Pressures Total Unit Hydrocarbon Cost* Maximized Value in Refining USD/Bl Conversion Index at Barrancabermeja Refinery (%) -1.8 48.2 +3.1% -1.8 47.3 90.6% 90.9% 87.6% 88.2% 46.4 84.9% 45.5 Reduction in fuel
Slide 12: Optimization of Costs and Investments
Cost and Efficiencies Operating Optimization of Costs and Investments Efficient energy management Efficient Dilution Management Efficient Subsurface Management (21% Lifting Cost) (13% Lifting Cost) Dilution cost (USD/Bl) Total fluids per day, annual average (MBFED) # of maintenance operations (Well
Slide 13: Energies for the Transition
Energies for the Transition ah PETROL GROUP
Slide 14: Unit Supply Cost Reduced to Meet Higher Electricity Demand
Energies for Transition Unit Supply Cost Reduced to Meet Higher Electricity Demand of the Hydrocarbons Business Line, while Increasing the NCRE¹ Capacity in Operation NCRE Capacity in Operation 9M-2025 Quarterly Electricity Demand by Segments Unit Cost of Electric Supply GE² (COP/kWh) (GWh-day) 30.0
Slide 15: Contributing to Colombia's Energy Security with Natural Gas and LPG and Hydrogen
Contributing to Colombia’s Energy Security with the Supply of Natural Gas and LPG and by Advancing on Hydrogen plans Gas Commercialization and Optionality Start of construction – Coral Project: The largest green hydrogen plant with PEM technology in LATAM by 2026 249 GBTUD Joint Commercialization of
Slide 16: Financial Performance
Financial Performance ocopsTte. GROUP
Slide 17: Sustained Production Levels and Efficiency Programs Offset Lower Brent and Exchange Rate
Financial Performance Sustained Production Levels and Efficiency Programs Offset Lower Brent and Exchange Rate Levels 3Q-2025 Financial Results Profitability and Efficiency Program EBITDA EBITDA Margin Net Income Focus on cost containment $12.3 TCOP 41% $2.6 TCOP through efforts in: +11% vs 2Q25 +4p
Slide 18: Cash Position
Cash Position Liquidity Level Supports Financial Resilience Liquidity Position of the Ecopetrol Group BCOP 29.0 Operational activity FEPC 7.7 Collection of FEPC from 2024 CAPEX disbursements 21.3 -19.0 Payment of 100% of dividends 18.2 Interest payments -10.3 14.1 -3.8 Robust liquidity, with no extr
Slide 19: Capital Structure
Capital Structure Comprehensive Management of the Financing Strategy Optimization of short-term debt Reduction of interest rates New Debt Facilities MUSD Renegotiation of all bank debt, with Committed credit line: 1,200 Early repayment of short- reductions of: Access for term debt $700 BCOP cash nee
Slide 20: Investment Plan
Investment Plan Strategic Investments Focused on Growth and Sustainability Investment Plan 9M-2025 Historical Investments MUSD 10% Gas 4,352 4,062 4,179 13% 72% 3,675 advance on the annual 2,317 2,213 plan* 1,798 1,818 4,179 1,399 25% MUSD 9M-2025 62% 52% Oil &Gas E&P 9M-2017 9M-2018 9M-2019 9M-2020
Slide 21: To summarize...
To summarize... Delivering on our 2025 strategic Our focus: objectives Operating Maximizing efficiencies and reducing costs 751 +10 413 mboed Wells mbd Strengthening our core business as a Production Exploration Throughput Target: 740 to 750 Target:10 Wells Target: 415 to420 key source of capital fo
Slide 22: Q&A
Q&A