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 first quarter of 2026. 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. Juan Carlos Hurtado, Acting CEO of Ecopetrol, Carlos Mauricio Avila, Acting Executive Vice President of Hydrocarbons, Camilo Barco, CFO, and Byron Triana, Executive Vice President of Energies for the Transition. Thank you for your attention. Mr. Hurtado, you may begin your conference.

Welcome to the first quarter 2026 earnings call. It's an honor to address you as Acting President of the Ecopetrol Group. 2026 began in a volatile international environment, marked by an intensification of geopolitical tensions, with direct impacts on energy markets and global logistics. Within this context, our operational capabilities were key to sustaining the Group's performance. Let me highlight the main milestones of the quarter. In exploration, we underscored the successful result of the COPASUL-1 well in the Caribbean offshore. This confirms new gas accumulations independently from Syria's and expands the bloc's potential, contributing to the country's energy security. In production, we reached 725,000 barrels of oil equivalent per day. The strength of domestic crude production at 527,000 barrels per day partially offset lower gas production, a structural challenge that we continue to address. In addition, we advance with the optimization of our upstream portfolio through agreements with Perixx and Gran Tierra in the Magdalena-Medio region. In transportation, we moved 1,122,000 barrels per day, close to a 2% increase compared to the same period of the prior year, driven by integrated management aimed at maximizing infrastructure utilization. The reversal of the Cobeñas-Atacucho system was key to incorporating crude oil and mitigating lower domestic production. In refining, we achieved a consolidated throughput of 417,000 barrels per day, a 5% increase versus the first quarter of 2025. The Barranca Bermeja refinery reached one of the highest throughput levels in its history, while Cartagena maintained solid performance despite operational events in March. As a result, the refining margin reached $17.3 per barrel, a 60% increase versus the first quarter 2025, reflecting favorable market conditions and consistent operational execution. Consistent with our diversification and international expansion strategy, we advanced the agreement to acquire a majority stake in Brava Energia in Brazil. Upon closing, this investment is expected to strengthen our presence in the strategic geography, add reserves, and incorporate high-quality assets to our portfolio. On the commercial front, we managed increases in freight rates by implementing strategies to strengthen logistics reliability and supply continuity, including the contracting of time-chartered vessels for products and crude that aims to secure transportation capacity in a volatile environment, improve supply timing, and reduce logistics costs. In gas, we advance in structuring import and regasification solutions in the Caribbean, leveraging infrastructure for the receipt, storage, and delivery between 126 and 370 million cubic feet per day of imported natural gas into the national transportation system in 2026. Finally, ESA. received the award of new transmission projects in Brazil, while in Colombia, we advanced power transmission expansion initiatives aligned with the country's needs. Please move now to financial results. During the first quarter of 2026, Ecopetrol Group recorded revenues of 28.6 trillion pesos and a beta of 13.5 trillion pesos and a net income of 2.9 trillion pesos. we highlight the expansion of the EBITDA margin to forty seven per cent driven by disciplined cost execution and a stronger contribution from refining business the price environment showed mixed dynamics brett strengthened toward the end of the quarter however the appreciation of the columbian peso put pressure on revenues while differentials widened versus the previous year additionally higher the logistics costs particularly freight generated significant pressures across the value chain amid this environment the group captured value supported by a robust commercial strategy, market diversification, and positioning of our crude in international markets. On the corporate front, the General Shareholders' Meeting approved the merger with Parque Portón del Sol, a relevant milestone in our energy transition and operational efficiency strategy. It also reaffirms our commitment to shareholder value creation reflected in the dividends paid at the end of April. The investment plan is progressing as planned, with approximately 23% executed to date, including key projects in sustainability and ESG initiatives. We close the quarter with a balance of 4.2 trillion pesos in the Field Price Stabilization Fund, in a context of higher international fuel prices and the accumulated balance from 2025. Lastly, we highlight the filing of the 2025 Form 20F with the U.S. Securities and Exchange Commission, reflecting our commitment to transparency and rigorous market disclosure. Let's move to the next slide. Consistent with our growth and sustainability strategy, We are progressing in the potential acquisition of a stake in Brava Energia S.A. in Brazil. Brazil is a geography where the Ecopetrol Group has operated for over 20 years. Through this transaction, we would expand our position diversifying our asset base and strengthening our international portfolio. We expect to implement a relationship model with BRAVA that enables operational and financial synergies, including human capital, offshore and onshore expertise, enhanced recovery and onshore assets, and others. The transaction contemplates a private acquisition of approximately 26% of the company's equity and the launch of a volunteer tender offer with the objective of reaching a controlling stake of up to 51%. Based on 2025 figures, this represents a company with 459 million barrels of oil equivalent in... I1P reserves production of approximately 81,000 barrels per day in an EBITDA of around $806 million, positioning it as a relevant asset in the region. This transaction would allow us to increase our reserves and strengthen group production. Closing remains subject to the fulfillment of precedent conditions, particularly the success of the tender offer and the corresponding regulatory approvals. Let's move to the next slide. In line with our strategy, the agreements with Perixx and Gran Tierra allows us to accelerate the development of mature assets by incorporating strategic partners that bring capital and capabilities with Perixx. We are enabling an investment of about $250 million, fully funded by the partner, to execute activities with the potential to add approximately 94 million barrels of oil equivalent gross, while extending the economic life of the Casabe and Janito assets. With Gran Tierra, we are progressing into Esquidama and San Roque with an investment of about $92 million, also fully funded by the partner, to execute activities with the potential to add about 30 million barrels of oil equivalent gross, strengthening recovery and the sustainability of these fields. While in the short term we share production, we do so with the clear objective of enabling higher production, additional reserves, and lower unit costs in the medium term, unlocking greater value from our assets. Now I hand over to Carlos Avila to provide further detail on hydrocarbon segment results. Thank you, Juan Carlos. On the exploration front, we continued to strengthen a high-potential portfolio in Colombia. At the close of the first quarter, we drilled five wells, achieving our first success with the Copueso 1 well, located at the Guaafo Zero block, about 9 km from the Sirius 1 and Sirius 2 wells. This well confirmed the presence of gas in two accumulations separate from Sirius, expanding the block's discovered potential. Initial testing is currently underway with the aim of obtaining the first estimate of its potential by year's end. In the same block, we are making progress with planning an exploratory wells on BL1, which drilling is expected in the second half of the year. Regarding serious, we are moving forward with the prior consultation process in coordination with the National Prior Consultation Authority with the goal of completing this phase by year's end and filing the environmental impact assessment in the first quarter of 2027. Let's move on to the next slide, please. Let's talk about production on the production front. In the first quarter, production reached 725,000 barrels of oil equivalent per day, reflecting the following dynamics. First, domestic oil production increased by 6,000 barrels per day compared to the fourth quarter of 2025. Driven by growth at CPO09, the commissioning of new wells in Capachos, the strong performance in the Castilla field, and the addition of a development well in Putumayo under our agreement with Perixx. Second, gas sales decreased by around 5,000 barrels of oil equivalent per day, mainly in line with seasonal sales patterns. Third, international production declined by approximately 5,000 barrels of oil equivalent per day associated with the investment plan that we have in premium and scheduled maintenance at Ecopetrol America. It should be noted that we are maintaining our full-year production target between 730 and 740,000 barrels of oil equivalent per day. and we have the several key operational enablers. To continue our drilling campaign, focusing on CP-009 and Caño Sur, advance the in-situ combustion pilot in Chichimene as part of our enhanced oil recovery blend, expand processing facilities in Rubiales, and ensure that premiums contribution to the plan by adding 4,000 barrels of oil equivalent per day. In addition, to further enhance our asset in Colombia and optimize capital allocation, we signed two farm-in agreements, one with Gran Tierra in the Tizquirama-San Roque fields and another with Perixx in the Casabe and Llanito assets, both located in the Middle Magdalena region. Our plans also incorporate external challenges that may affect production during the remainder of the year, such as an annual weather phenomenon. Finally, the financial performance of the hydrocarbon segment reflects improved profitability, with the bid-up per barrel reaching $27 and a margin of 40%. This represents a material improvement compared to the previous quarter's trend, despite a lower realized basket price versus the first quarter of 2025, driven by hybrid crude market conditions. This performance is supported by disciplined capital allocation and efficient cost management. Let's move on to the next slide, please. Let's talk about refining and transportation. On the refining front, strong operational execution and timely commercial decisions allowed us to capture better international market crack spreads. During the quarter, we highlight first consolidated throughput of 417,000 barrels per day, 5% higher compared to the first quarter of 2025. which was less. Second, we improved our valuable product yield by two percentage points, reaching 73% during the quarter. Third, we optimized our crude slate by prioritizing higher-value barrels, enhancing overall refinery economics, and finally, refining gross margin increased 60% year-over-year to $17.3 per barrel. As a result, the segment delivered a strong performance with the bidder reaching 1.9 trillion pesos, nearly 2.9 times higher than the first quarter in 2025. This was supported by operational and energy efficiencies that allowed us to maintain refining cash costs under control and strengthen competitiveness in the current pricing environment. Focusing on the transportation segment, it reached 1.1 million barrels per day transported, a 3% increase compared to the same period of the previous year. This improvement was due to the capture of third-party volumes of about 27,000 barrels per day, as well as the implementation of the bidirectional flow of the Correñas-Ayacucho pipeline, enabling the import of 18,000 barrels per day of crude into the Barranca Bermeja refinery. Lastly, we began the NAFTA Cusiana project with shipments of about 42,600 barrels per month from Montevideo, replacing land transportation, optimizing production dilution costs, and generating revenue of about $3.15 per barrel. On a financial perspective, Abenda improved sequentially versus the previous quarter, while declining year-over-year mainly due to external factors such as FX. Let's move to the next slide. During the first quarter of 2026, our efficiency program continued to be a key enabler for cost optimization and control. The idea is to help mitigate pressures from inflation and FX. Hydrocarbon segment EBITDA reached 11.2 trillion, 3.4 trillion higher than in the fourth quarter of 2025 and 0.4 trillion pesos. versus the first quarter of 2025, that is 44.4% growth respectively, confirming a strong sequential recovery. In terms of unit costs we have, the total unit costs in hydrocarbon segment was at 166,601 pesos per barrel, a reduction of 9% quarter over quarter and 13% year over year. Lifting costs in pesos decreased to 45,916 pesos per barrel, down 4% versus the fourth quarter of 2025 and 11% versus the first quarter of 2025. In USD terms, lifting costs closed at $12.2 per barrel and excluding FX, we would have reached $10.8 per barrel. This performance reflects a clear improvement in cost trends in local currency and demonstrates progress in operational discipline and cost management driven by contract optimization, maintenance efficiencies, digital solutions and infrastructure, and energy efficiency and flexibility. While FX Dynamics continues to exert pressure on dollar-denominated metrics, You can see the company's commitment to structural key cost indicators. Now Biden will cover the main milestones in our energy transaction segment. In 2026, at Ecopetrol, we remain committed to contributing to the country's natural gas supply in the short and long term. To this end, regarding current contracts, we reached a volume of 296 GBTUDs in the first quarter, equivalent to 52% of the market's contract and volume share, with the Copetrol being the only player to have offered firm long-term gas supplies. Similarly, our operational efforts enabled us to reduce our own consumption by nearly 8% and increase energy substitution by 10% compared to the same period in 2025. In addition, with the aim of increasing our response to demand, in the first quarter, we offered monthly volumes ranging from 23 to 72 GVTUDs, including both firm and interruptible gas, and we project to market between 18 and 67 GVTUDs monthly from June to November 2026. As to the market of gas imported from the Caribbean, in February and March 2026, we offered volumes from 126 to 370 GBTUDs in the market for up to seven years. Turning to LPG, we offered the market 30,500 tons a month for the period from March to August 2026, up 2,500 tons a month compared to the previous marketing period. Next slide, please. At Ecopetrol, we are strengthening the supply and diversification of natural gas through the re-gasification of import terminals in Colombia Pacific and the Caribbean regions. In the Pacific, we launched an open and competitive tender for the procurement of liquefied natural gas under the delivery X-SHIP modality for Buenaventura. The volumes to be contracted will be allocated to the receiving, storage, and regasification infrastructure with a capacity of 60 GBTUDs to meet the natural gas sales commitments in Buga. We estimate that contract signing and the first LNG cargo will take place during the second semester of 2026. In the Colombian Caribbean, we signed the Comprehensive Logistics and Regasification Services Contract, which will enable the development of the infrastructure required for the receipt, storage, and delivery of between 126 and 307 GBTEDs of imported natural gas into the national transportation system. This alliance with Puerto Vallecas is key since it shortens time-to-time operation and mitigates execution risks. On a complementary basis, we continue to explore alternatives that optimize the group's assets and allow the delivery of natural gas from both imported sources and offshore production to the interior of the country. Next slide, please. During the first quarter of 2026, the group's energy demand reached 2,185 gigawatts-hour, equivalent to 10.9% of Columbia's total demand, growing up to 6% versus comparable quarters of 2025. Therefore, we continue to strengthen the Ecopetal Group's energy coverage, focus on cost efficiency and on mitigating spot market price volatility, particularly given the risk of a potential El Nino phenomenon. During this same period, 88% of demand was met through the combination of conventional and renewable self-generation, as well as energy contracts in the wholesale energy market. Furthermore, the demand met through this market benefited from tariffs that were on average 14.3% lower than the benchmark rates in the regulated and unregulated markets, respectively. This has also resulted in tariff reductions for existing contracts and efficiencies of more than 4 billion pesos. In parallel, we continue to consolidate our renewable energy portfolio for self-supply. In 2026, we expect to add 347 megawatts of capacity for a total of 1,298 megawatts, of which 432 will be in operation by year-end, pointed to sustained planned growth in competitive low-emission energy. During the first quarter of 2026, the combined operation of the group's renewable generation assets delivered savings of close to 2 billion pesos through tariff reductions. The General Shareholders' Meeting approved the merger by absorption of the subsidiary Portón del Sol into Ecopetrol, with the objective to materialize and maximize the tax benefits under Law 1715. Besides, the construction activities at the Guifa solar farm were successfully completed, with a total capacity of 50 MWPs, and we have begun energization of the assets. In addition, we signed the trust agreement with IS Columbia, which sets the framework for the execution of JK1 and JK2 wind projects in the Jekewa cluster in La Guatina. with a combined capacity of 259 megawatts. Likewise, in the Winpeshi project, the contract was awarded for the construction of the transmission line. In parallel, we have fostered ongoing dialogue with local communities, reaffirming our commitment to a responsible and socially responsible sustainable energy transition. Finally, at the end of the first quarter, we reached energy optimization of 0.7 PJs, with savings of close to 24 billion pesos across the group's operations, which also reduces our smart market exposure and lowers gas demand. Now, Camilo Arco will cover the financial highlights of the quarter. The first quarter 2026 results show reflect our focus on three priorities, financial and operational discipline, liquidity protection, and rigorous capital allocation. In this context, the Ecopetrol Group generated a beta of 13.5 trillion pesos, with a standout performance from the mainstream segment. which maintained a sustained trend of increased contribution to the group's EBITDA. In particular, its share rose from 4% in the first quarter of 2025 to 14% in the same period of 2026, reflecting the capture of more favorable conditions in refined product markets. In terms of profitability, we achieved an EBITDA margin of 47%, a level comparable to some of the best historical quarters of the group. This performance was driven by greater operational flexibility, which allowed us to capitalize on higher brand prices and improved product crack spreads, therefore offsetting lower crude differentials, inflationary cost pressures, and a less favorable exchange rate. From the leverage standpoint, financial discipline was reflected in the gross debt to EBITDA ratio, which remained at 2.3 times at the group level and 1.6 times when excluding ISA. In addition, interest coverage improved versus the previous quarter, supported by operating performance and efficiencies achieved through recent liability management transactions. In terms of investments, we closed the quarter with organic capital Of $1.4 billion in line with the plan, of the total, 73% was allocated to growth opportunities across the three business lines and the remaining 27% to maintenance and reliability. By business line, about 64% was allocated to hydrocarbons, followed by transmission and roads with 28%, and energy transition businesses with 8%. The full year investment range remains in line with the investment plan. between $5.4 billion and $6.7 billion, with execution trending toward the upper end of the range, driven by strict capital discipline and operational flexibility. the company is currently working with the base case scenario of 83 dollars per barrel rent which supports execution toward the high end of the range as i said in terms of efficiencies we achieved optimizations about 702 billion pesos reaffirming our commitment to sustainability contributions across a bit of campus and working capital we received updates to our global credit ratings from rating agencies Standard & Poor's adjusted the rating in line with the sovereign, while Moody's mentioned a lower expectation of government support. It is worth noting that both agencies affirmed the standalone credit profile, highlighting the group's financial strength, strategic relevance, and diversification. Let's look at the next slide. At the end of the first quarter of 2026, we recorded a net net income of 2.9 trillion pesos, reflecting a strong recovery versus previous quarters and a marginal decrease of 0.2 trillion pesos compared to the first quarter of 2025, mainly explained by three factors. First, market factors contributed a net positive effect of about 700 billion pesos. driven by a more favorable environment compared to the prior year. The increase in rent prices from $75 to $78 per barrel and improved refined product spreads strengthened revenues and inventory valuation, largely offsetting a lower average exchange rate, weaker crude differentials, and inflationary pressures on costs and expenses. Second, tax-related factors that impacted results by about $600 billion. half of this impact is explained by the update of the income tax surcharge increasing from zero to ten per cent in line with rent price projections and the other half by the extraordinary wealth tax corresponding to the recognition of one quarter of the total tax amount It is worth noting that the wealth tax will have an impact of about 1.2 trillion pesos on full-year results and will be recognized proportionally each quarter in accordance with the current accounting policy and applicable regulations. Third, operational and financial factors had a net impact of 300 billion pesos. driven by two key elements. On the one hand, the execution of a structured liquidity transaction related to the management of VAT receivables, which generated a financial cost of about 400 billion pesos and improved the company's working capital. And on the other hand, OPEX control contributed a positive effect of 100 billion pesos, supported by disciplined and consistent efficiency management. Let's move to the next slide, please. We closed the quarter with a cash balance of 14 trillion pesos, maintaining a solid position supported by healthy operating cash flow and efficient working capital management. Operating cash flow reached 7.2 trillion pesos, driven by higher prices, the strong performance of the refining segment, and active management of tax receivables. Cash flow from investing activities represented an outflow of 3 trillion pesos, mainly associated with CapEx, Erecopetrol ECA, Brazil, ESA, and Permian. As a result, free cash flow was positive at 4 trillion pesos. Regarding dividends, financing and other activities, the quarter recorded a cash outflow of 2.9 trillion pesos. Of this total, 0.5 trillion corresponded to dividends paid to non-controlling interests and subsidiaries, while 2.4 trillion was primarily allocated to debt service. Additionally, On April 30, dividends were paid to all shareholders for approximately $4.4 trillion, with the second installment corresponding to the majority shareholder scheduled for payment in June. The ending cash balance consisted of $12.9 trillion in cash and cash equivalents and $1.1 trillion in investment portfolios, with a share of 59% in U.S. dollars and 41% in Colombian pesos. Regarding the FEPIC. The account receivable closed at 4.2 trillion pesos, reflecting an accumulation of 1.2 trillion during the quarter plus the 2025 balance. In addition, a payment agreement was executed with the government, for about 1.6 trillion pesos, corresponding to the first quarter of 2025. This will be paid in short-term test bonds in December of this year, with interest accrued until payment. On the tax front, group companies fulfilled their obligation to pay the wealth tax amounting to 1.2 trillion pesos. About half was paid in cash in April and the remainder was offset against tax receivable during the first days of May. Regarding the ongoing process with Dionne related to VAT on fuel imports for the 2022-2024 period, we remained in the corresponding legal stage with no accounting provisions recorded. During the quarter, we strengthened our financial position through active liquidity management. This included the monetization of tax receivables for approximately $1.8 trillion, tax offsets of $1.9 trillion, and intra-group cash mobilization of approximately $521 million. In terms of financing, we highlight the $1.25 billion liability management transaction, which generates savings of approximately 90 basis points in the total cost of debt. In line with this, we maintain a controlled maturity profile and do not expect to incur incremental debt to finance the organic capital investment plan at Ecopetrol S.A.A. Now let's hand over to the CEO who will present conclusions. In summary, the quarter's results reflect strong execution capabilities in a volatile geopolitical environment. We were able to sustain and optimize value generation, offsetting external pressures to the efficiency and flexibility of our integrated model. Looking ahead, our priorities are clear. Deepen structural efficiencies, grow through value-adjusting, opportunities, strengthen the core business, and accelerate the development of gas as a pillar of energy transition. We are evolving to a more diversified model, focused on stable results and disciplined capital allocation. Thank you. We will now open the floor for the Q&A session.

Muchas gracias. Comenzaremos ahora la sesión de preguntas y respuestas.

Les recordamos a todos los analistas seleccionar... All the analysts to choose in the Interpretation Globe the language you will be asking the question. Otherwise, we cannot hear you. Daniel Guardiola from BTG is online with the question. Please go ahead. Good morning and thank you for your presentation. I'd like to talk about two things. First, about the acquisition of Brava. And I'd like to know what price did you purchase at 26% that you already agreed with the investors group? When do you plan to launch the IPO in the market? And is there any risk to expand this IPO for 100% of the stocks, considering that you will be the new controller? And if you do not reach that 25%, can you declare the IPO as deserted? That's when it comes to the transaction of BRAVA. Also about BRAVA and looking at the many reserves that BRAVA has recorded in past years, I'd like to know if you considered or do you have an estimate or adjustments for the reserves since you consolidate this with the balance of Ecopetrol incorporating them with the methodology applied by Ecopetrol. And last, it's about the sensitivity to the price of oil of Ecopetrol. Are you adjusting? this for the 2026 the capex the cash flow and could you share with us what's the brunt that you expect for the remaining nine months of the year the sensibility of the event and free cash flow if the dollar is above the price you have thank you When we look at the agreements we have with each of this, once we close the transaction, the IPO is projected to be launched this second quarter. It will be announced. when we have the terms agreed or according to the schedule. But the purpose is to acquire at least 51%. And if we can't reach that percent, we will not be part of the business. When it comes to the reserves, understanding that there are major volumes today in the company we have to keep in mind that they have a methodology that's different to what we apply we apply sec and the p and they the iprs so once the transaction is closed we can validate the volumes according to our regulation and do everything according to the volumes identified when it comes to the capex guide and the cash flow. We have been making updates of prices monthly, and we've been adjusting and placing the resources where we find the most value within the projects. That's what we're seeking right now. The Brent of the Year, we're analyzing again this monthly, understanding that for the last two, two and a half months, we've been undergoing the process of high prices because of the conflict in the Middle East, the sensibility of the EBITDA and cash flow. We have metrics. And let me give the microphone to Camilo Barco to talk about this. Thank you for your question and good morning, Daniel. My name is Camilo Bargo and I am the CFO of Grupo Ecopetrol. And allow me to particularly refer to your question. And everything has to do with the guidance and the multiples that can give us at least an orientation or a guide of what we can expect this year with this new price setting in terms of cap exhibit profitability and possibly cash flow. I think that what's most important has been said. Regularly, we make a review of projections. Of course, in this highly volatile and uncertain time, This is very much related to the duration of the market disruption. And it's a hard question to answer. Still, we have projections that are updated, aligned with the market's consensus. Some of the projections of agents are all kept in mind. with a margin or better range between $83 and $93 per barrel for the rest of the year. And emphasizing, of course, Not only the Brent prices, but also the exchange rate and the differentials of products have major differences in the indicators. When it comes to the theoretical exercise and clarifying that this gives us a range, but still these are more approximate than anything else, we can say that $1 variation in the price of rent has an effect on the EBITDA of the Consolidated Group of 700 billion pesos and on the net profit closer to 400,000, 400 billion pesos. and the net profit for every variation of $1 on the Brent price. On the other hand, the exchange rate, I said, is an important factor, the exogenous, that has an influence on the results. And this has an effect of about 1.6 trillion pesos on the EBITDA. and with the variation of 100 pesos on the quote of the exchange rate and when it comes to the net profit an effect of about 800 million pesos so that's like an overview of the indicator that can give us a guidance of where the results can stand for the year so far of 2026 with a branch in a range of $83 to $93 per barrel and an exchange rate between 3,600 and 4,000 pesos. Thank you so much for your answers. We're also joined by Catherine Ortiz from Corredores da Vivienda. Hello to everyone. Can you hear me? Yes, we can. Okay, thank you. Okay, I have several questions. Following the topic of the acquisition, just to confirm with Daniel's question, at least 51% means that there's a chance of an IPO for 100%. And also, I'd like to ask for more information on your outlook on the metrics to leverage initially with the acquisition. And how do you expect the performance and when will you reach again levels that are more optimal for ecopetrol and the management given to the pressure of liquidity keeping in mind that financing would be made with a bridge short-term loan so i'd like to understand the strategy to refinance once the acquisition takes place That's regarding the acquisition. But I have another question related to the FPEC. On the fourth quarter, we saw that FPEC generated a super avid surplus of 300 billion pesos. And this quarter, we saw a deficit of 1.2 billion. Evidently, this is in February. or March when you see the effect of the higher prices of oil. But I would like to know monthly how much is the accumulation of the surplus of effects since March in average. And I don't know if you have the calculation of how much will the prices will increase of fuels to have again at least a zero level or to go back to the super habit we had. That's regarding the FFAC. And lastly, I'd like to understand a bit more the context of deficit of gas. Ecopetrol has been very active, and you showed us making agreements and leading this process to increase the gas through new regasifiers. And regarding the regasification agreement with Puerto Bahia, could you please tell us more about this business with Ecopetrol and the commercialization process that you mentioned that took place in February and March? What percentage was contracted and commercialized, and if this was on a seven-year term? I'm asking this because one of the biggest concerns is that there's a major offer now for regasification projects, and there's a chance in the future of having new projects. And there's a concern on the profitability and the chance of capturing or recovering better profitably the investment in these projects. So I'd like to get to know more about this process of commercialization.

Those are my questions.

Thank you. Good morning, Catherine. Juan Carlos Hurtado, acting CEO. Let me begin with your second question. What do we have to date? An accumulated of 4.2 trillion pesos. In the past month, it was 1.5. We estimate every month, understanding that it depends on the price of the barrel, the exchange rate, and differentials between 1.1 and 1.5 every month. that could be generating the FAPEC. So we've been working on this, like this, to be more precise. With regards to your first question, we are going for the 51%. If we don't reach that percentage, we're not part of the business, but we're not gonna ask for more than 51%. That gives you a precise answer. Camilo, could you give us a hand with the other question? Catherine, good morning. Thank you for your question. I'm going to specifically refer to the topics related to finance, the Brava transaction, and several of the financing metrics that we use. So let me expand a bit on these metrics. So when it comes to the Brava transaction, let me refer to two things. First, in terms of the depth of EBITDA of the target firm, Brava, the metric is similar to that of Ecopetrol, between 2 and 2.5 times the EBITDA, clarifying that it has a robust cash position which allows its net debt versus a bit substantially lower i want this means that still using a financing a bridge on a short-term basis it does not impact, but just marginally, even after post acquisition. What does this mean? That we will have our indicator still at 2.2 times debt EBITDA. And you mentioned before that this indicator was closer to 2.5 at the end of the last year. But it's important to keep in mind with the new price scenario and the better betas and the lower exchange rate, today we have an indicator that gives us an additional margin that's closer to 2.1 or 2.2 times debt a beta. If we add to this that a good part of the debt comes from ISA. We see the indicator of 1.6 times debt EBITDA for Grupo Poco Petrol without or just excluding ISA. So this is healthy, and it gives you an idea not only of the position of liquidity, but the capacity of debt that the group can have under these conditions. would stop here in terms of financing and ahead perhaps we can provide additional details When it comes to the BP of energy transitions, the group has been committed to supply gas through import sources at the lowest price and as soon as possible. With the alternatives, we found the Puerto Valle project, a project that has a value, a promise to contribute gas to the country in 2026. We signed an agreement of logistics and integral service with Puerto Barria, in which they are in charge of making the investment, assuming all the risks of development and construction of the project, while we commercialize the molecule and we pay them for the regasification process day by day. When it comes to the commercial process, 250 gigawatts day average day in the next seven years and it has two phases the first phase the first two years of 167 square feet and the other 170. the priority in the commercialization is of the ecopetrol group in both processes the process launched we took gas to 13 agents, where we have the main distributors of the country. And there are commercializing and generators agents. And this allows us to give a better situation for this process. Catherine Camilo Barco again, I was seeing that I missed something to talk about in your question about financing. So allow me to refer to the refinancing strategy. We said that, firstly, the financing of the acquisition of Brava would be with a bridge. And it's important to say that, as of now, we're working on the takeout and financing this on a long term. And for this, we are assessing all of the alternatives possible. We constantly monitor the capital market and the conditions. Initially, we do not see yet conditions that have the level or enough attractiveness to make a decision on that matter. But we are evaluating, again, different alternatives, banking and in the market. And also, for this takeout, surely we will not refinance 100% of the amount of the transaction. It will be a lower percentage, since we are foreseeing that part of the flows used will come from reassigning CapEx and rotations of portfolio. So I think that with this, we have a good framework of the scenario to refinance in the next year. Perfect, thank you. Let me confirm, from Puerto Berria, the 126 million, you gave the 126 to these three agents, or? Hello, Catherine. Because of commercial and strategic topics, we cannot give you the exact value. But yes, these were assigned to the 13 agents because of the amount gas. As you said, because of the El Niño, we are even going to place more amounts when the infrastructure is built. If it's the alternative 126, we see with the regasification backups trains, we can even place more gas to face the El Nino weather phenomenon. But it is important to clarify that Puerto Vallarta still works on trying to place more amounts, and there are scenarios in which we can place even 300 gigawatts a day. So we're working in different scenarios. We have baseline of the 126, and most of it is commercialized and sold. Perfect. Thank you to you all. The questions next will be made in English, so please, all of the analysts, to choose on the Interpretation Globe the language in which you will ask the questions. Otherwise, we cannot hear you. The next question is from Bruno Montanari from Morgan Stanley. Mr. Montanari, the floor is yours.

Thank you very much for taking my questions. I have a follow-up on BRAVA and then two questions. I understand you will disclose the price information once the transaction closes. But can you tell us if the price offered to the shareholder group is different from the 23 reais per share offering price? Because I think that information is quite important for minorities to decide if they should accept the offer once it's launched. My second question is, you mentioned that CAPEX should land at the higher part of guidance, but in Q1, it seems to be tracking closer to the bottom end of the range. So how should we think about the CAPEX acceleration and distribution of investments between the second quarter and the fourth quarter of 2026? And then my last question is about the crude differentials, your crude basket in the second quarter. Have you seen improvement versus the first quarter where the discount was a little bit larger? So wondering if there is more interest from Colombian oil at better prices now on the back of all the geopolitical uncertainties. Thank you very much.

Buenos dias, Bruno. Good morning, Bruno.

As to your first questions, once we announce the IPO, we will provide the details of this process and the values that we will be indicating in this process. In addition, once we formalize and close the agreement with the acquisition of that 51%, we will provide detailed information about this process. When it comes to CapEx, We are within a plan for execution that's about 95%. This first cue, understanding that we are aligned with the hydrocarbon segment, transmission and roads, and transition energies, focusing to enhance and reach the execution levels that we wish. To be able to adjust the plan, we have to make an assessment of the performance of prices. And as I said before, we are looking at the projects that will provide us revenue, taking advantage of the high prices that we have today.

Good morning.

The question on differentials for the second quarter. In oil, my name is Julio Cesar Herrera. When it comes to the crude oil, we see a differential close to two digits, $10 per barrel. This goes with the crude oil market, and we have strategies to mitigate that differential. Colombian oil is quite different in the international markets because we have quality. We have an internationalization strategy that's still working as well. Thank you. Continuamos con Nicolas Barros. Let's continue with Nicolas Barros from Bank of America. Mr. Barros, the floor is yours.

Okay, good morning, everyone. I have two questions here. Still on Bravo, right, and more direct to the point. Do you expect to implement any management changes once you are in the company? And then the second one, mostly related to fuel pricing, right, on the downstream. How are you currently seeing local diesel and gasoline prices discounts relative to the import parity prices? And also if you could comment on the latest pricing adjustments that you guys have implemented. Thank you so much.

Hola, Nicolás.

Hello, Nicolás. Thank you for your question. This is Julian Lemos, VP, corporate VP of strategy and new businesses. With regards to your first question, I'd say that once we reach the closure of this transaction, as Juan Carlos said before, this means to be successful in the IPO and to reach that 51% that we want to control the company, we will... take the measures that we deem adequate for the integration. Of course, we acknowledge that Brava is a company that has an operational and financial performance that's solid. And what we seek is to complement Brava's operation with Ecopetrol's experience and to gain for Ecopetrol the capable technical capabilities that this company has and that can boost our operation in brazil and our operations offshore in colombia thank you good morning nicolas julio cesar herrera with regards to your second question We are looking at fuel prices, at oil prices that are close to $80 to $90 a barrel with a differential of 10. As to products, we had close to $16 per barrel in addition of margin, mainly driven by which was $16 and jet. which is at $9 per barrel. So do we see ahead regarding your question for the second quarter. We already saw in April a differential of products that was positive of 26.40. dollars and we expect that differential given the current market conditions will be at 26 to 28 dollars per barrel that directly affects the effect since the international indicators go directly to the recognition price. That's the calculation of the formula used by the Ministry of Mines and of Treasury to pay our refineries the production of gasoline and diesel. Next question from Joao Botticello from UBS. Mr. Botticello.

Hi, Ecopetrol team.

Thanks for taking my question.

I have one on my side. As a follow-up on questions over Brava, can you please detail the full rationale for the offer to acquire a majority stake in the company? What are the key drivers that you are seeing? I mean, what do you like in the company and or in Brazil? And what's the goal once you assume the operations of the assets? Like additionally, the company current priorities has been on its drilling campaign in offshore assets and plans for furthering deceleration and capex and the leverage, which could enable dividends for the next year. Like, could you maintain this capital allocation strategy or do you see other priorities regarding its portfolio and financials? And my second question is, We have noticed in the past years, the company focused on providing more details on the energy transition movements. But in this quarter, we noted upstream on the spotlight, including the deals with Granterra, Parex, and Brava on the first page of earnings report. So could you provide more details on how you're seeing the strategy from here? Like, could you see more new investments in upstream and maybe even new M&As? That's it from my side. Thanks.

Joao, thank you for your question.

I am Julian Lemos. With regards to your first question, let me say this. Brazil is a geography in which Ecopetrol has been present for 20 years. And we see this geography as favorable for the hydrocarbon industry and a market that provides opportunities. material opportunities frequently in this process of ongoing evaluation that we make. We find an opportunity to acquire a controlling position in Brava and to have the possibility, as Juan Carlos mentioned before, to incorporate through an IPO an important volume of production and a component that's also important are reserves in our records and to incorporate or to consolidate with figures at the end of 2025, close to $800 million of EBITDA. Of course, we recognize that BRAVA has a strategy determined, a major focus on offshore and on maximizing its mature fields. And there's where we believe there's a synergy and the knowledge that Ecopetrol has to contribute to that growth and consolidation of this company. Looking at the overall strategy, I'd say that we are complementing our posture in Colombia and Brazil, where we will close this transaction with a company that will produce barrels on a short-term basis. And on a medium-term basis, we will carry out our ORCA project, or Gato de Mato, previously known, and the exploratory well we have in the Sandus. With regard to your second question, I'd say that we've had or better focused on different moments for our organization. The business line of hydrocarbons has always been present. And I'd just like to mention that a year ago, we were talking about purchasing Repsol of the CEP-09 in Colombia. And although in 2025, we had a notorious activity in transition energies. The challenge that the company has today is to consolidate these purchases. execute the projects, like Wimpeche, for instance, and to reflect the goal why we bought them. I think that every business line deserves its attention, and we're doing on a timely basis this, and we're making efforts for acquisitions that are focused on what each line requires at its moment. Last year, we looked at the strategic goals when it comes to renewable energy, and this year, with this acquisition, we hope to contribute to the incorporation of reserves and production for Ecopetrol. Lastly, I'd say that what we're seeking also in the partners, especially with Inspirama, San Roque, and Casabe, is to give dynamics to the market while we are joining companies that want to invest in Colombia. And with these structures where we share benefits and risks, we can grow the business in these fields that have a maturity level that's important and major challenges, which we jointly believe we can drive. Thank you. The next questions will be in Spanish. Let's continue with Hugo Beltran from Acciones y Valores. Thank you. Firstly, It has to do with the last report of something that you say that there will be a review that's based on cash flows and an improved meant of these indicators. So what's your outlook for this year? Do you think that you can have better indicators of cash flow for this second? And I guess with regards to the taxes that improve the capital the market capital for this quarter could you give us more details what's the rationale behind that operation and the effects that we would have the next quarters and lastly when it comes to the to can we see in different periods a change or an impact of this strategy Thank you, Hugo, for your questions. Camilo Barco again. On the rating, indeed. The report specifically mentions, in Moody's report, they are concerned of the fact of financing the transaction 100% with a short-term benefit. loan, but they also talk about the chance of improving this rating once we implement the structuring of the takeout or the long term. So as I said before, we're working on this. And we have different alternatives that we are evaluating and monitoring. And we see a very good appetite and space, both in the market and in the banks, to refinance this transaction, even along with the operations that we regularly make to improve the conditions and operations to handle the debt and terms and interest rates so we will be working on this and We have high expectations, and we're convinced that there will be an improvement of the rating because of the stability of cash flows, and that this will take place in the approximate future. When it comes to the sale of taxes in favor as an operation to improve the working capital, basically what was structured is an operation the sales operation as as its name says it's a sale of balances in favor of the total amount of the taxes that today ecopetrol group has in its favor and we sold about 500 million dollars and with this We managed to incorporate 1.8 trillion pesos to the cash flow and to the working capital. a transaction that we made in the first quarter. And really, it was very important for the liquidity that we have today at levels that are healthy and robust, mostly because of this transaction that contributed that $1.8 trillion in the first quarter.

Good morning, Hugo.

As to your third question, the strategy basically is enhanced by the good results that we have leveraged in the area of refineration. We've been making important charges and overcoming records of the 467,000 barrels that we had in the first semester, and this is a record high in 16 years. And this contributes to have better margins because of the refinery of main projects, which adds value like jet gasoline to drive and maintain a trend, taking advantage of the differentials of the products that we have today in the market. Thank you so much. We are also with Ricardo Sandoval. The floor is yours.

Good morning to everyone.

Thank you for your talk. I have three questions. First has to do with the decline of costs of local purchases. I can see that most of the efficiencies reached this quarter was because a decline of these purchasing costs. but this decline is explained because of a lower volume of purchases i see that ecopetrol purchased 28 less of domestic crude oil but i see that the national production hasn't declined strongly, could you please expand why these purchasing volumes fell if this is a trend that is kept throughout 2026? And what's the margin overall with these local purchases? My second question relates to the transformation of the regasification Covenas project, because most of the non-conventional potential is in the middle region of Magdalena. And when Ecopetrol will make the transformation of oil pipes to gas pipes, I'd like to know how limited would the capacity of Kepetrol be to take these potential non-conventional oils from these two basins, especially because there are two presidential candidates that are talking about fracking openly. And my third question is more of a question, but to expand more about BRAVA, you've been asked many things about this, but is it possible to expand on the methodology that Petro Petral used, which is the SEC, and the methodology that BRAVA has? Could you please explain to us the main differences between both methodologies and when it comes to reserves? What's the real difference between what we see today in Brava and the incorporation of reserves that Ecopetrol will have because of these changes? Ricardo, good morning. I am Mr. Herrera, the commercial and marketing vice president. Let me answer your first question. There is no real decline in local purchases, but instead, we have a change that's given in the decrease of purchasing domestic crew because of the royalties. After the transition of the payment scheme that we've been handling, We paid in money, and we've applied a resolution of the AH-977 of December 2025. We have the purchases of local producers. And the change that you see is the change in payment of royalties also. We prioritize that that will go to our refineries, and a small part is exported. But when we look at the local purchases, this has increased. That oil, when going to the refinery, that margin is seen. through the refineries. The benefit of this is going through the refinery margin. And this is a measure that you can see. And really, they're destined for that. Thank you. Ricardo, good morning. This is Alexandra Burden. This is the president of CEN. I believe that to answer your question, I have to expand a bit on how we're working as the Mexican segment. And a word that really collects everything that we've shown as the results in the latest quarters has to do with flexibility. We are recurringly looking and following up the use of our infrastructure with pipelines, gas lines and ports. And we look at this information with the country's projections, always trying to make the most use of these systems. And this significantly improves the use of systems and, of course, their profitability. Within the multiple alternatives that we have evaluated, there are pipelines to transport refined products and turn them in pipelines or to turn them into natural gas. Precisely with the results that we've seen, we have the conversion of the pipeline, Ayacucho-Covenas. And today, we can import the fuel from the refinery of Barranca, which improved the use that we had of that corridor. When it comes to this question that you made to fracking, Any decision of infrastructure needs regulatory clarity. We have transportation agreements, but we do not have the firm demand today. So to go from one to the other when we have a structure deficit would mean a deficit of structure. And with this, we could have enough time to expand or redirect our infrastructure. If in the medium term there is a non-conventional commercial infrastructure, we can either reverse that infrastructure or redirect the oil through several corridors that we already have. That will allow us to make the expansions with marginal investment since today we have that capability.

Good morning.

I am Carlos Mauricio Avila, VP, acting VP of the hydrocarbons line. To answer your question on the differences of the methodologies used by by Brava and Ecopetrol. Not really specifically talking about Brava, but the differences really have to do with five aspects that we have to consider when we use pro methodologies. One has to do with the price criteria and the economic limit used to calculate the recoverable volumes. And SEC usually uses a fixed historical price while PRMS can have a projection of the company or of third parties, advisors, or price projections other than what SEC does. Second aspect has to do with the maturity of the project. And the five-year rule compared to the investment plan that we have approved for each of these assets when we calculate the reserve SEC is very strict and demands a development plan backed by a final FID. And usually, this is made in a five-year term overall. But for PRMS, this is a bit more flexible because we can classify the volumes. under limits that go beyond the five-year term and beyond having an FID, we can justify that if there is a firm intent to make an investment plan, we can register the volumes. The third aspect has to do with the uncertainty and categorization of those volumes. When we talk about reserves, these are approved and possible that we know as 1P, 2P, and 3P approves. So with SEC, the focus for that record is made under 1P or approved reserves. Instead, the PRMS, the volume could go to 3P reserves. The other has to do with contractual limit applied To each area that exploits these assets in SEC, these volumes must be reported up to the date of the expiration. But instead, with PRMS, we can have volumes beyond those limits. And we could be counting on contingent resources. with that methodology. The other one has to do with topics more specific to the type of technology used. But I believe that there is a big difference. So these are the aspects that we can say that are relevant in terms of the differences between one and the other.

Thank you.

We are also with Juan Felipe Becerra from Credit Corp Capital. Mr. Becerra, the floor is yours. Good morning, and thank you for your presentation. I have two questions. First relates to the El Nino phenomenon and gas. Are you implementing a specific strategy to optimize gas in the country? With a scenario with the El Nino phenomenon, with the decrease of the gas production this quarter, will this be stressful for the end of the year? And do you have a quantified sensitivity? of the impact this could have on the prices of energy regarding the lifting costs, especially can you clarify what's the exposure of Ecopetrol here and how much is in contracted and under generation? And the second question or the second topic Could you tell us more about the and ground project? But you already talked about this. But could you tell us more about those reserves? Would this imply a reduction in the reserves that you have reported? And if there is an initial decline, what's an estimate of this decline in production, and if so, in reserves? On a medium-term basis, considering that these agreements have to do with more exploration and perforation activities, what are your expectations in terms of production for these agreements? Bayron Triana, I am the VP of Transition Energies. Regarding your first question, for several years, we have an optimization strategy for the use of natural gas internally. And we've reduced about 8% of the use of natural gas, lowering from 200 gigabyte day to 10. Even months, as you can see, of 180. This optimization is made not only in energy inefficiencies, but in the added value that the renewable energies give to the group. With projects like SIDA, or KIFA, or Iguana, these allow us to release natural gas and use renewable energies for hydrocarbons. And this is something we will continue doing. taking a step back and looking at the El Niño weather phenomenon. This has to do with imports. We have the first project to import in September, October, will begin in Buenaventura, and the beginning of the Puerto Bahia project. Initially, we will begin with 116 million cubic feet for this year. So these are the structural solutions to supply gas in the short term. And we hope to give a hand to the country when it comes to facing the El Nino. When it comes to the impact of the prices on the pool, we have to clarify the big work done by the group to have a high level of contracting with the energy pool to be covered by these prices. For the rest of the year, we have a coverage level of 90%, which because 24, 23, we've had an exposure to the pool of 28%, but now 91%. coverage implies that although there can be an impact in the lifting costs, it's lower, of course, in a medium demand scenario of the consumption of the network. We optimize the self-generation and the purchases of energy. We have a high level of coverage. And we hope that with El Nino, the impact on the lifting cost will be minimum. Juan Felipe, thank you for your question. This is Julian Lemos, Corporate VP of Strategy and New Businesses. Let me answer your question in two fronts. Obviously, these companies bet on making investments during the period of the agreement. Gran Tierra, $92 million, and Perixx, about $250 million. And the counterprestation, or the participation, 50% of the basic production and the incremental products of these investments will be given in each field. This has an immediate effect on a short-term basis because Iztaco Petrol will share that percentage of the basic and incremental production. But what we seek with this agreement, and I think that Juan Carlos already mentioned this, is to increase volumes that are two and three times the production that we see today in the field. And on a medium and long-term basis, the final result for Ecopetrol will be a higher production and a higher corporation of reserves. So this is the total effect. of the entire transaction. I don't want you to just look at the effect in 2025, because this isn't an agreement made to be executed in the next six months, but instead in the next five years. Thank you.

Thank you.

When it comes to the reserves of this agreement, how do they work? Are they of Ecopetrol for the five years? Juan Felipe, just like production, the reserves will be 50-50. And as the investments come, we can migrate resources to reserves. The final balance for Ecopetrol will exceed what we have today. Thank you. Thank you. The questions next will be made in English. We continue with you, Costa Martin Goldman Sachs.

Thank you. I have just two quick questions from my side. First on BRAVA. We saw some news flow late last year around BRAVA potentially considering divesting from their onshore assets. And one of the potential synergies you have highlighted earlier in the call would be the exchange of expertise in onshore assets, right? Do you intend to maintain Brava's current portfolio, including their mid and downstream assets, once you close the deal? And my second question, kind of a follow-up. I understand if you guys are not able, for any reason, to reach a 51% stake in Brava, you will not continue with the deal, right? But do you have any intention of increasing your stake beyond 51% just for us to be 100% certain here? Thank you.

Thank you. This is Julian Lemos.

As I said before, the technical financial analysis made about Brava is about the entirety of its portfolio. Today, we believe that there are opportunities to capture synergies for both companies. But I'd say that, like any oil company in the world, reviewing the portfolio is something ongoing. And once Ecopetrol has the control through this transaction, we will see what type of assets require special attention or a particular management through a rotation of the portfolio or incorporating partners. With regard to your second question, I'd like to underscore, today our plan and how we're moving is to define a transaction that will leave 51% stake of Brava, not less nor more than 51%. Today, we can say that we haven't made a decision or have no intention to go beyond that 51%. However, as we said before, once we control the company, we will make the decisions that we deem are the best for the group Ecopetrol.

Thank you.

The following questions will be in Spanish. Let's continue with Andres Duarte from Corpi Colombiana. Hello, thank you. I have a question to follow up. brava again and two about gas the question about brava is what's the multiple of reserves implicit in what you are establishing for the ipo to give that 20 27. or could you give us what's the reserve that you calculate because of the source that i'm consulting i'm talking about 40 427 billion but that's not with the sec methodology but instead with the other and my questions about gas one has to do with the slide you showed us of driving solutions of natural gas imports, where you see in the second quarter of 2029. So I'd like to understand. Or instead, I understood before that that was something that you would do before. But I see that you've pushed that back. Could you please give us the rationale behind this, keeping in mind that besides the scenario that is already complicated, in which you're importing a fourth of the gas of Colombia. You have to add at the end of the year El Nino and other problems with the kind of coal. And the last question has to do with Syriots. Could you clarify better? Because I understood in the presentation that you made in September last year, that the timetable for Sirius was to finish consultations in June 2026. I'd like to know where you're standing there, because recently I read, no, today I read that you mentioned something related to the level reached in pre-consultations. So... could you tell us more about that and do you have an update about your expectation when would you complete that process thank you for taking my questions andres good morning julian lemos corporate bp of strategy new business let me refer to your first question as juan carlos mentioned already the agreement to purchase 26 percent has a confidentiality clause, and therefore we cannot express the value. I understand, I didn't refer to that, but instead, buying with a 27% premium over the market price, yes, but let me develop the question, the answer, Andres, sorry. Yes, we also have an indication in the market of what would be the launching price of the IPO, which, as you said, with the price of today, would be at 27% of premium. But we have an uncertainty today with regards to the value with which we will close the IPO. I wouldn't dare to say that that's the value. We hope it is. And with both components, the confidentiality of the 26% and the uncertainty of the total value as a result of the IPO, we do not dare to publicly share with you a reference of a multiple of reserves. What can I say? The company published its levels of reserves of what you said in your question. I think we could make a separate estimate referring the potential global value, but since this is a listed company and we are about to make the IPO, we don't think it's proper to make a public manifestation about this. Andres Byron-Triana, VP of Energies for Transition. With regards to what happened with the Covenas Phase 1 project, as we said before, The idea was to make the molecule as soon possible and at the lowest price possible. So with this goal in mind, we have different alternatives to import at the same time. One, indeed, was the phase one of the covenants. And that phase one had all the permits to begin construction. What we needed was the approval of the connection point of transporters. which goes to the Ballena Barranca work. We needed the authorization for that connection point, which we requested October 2025. And to meet the promise to the market to launch in the first quarter of 2027, that connection point should have been approved before January 31. But this didn't take place to date. We haven't had an official response from the transporter providing the access, so we were not going to meet the value promise for the first quarter of 2027. And that situation gave way to delay or better cancel the first phase of the Coines project. to have a scheme or a project that could provide the same efficiency of energy entrance and natural gas in 2026 was the Puerto Aria project. So that phase one was replaced by the Puerto Aria project. And we're trying to look at the national transportation system with the gas line of ODC. And this would be a new source of imports to Cobeñas by 2029 as a mechanism or as asset of reliability of natural gas for the country.

Thank you.

Good morning, Andres Juan Carlos Hurtado, acting CEO. Regarding your question about Sirius, first, we are within the timetable established of this project. What does this mean? that within the phases that are relevant, we are closing consultations at the end of the second quarter of 2026. The next thing, with that information, we hope to present the environmental impact study in the first quarter of 2027. Once we make those proceedings, we can make the FID of the project at the end of 2027, according to the timetable. When it comes to the analysis or the detail of the consultation, what do we have from the ANCP We have gas, 120 communities, 120 communities that we have been advancing within the agreements of pre-consultations. With the 120, we have advanced with 114. And what is the pre-consultation? It covers agreements on the authorities' spaces of participation and costs. And according to what we've seen on site, we have advanced according to the timetable. With this, we say so we are online with the process, understanding the materiality involved with the consultations approved to have the environmental study and the FID of the project and to keep advancing to have this gas by 2030. Thank you so much for your answers.

Muchas gracias.

Thank you. We have no further questions. Now we will continue with the questions of the chat. Julian Cardenas from Business Integration Partners says, once the IPO is closed, what's the integration model foreseen? Brava will remain as a subsidiary. with its own entity, or will it go through the affiliates of Ecopetrol Brazil? Who will lead the integration, and how will the synergies be captured? Julian, thank you for your questions. This is Julian Lemos, the corporate VP. Our vision today is to maintain the BRAVA operation as it is, acknowledging that, firstly, that we are not the sole shareholder of this company and that this company has the experience and operational results that we should capture, understand, and use. Of course, having a company and having a presence in Brazil forces us to look at different scenarios. to coordinate and integrate everything. But I think it's premature today to make an announcement if both companies will end up integrated or not. What can I say now? All of the experience of the Ecopetrol group in terms of development and managing matured fields onshore is something that we want to provide in this investment and to boost that front work front and also to be able to capture and incorporate the best practices, operational practices that BRAVA has today offshore towards our operations and projects in Colombia. As far as this transaction will take place, we will provide more precise information in terms of times and expectations to capture synergies. Thank you. Juan Pablo Ramirez Perez from Banco Vivienda comments. Could you give us an update of the in the Guajira parks? With the bread prices so high this year, what's your outlook of the FEBEC? Could you give us an update with the process of the DIAN when it comes to the Reficar Ecopetrol process? Good morning. This is the VP of Energy Transitions. When it comes to AIRES, Right now, we are completing the business case to make a final investment decision towards August this year. We're still working with ICE to make the projects as soon as possible and to have a balance of a plan. But the investments plan will be made in August. Good morning, Juan Pablo. This is Juan Carlos Hurtado, Acting CEO. With regards to your question, Second question, as we've said, understanding that this topic is related to prices and differentials and the exchange rate and what we've seen in the first quarter of 4.2 trillion pesos, we understand within our analysis, making an average range of 80, 90 a year, we can have a monthly range of 1.5 trillion pesos. So with this, we estimate we can find the amount, of course, according to the month-to-month conditions that we see. Juan Pablo, good morning. Let me refer to your third question related to the process of the VAT before the VAT, the Colombian tax authority. In short, we can say that we have completed by today the administrative aspects or proceedings. We have answered all the reconsideration and revision and clarification parts. And after this, we have proceeded to present four demands regarding the eight official liquidations. And we have presented four to re-establish the rights before the court of Bolivar and that of Bogota, the contentious. These four demands are underway to be admitted. One has been admitted already. And with regards to the measures, we are awaiting an official ruling. So we're still going ahead entirely within the jurisdictional process. And we hope to advance with this controversy to the very last. Good morning again, Juan Carlos Hurtado, Acting CEO. I'd like to thank all of the people that joined us in this earnings call. I'd like to thank the leadership team for its great work that shows with the results that we are giving you, and to the more than 10,000 employees that we have, the Ecopetrol Group, because without them, this is not possible. We have great possibilities. great results because they are aligned with our strategies have a great day gracias a todos thank you all with this we end our earnings call of the first quarter of 2026 thank you for joining us you may hang up now