Business segment information

12 Months Ended

Dec. 31, 2025

33.Business segment information

A description of the Ecopetrol Group’s business segments is in Note 4.20 – Business segment information.

The segmented information used by the Board of Directors, the highest strategic and operational decision-making body for these business segments, is prepared in accordance with our internal reporting policies, which follow the guidelines provided by IFRS. The performance of the business segments is based primarily on an analysis of income, costs, expenses, and results for the year generated by each business segment which are regularly monitored.

The information disclosed in each business segment is presented net of transactions between the Ecopetrol Group companies.

33.1Net profit by operating segment

Below are the measures of profit or loss by business segment for the years ended December 31, 2025, 2024 and 2023:


		For the year ended December 31, 2025
								Energy
								Transmission
		Exploration				Transport		and Toll
		and		Refining and		and		Roads
		Production		Petrochemicals		Logistics		Concessions		Inter-segments		Total
Third–party sales		44,828		56,195		2,642		16,029		—		119,694
Inter–segment sales		26,224		8,504		12,695		4		(47,427)		—
Sales from contracts with customers		71,052		64,699		15,337		16,033		(47,427)		119,694
Cost of sales		(53,950)		(62,805)		(4,322)		(7,892)		46,912		(82,057)
Gross profit		17,102		1,894		11,015		8,141		(515)		37,637

Administrative expenses		(2,584)		(857)		(680)		(1,287)		384		(5,024)
Operation and project expenses		(3,222)		(1,722)		(561)		—		184		(5,321)
Impairment (loss) reversal of non–current assets		(325)		—		346		2		—		23
Other operating (expenses) income net		(150)		(126)		15		(364)		(11)		(636)
Operating income		10,821		(811)		10,135		6,492		42		26,679
Financial results
Financial income		1,552		113		184		706		(461)		2,094
Financial expenses		(5,281)		(1,529)		(345)		(4,046)		420		(10,781)
Foreign exchange (loss) gain		(77)		381		(194)		49		—		159
		(3,806)		(1,035)		(355)		(3,291)		(41)		(8,528)
Share of profits of associates and joint ventures		21		194		—		495		—		710
Profit before income tax expense		7,036		(1,652)		9,780		3,696		1		18,861
Income tax expense		(1,785)		1,431		(3,368)		(695)		—		(4,417)
Net profit (loss) for the year		5,251		(221)		6,412		3,001		1		14,444
Net profit (loss) for the year attributable to:
Owners of parent		5,338		(419)		5,118		449		2		10,488
Non–controlling interest		(87)		198		1,294		2,552		(1)		3,956
		5,251		(221)		6,412		3,001		1		14,444
Supplementary information
Depreciation, depletion and amortization		11,149		2,149		1,361		1,448		—		16,107


		For the year ended December 31, 2024
								Energy
								Transmission
								and Toll
		Exploration		Refining and		Transport and		Roads
		and Production		Petrochemicals		Logistics		Concessions		Inter-segments	Total
Third–party sales		52,560		62,251		2,716		15,803		—	133,330
Inter–segment sales		28,528		6,969		12,418		3		(47,918)	—
Sales from contracts with customers		81,088		69,220		15,134		15,806		(47,918)	133,330
Cost of sales		(54,864)		(67,718)		(4,378)		(6,952)		47,431	(86,481)
Gross profit		26,224		1,502		10,756		8,854		(487)	46,849

Administrative expenses		(2,665)		(959)		(718)		(1,151)		390	(5,103)
Operation and project expenses		(3,843)		(1,457)		(553)		—		205	(5,648)
Impairment (loss) reversal of non–current assets		(480)		1,266		127		(46)		—	867
Other operating (expenses) income net		1,583		22		(18)		(2)		(88)	1,497
Operating income		20,819		374		9,594		7,655		20	38,462
Financial results
Financial income		1,121		167		240		721		(501)	1,748
Financial expenses		(5,037)		(1,679)		(326)		(3,767)		490	(10,319)
Foreign exchange (loss) gain		(30)		(177)		299		(40)		—	52
		(3,946)		(1,689)		213		(3,086)		(11)	(8,519)
Share of profits of associates and joint ventures		30		194		—		540		—	764
Profit before income tax expense		16,903		(1,121)		9,807		5,109		9	30,707
Income tax expense		(7,826)		(89)		(3,486)		(807)		—	(12,208)
Net profit (loss) for the year		9,077		(1,210)		6,321		4,302		9	18,499
Net profit (loss) for the year attributable to:
Owners of parent		9,163		(1,408)		5,111		966		9	13,841
Non–controlling interest		(86)		198		1,210		3,336		—	4,658
		9,077		(1,210)		6,321		4,302		9	18,499
Supplementary information
Depreciation, depletion and amortization		10,477		2,071		1,321		1,328		—	15,197


		For the year ended December 31, 2023
								Energy
								Transmission
								and Toll
		Exploration and		Refining and		Transport		Roads
		Production		Petrochemicals		and Logistics		Concessions		Inter-segments		Total
Third–party sales		52,430		73,617		2,979		14,165		—		143,191
Inter–segment sales		29,085		8,531		12,530		3		(50,151)		(2)
Sales from contracts with customers		81,515		82,148		15,509		14,168		(50,151)		143,189
Cost of sales		(51,828)		(75,716)		(4,380)		(5,929)		49,675		(88,178)
Gross profit		29,687		6,432		11,129		8,239		(476)		55,011

Administrative expenses		(2,605)		(962)		(621)		(1,183)		345		(5,026)
Operation and project expenses		(4,102)		(1,393)		(427)		—		220		(5,702)
Impairment (loss) reversal of non–current assets		(2,741)		1,483		(630)		(210)		—		(2,098)
Other operating (expenses) income net		(148)		(104)		35		(201)		(8)		(426)
Operating income		20,091		5,456		9,486		6,645		81		41,759
Financial results
Financial income		1,473		197		432		871		(652)		2,321
Financial expenses		(4,873)		(1,748)		(349)		(3,984)		570		(10,384)
Foreign exchange gain (loss)		2,009		658		(273)		4		—		2,398
		(1,391)		(893)		(190)		(3,109)		(82)		(5,665)
Share of profits of associates and joint ventures		27		252		—		529		(3)		805
Profit before income tax expense		18,727		4,815		9,296		4,065		(4)		36,899
Income tax expense		(8,611)		753		(3,129)		(529)		—		(11,516)
Net profit (loss) for the year		10,116		5,568		6,167		3,536		(4)		25,383
Net profit (loss) for the year attributable to:
Owners of parent		10,207		5,354		4,830		674		(4)		21,061
Non–controlling interest		(91)		214		1,337		2,862		—		4,322
		10,116		5,568		6,167		3,536		(4)		25,383
Supplementary information
Depreciation, depletion and amortization		8,658		2,184		1,487		1,483		—		13,812

33.2Sales revenue by product

The sales by product for each segment are detailed below for the years ended December 31, 2025, 2024 and 2023:


		For the year ended December 31, 2025
								Energy
								Transmission
								and Toll
		Exploration and		Refining and		Transport and		Roads
		Production		Petrochemicals		Logistics		Concessions		Inter-segments		Total
Local sales
Mid-distillates		—		26,810		—		—		(18)		26,792
Gasoline and turbo fuels		16		19,352		—		—		(3,324)		16,044
Gas natural		5,283		—		—		—		(1,844)		3,439
Services		575		3,009		15,337		499		(16,119)		3,301
Electric power transmission services		—		—		—		3,266		—		3,266
Fuel gas service		—		1,384		—		—		(21)		1,363
Asphalts		99		813		—		—		—		912
Plastic and rubber		—		872		—		—		—		872
LPG and propane		339		187		—		—		(14)		512
Roads and construction services		—		—		—		368		—		368
Polyethylene		—		304		—		—		—		304
Aromatics		—		160		—		—		—		160
Fuel oil		19		4		—		—		—		23
Other products		7		3,163		—		—		(2,488)		682
Crude oil		23,601		—		—		—		(23,601)		—
		29,939		56,058		15,337		4,133		(47,429)		58,038

Foreign sales
Crude oil		40,108		216		—		—		—		40,324
Electric power transmission services		—		—		—		5,269		—		5,269
Roads and Construction Services		—		—		—		6,402		—		6,402
Fuel oil		—		3,490		—		—		1		3,491
Plastic and rubber		—		1,229		—		—		—		1,229
Diesel		—		696		—		—		—		696
LPG and propane		501		—		—		—		—		501
Natural gas		102		—		—		—		—		102
Gasoline and turbo fuels		—		70		—		—		—		70
Cash flow hedging		412		—		—		—		—		412
Other products		(10)		2,939		—		230		1		3,160
		41,113		8,640		—		11,901		2		61,656
		71,052		64,698		15,337		16,034		(47,427)		119,694


		For the year ended December 31, 2024
								Energy
								Transmission
								and Toll
		Exploration and		Refining and		Transport and		Roads
		Production		Petrochemicals		Logistics		Concessions		Inter-segments		Total
Local sales
Mid-distillates		—		28,687		—		—		(15)		28,672
Gasoline and turbo fuels		—		21,936		—		—		(4,132)		17,804
Roads and construction services		—		—		—		330		—		330
Gas natural		5,253		—		—		—		(1,157)		4,096
Services		520		536		15,134		445		(12,758)		3,877
Fuel gas service		—		1,094		—		—		(11)		1,083
LPG and propane		396		251		—		—		(16)		631
Asphalts		88		706		—		—		—		794
Plastic and rubber		—		920		—		—		—		920
Crude oil		27,190		—		—		—		(27,190)		—
Energy transmission services		—		—		—		3,228		—		3,228
Polyethylene		—		327		—		—		1		328
Aromatics		—		247		—		—		—		247
Fuel oil		18		3		—		—		—		21
Other products		12		3,239		—		—		(2,625)		626
		33,477		57,946		15,134		4,003		(47,903)		62,657

Foreign sales
Crude oil		47,534		1,281		—		—		(10)		48,805
Energy transmission services		—		—		—		6,134		—		6,134
Roads and Construction Services		—		—		—		5,465		—		5,465
Diesel		—		360		—		—		—		360
Fuel oil		—		1,203		—		—		—		1,203
Plastic and rubber		—		1,231		—		—		—		1,231
LPG and propane		346		—		—		—		—		346
Gasoline and turbo fuels		46		—		—		—		—		46
Natural gas		—		3,924		—		—		(4)		3,920
Cash flow hedging		(345)		—		—		—		—		(345)
Other products		29		3,274		—		205		—		3,508
		47,610		11,273		—		11,804		(14)		70,673
		81,087		69,219		15,134		15,807		(47,917)		133,330


		For the year ended December 31, 2023
								Energy
								Transmission
								and Toll
		Exploration and		Refining and		Transport		Roads
		Production		Petrochemicals		and Logistics		Concessions		Inter-segments		Total
Local sales
Mid-distillates		—		32,638		—		—		(32)		32,606
Gasoline and turbo fuels		—		26,965		—		—		(3,836)		23,129
Natural gas		5,551		—		—		—		(1,193)		4,358
Services		(53)		1,442		15,510		336		(14,002)		3,233
Energy transmission services		—		—		—		2,770		—		2,770
Plastic and rubber		—		1,225		—		—		—		1,225
Fuel gas service		—		998		—		—		(9)		989
Asphalts		65		873		—		—		—		938
LPG and propane		505		274		—		—		(17)		762
Roads and construction services		—		—		—		350		—		350
Polyethylene		—		312		—		1		1		314
Aromatics		—		298		—		—		—		298
Crude oil		27,871		(1)		—		—		(27,742)		128
Fuel oil		27		9		—		—		—		36
Other income gas contracts		—		—		—		—		—		—
Other products		16		3,692		—		—		(3,100)		608
		33,982		68,725		15,510		3,457		(49,930)		71,744

Foreign sales
Crude oil		47,632		1,928		—		—		—		49,560
Energy transmission services		—		—		—		5,666		—		5,666
Roads and Construction Services		—		—		—		4,761		—		4,761
Diesel		—		4,097		—		—		—		4,097
Fuel oil		(82)		4,315		—		—		(204)		4,029
Plastic and rubber		—		1,394		—		—		—		1,394
LPG and propane		302		—		—		—		—		302
Gasoline and turbo fuels		—		193		—		—		—		193
Natural gas		106		—		—		—		—		106
Cash flow hedging		(460)		(8)		—		—		—		(468)
Other products		37		1,500		—		285		(17)		1,805
		47,535		13,419		—		10,712		(221)		71,445
		81,517		82,144		15,510		14,169		(50,151)		143,189

33.3Capital expenditures by segments

The following are amounts of the investments made by each segment for the years ended December 31, 2025, 2024 and 2023:


								Energy
								Transmission
		Exploration		Refining and		Transport and		and Toll Roads
2025		and Production		Petrochemicals		Logistics		Concessions		Total
Property, plant, and equipment		5,495		1,792		1,147		1,339		9,773
Natural and environmental resources		10,552		—		—		—		10,552
Intangibles		30		89		14		369		502
		16,077		1,881		1,161		1,708		20,827


								Energy
								Transmission
		Exploration		Refining and		Transport and		and Toll Roads
2024		and Production		Petrochemicals		Logistics		Concessions		Total
Property, plant, and equipment		6,419		1,699		1,535		1,108		10,761
Natural and environmental resources		11,291		—		—		—		11,291
Intangibles		337		48		10		470		865
		18,047		1,747		1,545		1,578		22,917


								Energy
								Transmission
		Exploration		Refining and		Transport and		and Toll Roads
2023		and Production		Petrochemicals		Logistics		Concessions		Total
Property, plant, and equipment		4,259		738		2,702		1,651		9,350
Natural and environmental resources		13,964		—		—		—		13,964
Intangibles		60		84		623		10		777
		18,283		822		3,325		1,661		24,091