Ecopetrol: Rolling with the punches: EBITDA higher in 1Q but political noise is even louder

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Ecopetrol: Rolling with the punches: EBITDA higher in 1Q but political noise is even louder

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Ecopetrol

Rolling with the punches: EBITDA higher in

1Q but political noise is even louder

Earnings Review

Higher EBITDA not enough to offset political concerns 20 May 2026

Ecopetrol reported higher net revenues in 1Q26 of US$7.7bn (+3% YoY) and EBITDA Global Emerging Markets | Corporate

grew 15% YoY largely due to stronger performance of the refining division. This helped Credit

offset weaker gas production and sales volumes, lower oil production and weaker results LatAm | Colombia

Oil & Gasfrom ISA. Peso denominated revenues were higher in USD due to the appreciation of

the COP. However, the company has been plagued by concerns over corporate Anne Milne

governance, the leave of absence of its CEO Ricardo Roa amid investigations by the Research Analyst

BofAS

attorney general’s office, outstanding tax claims & upcoming Presidential elections at +1 646 855 4096

the end of May. This is in addition to growing imports of natural gas on declining output anne.milne@bofa.com

Isabella Pacheco

Spreads wide vs. peers but could go wider ResearchMerrill LynchAnalyst(Brazil)

Spreads on the benchmark ’36 bonds are 15-20bps wider than their tights (now 350bps) +55 11 2188 4487 isabella.pacheco@bofa.com

but 125bps tighter than the LTM wide of 475bps one year ago. This is 80bps wider than

GEMS Corporate Credit Rsch

Colombia ’36 bonds & wider than most regional comps including YPF ‘34s (+300bps), BofAS

Pemex (+260bps) and Petrobras ’36 (+181bps). We think future spread direction depends +1 646 855 4096

on upcoming election outcomes – and we maintain our MW until we have greater clarity. See Team Page for List of Analysts