20.Loans and borrowings

20.1Composition of loans and borrowings

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During 2025, loans and borrowings for $18,402 were acquired mainly: in Ecopetrol S.A. for $13,174 and Interconexión Eléctrica S.A. E.S.P. for $4,375. Among these, the following stand out:

-A dollar-denominated commercial loan from Banco Santander maturing in April 2030.

-Disbursement of a long-term dollar-denominated loan maturing in 2030 from Sumitomo Mitsui Banking Corporation and Banco Latinoamericano de Exportaciones S.A. - Bladex totaling USD 530 million, with the proceeds earmarked for the company’s acquisitions and a debt restructuring transaction.

As of December 31, 2025, U.S. dollar denominated total debt corresponds to USD $29,065 million, recognized in financial statements at its amortized cost, which corresponds to the present value of cash flows, discounted at the effective interest rate of each loan and borrowing.

As a result of the Business Group’s strategy, related to the comprehensive management of maturities, during 2025 capital payments were made for $15,192: mainly in Ecopetrol S.A. for $11,590, and Interconexión Eléctrica S.A. E.S.P. for $2,833. Likewise, interest payments were made for $8,199 mainly in Ecopetrol S.A. for $5,767, and in Interconexión Eléctrica S.A. E.S.P. for $2,250.

20.2Fair value of loans

The following are the fair values of loans and borrowings as of December 31, 2025, and 2024:

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The fair value of loans and borrowings is classified as Level 2.

20.3Maturity of loans and borrowings

The following are the maturities of loans and borrowing as of December 31, 2025:

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The following are the maturities of loans and borrowing as of December 31, 2024:

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20.4Breakdown by type of interest rate and currency

The following is the breakdown of loans and borrowing by type of interest rate as of December 31, 2025, and 2024:

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20.5Loans designated as hedging instrument

As of December 31, 2025, the Ecopetrol Group designated USD$17,348 million (2024 – USD$17,612 million) of foreign currency debt as a hedging instrument, of which USD$10,001 million (2024 - $10,269 million) is used to hedge the net investment in foreign operations with the US dollar as their functional currency, and USD$7,347 million (2024 – USD$7,343 million) is used to hedge the cash flows of future crude oil exports. See Notes 30.4.

20.6Guarantees and covenants

Ecopetrol S.A. has commitments (covenants) related to the delivery of periodic financial information and the fulfillment of obligations arising from credit agreements with financial institutions, fiduciary entities, bondholders, rating agencies, auditors, among others.

As of December 31, 2025, the estimated value of the current guarantees granted by ISA and its companies, within the framework of the definition in paragraph 14 of IFRS 7, used to support growth in its different business units and to ensure commercial, operational, and strategic viability amounts to $19,771 (2024 - $22,665), mainly in i) Chile for $13,189 (2024 - $15,799) in Intervial Chile, Ruta del Loa, Ruta de los Ríos, Ruta de la Araucaría and Ruta del Maipo, b) Brazil in ISA CTEEP for $3,907 (2024 - $4,187), and c) Colombia on the Ruta Costera for $2,679 (2024 - $2,679).

ISA and its companies have commitments (covenants) related to the delivery of periodic financial information and the fulfillment of the obligations originated in the credit contracts with the financial entities, the Ministry of Public Works of Chile, the bondholders, the rating agencies risks, auditors, and municipalities, among others.

Ecopetrol USA Inc. and its subsidiaries have commitments (covenants) related to the delivery of periodic financial information and compliance with the obligations arising from a volumetric prepayment agreement, a commercial contract in which Ecopetrol Group receives payments in advance for production, with a third party. The opening and closing balance in 2025 for this contract correspond to $255 MUSD and $159 MUSD, respectively.

During the reporting year, the Ecopetrol Group has complied with its payment obligations, guarantees and commitments with its bondholders and local and/or international financing entities.