Investor Presentation 1Q 2026 (corporate presentation1q26 eng)

202b

GROUP

Ecopetrol at a glance

We are a leading integrated energy and infrastructure group in LatAm

Exploration, Production & Refining

Energies for the Transition

Energy Transmission and Toll Roads

130 years(1)

of jointly operations

+19k

committed employees

15 countries(2)

largest company in Colombia

Committed to

sustainable energy development in Colombia and LaTam

Midstream

U.S., Gulf of Mexico, and Permian Basin

Refining

Central America

Colombia

Peru

Singapore

Bolivia

Brazil

Chile

Argentina

#1 self-generator in

Col in renewables

#1 energy transmission

in LatAm (49,000 kms)

E&P Telecom

Roads

Transmission

Green hydrogen electrolizer

Commercial office

#1 player in Colombia in

the segment

Source: 2024 20-F form, Prospectus Supplement. (1) Ecopetrol 74 years and ISA 56 years. (2) Argentina, Bahamas, Brazil, Bolivia, Cayman Island, Chile, Colombia, Spain, United Kingdom, United States, Mexico, Peru, Singapore, Switzerland and Panama. 3

Ecopetrol Group Strategy

The 2040 Strategy: our Long-Term Vision

1 2

Grow with Energy Transition (ET)

Generating Value through TESG

. Maintain production levels of ~700 to 750 (mboed) by 2040

. Annual social investment of ~0.6 TCOP in territories

. Acceleration of renewable energy: 900MW(1) by 2025 /1,000MW(1) by

2030

. 55% reduction in methane emissions by 2030

. Increase of ISA contribution:

~22% to 26% of the Group's

EBITDA by 2040

. Internal energy consumption:

25PJ(2) by 2030

Strategic milestones (adjusted)

4 Competitive Returns

. EBITDA ~13 to 14 BUSD(3)(4) by 2040:

50/50 hydrocarbons and diversification(5)

. Annual transfers to the Nation:

~13 to 20 TCOP (on av. 2022 to 2040)

. Capital allocation by business segment:

60% hydrocarbons / 40% low emissions by 2040

1. Greater gas potential in the Colombian Caribbean Offshore

2. Non-development of unconventional reservoirs in Colombia

3. Enhanced recovery outperformance

   Cutting-Edge Knowledge 3

   . 20 to 30 BUSD of cumulative EBITDA enabled by Science, Technology and Innovation by 2040

   . Incorporation of big data and AI to improve the recovery factor of assets

   . Technological reconversion of generation park

4. Better expected results in Permian

5. Capturing value through greater commercial activity

6. ISA´s improved performance compared to the acquisition case

Source: Form 2Q'24 6-K, 2024 20-F form, Prospectus Supplement, Company Filings. Notes: (1) To meet internal needs, (2) Cumulative goal 2018 to 2030 in petajoules; 20% of the energy demand of direct operations of Ecopetrol Colombia in 2022 4

(123.6 PJ), (3) Calculated on resilient scenario Brent price $55/bl, (4) Billions of US dollars, (5) Gas included.

Operational Performance and Key Developments

Copoazú-1

Exploration Success: confirmed presence of two gas accumulations, independent from Sirius, expanding the block's discovered potential.

Strategic Growth: Brava

Potential acquisition of a 51% stake (reserves and international diversification)

P R O D U C T I O N

725 mboed

1,122 mbd

R E F I N I N G

417 mbd

Strength of Domestic Crude: 520 mboed (+6 mboed vs 4Q25)

Capex Optimization: through

agreements with Parex and Gran Tierra

T R A N S P O R TAT I O N

Operational and Commercial Strategies to integrate volumes into the network

Coveñas-Ayacucho 16 Reversal: enabling crude supply to refining

High Throughputs and Improved Refining Margins: (+60% vs. 1Q25), driven by a favorable price environment

Strong Commercial Management

Time-charter vessel contracting strategy for crude and refined products to mitigate freight cost volatility (>150%)

Gas Market Expansion

Agreement for regasification infrastructure and import of 126-370 GBTUD of natural gas into the NTS¹

Transmission Network Strengthening

Award of 46 reinforcements, upgrades, and projects in Brazil for BRL 989 million (~COP 695 billion)

1: NTS: National Transportation System

5

75

78

Effective commercial management supported financial performance

Brent

USD/bbl

1.4

68

Investment

(23% progress vs 2026 plan)

63

Brent

314.393

67

280.129 272.958

289.960

BUSD

COP/bbl

TRM 1

31,4

29,7

29,8

28,8

28,6

13,3

11,1

12,3

13,5

10,0

42% 3,1

37%

1,8

41% 2,6

35%

1,5

47%

2,9

USDCOP

240.883

4.193 4.199 4.004 3.819

3.700

4.2

BCOP

ESG

Investment

95

TCOP

FEPC Balance

20-F

1Q25 2Q25 3Q25 4Q25 1Q26

Revenue (TCOP)

EBITDA (TCOP)

EBITDA

Margin

Net Income (TCOP)

Lower Brent in COP (-8%) pressured revenues (-9%) vs. 1Q25

SEC Filing

Realized Basket Prices

Crude 68 USD/bbl -0.7%

vs. 1Q25

Products

93 USD/bbl

GSM2 2026

• Approval of the merger with Parque Portón del Sol S.A.S.

• Dividend Distribution:

4.4 TCOP

paid on April 30

1: Average FX rate for the quarter

2: General Shareholders' Meeting

6

Potential Strategic Acquisition of Brava Energia S.A. in Brazil

Transaction Overview

• Acquisition of 51%¹ of Brava Energia (BRAV3): Agreement with minority shareholders for 26% & voluntary tender offer at BRL 23/share

• Transaction Value: ~US$1.0-1.2 billion (bridge financing with

  subsequent long-term refinancing)

• Post-transaction: Brava remains listed, and Ecopetrol consolidates financial results

  1. Subject to fulfillment of precedent conditions and regulatory approvals

     1P reserves²

     Production

     Integrated Company

     ~459 81

     MMBOE

     MBOED

     Onshore and Offshore Assets

     
     
     

  2. Brava reserves under PRMS methodology, subject to conversion to SEC standards

     Contribution to Ecopetrol Group³

     Strategic Rationale

     • 2nd largest independent company in Brazil (reserves and production)

     • International diversification in a high-growth market (~20

       years of presence)

     • Operational synergies and knowledge transfer

     • Reserves growth

     • Financing aligned with target (Gross Debt/EBITDA < 2.5x)

     EBITDA Margin

     39%

     11.520

12,326

+7%

787

42

+6%

EBITDA (MUSD)

Production (mboed)

Brava

Ecopetrol

7

Strategic Partnerships with Key Partners in the Magdalena Medio Valley

CÚCUTA

Parex

Partner

Gran Tierra

Tisquirama-San Roque

250

MUSD 92 MUSD

investment

Partner-led

94 MMBOE gross

64 Development wells

132 workovers

33 MMBOE gross

potential

Incremental

8 New wells

24 workovers

Llanito Casabe

3 Exploration wells

2 Advanced wells

GRB

BARRANCABERMEJA

Casabe y Llanito: improvement of economic limit

Assets

Tisquirama: improvement of economic limit

Magdalena Medio Valley

05/02/2026 16/03/2026

Execution

Agreement

Partner incorporation strategy and asset value maximization

8

Annexes



Hydrocarbons

High-potential exploration portfolio in Colombia

Colombia's Caribbean as a key driver of gas growth

Sandía-1 well

Copoazú-1 exploratory well:

Gas confirmed in two independent targets from Sirius

Copoazú-1

964 m

Sirius-2

803 m

Sirius-1

864 m

5in 1Q26

wells drilled

1

Success

Copoazú-1

55.56%

44.44%

2

Under evaluation

Bisbita sur-1 ST2

50% 50%

Andina Limón-1

50% 50%

2

Without Commercial

Hydrocarbon Shows

Vencejo Norte-1

50% 50%

Drago-1E

100%

VOLUMES AND TECHNICAL CASE UPDATE

INITIAL TESTING

2026

Sirius-1 Copoazú-1 Sandía-1

11

Committed to delivering on guidance

Operational flexibility and disciplined capital allocation in a challenging environment

Key production enablers

• Drilling campaign: CPO-09, Caño Sur

• Enhanced recovery at Chichimene

• Facilities expansion in Rubiales

CHALLENGES

Weather-related events

• Power supply disruptions - 2Q26

External risks

• Asset blockades

• Physical security risks

• El Niño weather phenomenon -

2H26

Segment profitability

Plan 2026

730-740MBOED

International

Gas+National Whites

National Crude

729

725

730-740

514

520

110

106

4Q25

104

101

1Q26

103-105

89-94

2026 Guidance

EBITDA Margin % Realized basket price USD/bbl

39%

EBITDA USD/bbl

40%

27%

69 59 68

25,6 17,4 27,1

1Q25 4Q25 1Q26

12

Caribbean Offshore

Balanced and robust portfolio of gas opportunities

~75 TCF

Potential volume of gross prospective resources

~6 -12 TCF

Discovered gross recoverable volume

• Coordination with institutions to meet schedules for environmental

  licenses and prior consultations

• Solution for onshore gas evacuation scheme and connection with consumption centers

• Adjustments to the regulatory framework for gas commercialization

Ultra-deepwater Cluster

COL 6 COL 7

COL 1

GUA OFF 1

GUAOFF-0*

Orca

Results under evaluation

Orca Norte-1

GUA-OFF-0

ORCA

SIRIUS

~6 TCF

Original Volume "in-situ"

470 MCFD

Production

over 10 years

Sirius 2ST

Formation test showed good productivity

North Caribbean Cluster

South Caribbean Cluster

COL 2

/"

GUA OFF 10 GUAOFF-0

/"

/"

/"

/"

Chuchupa & Ballena

/"

Pipeline

Ecopetrol has streamlined processes to accelerate time to market

2022

2026 -2028

2029 -2030

First Gas

COL 5

PURPLE ANGEL

/" Cartagena refinary

/"

/"

/"

/"

/"

National Transportation System

Success

FUERTE SUR

/"

/"

/"

/"

/"

/"

/"

Well being drilled

Next wells

Stations

All resource volume figures are gross.

*Subject to licensing and consultative process

MCFD million cubic feet per day

Barrancabermeja refinary

/"

/"

/" /"

/"

/"

Sirius - Our Strategic Offshore

Environmental instruments for the Sirius development

∼6TCF

Gas volume

"in-situ"

1. Production Field

2. Underwater line

   Share of participation

55.56%

1. Beach crossing

   44.44%

   Discoveries Gas pipeline

   Petrobreas-Sep2024 route Fields

   Gua Off-0

   Sirius evaluation program

Buena Suerte -1

Sirius-1 3

Papayuela-1

2 4

1 Sirius-2

1. Ballena Complex

** Wells to be drilled in the GUA OFF-0 Block in 2025

Ecopetrol has streamlined processes to accelerate time to market

2022 Sirius-1

2026 -2028

2029 -2030

First Gas

*Subject to licensing and consultative process 14

Colombia onshore

2025 key onshore projects

Mitigates production decline and contributes to oil and gas reserves incorporation

Maximizing asset value

• Improved recovery

• Completion of Orotoy facilities

  Water injection projects

• Drilling of development wells

• Optimization of operating pressure

• Artificial lift Improvement

• Exploratory well Floreña

N-18 gas objective

90000

80000

70000

kbopd

60000

50000

40000

30000

20000

10000

0

Chichimene Field

200

160

# wells

120

80

40

0

Piedemonte projects

2010 2012 2014 2016 2018 2020 2022 2024

Primary recovery Increase in water

handling

capacity at facilities

Chichimene

Rubiales

Akacias

Castilla

Caño Sur

Expansion of fluid treatment facilities

Ecopetrol continues evaluating M&A

Drilling

~180 wells

Productor to injectors wells conversions

Primary production Secondary production

Secondary recovery patterns and initiation of tertiary recovery (Facilities investment)

Producing wells Injection wells

bopd: thousands of oil barrels per day

Exploration projects

Discovery delimitation: Toritos and Bisbita field in Llanos Orientales

alternatives in Colombia for a

sustainable and profitable portfolio

Departments with exploratory and/or development activities

Tertiary production

Operational excellence in a favorable pricing environment

Refining and Petrochemicals

Midstream

+60% vs. 10.9 USD/bbl 1Q25

+5% vs. 396 1Q25

Thousand

417 bbl/day

Crude throughput

% Valuable product yield (1)

Refining Gross Margin

Transportation throughput

73%

17.3USD/bbl

1,122

Thousand

+2% vs. 71% 1Q25

+3% vs. 1,092 1Q25

bbl/day

Refining gross margins supported by improved product mix and refinery synergies in a favorable pricing environment

Third-party volume capture and bidirectional flow in the Coveñas-Ayacucho pipeline

EBITDA Refining

EBITDA Midstream

2.8%

1Q25

+1,419

(+294%)

5.0%

4Q25

11.0%

1Q26

EBITDA (Billion COP) EBITDA Margin (%)

~73% driven by FX

-0.5

(-17%)

+0.1

(+4%)

3.1

2.5

2.6

1Q25

4Q25

1Q26

Neutral impact from external factors

1,902

EBITDA (TCOP)

+1,132

(147%)

(1) % High-value product yield / throughput

16

EBITDA growth supported by stronger fundamentals and cost discipline

Cost reduction drove EBITDA growth in the

hydrocarbons segment in 1Q26

+44% vs. 4Q25 l +4% vs. 1Q25

Key levers:

• Contract optimization and maintenance efficiencies

• Strict control of operational demand

• Enhanced energy flexibility

Hydrocarbons segment EBITDA

COP (in billion)

+419

(+4%)

11.230

+3,412

(+44%)

1Q25 4Q25 1Q26

Total Hydrocarbons Cost

Lifting Cost

USD/bbl

45,9 47,8 45,0

43,6(1)

USD/bbl

11,3 13,7 12,2

10,8(1)

Indicator excluding FX impact

COP (in thousand)

1Q25

-26

(-13%)

4Q25

-16

(-9%)

Thousand COP/bbl

47

1Q25

-2

(-4%)

4Q25

45

1Q26

-7

(-14%)

FX

(USD/COP)

4,193

3,819

3,700

(1) Normalized figure calculated using the average FX rate of 1Q25

Energies for the Transition

Gas marketing 2026 (GBTUD)

Own production*

vs 1T 2025

GBTUD

vs 1T 2025

GBTUD

Ecopetrol's efforts to maximize gas supply to the market

National Natural Gas

Contracts suscribed

296

G B T U D

Ecopetrol:

Only supplier offering long-term firm gas volumes to the market

52% of the market

Marketing of imported natural gas in the Caribbean

126-370

G B T U D

Up to a seven-year product offering (Puerto Bahía)

LPG

30,500

T o n / m o n t h

+9% higher supply for Mar-Aug 2026 compared to the prior commercialization period

*Estimated volumes from May to November

19

We promote natural gas import solutions

to contribute to the country's short, medium, and long-term supply

2

Puerto Bahía

126 - 370 GBTUD

3

2S 2026 FSRU

Sirius

Ballena

1. LNG Sourcing

   Public, competitive bidding process launched for LNG

   Coveñas up to 400 GBTUD

   2S 2029

   FSRU

   Plem Conection+

   Existing Submarine Pipeline

   KGG

   Cartagena

   Sincelejo Coveñas

   B/quilla

   La Mami

   Venezuela

   50 - 150 GBTUD

   procurement at DES1 Buenaventura (Mar/26)

   Expected contract signing date: Aug 2026 First cargo of LNG imports: 2H26

2. Alliance with Puerto Bahía

   1

   Buenaventura 60 GBTUD

   3T 2026

   FSU

   Virtual Gas Pipeline Buenaventura - Buga

   Hasta 400 GBTU

   D

   San Andresito

   Jobo

   Vasconia

   Barranca

   Sebastopol

   Infrastructure converted- ODC

   NTS Gas TGI

   NTS Gas Promigas

   Onshore Gas Pipeline

   Offshore Line

   Antonio Ricaurte Gas Pipeline

   The Integrated Logistics and Regasification Services Agreement was signed

   January 2026

   Leveraging existing port infrastructure

3. ODC infrastructure conversion

Advancing the conversion of ODC infrastructure to enable intake of imported or offshore natural gas

1. DES: Delivered Ex-Ship.

20