Ecopetrol (EC) investor relations material

Executive summary

• Achieved highest half-yearly production in a decade at 751,000–755,500 barrels of oil equivalent per day, led by Colombian fields and Permian Basin.

• Declared commercial viability of Lorito, the largest Colombian discovery in a decade, and advanced key projects in Brazil and the Caribbean.

• Operational recovery in downstream with major maintenance completed and refinery availability restored to 96%.

• Advanced energy transition, surpassing renewable targets with a portfolio of 630 MW and accelerating investments in renewables.

• Maintained resilient financial results and strong cash management amid external challenges.

Financial highlights

• Net income for 1H 2025 was COP 4.9 trillion (7.4 TCOP), down 33% year-over-year, mainly due to a 22% drop in Brent prices and new taxes.

• EBITDA for 1H 2025 was COP 24.4 trillion, with a 40% margin, exceeding the annual target.

• Achieved COP 2.2 trillion in efficiencies, exceeding targets by 27% and improving margins.

• Free cash flow stood at COP 3.1 trillion, with a cash position of COP 13.1 trillion as of June.

• Dividend payments in 1H25 totaled COP 8.8 trillion, delivering a 10% return.

Outlook and guidance

• Production target for 2025 maintained at 740,000–750,000 barrels of oil equivalent per day.

• No increase in debt levels expected for 2025; focus remains on cost and expense reduction and CapEx flexibility.

• Renewable energy portfolio expected to surpass 900 MW by year-end, with $300–400 million in clean energy investments.

• Continued focus on operational and strategic flexibility to navigate market volatility.