Slide 1: Financial Results 2nd quarter 2025
FINANCIAL RESULTS 2nd quarter / 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: Strengthening of operations, efficiency gains, and progress in diversifying the energy matrix
Strengthening of operations, efficiency gains, and progress in diversifying the energy matrix Upstream Increased production driven by Caño Sur, CPO-09, and the Permian mboed Basin, the highest half-yearly production in the last 10 years 750 751 755 2Q-2025 726 724 716 715 711 706 698 Declaration of
Slide 5: Operational and efficiency progress partially impacted by lower crude oil prices
Operational and efficiency progress partially impacted by lower crude oil prices Quarterly figures 750 751 85 -22% 724 67 698 Target 2025: 740-750 32.6 29.7 Brent Average 668 105 USD/Bl Production mboed 80 83 65 71 14.1 11.1 Brent 411 USD/Bl 367 43% 3.4 38% 1.8 327 297 Brent in 236 2Q-2024 2Q-2025 p
Slide 6: Leading with Impact: Progress in TESG
Leading with Impact: Progress in TESG Expected to exceed the 2025 target for the renewable +900 MW energy portfolio Accumulated GHG1 emissions reduction exceeds the 242 mTCO2e semiannual target by 132% (183 thousand tCO₂e) Completion of 6 “Liu of Taxes” mechanism initiatives 43 BCOP during 2Q 2025 T
Slide 7: Hydrocarbons
Hydrocarbons GROUP
Slide 8: From discovery to development: progress in resources
Exploration From discovery to development: progress in resources Executed investments: 156 MUSD in the 1H-2025 Papayuela-1 spud (June 15, 2025) COL 6 COL 7 • Estimated total depth Q4-2025 6 GUA OFF 0 Wells COL 1 Sirius project progressed toward its development drilled GUA OFF 0 COL 2 Buena Suerte-1
Slide 9: Commerciality of the Lorito discovery
Exploration Commerciality of the Lorito discovery The largest in the past decade – realization of the benefits from the 45% acquisition of CPO-09 13,584 acres Area ~250 MMBOE Estimated recoverable resources of which 8 a 9 °API 109 MMBOE Type of hydrocarbon are Contingent 2,154 +1,450 BPD MMBOE Daily
Slide 10: Ecopetrol Group's production aligned with the annual target
Production Ecopetrol Group’s production aligned with the annual target Highest first half production since 2015 and highest national crude output since 2021 Recovery from external events Production (MBOED) International National gas + whites National Crude 740 748 749 732 771 763 750 751 740-750 98
Slide 11: Resilient results in a challenging environment
Transport Resilient results in a challenging environment Transported volume (mbd) Infrastructure Milestones Products Key Impacts: Crude ∼79% External events: blockades, infrastructure damage, theft, third-party production, others Pozos Pozos Colorados Colorados: : Expansion of infrastructure for . s
Slide 12: Recovery, efficiency, and opportunity captured from international markets
Refining & Petrochemical Recovery, efficiency, and opportunity captured from international markets Eight out of ten maintenance activities completed, restoring operational availability to 95.8% Throughput (mbpd) Gross Refining Margin (USD/Bl) Scheduled maintenance Turnarounds maintenances 80% comple
Slide 13: Cost cutting program mitigates cost pressures
Cost and Efficiencies Cost cutting program mitigates cost pressures Hydrocarbon Efficiencies 1H-2025 Lifting Cost 10% (USD/Bl) COP 2,106 -4% Thousand 1,886 12.04 Mn 647 567 18% 0.45 0.37 0.81 451 684 0.28 60% 11.59 10% 831 668 2% 1H-2024 Exchange Inflation Costs Efficiencies 1H-2025 37 108 Rate 1S 2
Slide 14: Energies for the Transition
. lI ict Energies for Tie - the Transition ocops¥her GROUP
Slide 15: Committed deliveries of domestic and imported natural gas under long-term contracts
Energies for the Transition Committed deliveries of domestic and imported natural gas under contracts ranging from 4 to 5 years Commercialization Commercialization of Regasification in Major fields regasified gas in Buga the Caribbean3 58 GBTUDaverage 60 GBTUD Selection phase Deliveries between Dec.
Slide 16: Diversification of electricity supply sources to meet Ecopetrol Group's demand
Energies for the Transition Diversification of electricity supply sources to meet Ecopetrol Group's demand Electricity demand of Renewable portfolio Ecopetrol Group evolution (MW) 900 MW Target @2025 Agreements that strengthen the renewable portfolio - 2025+ 611 630 99 April/25: Master investment 47
Slide 17: Better results driven by operational efficiencies
Energies for the Transition Better results driven by operational efficiencies Energy Efficiency Social Gas Results Cumulative Savings – Petajoules Cumulative Connections 1H-2025 (PJ) 107,000 Target @2025 22.3 94,507 19.9 EBITDA 1,538 BCOP 75,265 Gas & LPG vs. 1,472 BCOP 1H-2024 10.9 2.42 PJ +4.5% Cu
Slide 18: Energy Transmission and Toll Roads
Energy Transmission and Toll Roads
Slide 19: Progress in financial results impacted by non-recurring events
Energy Transmission and Toll Roads- ISA Progress in financial results impacted by non-recurring events Analysis of variations 1H-2025 vs 1H-2024 1H-2025 Vs. 1H 2024 2Q-2025 Vs. 2Q 2024 TCOP 1. One-off: Adjustment of the financial component of RBSE in ISA 7.1 7.4 Brazil (as defined by the regulatory
Slide 20: Financial Performance
Financial Performance ocopa¥ier GRO UP
Slide 21: Strength in efficiency management aligned with the financial proposition
Financial Performance Strength in efficiency management aligned with the financial p ’s value proposition Net income TCOP EBITDA TCOP Factors that limited the positive impact of operational 83 management: 2.7 TCOP -14% 71 Brent 7.4 28.3 USD/Bl Variation: ~72% due to 0.2 4.9 market factors -2.1 -0.3
Slide 22: Timely activation of levers to support liquidity levels
Financial Performance Timely activation of levers to support liquidity levels Cash flow TCOP 3.1 18.2 2.5 13.1 • Operating cash: +16,2 TCOP (FEPC collection 7.6 TCOP) -10.7 • Investments: 13.1 TCOP • Payments to ECP shareholders: 8.8 TCOP • Payment to non-controlling shareholders of subsidiaries: 1.
Slide 23: Debt maturity profile
Debt Maturity profile USD billions Ecopetrol S. A 2.7 Short term loans Repos: ~ 800MUSD No significant maturities over the next 3 years Treasury Loans ~ 400 MUSD 1.2 1.3 0.1 0.8 0.7 0.6 0.1 1.5 1.2 0.7 0.6 0.7 2025 2026 2027 2028 2029 Short term credits Long term credits Bonds Metrics Debt optimizat
Slide 24: Execution of investments in line with historical levels and targets
Financial Performance Execution of investments in line with historical levels and targets CapEx Execution – 1H 2025 Ecopetrol Group´s investments USD Millions 5,800-6,800 Energy security Gas & LPG 1. Supply Growth. 1. Securing refining throughput 2,667 2,616 2,582 2. Supply Chain – Maintenance 2. Ga
Slide 25: Progress in the VAT collection process on gasoline and diesel imports
Financial Performance Progress in the VAT collection process on gasoline and diesel Imports Ecopetrol Group advances with payments established since 2025 and reaffirms regulatory interpretation differences with DIAN for the 2022–2024 period Current Status Response to Requirements Next Steps • VAT pa
Slide 26: Conclusions
Key Messages Social Commitment Contributions to regions and Strategic Investment sustainable projects 180 BCOP1 Aligned with long-term vision Target 2025: 5.8 – 6.8 BUSD Operational Flexibility Growing Businesses Continuous adaptation Positive trends despite to changing conditions Conclusions volati
Slide 27: Q&A
Q&A