9.Other financial assets

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The fair value measurement is recognized against other comprehensive income (Note 24.5) or financial results (Note 28), in accordance with the business model established by the Ecopetrol Group.

The securities in the Ecopetrol Group’s portfolio are valued daily following the regulations defined by the Financial Superintendency of Colombia. For this purpose, information provided by authorized entities is used, which corresponds to collected data from active markets. In cases where market data is unavailable, other directly or indirectly observable data is used.

For investments denominated in US dollars, Bloomberg is the information provider, and for those denominated in Colombian pesos, Precia, an entity authorized by the Financial Superintendency of Colombia to provide this service, is the provider.

Within the investment rating process, in addition to the information used for valuation, other relevant aspects are considered, such as the issuer rating, investment classification, liquidity, active market, and the issuer risk analysis carried out by the Ecopetrol Group, which permit the appropriate hierarchy level classification of the investments.

As of December 31, 2025 and 2024, there were restricted funds for $39, which have a specific destination, mainly in: i) ISA, for $13, associated with administration and payment trusts established for the projects of the Mining and Energy Planning Unit (UPME), resources retained by judicial seizures and the resources to develop the Conexión Jaguar program and, ii) Interligação Elétrica Norte e Nordeste, for $12, related to a guarantee granted to Banco do Nordeste do Brasil (BNB) until the debt with the bank is paid.

The following is the balance of other financial assets by date to maturity as of December 31, 2025, and 2024:

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The following is the balance of other financial assets by fair value hierarchy level as of December 31, 2025, and 2024:

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Ecopetrol Group is a holder of the Series B Preferred Shares, and the Group has the right to demand that all the Series B Preferred Shares be converted at any time after June 30, 2028, into common shares representing up to 19.9% of the Company’s equity interest.

The valuation technique applied to the shares of McDermott International Ltd. is an income approach, projecting discounted cash flows to present value, and considering factors such as risk premiums, available information from McDermott International Ltd., the absence of significant influence and control by the Refinería de Cartagena, and restructuring scenarios over time. The valuation process for this stock is reviewed quarterly to identify changes in the established variables.

Within the measurement performed, the most significant unobservable input data are the following:

After analyzing the information available for updating the valuation as of June 2025, a fair value update was performed. Sensitivity analyses of risk premiums were conducted for both the initial fair value calculation of the shares and its update in June 2025, resulting in a valuation range that incorporates minimum and maximum risk levels with incremental increases. Within this range, the medium risk range is considered, reflecting the fair value for accounting purposes.

As of December 2025, it is concluded that market data is insufficient to provide an updated financial valuation of McDermott’s 2025 results and projected cash flows.

The following is the movement of equity investments in level 3 for the years ended December 31, 2025, and 2024:

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Changes in inputs used in the valuation of McDermott shares do not give rise to new fair value measurements that can be materially different from the amount recorded in the financial statement as of December 31, 2025 and 2024.

There were no transfers between hierarchy levels for the years ended December 31, 2025, and 2024.

The following table reflects the credit quality of the issuers of other financial assets, according to Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings:

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See credit risk policy in Note 30.7.