Provisions for employees' benefits

12 Months Ended

Dec. 31, 2025

22.Provisions for employees’ benefits


		2025		2024
Post–employment benefits
Healthcare		9,004		11,450
Pension		1,980		2,788
Education		433		470
Bonds		285		350
Other plans		166		167
Termination benefits – Voluntary retirement plan		828		906
		12,696		16,131
Social benefits and salaries		1,219		1,206
Other employee benefits		38		40
		13,953		17,377
Current		3,481		3,369
Non–current		10,472		14,008
		13,953		17,377

22.1Post–employment benefits liability (asset)

The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2025:


		Pension and bonds		Other		Total
Liabilities for employee benefits
Opening balance		14,831		13,030		27,861
Current service cost		6		173		179
Past service cost		—		110		110
Interest expense		1,273		1,100		2,373
Gains from financial assumptions		(1,054)		(3,118)		(4,172)
Benefits paid		(1,301)		(837)		(2,138)
Foreign currency translation		13		—		13
Closing balance		13,768		10,458		24,226

Plan assets
Opening balance		11,693		37		11,730
Return on assets		989		2		991
Contributions to funds		67		825		892
Benefits paid		(1,301)		(837)		(2,138)
Actuarial gains		53		2		55
Closing balance		11,501		29		11,530
Net post–employment benefits liability		2,267		10,429		12,696

The following table shows the movement in liabilities and assets, net of post-employment benefits and termination benefits, as of December 31, 2024:


		Pension and bonds		Other		Total
Liabilities for employee benefits
Opening balance		16,412		12,750		29,162
Current service cost		34		174		208
Past service cost		—		217		217
Interest expense		1,163		928		2,091
Gains from financial assumptions		(1,520)		(298)		(1,818)
Benefits paid		(1,232)		(742)		(1,974)
Foreign currency translation		(26)		1		(25)
Closing balance		14,831		13,030		27,861

Plan assets
Opening balance		11,974		37		12,011
Return on assets		848		2		850
Payments and contributions to funds		(1,183)		(4)		(1,187)
Actuarial gains		54		2		56
Closing balance		11,693		37		11,730
Net post–employment benefits liability		3,138		12,993		16,131

The following table shows the movement in profit and loss and in other comprehensive income as of December 31, 2025, 2024 and 2023:


		2025		2024		2023
Recognized in profit or loss
Interest expense, net of return on plan assets		1,382		1,241		1,088
Current service cost		179		208		115
Past service cost		110		217		107
		1,671		1,666		1,310
Recognized in other comprehensive income
Pension and pension bonds		3,035		259		(2,664)
Healthcare		1,132		1,404		(1,714)
Other		68		19		(82)
		4,235		1,682		(4,460)
Deferred tax		(1,880)		(374)		1,726
		2,355		1,308		(2,734)

22.2Plan assets

Plan assets are resources held by pension trusts for payment of pension obligations. Payments for health and education post–employment benefits are Ecopetrol Group’s responsibility. The plan assets and future return on those assets cannot be returned to Ecopetrol Group.

The following is the composition of the plan assets by type of investment as of December 31, 2025, and 2024:


		2025		2024
Securities denominated in local currency		3,242		1,930
Bonds issued by the national government		3,090		3,190
Other foreign currency denominated securities		3,046		2,935
Bonds issued by private entities		1,705		2,932
Other public bonds		—		231
Variable yield bonds		223		—
Others		224		512
		11,530		11,730

The 48.48% (2024 – 58.09%) of the securities in the plan assets are classified as level 1 in the fair value hierarchy where prices for the assets are directly observable on actively traded markets, and 51.52% (2024 – 41.91%) are classified as level 2. The following is the balance of plan assets by fair value hierarchy level as of December 31, 2025, and 2024:


		Level 1			Level 2 (1)		Total
		2025	2024		2025	2024	2025	2024
Securities denominated in local currency		330	29		2,912	1,901	3,242	1,930
Bonds issued by the national government		1,981	3,190		1,109	—	3,090	3,190
Other foreign currency denominated securities		3,042	2,917		4	18	3,046	2,935
Bonds issued by private entities		14	111		1,691	2,821	1,705	2,932
Other public bonds		—	231		—	—	—	231
Variable yield bonds		223	—		—	—	223	—
Other		—	337		224	175	224	512
		5,590	6,815		5,940	4,915	11,530	11,730

(1)	The valuation techniques and inputs used in the fair value measurement of level 2 instruments consist in income approach (discounted cash flows) using the cash flows of the instruments, yield curves and credit spreads based on credit ratings.

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

The main risk to which the plan assets are exposed to is the market risk (Note 30.8) derived from credit rating issued by credit ratings agencies. The following table reflects the credit ratings of the issuers and counterparties in assets held by the Plan assets, according to rating Company such as Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings:


		2025		2024

AAA		6,525		6,696
Nation		4,029		4,293
AA+		380		344
AA		159		124
BB+		145		—
F1+		16		45
BRC1+		8		32
Other ratings		44		114
Rating not available		224		82
		11,530		11,730

The securities in the plan assets are valued following the regulations defined by the Financial Superintendency of Colombia, regarding the use of an authorized market data provider. For this purpose, information provided by authorized market-data provider 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.

Within the investment rating process, in addition to the information used for valuation, other relevant factors are considered, such as the issuer rating, investment classification, liquidity, and active market, which permit the appropriate hierarchy level classification of the investments.

22.3Actuarial assumptions

The following are the actuarial assumptions used in determining the present value of defined employee benefit obligations used for the actuarial calculations as of December 31, 2025, and 2024:


2025		Pension		Bonds		Health		Education		Others
Discount rate		9.9%-12	%	10.00	%	10.25%-12.5	%	4%-10.25	%	9.85%-12.87	%
Salary growth rate		3	%	N/A		4	%	N/A		3.0%-4.94	%
Expected inflation rate		3.0%-4.0	%	3.30	%	3.30	%	3.30	%	3.30	%
Pension growth rate		3.0%-3.30	%	N/A		N/A		N/A		N/A
Cost trend
Short–term rate		N/A		N/A		10.00	%	4.30	%	N/A
Long–term rate		N/A		N/A		4.0%-4.30	%	4.30	%	N/A


2024		Pension		Bonds		Health		Education		Others
Discount rate		6.85%-10.9	%	8.75	%	8.75%-11.2	%	9.0%-11.0	%	5.7%-11.6	%
Salary growth rate		2.0%-3.0	%	N/A		3.0%-4.0	%	N/A		4.0-5.0	%
Expected inflation rate		3.0%-4.0	%	3.0	%	3.0	%	3.0	%	3.0	%
Pension growth rate		3.0%-3.3	%	N/A		N/A		N/A		N/A
Cost trend
Short–term rate		N/A		N/A		13.5	%	4.0	%	N/A
Long–term rate		N/A		N/A		4.0	%	4.0	%	N/A

N/A: Not applicable for this benefit.

The cost trend is the projected increase for the initial year, which includes the expected inflation rate.

22.4Maturity of benefit obligation

The cash flows required for payment of post–employment obligations of Ecopetrol Group are the following:


Year		Pension and bonds		Other benefits		Total
2026		1,428		806		2,234
2027		1,471		834		2,305
2028		1,493		869		2,362
2029		1,436		893		2,329
2030 and beyond		1,459		923		2,382

22.5Sensitivity analysis

The following sensitivity analysis as of December 31, 2025 shows the effect of such possible changes on defined benefit obligation, while keeping the other assumptions constant:


		Pension		Bonds		Health		Education		Other
Discount rate
–50 basis points		12,977		1,132		9,307		400		994
+50 basis points		12,016		1,092		8,359		374		963
Inflation rate
–50 basis points		11,957		1,093		N/A		N/A		858
+50 basis points		13,038		1,131		N/A		N/A		880
Salary growth rate
–50 basis points		N/A		N/A		N/A		N/A		106
+50 basis points		N/A		N/A		N/A		N/A		113
Cost trend
–50 basis points		N/A		N/A		8,359		374		N/A
+50 basis points		N/A		N/A		9,305		394		N/A

N/A: Not applicable for this benefit.