Risk management (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Risk management |
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| Schedule of book values of financial assets and liabilities denominated in foreign currency |
| | | | | (in USD$Million) | | 2025 | | 2024 | Cash and cash equivalents | | 544 | | 650 | Other financial assets | | 777 | | 735 | Trade receivables and payables, net | | 432 | | (495) | Loans and borrowings | | (18,702) | | (18,320) | Other assets and liabilities, net | | (483) | | 117 | Net liability position | | (17,432) | | (17,313) |
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| Schedule of sensitivity analysis for exchange rate risk |
The following is the effect of a change of 8% and 15% in the exchange rate of the Colombian peso as compared with the U.S. dollar, on the balance of financial assets and liabilities denominated in foreign currency as of December 31, 2025: | | | | | Scenario / Variation in | | Effect on income | | Effect in other | the exchange rates | | before taxes +/– | | comprehensive income +/– | 8% | | (25) | | (5,214) | 15% | | (47) | | (9,777) |
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| Schedule of non-derivative hedging instrument |
| | | | | (US$Million) | | 2025 | | 2024 | Hedging instrument at the beginning of the year | | 7,343 | | 6,265 | Reassignment of hedging instruments | | 1,316 | | 1,200 | Realization of exports | | (1,316) | | (1,207) | Designation of new hedge items | | 4 | | 1,085 | Hedging instrument at the end of the year | | 7,347 | | 7,343 |
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| Schedule of movement in the other comprehensive income |
| | | | | | | | | 2025 | | 2024 | | 2023 | Opening balance | | 1,578 | | (602) | | 2,474 | Exchange difference | | (4,737) | | 3,898 | | (5,195) | Reclassification to profit or loss (Note 25) | | 150 | | (239) | | (480) | Ineffectiveness reclassified to profit and loss | | (14) | | (7) | | (25) | Deferred income tax (Note 10) | | 1,775 | | (1,472) | | 2,624 | Closing balance | | (1,248) | | 1,578 | | (602) |
| | | | | | | | | 2025 | | 2024 | | 2023 | Opening balance | | 6,467 | | 3,141 | | 9,354 | Exchange difference | | (6,642) | | 6,305 | | (8,973) | Deferred income tax (Note 10) | | 2,893 | | (2,979) | | 2,760 | Closing balance | | 2,718 | | 6,467 | | 3,141 |
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| Schedule of expected reclassification of exchange differences accumulated in other comprehensive income to profit or loss |
| | | | | | | Year | | Before taxes | | Taxes | | After taxes | 2026 | | 1,076 | | (418) | | 658 | 2027 | | 193 | | (73) | | 120 | 2028 | | 193 | | (73) | | 120 | 2029 | | 193 | | (73) | | 120 | 2030 | | 140 | | (53) | | 87 | 2031 | | 114 | | (43) | | 71 | 2032 | | 114 | | (43) | | 71 | 2033 | | 4 | | (3) | | 1 | | | 2,027 | | (779) | | 1,248 |
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| Schedule of Analysis of age of financial assets that are past due but not impaired |
| | | | | | | 2025 | | 2024 | Less than 3 months overdue | | 109 | | 178 | Between 3 and 6 months overdue | | 88 | | 15 | More than 6 months overdue | | 307 | | 65 | | | 504 | | 258 |
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| Schedule of financial instruments by type of interest rate |
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: | | | | | | | | | | | | | Effect on Other | | | Effect on profit or loss (+/–) | | Comprehensive Income (+/–) | | | Financial | | Financial | | | | | Assets * | | Liabilities | | Plan Assets | +100 basis points | | (1,073) | | 147 | | (412) | –100 basis points | | 1,074 | | (153) | | 412 |
(*) | This sensitivity was executed for portfolios of Ecopetrol S.A. and Black Gold Re. These are the most relevant of the Ecopetrol Group. |
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| Schedule of how entity manages liquidity risk |
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: | | | | | | | | | | | | | Up to 1 year | | 1–5 years | | 5–10 years | | > 10 years | | Total | Loans (payment of principal and interest) | | 9,494 | | 62,582 | | 41,826 | | 34,313 | | 148,215 | Trade and other payables | | 15,759 | | — | | — | | — | | 15,759 | | | 25,253 | | 62,582 | | 41,826 | | 34,313 | | 163,974 |
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| Schedule of leverage index over the periods reported |
| | | | | | | | 2025 | | 2024 | | Loans and borrowings (Note 20) | | 109,200 | | 119,965 | | Cash and cash equivalents (Note 6) | | (10,694) | | (14,054) | | Other financial assets (Note 9) | | (3,296) | | (5,240) | | Net financial debt | | 95,210 | | 100,671 | | Equity (Note 24) | | 106,739 | | 105,913 | | Leverage (1) | | 47.15 | % | 48.73 | % |
| (1) | Net financial debt / (Net financial debt + Equity) |
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| Cash flow hedging |
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| Risk management |
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| Schedule of non-derivative hedging instrument |
| | | | | | | Company | | Derivative instrument | | 2025 | | 2024 | Intervial Chile (1) | | Cross currency swap | | 37 | | 36 | ISA CTEP | | Cross currency swap | | (2) | | 223 |
(1) | As of December 2025, it corresponds to a cross-currency swap ISA Intervial, which belongs to the toll roads segment in Chile. This derivative contract was signed in May 2021 with Itaú Corpbanca, to exchange the flows of debt contracted in Chilean pesos to Unidades de Fomento (UF). |
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