Investments in associates and joint ventures

12 Months Ended

Dec. 31, 2025

Investments in associates and joint ventures

Investments in associates and joint ventures

13.Investments in associates and joint ventures

13.1

Composition and movements


		2025		2024
Joint ventures
Interligação Elétrica do Madeira S.A.		1,658		1,698
Transmissora Aliança de Energia Elétrica S.A.		1,434		1,514
Equion Energía Limited		1,077		1,178
Interligação Elétrica Ivaí S.A.		473		488
Interligação Elétrica Garanhuns S.A.		466		479
Interligação Elétrica Paraguaçu S.A.		347		515
Interligação Elétrica Aimorés S.A.		235		323
Conexión Kimal Lo Aguirre S.A.		164		163
Ecodiesel Colombia S.A.		83		69
Consorcio Eléctrico Yapay S.A.		25		24
Transnexa S.A. E.M.A.		9		9
PA Energía para la paz		9		9
Interconexión Eléctrica Colombia Panamá S.A.		6		5
Derivex S.A.		1		1
		5,987		6,475
Less impairment:
Equion Energía Limited		(393)		(393)
Transnexa S.A. E.M.A.		(9)		(9)
		5,585		6,073
Associates
Gases del Caribe S.A. E.S.P.		1,518		1,529
ATP Tower Holdings		655		756
Gas Natural del Oriente S.A. E.S.P.		153		155
Gases de la Guajira S.A. E.S.P.		72		71
E2 Energía Eficiente S.A. E.S.P.		33		32
Extrucol S.A.		29		32
Serviport S.A.		9		9
Sociedad Portuaria Olefinas y Derivados S.A.		3		4
		2,472		2,588
Less impairment: Serviport S.A.		(9)		(9)
		2,463		2,579
		8,048		8,652

The following is the movement of investments in associates and joint ventures:

For the year ended December 31, 2025:


				Joint
		Associates		ventures		Total
Opening balance		2,579		6,073		8,652
Capital contributions		—		6		6
Effects of equity method through:
Profit or loss		145		565		710
Other comprehensive income		(81)		(590)		(671)
Dividends declared (1)		(180)		(469)		(649)
Closing balance		2,463		5,585		8,048

For the year ended December 31, 2024:


				Joint
		Associates		ventures		Total
Opening balance		2,544		5,875		8,419
Capital contributions		—		20		20
Effects of equity method through:
Profit or loss		135		629		764
Other comprehensive income		78		(117)		(39)
Dividends declared (1)		(178)		(349)		(527)
Impairment recovery (Note 18)		—		15		15
Closing balance		2,579		6,073		8,652

(1)

During 2024, dividends of $425 (2023: $482) were received from: i) the joint ventures of Interconexión Eléctrica S.A.: Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu Interligação Elétrica Aimorés, Interligação Elétrica do Madeira S.A., and Interligação Elétrica Ivaí S.A. and ii) of the associates of Invercolsa: Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira, and Extrucol.

For the year ended December 31, 2023:


				Joint
		Associates		ventures		Total
Opening balance		2,693		6,804		9,497
Capital contributions		—		1		1
Effects of equity method through:
Profit or loss		198		607		805
Other comprehensive income		(169)		(1,181)		(1,350)
Dividends declared (1)		(178)		(348)		(526)
Impairment (Note 18)		—		(8)		(8)
Closing balance		2,544		5,875		8,419

(1)	During 2023, The Ecopetrol Group received dividends of $482 (2022: $1,471) from its investments Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu, Interligação Elétrica Aimorés, Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira and Extrucol.

13.2

Additional information about associates and joint ventures

The following is the detail of assets, liabilities, and results of the main investments in associates and joint ventures, as of December 31, 2025, and 2024:


		2025						2024
		Interligação		Transmissora		Equion		Interligação		Transmissora		Equion
		Elétrica do		Aliança de		Energía		Elétrica do		Aliança de		Energía
		Madeira		Energia Elétrica		Limited		Madeira		Energia Elétrica		Limited
Statement of financial position
Current assets		622		1,856		66		650		1,649		105
Non–current assets		4,300		12,062		1,387		4,729		11,582		1,563
Total assets		4,922		13,918		1,453		5,379		13,231		1,668
Current liabilities		214		1,224		39		417		1,412		42
Non–current liabilities		1,637		7,498		24		1,843		6,876		29
Total liabilities		1,851		8,722		63		2,260		8,288		71
Equity		3,071		5,196		1,390		3,119		4,943		1,597
Other complementary information
Cash and cash equivalents		62		—		12		122		4		25


	Year ended December 31
	2025				2024
	Interligação	Transmissora		Equion	Interligação		Transmissora	Equion
	Elétrica do	Aliança de		Energía	Elétrica do		Aliança de	Energía
	Madeira	Energia Elétrica		Limited	Madeira		Energia Elétrica	Limited
Statement of profit or loss
Sales revenue	555	1,804		—	572		1,758	—
Costs	58	(412)		(30)	(28)		(261)	(23)
Other operating expenses, net	(147)	165		—	—		(168)	1
Financial (expenses) income	(42)	(348)		81	(91)		82	95
Income tax	(78)	35		(19)	(92)		(70)	(23)
Financial year results	346	1,244		32	361		1,341	50
Other comprehensive results	—	—		1,711	—		10	1,014
Other complementary information
Depreciation and amortization	1	(5)		—	1		43	—

This is a reconciliation of equity of the significant investments and the carrying amount of investments as of December 31:


		2025						2024
		Interligação		Transmissora		Equion		Interligação		Transmissora		Equion
		Elétrica do		Aliança de		Energía		Elétrica do		Aliança de		Energía
		Madeira		Energia Elétrica		Limited		Madeira		Energia Elétrica		Limited
Equity of the joint venture		3,071		5,196		1,389		3,119		4,943		1,597
% of Ecopetrol’s ownership		51.00	%	14.88	%	51.00	%	51.00	%	14.88	%	51.00	%
Ecopetrol’s ownership		1,566		773		709		1,591		735		814
Additional value of the investment		—		119		383		—		143		376
Impairment		—		—		(393)		—		—		(393)
Unrealized gain		—		—		(15)		—		—		(12)
Carrying amount of the investment		1,566		892		684		1,591		878		785

The information on assets, liabilities, and profits of the other associated companies and joint ventures is found in exhibit 1.