Original filing text · Part I

Item 5 — Management's Discussion and Analysis

Ecopetrol S.a. · 20-F · FY 2025 · Period ended Dec 31, 2025

This is the extracted source text from the SEC filing. Formatting may differ from the original document.

A. Operating Results 3.4 – 3.8; 4 B. Liquidity and Capital Resources 2.1; 4.7; Consolidated statements of cash flow and Notes 6, 9, 20, and 29 to the consolidated financial statements C. Research and development, Patents and Licenses, etc. 3.9; Note 17 to the consolidated financial statements D. Trend Information 4.12 E. Critical Accounting Estimates 4.5; Note 3 to the consolidated financial statements