30.Risk management

30.1Exchange rate risk

The Ecopetrol Group operates mainly in Colombia and makes sales in the local and international markets, for that reason, it is exposed to exchange rate risk.

As of December 31, 2025, the Colombian peso appreciated by 14.79%, rising from a closing rate of $4,409.15 on December 31, 2024, to $3,757.08 pesos per dollar. When the Colombian peso appreciates, export revenues, when converted to pesos, decrease, and imports and foreign debt service become less expensive.

The balance of financial assets and liabilities denominated in foreign currency for the years ended December 31 is presented in the following table:

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Of the total net position, USD$(16,813) million correspond to net liabilities of companies with Colombian peso functional currency, of which USD$(17,348) million correspond to loans used as hedging instruments whose valuation is recognized in other comprehensive income, the exchange difference valuation of the remaining net assets for USD$535 million affects the statement of profit and loss. Likewise, USD$(619) million of the net position correspond to monetary assets and liabilities of Business Group companies with a functional currency other than the Colombian peso, whose valuation is recognized in the profit or loss statement.

The following is the effect of a change of 8% and 15% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2025:

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30.3Cash flow hedge for future exports

To express in the consolidated financial statements, the effect of the existing natural hedge between exports and indebtedness, understanding that the exchange rate risk materializes when exports are made, On September 30, 2015, the Board of Directors made the first designation of Ecopetrol’s debt as a hedging instrument for its future income from crude oil exports.

Ecopetrol Group has designated part of its loans and borrowings (Note 20) denominated in US Dollars to hedge the exposure to future cashflows exports in USD. The following is the movement of this non-derivative hedging instrument designated in this hedge relationship:

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The following is the movement in accumulated other comprehensive income for the years ended December 31, 2025, 2024 and 2023:

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The expected reclassification of the cumulative exchange difference from other comprehensive income to the profit or loss is as follows:

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30.4Hedge of a net investment in a foreign operation

The Board of Directors approved the application of net investment hedge accounting from June 8, 2016. The measure is intended to reduce the volatility of non–operating income due to exchange rate variations. The net investment hedge will be applied on a portion of the Ecopetrol Group’s investments in foreign operations, in this case on investments in subsidiaries which have the U.S. dollar as their functional currency, using a portion of the Ecopetrol Group’s U.S. dollar denominated debt as the hedging instrument.

As of December 31, 2025, the total hedged balance is USD$10,001 million, which includes: i) Ecopetrol S.A. USD$9,671 million and ii) ISA Colombia for USD$330 million in net investment coverage on investments in the companies ISA REP, ISA Perú, Consorcio Transmantaro and Proyectos de Infraestructura del Perú.

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The following is the movement in accumulated other comprehensive income attributable to owners of parent:

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30.5Hedging with financial derivatives to mitigate exchange rate and interest rate risk

The ISA Group and Oleoducto Central S.A. have hedges with derivative financial instruments – CCS (Cross Currency Swaps) and nondelivery forward to hedge exchange rates. These hedges are recognized as cash flow hedges.

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30.6Commodity price risk

The price risk of raw materials is associated with the Ecopetrol Group’s operations, both exports and imports of crude oil, natural gas, and refined products. To mitigate this risk, the Ecopetrol Group has implemented hedges to partially protect the results from price fluctuations, considering that part of the financial exposure under contracts for the purchase of crude oil and refined products depends on the international oil prices.

The risk of such exposure is partially hedged in a natural way, as an integrated Business Group (with operations in the exploration and production, transportation and logistics and refining segments) and carries out both crude exports at international market prices and sales of refined products at prices correlated with international prices.

The Ecopetrol Group has a policy for the execution of hedges and implemented processes, procedures, and controls for their management:

As of the date of this report, the Ecopetrol Group holds positions in: Brent $48 put options and TRM collars $33. These derivative transactions are accounted for under cash flow hedge accounting.

Credit risk is the risk that the Ecopetrol Group may suffer financial losses because of default of: (a) payments by its clients for the sale of crude oil, gas, products, or services; (b) financial institutions in which it keeps investments, or (c) by counterparties with which it has contracted financial instruments.

Credit risk related to customers

In the process of selling crude oil, natural gas, refined products, and petrochemicals, and in providing transportation, power transmission, infrastructure, and telecommunications services, the Ecopetrol Group may be exposed to credit risk, which corresponds to the expected loss resulting from a customer’s failure to meet its payment obligations. The Group has implemented mechanisms and procedures designed to minimize the likelihood of such risks materializing, thereby safeguarding the Ecopetrol Group’s cash flow.

The Ecopetrol Group performs a continuous analysis of the financial strength of its counterparties under a simplified model (Note 4.1), by classifying them according to their risk level and financial guarantees in the event of a default of payments. Similarly, the Group continuously monitors national and international market conditions for early alerts of major changes that may have an impact on the timely payment of obligations from customers.

The Ecopetrol Group performs administrative and legal actions required to recover amounts past due and charges interest from customers that fail to comply with payment policies.

An aging analysis of the accounts receivable portfolio in arrears, but not impaired, as of December 31, 2025, and 2024 is as follows:

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Credit risk in financial assets

Following the promulgation of Decree 1525 of 2008, which provides general rules on investments for public entities, Ecopetrol’s management established guidelines for its investment portfolios. These guidelines determine that investments in Ecopetrol’s U.S. dollar portfolios are generally limited to investments of cash excess in fixed–income securities issued by entities rated A or higher in the long term and A1/P1/F1 or higher in the short term (international scale) by Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings.

In addition, the Ecopetrol Group may also invest in securities issued or guaranteed by the United States of America or Colombia governments, without regard to the ratings assigned to such securities. In Ecopetrol Group’s Colombian Peso portfolio, it must invest the cash excess in fixed–income securities of issuers rated AAA in the long term, and F1+/BRC1+ in the short term (local scale) by Fitch Ratings Colombia or BRC Standard & Poor’s. Likewise, the Ecopetrol Group may also invest in securities issued or guaranteed by the National Government of Colombia without qualification restrictions.

To diversify the risk in the Colombian Peso portfolio, the Ecopetrol Group does not invest more than 10% of the cash excess in one specific issuer. In the case of the U.S. dollar portfolio, the Ecopetrol Group does not invest more than 5% of the cash excess in one specific issuer in the short term (up to one year), or 1% in the long term.

The credit rating of issuers and counterparties in transactions involving financial instruments is disclosed in Note 6 – Cash and cash equivalents, Note 9 – Other financial assets, and Note 22.2 – Plan assets.

Interest rate risk arises from Ecopetrol’s exposure to changes in interest rates because the Ecopetrol Group has investments in fixed and floating–rate instruments and has issued floating rate debt linked to SOFT, DTF, and CPI interest rates. Thus, interest rate volatility may affect the fair value and cash flows of the Group’s investments and the financial expense of floating rate loans and financing.

As of December 31, 2025, 31.11% (2024, 28.91% and 2023, 31.02%) of the Ecopetrol Group’s indebtedness is linked to floating interest rates. As a result, if market interest rates rise, financing expenses will increase, which could have an adverse effect on the results of operations.

The Ecopetrol Group controls the exposure to interest rate risk by establishing limits to the portfolio duration, Value at Risk – VAR and tracking error.

Autonomous equities linked to the Ecopetrol Group’s pension obligations are also exposed to changes in interest rate, as they include fixed and floating rate instruments that are recognized according to the market. Colombian regulation for pension funds, as stipulated in the Decree 941 of 2002 and Decree 1861 of 2012, indicates that they must follow the same regime as the regular obligatory pension funds in their moderate portfolio.

The following table provides information about the sensitivity of the Ecopetrol Group’s results and other comprehensive income for the next 12 months to variations in interest rate of 100 basis points:

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A sensitivity analysis of discount rates on pension plan assets and liabilities is disclosed in Note 22 – Provisions for employees’ benefits.

30.9Liquidity risk

The ability to access credit and capital markets to obtain resources for the investment plan execution for the Ecopetrol Group may be limited due to adverse changes in market conditions. A global financial crisis could worsen risk perception in emerging markets.

Events that could affect the political and regional environment of Colombia may make it difficult for our subsidiaries to access the capital markets. These conditions, together with potential significant losses in the financial services sector and changes in credit risk assessments, may make it difficult to obtain resources on favorable terms. As a result, the Ecopetrol Group may be forced to review the conditions of the investment plan, or access financial markets under unfavorable terms, thereby negatively affecting the Ecopetrol Group’s results of operations and financial results.

Liquidity risk is managed in accordance with the Ecopetrol Group’s policies aimed at ensuring that enough cash flows to comply with the Ecopetrol Group’s financial commitments within the established dates and with no additional costs. The main method for the measurement and monitoring of liquidity is cash flow forecasting.

The following is a summary of the maturity of financial liabilities as of December 31, 2025. The amounts disclosed in the table are the contractual undiscounted cash flows. The payments in foreign currency were restated taking a constant exchange rate of COP$3,757.08 per U.S. dollar:

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30.10Risk and opportunities related to climate (Unaudited)

The Group carries out two types of analysis for climate-related risks and opportunities. The first seeks to adapt the business strategy to the energy transition and the other focuses on climate scenarios to identify the level of risk.

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The physical risk analysis considered the following climate change scenarios from the Intergovernmental Panel on Climate Change (IPCC), with a horizon up to 2100, inclusive: (i) Aligned with the objective of the Paris Agreement (SSP / RCP 2.6), (ii) Peak emissions in 2040 (SSP2 / RCP4.5), and (iii) ‘Business as Usual’ (SSP5 / RCP8.5). Under these scenarios, seven (7) chronic (drought and thermal stress) and acute (precipitation, coastal and river flooding, fires and winds) threats were evaluated at 95 points associated with the main assets of the Ecopetrol Group. The results must provide an additional local-scale analysis, prioritizing the assets with the greatest exposure and vulnerability in the long term.

To manage the identified risks, the Ecopetrol Group defined as business risks: “Inadequate response to challenges associated with climate change, water, and biodiversity,” which relates to the company’s exposure to negative impacts due to its limited capacity to respond in a timely, efficient, and effective manner to commitments, obligations, and expectations regarding climate change, water, and biodiversity; and “Low-emission businesses that do not generate the expected value in light of the energy transition,” which relates to the Ecopetrol Group’s exposure to negative impacts due to failures to deliver on the value proposition and meet the energy transition goals of the business lines that are part of the energy transition portfolio, related to: i) power transmission and infrastructure, ii) low-emission businesses, and iii) Gas and LPG supply.

These business risks include mitigation actions, Key Risk Indicators (KRIs), and controls to effectively manage the causes and mitigate the materialization of the risk.

As of December 31, 2025, no events related to the risks previously identified by the Ecopetrol Group materialized.

Ecopetrol has developed three energy transition scenarios designed to serve as a robust, unified framework that enables the Ecopetrol Group (GE) to anticipate and understand the challenges and opportunities of the energy transition:

The Ecopetrol Group considers it important to compare three possible scenarios. Although the first and third scenarios do not reflect the Group’s baseline vision, it is necessary to compare other possible perspectives on the global energy transition. Based on the strategic vision for 2040, the Ecopetrol Group considers the second scenario to be the most likely and aligned with situations in which the energy future will be led by a gradual energy transition, which involves the additional use of low-emission energy sources without eliminating the existence and use of conventional energy within the energy mix.

In this regard, climate-related opportunities stem from risk analysis, the review of energy transition scenarios, and alignment with corporate strategy. In the process of identifying and evaluating opportunities, the Ecopetrol Group monitors and assesses the energy market and the business environment. Opportunities have been identified related to the diversification of traditional business, diversification into sustainable businesses, energy efficiency, and renewable energy.

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30.11Capital management

The main objective of the capital management of the Ecopetrol Group is to ensure a financial structure that optimizes the cost of capital, maximizes the rate of return to its shareholders and allows access to financial markets at a competitive cost to cover financial needs.

The following is the leverage ratio as of December 31:

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