Ecopetrol S.A.

Good morning. My name is Natalia and I will be your operator today. Welcome to Ecopetrol's earnings conference call, in which we will discuss the main financial and operating results of the second quarter of 2025. There will be a questions and answers session at the end of the presentation. Before we begin, it is important to mention that the comments in this call by Ecopetrol Senior Management include projections of the company's future performance. These projections do not constitute any commitment as to future results, nor do they take into account risks or uncertainties that could materialize. As a result, Ecopetrol assumes no responsibility in the event that future results are different from the projections shared on this conference call. The call will be led by Mr. Ricardo Roa, CEO of Ecopetrol, Rafael Guzman, Executive Vice President of Hydrocarbons, Camilo Barco, CFO, and Bayron Triana, Executive Vice President of Transition Energies. Thank you for your attention. Mr. Roa, you may begin your conference.

Welcome to Ecopetrol Group's third quarter 2025 earnings call. Over the last nine months, we have been focusing our efforts on reinforcing our core business operations, maintaining a strict financial discipline, and advising profitable and strategic projects driven by energy transition and security for the country. These pillars have enabled us to effectively navigate and successfully face volatility in crude oil market besides exchange rates fluctuations, mitigating external pressures, remaining strongly aligned toward achieving our 2025 strategy objectives. Let's move on the next slide, please. From the operations side, we continue to demonstrate robust operational performance across all business segments, sustaining elevated production levels, consolidating the recovery and refining following first half maintenance, as well as delivering outstanding results in transportation. Over the last nine months, the average production was 751,000 barrels per day. placing us near to the top of our annual guidance range. This was driven by the strong contribution from strategy access in Colombia, such as Caño Sur and CP09, as well as the Permian Basin in the U.S., and targeted actions to mitigate deferred production in Caño Limón oil fields. Exploration activity exceeded expectations, with 10 wells drilled and three currently under way for the remaining of 2025, reinforcing Colombia's natural gas potential. For transportation, we have achieved an average throughput of 1,098,000 barrels per day, as of September supported by a cutting edge operational solutions to effectively mitigate external disruptions. Key strategies milestones include the Coveñas Barranca Bermeja connection via the reversal of the Coveñas Ayacucho system and regulatory approvals from the environmental authority for LNG reception and regasification infrastructure in Coveñas, hence advancing the country's energy security agenda as well as enabling profitable system adaptation. Refining operations rebounded strongly reaching 413,000 barrels per day over the nine-month period following the completion of major maintenance programs. Finally, we launched a multimodal logistics initiative between Barranco Hermeja and Cartagena to export solid asphalt monthly with projected annual benefits ranging from $1 to $2 million. Let's move on to the next slide, please. Our solid operating performance and a disciplined cost management strategy drove a clear recovery versus the previous quarter with an 11% increase in the beta to a margin of 41% and a 42% growth in terms of net income. On the commercial front, we have sustained a highly competitive crude differential enabled by a proactive marketing strategy that captures value in a low-price environment. Ecopetrol continues executing its efficiency and profitability agenda, which contributed with 4.1 trillion pesos by the end of the third quarter. These results reflect our ability to reduce and control cost, generate revenue, and ensure disciplined CapEx execution. Year-to-date investment reached nearly $4.2 billion, representing 72% of our annual target, fully aligned with the strategy roadmap communicated to the market. Let's move on to the next slide, please. We are making consistent progress on our sustainability agenda, while positioning Ecopetrol as one of the best companies to work for in the energy sector. As part of our decarbonization strategy, we have successfully reduced greenhouse gas emissions by 379,000 tons of CO2 equivalent as of September, an impact comparable to the annual energy consumption of 300,000 Colombian households. Our renewable energy capacity has reached 234 megawatts driven by commissioning of the La Iguana solar farm at the Barrancabermeja refinery. This milestone strengthens both the competitiveness and sustainability of our energy supply. To leverage this initiative, we have invested over 321 billion pesos in our sustainable territorial development portfolio, generating inclusive economy and social growth in the regions where we operate. Our commitment with sustainability has been recognized by the Global Compact Network Colombia, which highlights our best practices in sustainable development. Additionally, we obtained the ISO 37001 certification, reflecting Ecopetrol's dedication to ethical business conduct and compliance with international anti-bribery standards. We are also proud of the progress made in strengthening our organizational culture. The Great Place to Work Institute rates us at the very satisfactory level with our workplace environment index improving from 60 to 68, reflecting our focus on employee well-being, sustainable growth, and long-term value creation. These achievements confirm our strategic commitment to energy transition, operational excellence, and value generation for our shareholders and stakeholders. Now I give the floor to Rafael, who will talk to us about the hydrocarbons line, not without first thanking him for his results during the two years as Executive Hydrocarbon Vice President. His contributions to reaching these achievements were fundamental for the consolidation of our strategy. We wish you success in your new role within the Co-Petrol Group.

Thank you, Ricardo. During the third quarter, we achieved key milestones in exploration and production that strengthened the competitiveness of our portfolio. Among the main developments, we find the drilling of 10 exploratory wells, eight funded by the Ecopetrol Group, two drilled under a sole risk scheme by our partners, and three currently in progress. The declaration of commerciality of Toritos and Salvador discoveries in Llanos 123 block, enabling the incorporation of proof reserves and continued resources. achieving four commerciality declarations so far this year. The ANH approved a four-year extension of the Piedmont exploration and production agreement, allowing the drilling of a new exploratory well and opening opportunities in areas nearby existing infrastructure. Throughout the current year, the business case delimitation phase of the discovery was successfully completed, marking a key milestone in the project's development. Regarding feasibility activities, the prior consultation process is underway with the 120 certified communities for the submarine pipeline and beach crossing. This process, led by the National Authority for Prior Consultations , has reached 52% progress. On the production front, we reached a total accumulated production of 751,000 barrels of oil equivalent per day, in line with the target range of 740,000 to 750,000. This result reflects the strength of our diversified production portfolio, with the highest levels of domestic crude production since 2021 and a record international production. Domestic crude production contributed with 519,000 barrels of oil per day, driven mainly by Caño Sur and CP09, which together added 24,000 additional barrels per day compared to the previous year. International production was supported by operations in the Permian. which reported an average annual net production of 106,000 barrels of oil equivalent per day before royalties. This represents 14% of the Ecopetrol Group's total production. Additionally, we achieved an accumulated EBITDA of $691 million, with a margin of 78% and capital savings of approximately 17% compared to the annual investment plan. Thanks to mitigation strategies for deferred production in the Caño Limón field, we achieved an incremental production of 4,400 barrels of oil per day compared to the previous quarter. On the gas front, the Floreña UP16 development well began production on October 19, reaching an estimated sales volume of 12 million cubic feet per day. Enhanced recovery continues to be a key component of Ecopetrol Group's current and future production, representing 41% of total output as of September, with 308,000 barrels of oil equivalent per day. Technologies such as tertiary recovery through air injection in the Chichimene field have enabled the addition of approximately 915 million barrels of oil, equivalent in gross contingent resources. Let's move to the next slide. For the third quarter of 2025, the midstream segment reaffirmed its operational recovery supported by increased transported volumes and financial stability. We transported an average of 1,118,000 barrels per day, representing a 1% increase compared to the third quarter of 2024 and a 3% increase versus the second quarter of 2025. This performance reflects two key drivers. First, the normalization of operations in Llanos Norte, and second, the recovery of the deliveries from refineries following the first half maintenance. Financially, the business remains robust with a growing EBITDA trend and a stable net income throughout the year. Key achievements during this quarter include strategic advances that maximize infrastructure utilization and enhances system efficiency and flexibility, such as the commissioning of the connection between Coveñas and Barranca Verdeja Refinery through the reversal of the Coveñas-Aracucho system. This initial phase enables the import of 6,000 barrels of oil per day at a competitive tariff, expanding the crude basket available for refining and generating additional transported volumes for the segment. We record historic utilization levels in the Basconia Barranca Meja Refinery System and the Colombian Oil Pipeline ODC. Finally, in the area of diversification and sustainability, the segment received environmental approval from ANLA to develop energy receiving and reclassification infrastructure in COVID. Continuing with the refining settlement results, performance was strengthened by the successful completion of the scheduled maintenance, increased unit throughput, strong margins, and sustained improvements in operational efficiency. Consolidated throughput reached approximately 429 thousand barrels of oil per day making this the second highest quarterly level in the segment's history this result reflects the positive impact of completed maintenance efforts to increase throughput profitability and a reduction in fuel oil production from january to september the integrated gross refining margin grew by 22 percent compared to 2024. driven by an increased throughput in a favorable price and demand environment. This performance also reflects a strategy focused on maximizing high value products. Evita continued its upward track, reflecting cost efficiency and a greater operational stability. Notable achievements include the recovery of electrical reliability in Cartagena, with completion of 70% on key milestones, solid asphalt exports, and the launch of marine fuel blended with biodiesel aligned with our sustainability strategy. Let's move to the next slide. The efficiency program has strengthened its role as a key driver of value creation in the hydrocarbons business line. we have executed targeted actions that have been crucial in maintaining a competitive unit cost. As of September 2025, the total unit cost in the hydrocarbons business line stood at $45.5 per barrel, reflecting a reduction of $1.8 compared to the same period last year. Lifting costs reached 11.8 dollars per barrel that is 0.44 dollars lower than in 2024 successfully meeting the target announced to the market despite the impact of exchange rate fluctuations on dollar denominated costs the trend in local currency confirms our operational control financial discipline and commitment to driving a structural shift in key performance indicators. In refining, the conversion index at the Barranca Bermeja refinery continues its trend upward, demonstrating that operational efficiencies also contribute positive to business profitability. This progress has been enabled by initiatives such as reducing fuel oil output through diversification into products like asphalt and ,, which have allowed us to redirect streams toward higher value products such as this. Let's move to the next slide. The exploration and production segment indicators show tangible progress in operational efficiency. In the upper left corner, the energy management chart illustrates a gradual and structural reduction in energy intensity per barrel of fluids produced, partially offsetting the increased demand associated with higher fluid volumes. Another key area has been the efficient cost management in subsurface operations, where over the past three years, we have reduced both the number of maintenance required and the cost per intervention. In dilution, we have identified more cost-effective substitutes for NAFTA, such as LPG and other additives. Additionally, even brand prices levels the value of NAFTA decreased by 13% compared to the same period last year. Regarding investment maximization, we have improved key drilling metrics, including cost per foot drill and average execution times. Furthermore, synergies in infrastructure have allowed us to fully leverage existing facilities, optimizing resources, and generating greater value. Now, I will turn it over to Byron, who will share the main milestones from the energy transition business line. Thank you, Rafael.