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 in 2025. There will be a questions and answer session at the end of the presentation. Before we begin, it is important to mention that the comments in this call by Ecopetrol's 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. Juan Carlos Hurtado, Executive Vice President of Hydrocarbons. Camilo Vargo, CFO. And Byron Triana, Executive Vice President of Transition Energies. Thank you for your attention. Mr. Roa, you may begin your conference.

Good morning. Thank you for joining us today for Ecopetrol Group's fourth quarter and full year 2025 results call. Last year, we achieved our goals, maintained financial discipline, stable operations, maximizing value management, drivers that reflect the strength of our strategy, and the group's ability to operate in challenging environments. We consolidated a 44% triennial success rate in exploration above the industry average and exceeded our 2025 built wells target by 60% drilling 16 wells. Midstream achieved the second highest net profit in history. In production and refining, we met our targets within the announced range and achieved a reserves replacement ratio of 121%, the highest in the last four years. In 2025, we marketed in advance 100% of the serious gas and moved forward with new supply alternatives. On the other hand, we declared to be commercially viable. Also, we surpassed our renewable energy capacity goal, reaching 951 megawatts, initially set by 2030, a strategy milestone for diversifying the company's energy metrics. At ESA, we executed investments 31% higher than in 2024, with projects for a total amount of $664 million. I would like to highlight our efficiency program delivery history. Results in 2025, accumulating more than $16 trillion over the past three years, strengthening our financial position and supporting business sustainability. 2025 was a year of reliable execution. We maintained the group's long-term sustainability and met the goals announced to the market. Let us move to the next slide. Average production reached 745,000 burgers per day. Transportation exceeds 1.1 million barrels per day and refining throughput reaches 417,000 barrels per day. Box operational performance and efficiency program mitigate the impact of one adverse environment considering a reduction of nearly 15% in crude prices. Despite this, we maintained an EBITDA margin in line with expectations, demonstrating discipline and resilience. On the commercial front, we achieved the best crude differential of the past four years. We closed 2025 at $4.6 per barrel an improvement of $2 compared to 2024, driving by market diversification, basket optimization, and effective coordination among our trading companies. Finally, to our shareholders. In 2025, we transferred $35 trillion to the nation in dividends, taxes, and royalties. This result ratifies Ecopetrol's role as a fundamental pillar for national economic development The Board of Directors will propose to the General Assembly on March 27 a dividend of 110 pesos per share equivalent to 50% of net income under the dividend distribution policy of Ecopetrol. This proposal confirms our commitment to responsible, sustainable, and value-oriented dividend distribution. Let us move to the next slide. At the end of 2025, Ecopetrol reached 1,944,000,000 barrels of oil equivalent in proven 1P reserves, supporting the long-term sustainability of our operations. This result was mainly driven by organic growth, which added 314,000,000 barrels to enhanced recovery, the largest reserves incorporation in the history. as well as operational optimization that contributed with 19 million barrels helping to offset external variables such as brand prices, exchange rates, and inflation. In addition, according to law 2056 of 2020 and resolution 164 of 2015, reserves associated with crude royalty of secularization were incorporated. This practice is recognized by the SEC and has been applied to gas royalties since 2014 for Ecopetrol Group. The total crude incorporation amounted to 314 million barrels, 1.6 times the year's production, allowing the company to reach historic highs in 1p crude reserves volumes reaffirming the resilience of the fields both national and internationally. In gas, natural decline led to a reduction of 14.7 million barrels of oil equivalent, partially offset by results at Pauto and Cupiagua fields. where pressure reduction techniques and hydraulic improvements were implemented to extend wells' life. We expect this trend to be reserved in the medium term as we progressively enable volumes discovered in series and KGG. Internationally, we continue to advise The Orca Brasil Gato do Mato project after the commerciality declaration in 2025. Once the development plan gets the approval by the National Agency of Petroleum, Natural Gas and Biofuels of Brazil, resources will gradually be progressed as reserves. Let us move to the next slide. In 2025, we also advance firmly in ESG indicators by strengthening our environmental, social, and governance commitments. On the environmental side, we reduce 561,000 tons of CO2 equivalent, achieving 165% of the annual target. We also received the gold standard recognition for maintain management from the United Nations, validating our technical and transparent approach based on environmental protection. Ecopetrol consolidated its leadership in Colombian's aviation energy transition by supplying coprocessed jet A1 with renewable feedstocks for the operation of more than 700 LATAM flights. Regarding water management, we reused 181 million cubic meters, equivalent to 82% of water used in operations, a 10% increase compared to 2024, positioning us as a global benchmark in the sector. In energy transition at the Cartagena Refinery, we began installing the Largus EM electrolyzer in Latin America, capable of producing 800 tons of green hydrogen per year and avoid up to 7,700 tons of CO2 equivalent In 2025, we consolidate our leadership in works for taxes in Colombia. Since 2018, we have accumulated 154 projects worth 1.4 trillion pesos, equivalent to 35% of the national total. Only in 2025, we completed 21 projects worth 109 billion pesos, benefiting more than 419,000 inhabitants in 31 municipalities across 12 departments. On corporate governance size, we highlight the approval of the statutory reform that incorporates an employee's representative on the board of directors, strengthening diversity participation and best governance practices. With this, I hand over to Juan Carlos, who will present the details of the hydrocarbon business performance.

Thank you, Ricardo. On the exploration front, we continue to strengthen our portfolio. By the end of 2025, we are drilling 16 wells, exceeding our target of 10. Of these 16, 7 were successful, 5 are under evaluation and 4 failed, achieving an average success rate of 44% over the last 3 years, placing us at the competitive level within the industry. In 2025, we promote the maturation of discoveries towards third development phase, with a potential of over 435 million bottles of crude, equivalent to 24% of the current reserves of the Co-Petrol Group, highlighting one of Earth's commercial declarations of four exploratory areas of Orca Brasil, Lourito, Toritos and Saltador. Second, The extension of the commercial area of the Terekay field reaffirming the potential of Los Llanos Centrales. These volumes will gradually be incorporated into 1P, reserved as their development progress. Environmental License is currently underway for the LORITO project, and the development plan for the ORCA asset is awaiting approval from the Brazilian National Ports Administration. In the series project, the lineation stage of the discovery was completed, confirming the potential of the 6 trillion cubic feet. Furthermore, the ANH approved the extension of the 10 exploration and production contracts and agreements. with additional terms between one and four years, and authorized the transfer of 50% of the participation and operation of the Paris Resources Colombia in the Farallones E&P Agreement. By 2026, in association with Paris, we expect the drilling of two exploratory wells in the Piedmont as well in the Farallones Extension Agreement. Next slide, please. On the production front, we received a total accumulated production of 745,000 barrels of oil per day, in line with the established target at levels comparable to those of 2024. This result was largely driven by national crude production, which reached 517,000 barrels, the highest level in the last five years thanks to, first, the enhanced recovery strategies to increase production in mature fields and mitigate natural decline. Second, growth in production from the Caño Sur fields, and third, the acquisition of a 45% stake in the CPO series. We highlight that this production level was achieved with a 10% optimization at the initial planned investment, and we achieved efficiencies of more than $139 million in drilling and completion activities. The 2026 organic investment plan packs a simple break-even of $40 per barrel. Positioning is a competitive portfolio given current market conditions. Of this portfolio, 88% of the investment will be concentrated in growth projects. Among the milestones to be achieved in 2020, increase the number of development wells to be drilling in the country compared to 2025. Understanding the development plan in Midland with Oxy until July 2027. Jointly definite with the price framework the interests of both parties. and aligned with the reduction in activity. Next slide, please. By the end of 2025, the transportation segment posted one of its best historical performance in EBITDA and net income, reaffirming its flexibility and operational efficiency amid a challenging environment. Regarding transport trade volumes, the segment through the strategic investments and operational adjustments managed to expand evacuation options to capture volumes outside the network and respond agilely to the needs of both the business group and the market. In the context, The following milestones stand up which enable us to transport volumes about 1,100,000 barrels through their network. First, expansion of evacuation capacity in oil pipelines by more than 122,000 barrels. Multi-projects pipelines by more than 10,000 barrels. and additional storage capacity by 323,000 barrels, thanks to the commissioning of the new tanks in Pozos Colorados. Second, commissioning of the crude oil import scheme from Cobeñas to Barranca Bermeja Refinery to mitigate and respond to the third-party impacts on the infrastructure, monitoring schemes, operational control, and the inter-institutional coordination were strengthened in the Caño Limón-Coveñas system. The timeline activation of alternative evacuation routes together with flexible operating schemes and the use of the technology allowed us to preserve system continuity, avoid deferred production and maintain refinery supply. From a financial standpoint, prioritization of cost optimization neutralizes external effects such as the exchange rate and maximizing the use of an infrastructure, among other measures, enables the segment to achieve an EBITDA of 11.3 trillion Colombian pesos, and net income close to 5 trillion Colombian pesos, one of the highest results in the history of the segment. Continuing with the refinance segment results, solid operational execution and timeline commercial decisions allow us to capture better international price differentials, strengthening profitability resolutions of the business for 2025. We highlight are the historical record of 130,000 barrels per day of integrated throughput in the fourth quarter of 2025, reflecting operational stability and high unitability after major maintenance for half of the year. This has contributed to the annual total of 417,000 barrels. The gross refinement margin increased by 32% in 2025 compared to 2024, increasing from $9.9 to $31 per barrel thanks to production focus on higher value and higher quality fuels. Crude basket optimization prioritizing the processing of crudes with greater economic contribution and acting opportunely to capture international price differentials. EBITDA reached 2.7 trillion Colombian pesos, 20% higher compared to 2024, driven by prioritizing operational and energy efficiency, which kept refining costs under control and strengthened competitiveness and resilience in the face of energy and price conditions. In practice, each barrier contributes more, supported by the system capacity to take advantage of international price differences, control and unit costs, and energy use efficiencies. Regarding electrical reliability, in Cartagena, if force continues throughout 2025 to manage and decreased risk with a projection of reaching a tolerated risk level in 2026. In 2025, progress reached 18.1%, three out of the 13 out of the 16 milestones completed and connection to the national interconnecting system was secured. 70 megawatts of backup reducing exposure to grid events and supporting established operations. Next slide, please. During 2025, the PNCC program was consolidated as a key drive for value generation in the hydrocarbon slide. We implemented decisive actions to maintain competitive unit costs, which have allowed us to offset exchange rate and inflationary impacts. At the end of 2025, the total unit cost of the hydrocarbons line was $46 per barrel, a significant decrease of $1.7 or 3.4% compared to 2024, mainly driven by the synergies implemented in crude oil portioning and street cost-executing disciplines. The lithium cost stood at $12.2 per barrel , marking 2025 as an important turning point in the indicator trend. a fundamental role by contributing $0.96 per barrel in optimization, the refining cash costs and transport barrel costs remaining stable during 2025, closing at $5.75 per barrel and $3.41 per barrel. This reflects the effective mitigation of inflation and chain rate pressures as a result of the established operational discipline and efficiency materials throughout the year. Despite the impact of the chain rate on costs expressed in dollars, the trend in local currency confirmed operation control. financial discipline and our commitment to ensuring a downward trajectory in our key cost indicators. Now, I will give the floor to Biden, who will discuss the main milestones of the energy transition line.