Taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Taxes |
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| Schedule of current tax assets and tax liabilities and movements of deferred income tax |
| | | | | | | 2025 | | 2024 | Current tax assets | | | | | VAT refund (1) | | 7,840 | | 5,424 | Income tax (2) | | 4,184 | | 3,446 | Other taxes | | 2,490 | | 2,585 | | | 14,514 | | 11,455 | Non-current tax assets | | | | | Deferred tax assets (3) | | 8,011 | | 12,876 | Income tax credits | | 58 | | 32 | | | 8,069 | | 12,908 | | | | | | Current tax liabilities | | | | | Income tax payable | | 1,096 | | 1,551 | Industry and commerce tax | | 361 | | 377 | National tax and surcharge on gasoline | | 233 | | 240 | Carbon tax | | 100 | | 105 | Value added tax | | 90 | | 141 | Other taxes | | 488 | | 355 | | | 2,368 | | 2,769 | | | | | | Non-current tax liabilities | | | | | Deferred tax liabilities | | 12,499 | | 12,956 | Income tax | | 2,309 | | 1,973 | | | 14,808 | | 14,929 |
(1) | The variation corresponds mainly to the balance in favor in value added tax (VAT) in Ecopetrol S.A. and Refinería de Cartagena, resulting from the payment of VAT on the import of Gasoline and Diesel. |
(2) | The variation corresponds to the increase in the balance in favor of the income tax generated in Ecopetrol S.A. due to a lower profit generated mainly by the lower average prices of the basket of crude oil, natural gas and refined products. |
(3) | The variation corresponds mainly to: i) the effect of the variation in the exchange rate for loans and borrowings in dollars, ii) the update of the actuarial calculation, iii) variations in the elements to calculate the present value of the technical costs for the abandonment provision, and iv) the update of the projected surcharges in Ecopetrol. |
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| Schedule of income tax rate |
| | | | < percentile 30 | | 0 | % | > = to percentile 30 and < to percentile 45 | | 5 | % | > = to percentile 45 and < to percentile 60 | | 10 | % | > = to percentile 60 | | 15 | % |
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| Schedule of income tax expense |
| | | | | | | | | Year ended December 31 | | | 2025 | | 2024 | | 2023 | Current income tax (1) | | 6,121 | | 8,972 | | 12,807 | Deferred income tax (2) | | (1,642) | | 1,748 | | (3,310) | Deferred income tax – rate change | | — | | 1,510 | | 1,942 | Adjustments to prior years’ current and deferred tax | | (62) | | (22) | | 77 | Income tax expenses | | 4,417 | | 12,208 | | 11,516 |
(1) | The variation between 2025 and 2024 by ($2,851) corresponds mainly to the decrease in results obtained in the year in Ecopetrol S.A., generated by the decrease in revenues given the lower average prices of the crude basket oil, natural gas, and refined products, among others. |
(2) | The variation between 2025 and 2024 of $3,390 corresponds mainly to the effect of the exchange rate applied on loans and borrowings in US dollar, the update of the actuarial calculation, variations in the items to calculate the present value of the technical costs of the abandonment provision, among others. |
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| Schedule of reconciliation of the income tax expenses |
| | | | | | | | | | Year ended December 31 | | | | 2025 | | 2024 | | 2023 | | Profit before income tax expense | | 18,861 | | 30,707 | | 36,899 | | Statutory rate (Colombia) | | 35.0 | % | 35.0 | % | 35.0 | % | Income tax at statutory rate | | 6,601 | | 10,747 | | 12,915 | | Effective tax rate reconciliation items: | | | | | | | | Effect of non-monetary assets and liabilities measured in different functional currency | | (1,459) | | 1,096 | | (2,032) | | Non–deductible expenses | | 274 | | 290 | | 647 | | Rate differential adjustment | | (390) | | (442) | | (1,631) | | Non–taxable income | | (1,619) | | (1,205) | | (1,080) | | Prior years’ taxes | | (62) | | (22) | | 77 | | Foreign currency translation and exchange difference | | 436 | | 125 | | 578 | | Tax discounts and tax credit | | — | | (11) | | (18) | | Others | | 651 | | 244 | | 118 | | Effect of recognition of shares of McDermott International, Ltd. | | (15) | | (124) | | — | | Effect of tax reform | | — | | 1,510 | | 1,942 | | Income tax expense | | 4,417 | | 12,208 | | 11,516 | | Effective tax rate | | 23.4 | % | 39.8 | % | 31.2 | % | | | | | | | | | Current | | 6,059 | | 8,954 | | 12,867 | | Deferred | | (1,642) | | 3,254 | | (1,351) | | | | 4,417 | | 12,208 | | 11,516 | |
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| Schedule of deferred income tax |
| | | | | | | 2025 | | 2024 | Deferred tax assets (1) | | 8,011 | | 12,876 | Deferred tax liabilities | | (12,499) | | (12,956) | Net deferred income tax | | (4,488) | | (80) |
| (1) | The variation corresponds mainly to the effect of the exchange rate on loans and borrowings in US dollars, the update of the actuarial calculation, variations in the items to calculate the present value of the technical costs of the abandonment provision, and the update of the projected surcharges in Ecopetrol S.A. for $(6,124). |
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| Schedule of deferred income tax assets and liabilities |
| | | | | | | 2025 | | 2024 | Deferred tax assets (liabilities) | | | | | Loss carry forwards (1) | | 6,595 | | 6,892 | Provisions (2) | | 5,876 | | 4,660 | Employee benefits (3) | | 1,180 | | 2,895 | Other assets | | 405 | | 296 | Accounts payable | | 11 | | 58 | Other | | (470) | | (344) | Goodwill | | (662) | | (693) | Intangible | | (1,063) | | (1,403) | Loans and borrowings (4) | | (1,927) | | 3,425 | Other liabilities | | (3,299) | | (3,448) | Accounts receivable | | (3,859) | | (3,761) | Property plant and equipment and Natural and environmental resources (5) | | (7,275) | | (8,657) | | | (4,488) | | (80) |
| (1) | In 2025 (2024), a deferred tax asset for tax losses carryforwards was recognized for $6,595 (2024 - $6,892) in the following companies: |
| - | Tax losses that do not expire: Ecopetrol USA for $1,312 (2024 - $1,088); Refinería de Cartagena for $2,096 (2024 - $1,236); and ISA Group companies in Chile for $61 (2024 - $66). |
| - | Tax losses that expire in 12 years in Invercolsa for $15 (2024 - $16) and Esenttia for $186 (2024 - $118). |
| - | Tax losses that expire in 20 years from the date they were recognized by Ecopetrol USA Inc. for $910 (2024 - $1,165). |
| - | Tax losses expiring in 2025 of Ruta de la Araucanía for $1 (2024 - $39); 2027: Ruta Costera for $306 (2024 - $241); 2029: Ruta del Maipó for $641 (2024 - $705); 2040: from ISA Interchile for $969 (2024 - $1,157); and 2044: Ruta del Loa for $98 (2024 - $61). |
| (2) | It corresponds to accounting provisions that are accepted for tax purposes in a different year, mainly by updating (economic limit of the oil field, market rate, discount rate) the asset retirement obligation (ARO) provision, and the updating of the rates for applying the surcharge. |
| (3) | It corresponds to update of the actuarial calculations for health, pensions and bonds, education, and other long-term benefits to employees. |
| (4) | The variation corresponds mainly to the effect of exchange difference of loans and borrowings, considering the revaluation of the Colombian peso against the US dollar and the issuance of new loans and borrowings. |
| (5) | For tax purposes, natural and environmental resources, and property, plant, and equipment have a useful life and a depreciation and amortization methodology different from those determined under international accounting standards, mainly in Ecopetrol and ISA Group. |
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| Schedule of movements of deferred income tax |
| | | | | | | | | 2025 | | 2024 | | 2023 | Opening balance | | (80) | | (1,302) | | (87) | Deferred tax recognized in profit or loss | | 1,614 | | (3,254) | | 1,351 | Deferred tax recognized in other comprehensive income (a) | | (6,094) | | 4,259 | | (3,726) | Foreign currency translation | | 72 | | 217 | | 1,160 | Closing balance | | (4,488) | | (80) | | (1,302) |
(a)The following is the detail of the income tax recorded in other comprehensive income:
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| Schedule of income tax recorded in other comprehensive income |
| | | | | | | December 31. 2025 | | Pre–tax | | Deferred tax | | After tax | Actuarial valuation gains (losses) (Note 22.1) | | 4,235 | | (1,880) | | 2,355 | Cash flow hedging for future crude oil exports (Note 30.3) | | 4,589 | | (1,775) | | 2,814 | Hedge of a net investment in a foreign operation (Note 30.4) | | 6,642 | | (2,893) | | 3,749 | Hedge with derivative instruments | | 240 | | (136) | | 104 | Valuation of financial instruments at fair value | | 227 | | (90) | | 137 | Foreign currency translation | | — | | 680 | | 680 | | | 15,933 | | (6,094) | | 9,839 |
| | | | | | | December 31. 2024 | | Pre–tax | | Deferred tax | | After tax | Actuarial valuation gains (losses) (Note 22.1) | | 1,682 | | (374) | | 1,308 | Cash flow hedging for future crude oil exports (Note 30.3) | | (3,654) | | 1,473 | | (2,181) | Hedge of a net investment in a foreign operation (Note 30.4) | | (6,305) | | 2,979 | | (3,326) | Hedge with derivative instruments | | (172) | | 87 | | (85) | Valuation of financial instruments at fair value | | (237) | | 94 | | (143) | | | (8,686) | | 4,259 | | (4,427) |
| | | | | | | December 31. 2023 | | Pre-tax | | Deferred tax | | After tax | Actuarial valuation gains (losses) (Note 22.1) | | (4,460) | | 1,726 | | (2,734) | Cash flow hedging for future crude oil exports | | 5,695 | | (2,624) | | 3,071 | Hedge of a net investment in a foreign operation | | 8,973 | | (2,760) | | 6,213 | Hedge with derivative instruments | | 242 | | (68) | | 174 | | | 10,450 | | (3,726) | | 6,724 |
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| Schedule of adjusted income tax rate |
| | | | | | 2025 | | Adjusted tax | | | | Net income tax of Colombia Group companies | | 4,417 | | (+) Tax discounts or tax credits | | 23 | | (-) Income tax on passive income from controlled entities abroad | | — | | Total Tax Adjusted | | 4,440 | | | | | | Adjusted profit | | | | Profit before income tax expense of Colombia Group companies | | 18,861 | | (+) Permanent differences enshrined in law and that increase net income | | 9,568 | | (-) Income that does not constitute income or occasional profit, which affects accounting or financial profit | | (6,596) | | (-) Share of profits of associates and joint ventures of the respective taxable year of Colombia companies | | (12,364) | | (-) Net value of income from occasional gains that affect accounting or financial profit | | — | | (-) Exempt income due to the application of treaties to avoid double taxation | | (2,281) | | (-) Offsetting of tax losses or excesses of presumptive income taken in the taxable year and that did not affect the accounting profit of the year | | (2) | | Total Adjusted Profit | | 7,186 | | | | | | Adjusted tax rate | | 61.79 | % | | | | | Income tax to add | | — | |
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