Ecopetrol S.A. filed its 2025 Annual Report on Form 20‑F with the U.S. Securities and Exchange Commission on April 30 2026, providing audited IFRS financial statements for 2025 and 2023‑2024. The filing includes a comprehensive overview of the company’s financial performance, operational highlights, and strategic initiatives for the year.
The 2025 results show a net income of COP 9.0 trillion, down from COP 14.9 trillion in 2024, and revenue of COP 119.7 trillion, a decline from COP 133.3 trillion the previous year. EBITDA reached COP 46.7 trillion, giving an EBITDA margin of 39%, which matches the margin reported for 2024. Production averaged 745.3 mboed, and proved reserves stood at 1,944 mmboe, with a 1P reserves replacement ratio of 121%. The company contributed COP 34.6 trillion to the Colombian nation through dividends, taxes, and royalties, and achieved efficiency program savings of COP 6.6 trillion.
The decline in net income and revenue is largely attributable to a lower-than‑planned average Brent price of USD 68.19 bbl, compared with the USD 73.00 bbl assumption used in the 2025 plan. The 11.65 bbl price shortfall, combined with a 4 % revenue drop, explains the 39% EBITDA margin, which was maintained through a COP 6.6 trillion efficiency program that offset some of the price impact. Management highlighted that operational costs were controlled and that the company’s reserves replacement ratio remained robust, signaling resilience in the face of market headwinds.
Segment performance varied: exploration and production continued to drive production volumes, while the refining and petrochemicals segment maintained stable output. Transport and logistics, as well as electric power transmission and toll roads concessions, contributed to the company’s diversified revenue base. The energy transition strategy, “Energy That Transforms,” advanced with a 46% methane reduction versus 2019 and the integration of 950.6 MW of renewable capacity by 2025, underscoring the company’s dual focus on hydrocarbons and low‑emission projects.
Management emphasized that stable operations in the refining segment, controlled operating expenditures, and improved results in Interconexión Eléctrica S.A. led to a 42% recovery in net profit compared to the second quarter of 2025. The group also noted that the first nine months of 2025 generated a net profit of COP 7.5 trillion and an EBITDA of COP 36.7 trillion, driven by increased crude oil production, the efficiency program, and improved differential between the basket and Brent, despite lower market prices and scheduled maintenance at the Barrancabermeja Refinery.
Analysts and rating agencies expressed concerns about weakening financial momentum, citing declining revenues and margins, and highlighted sovereign‑linked risks that led to a downgrade of Ecopetrol’s global rating to BB‑ by S&P and to Ba2 with a negative outlook by Moody’s. Despite these headwinds, the company’s strong reserves replacement ratio, significant efficiency savings, and progress in renewable energy projects suggest a resilient trajectory and a continued commitment to both traditional hydrocarbons and the energy transition.
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