18.Impairment of long-term assets

As mentioned in Note 4.13, each year the Ecopetrol Group assesses whether there is an indication that a non-current asset or cash–generating unit may be impaired or if impairment losses recognized in previous years should be reversed.

The impairment of non-current assets includes property, plant, and equipment, natural resources, investments in companies, and goodwill. The Ecopetrol Group is exposed to future risks derived mainly from variations in (a) the estimate of future oil prices, (b) the refining margins and profitability, (c) the cost profile, (d) the investments and maintenance expenses, (e) the amounts of recoverable reserves, (f) the market and country risk assessments reflected in the discount rate and (g) changes in national and foreign regulations, among others.

Any changes in the above estimates used to calculate the recoverable amount of a non–current assets can have a material impact on the recognition impairment losses or reversals in consolidated statement of profit or loss. Highly sensitive significant estimates affecting each business segments, among others include (a) in the exploration and production segment, variations of hydrocarbon prices, (b) in the refining segment, changes in finished products and crude oil prices, the discount rate, refining margins, (c) in the transport and logistics segment, transported volumes and exchange rate, and (d) in energy transmission and toll roads concessions, infrastructure construction margins, asset remuneration flow estimates, network capacity, among others.

Based on the impairment tests conducted by the Ecopetrol Group, the following are the impairments or reversals of impairment for the years ended on December 31, 2025, 2024 and 2023:

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18.1Exploration and production

The impairment (loss) reversal of assets of the Exploration and Production segment for the years ended December 31 of 2025, 2024 and 2023 is the following:

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In 2025, a net impairment loss of $325 was recognized, generated in: i) Ecopetrol S.A., mainly in the cash-generating units Llanito, Tibu, Tisquirama, and Casabe; and a recovery in assets such as Teca Cocorná, Arauca, Moriche, and Ariari; ii) Hocol S.A., offsetting the impairment of the cash-generating units Bullerengue, Espinal, and Llanos with the recovery in Cicuco, Toldado, La Hocha, Upía, and Chenche; and iii) a recovery in the K2 and Gunflint fields of Ecopetrol América. The impairment incurred during the year resulted from the decrease in future hydrocarbon prices, which was partially offset by the implementation of asset profitability management plans and a decrease in the discount rate.

In 2024, a net impairment expense of $495 was recognized: generated in: i) in the K2 and Gunflint fields of Ecopetrol America, ii) Ecopetrol S.A. due to the offsetting effect between an impairment mainly in the Llanito, Orito, and Sur cash-generating units; and a recovery mainly in assets such as Suria, Dina Cretaceo, Jazmin, and San Francisco; and iii) in Hocol S.A. due to the offsetting effect between the impairment of the Espinal cash-generating unit and the recovery in La Hocha, Chenche, Toldado, Cicuco, and Upía. The lower impairment compared to the previous year is mainly due to the success in the implementation of plans to mitigate the impairment loss for lower future hydrocarbon prices in the short and medium term. The plans considered the following aspects: acceleration in the addition of incremental volumes through profitable projects and decision-making, efficiencies, the decrease of fixed costs, optimization of technical abandonment costs, net book value management, among others

In 2023, an impairment loss was recognized, considering CAPEX variables, OPEX effects and prices mainly in the cash-generating units (CGU) Casabe, Llanito, Suria, and Tibú; and a recovery mainly in the Piedemonte unit, which was the subject of unification of Floreña, Cupiagua and Cusiana assets during 2024, considering that these fields share facilities with each other, possess synergies, and jointly manage the surface fluids across the three large infrastructures. Likewise, impairment losses were recognized in Hocol S.A. in the Cicuco, Toldado, La Hocha, Espinal, and Chenche CGUs and a recovery in Upía CGU. In the CGUs abroad, an impairment loss was recognized in K2 CGU of Ecopetrol America.

The following is the breakdown of oilfields impairment losses or reversals for the years ended December 31, 2025, 2024 and 2023:

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2025

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2024

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2023

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The assumptions used to determine the recoverable amount include the following:

18.1.2Investments in joint ventures

Investments in joint ventures in the Exploration and Production segment are recorded using the equity method of accounting. The Ecopetrol Group evaluates if there is any objective evidence that indicates that the fair value of such investments has been impaired in the year, especially those for which goodwill has been recognized.

As a result, Ecopetrol Group recognized a recovery (loss) of impairment on the carrying value as of December 31, as follows:

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In 2025, there was no evidence that the book value of associates and joint ventures was below their recoverable amount.

In 2024, an impairment recovery was recognized on the investment in Equion, which adjusts the book value of the assets evaluated to their current fair value.

In 2023, an impairment loss was recognized on the investment in Equion, mainly due to the update of its non-current assets in the model.

18.2Refining and Petrochemical

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During 2025, no situations or conditions were identified in external or internal variables that could generate indications of impairment charges for the refinery.

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In 2024, an impairment recovery of $1,271 was recognized, mainly due to: i) higher price differentials for middle distillates in the medium- and long-term projections, ii) a greater share of domestic crude oils in the refinery’s feedstock, iii) the inclusion of energy efficiency initiatives and the commissioning of the U-111 unit capacity expansion project to 50 kilobarrels per day, with the medium- and long-term goal of maintaining operational efficiency, and iv) a decrease in the discount rate based on market conditions. Additionally, an impairment loss of $6 was recognized, corresponding to the surplus from the expansion project.

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2024

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During 2023 there was a recovery of $1,494 mainly due to: i) higher price differentials in mid–distillates in the medium and long-term projection, ii) imported crude oils more discounted on the brent marker, and iii) operational improvements executed in 2025, which together with energy efficiency initiatives have managed to optimize the operational costs of the refinery and reduce energy consumption. Additionally, a loss for impairment of office-type containers was recognized as a result of their appraisals and leftovers from the expansion project for $12.

2023

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The impairment recoveries for Refinería de Cartagena at year-end 2024 and 2023 were calculated based on fair value less costs to dispose of, which is higher than its value in use. Fair value, less costs to dispose of, were determined based on after-tax cash flows derived from the business plans projected by Management. These plans are based on market prices provided by a third party, considering long-term macroeconomic variables and fundamental assumptions regarding the supply and demand of crude oil and refined products. The fair value category is Level 3.

The estimates derived from the valuation of the impairment of the assets of Refinería de Cartagena S.A.S. The valuations for 2024 and 2023 were based on: i) exogenous and market variables beyond management control, such as prices that define refinery revenues (refined products) and costs (raw materials), and macroeconomic variables that determine the discount rate for cash flows used to value assets; and ii) operational and corporate variables subject to management control, such as plant efficiency, operational availability, and the corresponding cost and expense management. The assumptions used in the model to determine recoverable values include volumes, prices, projected operating expenses (Opex) and capital expenditures (Capex), as well as an investment component for the implementation of new technologies.

18.2.2Refinería de Barrancabermeja

As of December 31, 2025, 2024, and 2023, qualitative assessment of the assets associated with the refining segment were executed, including the Barrancabermeja Refinery Modernization Project. As a result, there are no indicators of impairment loss or recovery.

18.3Transport and Logistics

The recoverable amount of these assets was determined based on its fair value with costs of disposal, which corresponds to discounted cash flows based on the hydrocarbon production curves and refined products transport curves. The fair value hierarchy is 3.

The assumptions used in the model to determine the recoverable amount included:

In 2025, an impairment recovery of $346 was presented due to: i) economic update in the life of the assets, ii) better results in the volume projections, iii) increase in rates, iv) decrease in operating costs and v) a lower discount rate.

In 2024, there was an impairment reversal of $127 due to the effect of: i) tariff update in oil pipelines, ii) better results in volumetric projections, and iii) higher closing exchange rate for 2024 versus 2023.

In 2023, for the volumetric projection exercise until 2040, there is a decrease in the North, South and Yaguará-Tenay CGUs compared to 2022. This means that an impairment loss of $630 was recognized, caused mainly by the variation in the exchange rate.

18.4Energy transmission and roads

According to the impairment test, as of December 31, 2025, 2024 and 2023, ISA and its companies considered that there are no operational or economic issues indicating that the net book value of its non-current non-financial assets cannot be recovered, except for the facts evidenced in the year, which were recognized and assessed in accordance with the applicable accounting standard.

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