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Quantum Corporation (QMCO) Q2 2026 Earnings Call November 13, 2025 5:00 PM EST

Company Participants

Tara Ilges - VP of Corporate Affairs & Corporate Secretary
Hugues Meyrath - President, CEO & Director
Laura Nash - CFO & Chief Accounting Officer

Conference Call Participants

Elle Niebuhr
Nehal Chokshi - Northland Capital Markets, Research Division

Presentation

Operator

Ladies and gentlemen, greetings, and welcome to the Quantum Corporation Second Quarter Fiscal 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, the conference is being recorded for replay purposes. It is now my pleasure to introduce your host, Quantum's Vice President, Corporate Affairs and Corporate Secretary, Tara Ilges. Please go ahead.

Tara Ilges
VP of Corporate Affairs & Corporate Secretary

Good afternoon, and thank you for joining today's conference call to discuss Quantum's Second Quarter Fiscal 2026 Financial Results. With me on today's call are Hugues Meyrath, Quantum's CEO; and Laura Nash, Chief Accounting Officer. Following management's prepared remarks, we will open the call to questions from analysts.

Before we begin, I would like to remind you that comments made on today's call may include forward-looking statements. All statements other than statements of historical fact, should be viewed as forward-looking including any projections of revenue, margins, expenses, adjusted EBITDA, adjusted net income, cash flows or other financial operational or performance topics.

These statements involve known and unknown risks and uncertainties that we refer to as risk factors. Risk factors may cause our actual results to differ materially from our forecast. For more information, please refer to the detailed descriptions we provide about these and additional risk factors under the Risk Factors section in our 10-K and 10-Qs filed with the Securities and Exchange Commission.

The company does not intend to update or alter forward-looking statements once they are issued, whether as a result of new

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Aterian, Inc. ( ATER ) Q3 2025 Earnings Call November 13, 2025 5:00 PM EST Company Participants Arturo Rodriguez - CEO & Director Joshua Feldman - Chief Financial Officer Conference Call Participants Devin Sullivan Brian Kinstlinger - Alliance Global Partners, Research Division Presentation Operator Hello, and thank you for standing by. I would like to welcome everyone to the Aterian, Inc. Q3 earnings report.

zSpace, Inc. ( ZSPC ) Q3 2025 Earnings Call November 13, 2025 5:00 PM EST Company Participants Paul Kellenberger - CEO & Chairperson Erick DeOliveira - Chief Financial Officer Conference Call Participants Greg Robles Alexander Paris - Barrington Research Associates, Inc., Research Division Jared Osteen - ROTH Capital Partners, LLC, Research Division Presentation Operator Hello, and thank you for participating in today's conference call to discuss zSpace's financial results for the third quarter ended September 30, 2025. Joining us today are zSpace's CEO, Paul Kellenberger; and CFO, Erick DeOliveira; and Greg Robles from Investor Relations.

ABU DHABI, United Arab Emirates, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Leishen made a significant impact at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), a premier global energy event held from November 3rd to 6th. Seizing this international platform, Leishen not only showcased its leading technology and equipment but also, through a series of high-level strategic meetings and cooperation signings, officially announced its strategic deepening into the Middle East market and accelerated its global expansion.

Legislation in Washington would give tech leaders preferential access to chips at their data centers around the world.

Credicorp (BAP - Free Report) came out with quarterly earnings of $6.17 per share, beating the Zacks Consensus Estimate of $6.05 per share. This compares to earnings of $5.08 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.98%. A quarter ago, it was expected that this Peruvian finance company would post earnings of $5.73 per share when it actually produced earnings of $6.24, delivering a surprise of +8.9%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Credicorp, which belongs to the Zacks Banks - Foreign industry, posted revenues of $1.65 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.02%. This compares to year-ago revenues of $1.39 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Credicorp shares have added about 43.2% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Credicorp?While Credicorp has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Credicorp was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.98 on $1.71 billion in revenues for the coming quarter and $23.85 on $6.47 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Foreign is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Finance sector, MoneyHero Limited (MNY - Free Report) , has yet to report results for the quarter ended September 2025.

This company is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of -90%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

MoneyHero Limited's revenues are expected to be $23.33 million, up 11.4% from the year-ago quarter.

TELA Bio, Inc. (TELA) Q3 2025 Earnings Call November 13, 2025 4:30 PM EST

Company Participants

Antony Koblish - Co-founder, CEO & Director
Jeffrey Blizard - President of TELA Bio & Director
Roberto Cuca - CFO & COO
Jim Hagen

Conference Call Participants

Louisa Smith - Gilmartin Group LLC
Caitlin Cronin - Canaccord Genuity Corp., Research Division
Frank Takkinen - Lake Street Capital Markets, LLC, Research Division
Michael Sarcone - Jefferies LLC, Research Division
Samantha Munoz

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to the TELA Bio Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference call over to Louisa Smith, Gilmartin Group. Please go ahead.

Louisa Smith
Gilmartin Group LLC

Thank you, Kelvin, and good afternoon, everyone. Earlier today, TELA Bio released financial results for the third quarter 2025. A copy of the press release is available on the company's website.

Joining me on today's call are Tony Koblish, Chief Executive Officer; Jeff Blizard, President; and Roberto Cuca, Chief Operating Officer and Chief Financial Officer.

Before we begin, I'd like to remind you that during this conference call, the company may make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC, including, without limitation, the company's annual report on Form 10-K and quarterly reports on Form 10-Q, which identify the specific risk factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, statements regarding product development and pipeline opportunities, product potential, the impact of various macroeconomic conditions identified in our filings, like changes in surgical procedural volumes, the regulatory environment, sales and marketing strategies, capital resources or operating performance.

With

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Delivery Hero SE (OTCPK:DELHY) Q3 2025 Sales Call November 13, 2025 6:00 AM EST

Company Participants

Christoph Bast - Head of Investor Relations
L. Östberg - Co-Founder, MD, CEO, Chairman of the Management Board & Member of Global Advisory Board
Marie-Anne Popp - CFO & Member of Management Board

Conference Call Participants

Joseph Barnet-Lamb - UBS Investment Bank, Research Division
Luke Holbrook - Morgan Stanley, Research Division
Marcus Diebel - JPMorgan Chase & Co, Research Division
Andrew Ross - Barclays Bank PLC, Research Division
Giles Thorne - Jefferies LLC, Research Division
Monique Pollard - Citigroup Inc., Research Division
Silvia Cuneo - Deutsche Bank AG, Research Division
Jurgen Kolb - Kepler Cheuvreux, Research Division

Presentation

Operator

Welcome to the Delivery Hero Q3 2025 Trading Update. [Operator Instructions] I will now hand over to Christoph Bast, Head of Investor Relations, to begin the presentation.

Christoph Bast
Head of Investor Relations

Hello, and welcome, everyone. Thank you very much for joining our Q3 2025 earnings call. Joining me on this call today are Niklas Oestberg, CEO; and Marie-Anne Popp, CFO at Delivery Hero. And together, they will present the key highlights of our Q3 2025 results. Following the presentations, we will be delighted to address any questions you might have. And now over to you, Niklas.

L. Östberg
Co-Founder, MD, CEO, Chairman of the Management Board & Member of Global Advisory Board

Thank you, Christoph, and welcome, everyone, and thank you for listening in. We have a solid quarter behind us and enter Q4 with momentum. We have returned to order growth in Korea. We have excellent numbers in Saudi Arabia and very strong development in our multi-vertical offering. This current development gives us confidence to accelerate our strategy. We will be focusing our investments in 3 key areas: expanding our multi-vertical offering, enhancing our customer value proposition, invest in strategically important markets.

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, /PRNewswire/ -- https://files.ecopetrol.com.co/web/esp/inversionista/reporte-3q25-eng.pdf

During the first-nine-months of the year, we focused our efforts on strengthening the operation of our traditional business, maintaining rigorous capital discipline, driving sustainable value through the consolidation of strategic projects that enable the country's energy transition and reinforcing energy security.

The robustness of these pillars and the savings plan have enabled us to successfully navigate crude prices and exchange rate volatility, mitigate environmental impacts, and remain committed to meeting our 2025's targets.

The financial results reported reflect the strength of our market and portfolio diversification strategy, in addition to the efficient integration of the hydrocarbon business. During the third quarter, our financial outcome was: revenues of COP 29.8 trillion, EBITDA of COP 12.3 trillion with a 41% EBITDA margin, and a Net Income of COP 2.6 trillion.

During the nine months of the year, revenues totaled COP 90.9 trillion, EBITDA stood at COP 36.7 trillion to an EBITDA margin of 40.4%, and Net Income stood at COP 7.5 trillion.

As part of our contribution to national energy security, we advanced towards increasing natural gas output from our self-operated fields, the development of offshore reserves in the Caribbean, and optimized midstream infrastructure to enable gas transportation from coastal facilities to inland demand centers. We have secured environmental clearance from the ANLA (National Environmental Licensing Authority) to execute LNG import and regasification activities through the retrofit of existing assets at the Coveñas Marine Terminal. This includes the planned deployment of a Floating Storage and Regasification Unit (FSRU), which positions Coveñas as a strategic natural gas hub in the Colombian Caribbean. This critical infrastructure will enhance supply-demand balancing and ensure reliable gas availability across the country.

The commercial segment, capitalized market opportunities, maximizing the Group's financial results. In the third quarter, a sound trading differential was upheld to -3.9 USD/bbl, resulting from efficient, strategic management.

In the hydrocarbons business, we reached a quarterly production of 751 mboed, driven by key fields in Colombia such as Caño Sur, CPO-09, and the Permian in the United States. Transported volumes reached 1,118 mbd, leveraged by maximizing infrastructure usage, higher third-party volumes, and the reversal of the Coveñas–Ayacucho system. Refining throughputs reached 429 mbd driven by the completion of major maintenance work in Barrancabermeja and operational improvements during the first half of the year.

In the Energy Transition business line, we started operations of La Iguana Solar Farm, a new project with a capacity of 26 MW, which is expected to strengthen power supply of the Barrancabermeja refinery and to contribute towards the decarbonization of its operations. With this facility, our installed renewable energy capacity in operation reached 234 MW by the end of 3Q 2025, representing a 77% increase compared to the 132 MW available in 3Q 2024. Furthermore, we successfully completed the first phase of gas commercialization from the Floreña field, executing 39 sales agreements with 22 off-takers.

We are pleased to share our progress in measuring organizational culture and workplace environment through the Great Place to Work Institute, which ranked us at the 'Highly Satisfactory' level, improving from 60 points in 2024 to 68 points in 2025 on the Workplace Environment Index. This achievement reflects our commitment to employee well-being, sustainable development, and value creation.

In line with our commitment to transparency, sustainable value creation, and a fair and equitable energy transition for the country, we became the first Colombian company to voluntarily publish our first 2024 Financial Sustainability Report, incorporating reference elements from the International Sustainability Standards Board (ISSB).

The results achieved during this period position us strongly to deliver on our operational and financial targets for 2025. We will continue to enhance our operational flexibility and uphold the fundamentals of each business line, with the clear purpose of navigating market challenges and safeguarding value creation for all our shareholders.

Ricardo Roa Barragán
President of Ecopetrol S.A. 

Stable operations in the refining segment, control of operating expenditures ("opex"), and improved results in Interconexión Eléctrica S.A. ("ISA" and together with its subsidiaries) translated into 42% recovery in net profit compared to 2Q 2025, amid an environment of low prices and a lower exchange rate.

During the first nine months of 2025, the Ecopetrol Group generated a net profit of COP 7.5 trillion, EBITDA of COP 36.7 trillion, and an EBITDA margin of 40%. The results were leveraged by increased crude oil production, the efficiency program, and improved differentials between the basket and Brent, despite lower market prices, challenges in the hydrocarbon sector, and scheduled maintenance at the Barrancabermeja Refinery.

Table 1: Income Statement Financial Summary - Ecopetrol Group

Billion (COP)

3Q 2025

3Q 2024

∆ ($)

∆ (%)

9M 2025

9M 2024

∆ ($)

∆ (%)

Total sales

29,840

34,607

(4,767)

(13.8 %)

90,875

98,536

(7,661)

(7.8 %)

Depreciation and amortization

3,954

3,811

143

3.8 %

12,042

10,857

1,185

10.9 %

Variable cost

10,509

13,611

(3,102)

(22.8 %)

33,812

36,452

(2,640)

(7.2 %)

Fixed cost

5,407

5,222

185

3.5 %

15,882

14,978

904

6.0 %

Cost of sales

19,870

22,644

(2,774)

(12.3 %)

61,736

62,287

(551)

(0.9 %)

Gross income

9,970

11,963

(1,993)

(16.7 %)

29,139

36,249

(7,110)

(19.6 %)

Operating and exploratory expenses

2,635

2,657

(22)

(0.8 %)

7,787

7,606

181

2.4 %

Operating income

7,335

9,306

(1,971)

(21.2 %)

21,352

28,643

(7,291)

(25.5 %)

Financial income (loss), net

(2,046)

(2,051)

5

(0.2 %)

(6,549)

(6,143)

(406)

6.6 %

Share of profit of companies

187

116

71

61.2 %

585

502

83

16.5 %

Income before income tax

5,476

7,371

(1,895)

(25.7 %)

15,388

23,002

(7,614)

(33.1 %)

Income tax

(1,710)

(2,264)

554

(24.5 %)

(4,933)

(8,418)

3,485

(41.4 %)

Net income consolidated

3,766

5,107

(1,341)

(26.3 %)

10,455

14,584

(4,129)

(28.3 %)

Non-controlling interest

(1,203)

(1,458)

255

(17.5 %)

(2,953)

(3,547)

594

(16.7 %)

Net income attributable to owners of Ecopetrol

2,563

3,649

(1,086)

(29.8 %)

7,502

11,037

(3,535)

(32.0 %)

EBITDA

12,326

13,976

(1,650)

(11.8 %)

36,720

42,266

(5,546)

(13.1 %)

EBITDA Margin

41.3 %

40.4 %

-

0.9 %

40.4 %

42.9 %

-

(2.5 %)

The figures included in this report are unaudited and are expressed in billions Colombian pesos (COP), or US dollars (USD), thousand barrels of oil equivalent per day (mboed), or tons, as indicated where applicable. For purposes of presentation, some figures in this report were rounded to the nearest decimal place. The comparison periods correspond to those of the previous year, unless a different period is referred to.

Forward-looking statement: This release may contain forward-looking statements related to business prospects, estimates for operating and financial results and growth of Ecopetrol within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These are projections and, as such, are based solely on management's expectations regarding the future of the Company and its permanent access to capital to fund its business plan. Actual results could differ materially from those expressed or forecasted in any forward-looking statements as a result of a variety of factors. Such forward-looking statements depend, basically, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. Accordingly, readers should not place undue reliance on forward-looking statements.

I. Financial and Operating Results

Sales revenues

Sales revenue totaled COP 29.8 trillion in 3Q 2025, a decrease of 13.8% or COP -4.8 trillion compared to 3Q 2024, due to:

Lower sales volume (COP -2.2 trillion, -91.6 mboed), mainly due to: i) increased crude oil inventory volumes, ii) lower availability of crude oil associated with higher requirements from refineries, and iii) decreased domestic gas sales volume.
Lower weighted average sales price of crude oil and products of -4.3 USD/bbl (COP -1.9 trillion), in line with the decrease in Brent price, partially offset by better crude oil and product differentials.
Negative exchange rate effect (COP -0.5 trillion), associated with a lower average exchange rate.
Lower income from energy and road transmission services (COP -0.2 trillion).

Cumulative sales revenue in 9M 2025 of COP 90.9 trillion showed a decrease of 7.8% corresponding to COP -7.7 trillion versus 9M 2024, as a net result of: i) lower weighted average selling price of crude oil and products of -6.9 USD/bbl (COP -7.8 trillion), due to the factors explained above, ii) a decrease in sales volume (COP -2.3 trillion, -32.2 mboed) due to increased crude oil inventory volumes and lower domestic gas sales, iii) an increase in the average exchange rate, which had a positive impact on revenues (COP +2.3 trillion), and iv) higher revenues from energy and road transmission services (COP +0.1 trillion).

Table 2: Volumetric Sales - Ecopetrol Group

Domestic Sales Volume - mboed

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Medium distillates

186.9

184.6

1.3 %

186.2

183.7

1.4 %

Gasolines

129.3

126.2

2.5 %

129.5

129.2

0.2 %

Natural Gas 

69.4

86.4

(19.7 %)

69.1

86.4

(20.0 %)

Petrochemicals and Industrial 

20.2

17.6

14.8 %

19.2

18.2

5.5 %

LPG and Propane

11.8

15.0

(21.3 %)

12.7

15.6

(18.6 %)

Crude oil

(0.1)

0.1

(200 %)

0.0

0.0

-

Fueloil

0.2

0.2

0.0 %

0.2

0.2

0.0 %

Total Local Volumes

417.7

430.1

(2.9 %)

416.9

433.4

(3.8 %)

Export Volumes - mboed

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Crude oil

403.1

477.7

(15.6 %)

421.9

440.0

(4.1 %)

Products

117.2

123.8

(5.3 %)

109.9

110.7

(0.7 %)

Natural Gas* 

17.2

15.2

13.2 %

17.2

14.0

22.9 %

Total Export Volumes

537.5

616.7

(12.8 %)

549.0

564.8

(2.8 %)

Total Sold Volumes

955.2

1,046.8

(8.8 %)

965.9

998.1

(3.2 %)

*Natural gas exports correspond to local sales by Ecopetrol America LLC and Ecopetrol Permian LLC.

The total volume sold during 3Q 2025 amounted to 955 mboed, 8.8% less vs. 3Q 2024 (91.6 mboed), mainly because of a lower export sales volume. 

Sales in Colombia decreased by 2.9% (-12.4 mboed) compared to 3Q 2024, mainly due to: 

Decrease of 20% (-17.2 mboed) in gas sales explained by lower quantities contracted in Cusiana - Cupiagua due to the natural decline of the fields.  
Decrease of 21.3% (-3.2 mboed) in LPG and Propane sales explained by less quantities offered, mainly in Cusiana and Cupiagua.
Increase in fuel sales of 5.4 mboed due to greater product availability.
Increase in petrochemical product sales by 2.6 mboed due to higher demand for asphalt, polypropylene, and lubricant bases. 

International sales decreased by12.8% (-79.2 mboed) versus 3Q 2024, mainly due to:

Decrease of 15.6% (-74.6 mboed) in crude exports due to greater throughput at the refineries (+28 mboed), and variation in inventories in the logistics chain (45 mboed).

Table 3: Basket Realization Prices - Ecopetrol Group

USD/bbl

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Brent

68.2

78.7

(13.3 %)

69.9

81.8

(14.5 %)

Gas Sales Basket

28.8

26.8

7.5 %

28.2

27.4

2.9 %

Crude Sales Basket

64.3

74.0

(13.1 %)

65.3

75.4

(13.4 %)

Product Sales Basket

81.8

84.1

(2.7 %)

82.3

89.2

(7.7 %)

Crudes: During the 3Q 2025, there was a decline of 9.7 USD/bbl in crude oil basket prices, mainly related to the weakening of Brent by 10.5 USD/bbl.  This effect was partially offset by the company's ability to capture a better differential (0.8 USD/bbl) driven by the uncertainty generated internationally by the imposition of tariffs, as well as from the better positioning in more profitable markets through the commercial offices in Houston and Singapore.

Refined products: Despite the weakening of Brent by USD 10.5 USD/bbl during 3Q 2025 , the product sales basket weakened by only USD 2.3 USD/bbl. This variation was mitigated thanks to the strengthening of indicators versus Brent, especially in gasoline, diesel, and fuel oil, generated by low inventories, higher demand, and logistical disruptions in the Middle East, all together with the sale of more valuable products within the group's product basket.

Natural Gas: The price of gas sales strengthened by 2.0 USD/bbl, rising from USD 26.8 USD/bbl to 28.8 USD/bbl, mainly due to the strengthening of domestic prices in line with contract indexation.

Sale Costs

Costs of sales decreased by 12.3%, equivalent to COP -2.8 trillion in 3Q25 and by 0.9%, equivalent to COP -0.6 trillion in 9M 2025 compared to the same periods of the previous year:

Variable Costs

Variable costs decreased by 22.8%, equivalent to COP -3.1 trillion in 3Q25 compared to 3Q 2024, explained by:

Decrease in purchases of crude oil, gas, and products (COP -2.4 trillion), due to: i) lower purchase volume (COP -1.1 trillion, -40.4 mboed), mainly of fuels, given operational stability at the refineries, which allowed domestic demand to be met with more of our own product, ii) lower weighted average purchase price of -USD 7.7 USD/bbl, associated with the lower Brent reference price (COP -1.1 trillion); and iii) positive effect on purchases due to lower average exchange rate (COP -0.2 trillion).
Higher inventory levels and other items (COP -0.7 trillion), with sales expected to be realized in subsequent months.

Variable costs decreased by 7.2%, equivalent to COP -2.6 trillion in 9M 2025 compared to 9M 2024, explained by the net effect between: i) lower weighted average purchase price of -7.7 USD/bbl, associated with the lower Brent reference price (COP -3.6 trillion), ii) a decrease in purchase volume (COP -0.1 trillion, -5.8 mboed), and iii) a negative effect on purchases due to a higher average exchange rate (COP +1.1 trillion).

Fixed Costs

Fixed costs increased by 3.5% (COP +0.2 trillion) in 3Q 2025 compared to 3Q 2024, associated with: i) greater construction activity in ISA; ii) increase in contracted services and other general costs, mainly due to inflationary effect on contract rates; partially offset by iii) control and capture of cost efficiencies; and iv) lower average exchange rate.

Fixed costs in 9M 2025 increased by 6.0%, (+0.9 trillion) due to: i) increased construction activity by ISA, and ii) increased maintenance, general, and other costs associated with increased activities to support operations, the inflationary effect on contract rates, and higher average exchange rate costs. The foregoing was partially offset with iii) control and capture of cost efficiencies.

Depreciation and Amortization

D&A increased by 3.8% (COP +0.1 trillion) in 3Q 2025, due to higher level of capital investment and local crude production and by 10.9%, equivalent to COP +1.2 trillion in 9M 2025 compared to the same periods of last year. In addition to the factors explained above, the cumulative figure as of September 30, 2025, was impacted by a negative exchange rate effect on the depreciation of Ecopetrol S.A.'s ("Ecopetrol") – subsidiaries which use the US dollar as their functional currency, given the higher average exchange rate. 

Operational and Exploratory Expenses, net of Other Income

Operating and exploration expenses, net of other income, decreased by 0.8%, equivalent to COP 22 billion in 3Q 2025 compared to 3Q 2024, mainly due to: i) a decrease in exploration expenses due to lower recognition in the results of exploration assets, and ii) higher taxes due to the decree declaring a state of internal commotion, inflationary effect, and provision updates in ISA.

Operating and exploration expenses, net of other income, increased by 2.4%, equivalent to COP 0.2 trillion in 9M 2025 vs. 9M 2024. In addition to the items explained above, it is worth noting the provision for the energy transmission and roads business line.

Financial Results (Non-Operational)

The financial result during 3Q25 remained in line with 3Q24, as a net result of improved financial performance due to portfolio valuation, offset by increased debt interest, mostly derived from higher short-term debt.

Net financial result (expense) increased by 6.6% (COP 0.4 trillion) in 9M 2025 from  higher financial costs due to increased short-term debt and the effect of the average depreciation of the peso against the dollar, partially offset by foreign exchange gains from lower currency exposure and the financial update of long-term liabilities.

Income Taxes

The effective tax rate in 9M 2025 decreased to 32.1% from 36.6% in 9M 2024, mainly due to a lower income tax surcharge in 2025 (0%) vs. 2024 (10%) given the Brent price projection at the closing date. Meanwhile, the quarterly rate stood at 31.2%, at similar levels compared to 3Q 2024.

Progress in the customs correction process started by the DIAN related to VAT on fuel imports

During 3Q25, the DIAN ratified Opinion No. 100202208-2305 of 19 December 2024, which, according to its interpretation, stated that the imports and nationalization of gasoline and Diesel are subject to Sales Tax (VAT) at the general rate of 19%, with the cost of the products at customs being the base for calculating the tax.
Regarding VAT on fuel imports for the taxable periods 2022 (partial) to 2024, and pursuant to the aforementioned doctrine, to date, the DIAN has notified the Cartagena Refinery of six Special Customs Requirements (REAs) worth COP 1.89 trillion in VAT, penalties, and interest. Four of these assessments are currently in the reconsideration appeal stage. In two cases, the DIAN ruled on the appeal, confirming and maintaining its initial position. Meanwhile, Ecopetrol has been notified of two official assessments totaling COP 9.39 trillion, including VAT, penalties, and interest. Ecopetrol has filed reconsideration appeals against these assessments. These total amounts may increase as additional requirements are received from the DIAN
Ecopetrol and Refinería de Cartagena (together, the "Companies") disagree with the DIAN's interpretation that favors retroactive VAT collection, for reasons that have been duly explained to the DIAN in response to the REAs and, subsequently, in the appeals for reconsideration against the Official Correction Settlement LOCs (LOC for its initials in Spanish). In addition, the Cartagena Refinery and Ecopetrol have involved regulatory bodies such as the Attorney General's Office and the Comptroller General's Office to accompany DIAN's audit process and the review of DIAN's opinions and doctrine, as requested by the Companies.
In its interpretation, the DIAN may continue with the collection process in accordance with the procedural rules of the customs regime and Tax Code, which includes coercive collection procedures. In accordance with the customs regime and the Tax Code, the Companies have exercised the corresponding administrative or judicial resources, in accordance with the same regulations. Although both companies plan to continue exercising these resources, any eventual enforcement action could have a material adverse effect on their operations, liquidity, and financial position, depending on the amount and duration of such actions. The filing of a preventive protection action (tutela) to safeguard the companies' rights would be enabled, as recently occurred in the case of the Cartagena Refinery, where such action is currently underway.
In general terms, considering the DIAN questioning and based on the opinions issued by our external advisors, who consider that the probability of success is greater than 50%, the Companies believe that there are not grounds for establishing any accounting provision.

The Companies reiterate their commitment to fully comply with their customs and tax obligations and will be respectful of the decisions that resolve this controversy before the corresponding authority.

Financial Position Statement

The assets of the Ecopetrol Group decreased by COP -2.7 trillion, equivalent to -0.9% between June and September 2025, mainly due to: i) he remeasurement effect of subsidiaries' assets with US dollar functional currency at a lower closing exchange rate versus the previous quarter, ii) the depreciation of assets for the period (COP -3.8 trillion), iii) the update of deferred tax and other items. This was offset by a higher level of CAPEX, recognition of the FEPC for the quarter, and an increase in cash and equivalents, driven by the positive effect on operating cash flow.

Liabilities decreased by COP -4.2 trillion, equivalent to -2.2% during 3Q 2025, mainly due to the net effect between: i) the decrease in the balance of financial obligations for short-term debt payments added to the effect of restating the debt in US dollars at the closing exchange rate (COP -6.0 trillion), ii) higher current taxes for the period (COP +0.9 trillion), and iii) higher accounts payable and other liabilities (COP +0.9 trillion).

The Ecopetrol Group's equity at the end of 3Q 2025 was COP 107.0 trillion, an increase of COP 1.4 trillion compared to 2Q25, mainly because of profits generated during the period, offset by the adjustment for the conversion of subsidiaries with USD as their functional currency at the closing rate. 75% of the equity corresponds to Ecopetrol shareholders and the remaining 25% to non-controlling interests.

Cash Flow, Debt and FEPC

Table 4: Cash Position - Ecopetrol Group

Billion (COP)

3Q 2025

3Q 2024

9M 2025

9M 2024

Initial cash and cash equivalents

10,118

13,237

14,054

12,336

(+) Cash flow from operations

8,878

12,465

25,047

35,549

(-) CAPEX

(5,073)

(5,157)

(14,063)

(14,059)

(-) Consideration paid for acquisition of assets

0

0

(1,109)

0

(+/-) Investment portfolio movement

1,249

(2,552)

(1,009)

(3,237)

(-) Acquisition of subsidiaries, net of cash acquired

(65)

(159)

(65)

(158)

(+) Other investment activities

762

596

1,567

1,646

(+/-) Adquisition, borrowings and interest payments of debt

(4,858)

(2,150)

(2,427)

(4,064)

(-) Dividend payments

(329)

(2,741)

(11,024)

(14,933)

(+/-) Exchange difference (cash impact)

(318)

566

(607)

1,040

(-) Return of capital

0

(6)

0

(21)

Final cash and cash equivalents

10,364

14,099

10,364

14,099

Investment portfolio

3,700

4,721

3,700

4,721

Total cash

14,064

18,820

14,064

18,820

 Cash Flow

At the end of 3Q 2025, the Ecopetrol Group closed with a cash flow of COP 14.1 trillion (23% COP and 77% USD). Operating cash flow for the quarter and the sales of short-term treasury securities (TCOs) covered: i) capex expenditures for the quarter, and ii) principal and interest payments on debt for the quarter.

Debt

At the end of 3Q 2025, the balance of debt on the balance sheet was COP 114.3 trillion, equivalent to USD 29,124 million (ISA's Group´s consolidated debt contributed USD 8,736 million), representing a decrease of COP 6.0 trillion compared to 2Q 2025. The decrease is explained by the combined effect of: i) prepayment of short-term financing operations, and ii) the restatement of financial obligations in US dollars at the closing rate, recognized mainly in equity through hedge accounting.

The Ecopetrol Group's Gross Debt/EBITDA ratio at the end of September 2025 was 2.4 times, below the upper limit set for 2025 (2.5 times), while the Ecopetrol Group's Net Debt/EBITDA ratio closed at 2.1 times and the Debt/Equity ratio at the end of September remained at 1.1 times.

Fuel Price Stabilization Fund – FEPC

At the end of September 2025, the account receivable of the FEPC stood at COP 3.3 trillion. In 3Q 2025, there is an increase compared to 2Q 2025, due to the accrual of COP +0.8 trillion for the quarter.  

Efficiencies

In 2025, the Ecopetrol Group continues materializing its comprehensive strategy of efficiencies and competitiveness with a contribution of COP 4.1 trillion at the close of 3Q 2025, of which 60% has had a direct impact on the EBITDA of COP 2.45 trillion (COP 1.27 trillion for efficiencies in Opex and COP 1.18 trillion for additional income generation), as detailed below:

OPEX

Savings of COP 270 billion through improvements in energy efficiency, self-generation, and energy purchasing were achieved, added to COP 265 billion in maintenance thanks to the reutilization of materials, optimization of artificial lift systems, and reliability strategies.
Efficiencies of COP 244 billion through initiatives in digital solutions, service demand control, and insurance management, complemented by a more efficient procurement strategy that generated savings of COP 194 billion.
Savings of COP 165 billion in crude evacuation and dilution, mainly for the early entry of the Caño Sur Este - ODL project.

Revenue

Production increase strategies contributed COP 347 billion through deferred reductions, operational improvements in well service, and process optimization in Piedemonte.
Capture of synergies generated income for COP 155 billion in the crude transportation systems associated with the segregation and routing of crudes as well as for volumetric compensations for quality.
Greater margins for crude exports (COP 105 billion), product imports (COP 99 billion) and the fee of the ANH purchases (COP 73 billion).
Value creation in refining operations due to quality migration from HSFO to IFO-380 (COP 69 billion) and increased asphalt production in the Barranca refinery (COP 23 billion).

From the point of view of unit costs, the efficiencies obtained during 9M 2025 were as follows:

52% of the efficiencies mentioned with an effect on Opex mitigated impacts on the cost of production by 0.91 USD/bbl.
Efficiencies affecting refining cash costs and costs per barrel transported enabled reductions of 0.10 USD/bbl and 0.013 USD/bbl, respectively.

Efficiencies of COP 1.05 trillion achieved in capex related to the optimization of project investment costs, seen at:

In direct operation drilling and completion, efficiencies were achieved through improvements in design and engineering, optimization of services, rate negotiation, and reduction of processing times.
Reductions in operating times and costs in Permian, thanks to new well designs, lower fracture pressures, and pumping times, which resulted in lower costs per foot drilled and per barrel pumped compared to the plan.
As for surface facilities, efficiencies were achieved through the optimization of scopes in project design and engineering.

Actions focused on improving working capital were implemented, with a positive cash impact of COP 0.6 trillion. This was achieved through advanced payment management with entities, avoiding debt, inventory optimization, and savings in the payment of inspection fees.

Investments

Table 5: Investment by Segment - Ecopetrol Group

Ecopetrol Group Investments
Business

Total 9M 2025

%

Share

Million USD

Trillion COP

Hydrocarbons*

2,582

10.7

62 %

Energies for the Transition**

529

2.2

13 %

Transmission and Toll Roads

1,068

4.4

25 %

Total

4,179

17.3

100 %

*Includes the total amount of investments in hydrocarbon transportation of each of the Ecopetrol Group Companies (Ecopetrol S.A. participation and non-controlling).
Average exchange rate: 4,131.52
**Includes investment in Gas and Energy Transition
Includes only organic investments

At the end of 3Q 2025, the Ecopetrol Group made investments totaling USD 4,179 million (COP 17.3 trillion); 62% percent in Colombia, while the remaining 38% went to international operations, mainly in Brazil (21%), the United States (12%), and other locations (5%).

Hydrocarbons

At 3Q 2025, investments in hydrocarbons accounted for 62% of the Ecopetrol Group's total, reaching USD 2,582 million (COP 10.7 trillion).1 Thus, USD 2,139 million (COP 8.8 trillion) was allocated to exploration and production activities, mainly in the department of Meta, in assets such as Caño Sur Rubiales, Castilla, and Chichimene. Internationally, investments were focused on the Permian basin (Midland, USA) and in Brazil, in the Orca Brazil project (formerly Gato do Mato).

In the refining segment, USD 240 million (COP 1.0 trillion) have been invested, focused on operational continuity of the refineries (94%), as well as on strategic projects such as Sox Emission Control and Base Line of Fuel Quality of Fuels in the Barrancabermeja Refinery, in addition to major maintenance and plant shutdowns in both refineries.

In turn, in the transport segment, investments amounted to USD 162 million (COP 0.7 trillion), mainly focused on ensuring the operational continuity of the different oil and polyduct systems in crossing activities, mechanical repairs and geotechnics.

Energies for Transition

In 3Q 2025, the Ecopetrol Group reaffirmed its commitment to the energy transition and allocated USD 529 million (COP 2.2 trillion) to investments in the Energy for Transition line, which represented 13% of total investment. To strengthen the value chain and gas supply, USD 425 million (COP 1.8 trillion) was invested, mainly in the GUAOFF-0 block, located in the Colombian offshore Caribbean, and in fields in the Piedemonte Llanero region, such as Floreña and Cupiagua, concentrated in the department of Casanare. Additionally, USD 104 million were allocated (COP 0.4 trillion) to energy efficiency and renewable energy projects.

Transmission and Toll Roads

In 3Q 2025, the Ecopetrol Group invested a total of USD 1,068 million (COP 4.4 trillion) in the Transmission and Roads business line, representing 25% of total investments.  Most of these investments (91%) were concentrated in the power transmission business, with a presence in Brazil, Peru, and Colombia. The road segment accounted for 8%, with outstanding projects such as Ruta del Este in Panama and, in Chile, the Ruta del Maipo and Ruta de los Ríos initiatives. The remaining 1% was destined to the telecommunications business in Colombia-.

II. Business Lines Results

For purposes of this report, the financial information included is organized by the following segments: (i) exploration and production, (ii) transportation and logistics, (iii) refining and petrochemicals, and (iv) energy transmission and toll roads, which is consistent with the Company's previous reports. Nevertheless, management is reviewing other options to update the Company's operating, management, and financial reporting model in line with Strategy 2040.

1.  HYDROCARBONS

1.1  Exploration, Development and Production

Exploration:

At the end of 3Q 2025, 10 exploratory wells had been drilled, 8 with investment from the Ecopetrol Group, and 2 drilled under association contracts, with 100% investment by the partner (see annexes – Table 11: Details of Exploratory Wells – Ecopetrol Group).

In the onshore exploration activity, the following stands out:

The declaration of commerciality on September 30, 2025, of the Toritos discoveries (includes the Curucutu-1 well) and Saltador wells (includes the Bisbita Este-1, Bisbita Centro-1 and Bisbita Oeste-1 wells) located in the LLA 123 block in the department of Meta.  Operated by Geopark in association with Hocol, these fields contribute a net production of 1.9 mboed crude ranging between 14° and 23° API. This approval is expected to allow us to certify proved reserves (1P) and contingent resources for the 2025 balance.
Drilling continued on the Floreña N18Y well operated by Ecopetrol (100%), located in the Piedemonte, and Toritos Este-1 operated by Geopark (50%) in association with our subsidiary Hocol (50%), located in Los Llanos. Both wells are expected to reach final depth in 4Q 2025.

To highlight, the offshore exploration activity with the progress of the Sirius project, regarding the contracting model and the ethnic, social and environmental feasibility activities; the environmental licensing process is expected to continue in a next stage.

Internationally, activities related to the development of the Orca field in Brazil advanced in the execution of detailed engineering for the hull and topside facilities of the floating production, storage, and offloading vessel (FPSO).  In addition, the approval of the development plan, by the ANP is currently being processed, as well as the installation of the SURF subsea system and the drilling campaign of development wells planned for 2027.

Production 

Table 6: Gross Production - Ecopetrol Group

Production - mboed

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Crude Oil

500.0

493.0

1.4 %

497.1

493.6

0.7 %

Natural Gas

102.3

117.4

(12.9 %)

103.8

119.6

(13.2 %)

Total Ecopetrol S.A.

602.3

610.4

(1.3 %)

600.9

613.2

(2.0 %)

Crude Oil

21.5

17.9

20.1 %

21.5

17.9

20.1 %

Natural Gas

13.7

16.4

(16.5 %)

14.2

17.3

(17.9 %)

Total Hocol

35.2

34.3

2.6 %

35.6

35.2

1.1 %

Crude Oil

7.9

6.2

27.4 %

7.9

7.2

9.7 %

Natural Gas

1.0

0.9

11.1 %

0.9

0.9

0.0 %

Total Ecopetrol America

8.9

7.2

23.6 %

8.8

8.1

8.6 %

Crude Oil

54.9

58.0

(5.3 %)

57.3

55.6

3.1 %

Natural Gas

50.1

44.6

12.3 %

48.2

39.6

21.7 %

Total Ecopetrol Permian

105.0

102.6

2.3 %

105.5

95.2

10.8 %

Crude Oil

584.3

575.1

1.6 %

583.7

574.3

1.6 %

Natural Gas

167.1

179.3

(6.8 %)

167.1

177.4

(5.8 %)

Total Ecopetrol Group

751.5

754.4

(0.4 %)

750.9

751.7

(0.1 %)

Note 1: Gross production includes royalties and is prorated by Ecopetrol's holding in each company. The Natural Gas data includes Gas and Blanks (LPG, propane and butane).
Note 2: Consolidated data presented in rounded up figures.
Note 3: The table of this report includes 100% production of Arauca-8 for both 2024 and 2025 figures. The owner of the Arauca Agreement is Ecopetrol; therefore, 100% of the ownership of the production of the Arauca Agreement Area is in the hands of Ecopetrol; however, by virtue of the private agreement (Bussiness Collaboration Agreement (BCA), entered into between Ecopetrol and Parex, once the hydrocarbons of the Arauca Agreement are produced, Ecopetrol, immediately transfers to Parex 50% of all the production obtained in the contracted area.
Note 4: Quarterly production figures subject to minor updates due to ministerial forms to the ANH of associated fields and closures in international subsidiaries.
Note 5:  2025 figures include production from the El Niño, Guando and Guando SW fields (4.3 mboed in 3Q 2025) in the Hocol subsidiary, given the transfer made by Ecopetrol S.A. in late 2024, in line with the Ecopetrol Group's presence strategy in the Department of Tolima through this subsidiary.

The Ecopetrol Group's production in 3Q 2025 was 751 thousand barrels of oil equivalent per day (mboed), 3 mboed less than in the same period of the previous year, mainly due to the net effect of:

i)  (+30 mboed) Growth of Caño Sur supported by the increase in fluid treatment capacity at the Centauros Station and the acquisition of 45% of Repsol's stake in block CPO9, in addition to the growth actions associated with the progressive entry of the Orotoy Station.
ii)  (+5 mboed) Improved performance by Permian and Ecopetrol América.
iii)  (-15 mboed) Lower gas production and blanks due to natural decline of the Cusiana-Cupiagua node, Recetor (Piedemonte Llanero), and higher-than-expected water intrusion in the Guajira and Gibraltar fields.
iv)  (-23 mboed) in domestic crude oil due to electrical events in Meta and Magdalena Medio, public order issues, natural decline of fields, and delays in projects and drilling associated with blockades at the beginning of the year.

In response to the effect on production caused by environmental events, during 3Q25 there was a cumulative impact of 369,000 barrels, with cumulative deferred production for the 9M 2025 amounting to 2.15 million barrels. The impacts in 3Q 2025 were mainly concentrated in the departments of Meta and Putumayo due to: i) permanent blockades in CPO-9 that lasted until October, and ii) operational and access road events in Cupiagua that affected the delivery of white products in August and September.

As for drilling, at the end of September, 331 development wells were completed, with an average of 22 active drilling rigs over the period.

Lifting and Dilution Cost 

Table 7: Lifting and Dilution Cost - Ecopetrol Group

USD/bbl

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

% USD

Lifting Cost*

12.18

12.65

(3.8 %)

11.81

12.25

(3.6 %)

26.0 %

Dilution Cost**

4.76

4.70

1.7 %

4.85

5.14

(5.6 %)

100.0 %

Lifting Cost

The lifting cost in 3Q 2025 decreased by -0.48 USD/bbl compared to the same period last year, mainly leveraged by the efficiencies achieved as follows:

Exchange rate effect (+0.27 USD/bbl): negative effect due to the conversion of costs from pesos to dollars, given the lower average exchange rate, which went from 4,094 to 4,004 COP/USD. Considering that 74% of the costs are expressed in pesos, the peso indicator decreased by 6% from 51,795 COP/bbl to 48,755 COP/bbl.

Cost Effect (-0.74 USD/bbl): Operating optimizations achieved include:

Optimization of the operations and maintenance model for non-industrial areas.
Energy optimization: optimization of self-generation mainly in Rubiales and Caño Sur, as well as a reduction in energy consumption thanks to the massification of more efficient technologies and operational control of production and injection facilities.
Efficiencies in well maintenance, reutilization of materials for subsurface operations, optimization of artificial lift systems, and optimization of reliability strategies, among others.

These efficiencies allowed us to partially offset the following cost increases:

Cumulative inflation impact on operating service.
Fluids treatment: Increase in volumes treated (+813 MBWPD)2.
Increased subsurface activities associated with new treatment and production facilities.

Dilution Cost

The dilution cost increased by USD 0.08/Bl compared to 3Q24, mainly explained by:

Cost effect (-0.02 USD/bbl): lower purchase price of naphtha associated with the Brent benchmark indicator at -11 USD/bbl.

Volume Effect (0.10 USD/bbl): Fewer barrels of crude oil marketed.

Financial Results 

Table 8: Income Statement - Exploration and Production

Billion (COP)

3Q 2025

3Q 2024

∆ ($)

∆ (%)

9M 2025

9M 2024

∆ ($)

∆ (%)

Total revenue

17,378

20,474

(3,096)

(15.1 %)

53,884

60,689

(6,805)

(11.2 %)

Depreciation, amortization and depletion

2,846

2,794

52

1.9 %

8,712

7,689

1,023

13.3 %

Variable costs

6,889

7,439

(550)

(7.4 %)

21,670

22,137

(467)

(2.1 %)

Fixed costs

3,259

3,560

(301)

(8.5 %)

9,845

10,200

(355)

(3.5 %)

Total cost of sales

12,994

13,793

(799)

(5.8 %)

40,227

40,026

201

0.5 %

Gross income

4,384

6,681

(2,297)

(34.4 %)

13,657

20,663

(7,006)

(33.9 %)

Operating and exploratory expenses

1,391

1,673

(282)

(16.9 %)

4,267

4,778

(511)

(10.7 %)

Operating income

2,993

5,008

(2,015)

(40.2 %)

9,390

15,885

(6,495)

(40.9 %)

Financial result, net

(949)

(991)

42

(4.2 %)

(2,992)

(2,951)

(41)

1.4 %

Share of profit of companies

3

9

(6)

(66.7 %)

18

25

(7)

(28.0 %)

Income before income tax

2,047

4,026

(1,979)

(49.2 %)

6,416

12,959

(6,543)

(50.5 %)

Provision for income tax

(674)

(1,320)

646

(48.9 %)

(2,163)

(5,654)

3,491

(61.7 %)

Consolidated net income

1,373

2,706

(1,333)

(49.3 %)

4,253

7,305

(3,052)

(41.8 %)

Non-controlling interest

20

23

(3)

(13.0 %)

65

63

2

3.2 %

Net income attributable to owners of Ecopetrol

1,393

2,729

(1,336)

(49.0 %)

4,318

7,368

(3,050)

(41.4 %)

EBITDA

6,242

8,080

(1,838)

(22.7 %)

19,363

24,456

(5,093)

(20.8 %)

EBITDA Margin

35.9 %

39.5 %

-

(3.6 %)

35.9 %

40.3 %

-

(4.4 %)

Revenues decreased during 3Q 2025 and 9M 2025 compared to 3Q 2024 and 9M 2024, mainly due to a lower Brent reference price and lower sales volume associated to: i) increased crude oil inventory volumes and ii) decreased domestic gas sales volume, which are partially offset by the strengthening of the crude oil differential. As for 3Q 2025 compared to 3Q 2024, the lower average exchange rate had a negative effect, whereas for 9M 2025 compared to 9M 2024, this effect was favorable.

The cost of sales duringe3Q25 compared to 3Q24 decreased due to:

Efficiencies achieved in energy, optimization of the operation and maintenance model, and reduction in contract rates, offsetting the increase associated with the inflationary effect.
Decrease in purchases from third parties mainly due to: i) lower reference price and ii) lower volumes purchased.

In 9M 2025, cost of sales remained in line to those of 9M 2024 because of:

The foregoing energy efficiencies are offset with the inflationary effect.
Decrease in purchases from third parties mainly due to: i) lower reference price and ii) lower volumes purchased from royalties to the ANH.
Offset by the increase in depreciation, amortization, and depletion associated with higher capex and increased production at foreign subsidiaries.
Increase in transportation costs due to: i) higher average exchange rate, ii) increase in tariffs, iii) increased contingent operation in Banadía - Araguaney.

Operating and exploration expenses during 3Q25 and 9M25 compared to 3Q24 and 9M24 decreased mainly due to lower exploration asset expenses and lower marketing expenses. 

Net financial expenses in 3Q25 compared to 3Q 2024 decreased mainly due to the increase in financial income, offset by the exchange rate difference on the segment's passive position in US dollars. For 9M 2025 compared to 9M 2024, expenses were higher mainly due to the increase in interest expenses, offset by the exchange rate difference on the segment's net dollar liability position.

The decrease in income tax expense for 3Q 2025 and 9M 2025 compared to 3Q 2024 and 9M 2024 was in line with the segment's results and a lower income surcharge given the current outlook for Brent prices.

1.2  Transport and Logistics 

Table 9. Transported Volumes - Ecopetrol Group

mbd

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Crude Oil

814.7

808.4

0.8 %

801.5

823.6

(2.7 %)

Products

303.0

299.4

1.2 %

296.4

302.6

(2.0 %)

Total

1,117.7

1,107.8

0.9 %

1,097.9

1,126.2

(2.5 %)

Note: The reported volumes are subject to adjustments due to changes in the quality volumetric compensation (CVC for its initials in Spanish), associated with the officialization of volumetric balances.

At the end of 3Q 2025, the total volume transported was 1,117.7 mbd (+10.1 mbd compared to 3Q 2024 and +33.7 mbd compared to 2Q25. For 9M 2025, there was a decrease of 28.3 mbd vs the same period of 2024.

Crudes: Transported volumes grew by 0.8% in 3Q 2025 compared to 3Q 2024 and by 3.6% compared to 2Q25, showing progressive recovery after the external events in the first half year. This performance was driven by contingency operations that enabled inventory evacuation and guaranteed production continuity in the Llanos Norte area. In addition, third-party volumes were incorporated, including production from the Acordionero field, which was previously outside the pipeline network. During the 9M 2025, volumes fell by 2.7% due to lower third-party production, blockades, and infrastructure disruptions. 

During 3Q 2025, the operational connection between Coveñas and the Barrancabermeja Refinery was initiated through the reversal of the Coveñas–Ayacucho system (16"), enabling the import of light crudes and optimizing the use of existing infrastructure. This first stage allows the import of 6 mbd of light crudes at a competitive tariff, expanding the basket of crudes available for refining and generating additional transported volumes for the transportation segment. Year-to-date, approximately 91.1% of the crude oil volume transported was owned by the Ecopetrol Group.

Refined products: Transported volumes grew 1.2% during 3Q 2025 compared to 3Q 2024, driven by the recovery of deliveries following refinery maintenance in 1H25. In the 9M 2025, there was a 2% reduction due to lower deliveries from the refineries, partially offset by strategic imports to ensure supply in the interior of the country. Year to date, Ecopetrol S.A. products represented 31.9% of the total volume transported through polyducts.

Third party affectation on transportation infrastructure: In the 9M 2025, 26 events were recorded (6 in 3Q 2025) compared to 30 in 9M 2024 (28 in 3Q 2024). In turn, in 3Q 2025, the removal of illicit valves increased by 40% compared to 3Q 2024, and by 10% for 9M 2025.

Disruptions in the Caño Limón–Coveñas system (suspended in the Banadía–Ayacucho section since 3Q24) and on the Banadía–Araguaney alternate route (suspended for 90 days during 9M 2025) limited production and transportation by approximately 5 mboed during 9M 2025. Nevertheless, logistical continuity was ensured by activating alternate evacuation routes, using technology, promptly repairing affected sections, strengthening inter-institutional relations, and implementing operational plans that preserved the quality of the crude oil and transport capacity. Hence, approximately 11.5 million of barrels were mobilized via the alternate Banadía–Araguaney route (vs. approximately 2.5 million of barrels in 9M 2024), evacuation capacity in Araguaney was expanded to approximately 83 mbd at the end of 3Q 2025, and temporary redirectioning schemes were implemented to prioritize affected production, allowing refineries to be supplied, export commitments to be met, and production delays to be mitigated.

The installation of illicit valves affected operations across various systems, particularly in Pozos–Galán, restricting approximately 15 mbd during 9M 2025 (+6.8 mbd compared to 9M 2024).

Strategic Advancement in Gas Initiatives: In 3Q 2025, the Ecopetrol Group, through Cenit, consolidated key advances in strategic projects aimed at strengthening the country's energy security and optimizing the natural gas transportation infrastructure:

Caribbean Gas Import Program: This program is planned to use the existing infrastructure of crude oil for mobilizing imported LNG (Liquefied Natural Gas) from the Caribbean coast to the interior or the country.

Among the main milestones is the environmental authorization granted by ANLA for operations at the Coveñas Maritime Terminal, where a Floating Storage and Regasification Unit (FSRU) is expected to be installed. For the project's analysis and evaluation, competitive advantages were identified in relation to the availability of existing infrastructure, metocean conditions, timeliness, and reliability, positioning it as a new strategic natural gas hub in the Colombian Caribbean, key to balancing supply and demand and strengthening national supply security.

Other Strategic Project s: Ecopetrol is advancing initiatives to connect the fields of the Lower Magdalena Valley (VIM) with the National Gas Transportation System (SNT) in Vasconia, a project prioritized by the Ministry of Mines and Energy within the Natural Gas Supply Plan (PAGN). Despite requiring regulatory definitions, the Company has focused its efforts on technical and engineering development, reducing uncertainties and preparing the final investment decision. 

Table 10: Cost per Transported Barrel - Ecopetrol Group

USD/bbl

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

% USD

Cost per Transported Barrel

3.36

3.34

0.6 %

3.21

3.16

1.6 %

17.0 %

Cost per Transported Barrel: The cost per barrel transported in 3Q 2025 showed a slight increase, settling at 3.36 USD/bbl.

Exchange Rate effect (+0.07 USD/bbl): Negative effect due to lower average exchange rate -90 COP/USD going from 4,094 to 4,004 COP/USD for the conversion of the indicator from pesos to dollars.

Volume Effect (-0.03 USD/bbl): Increased volume transported by 0.9%, equivalent to 10.1 mbd, due to the conditions mentioned above.

Cost Effect (-0.02 USD/bbl): This was mainly associated with lower maintenance activity, coupled with cost control and optimization strategies implemented in the segment, which mitigated the impact of inflation on maintenance contract rates, support areas, and labor costs, added to the increase in emergency response expenses resulting from the aforementioned impacts.

Financial Results 

Table 11: Income Statement – Transport

Billion (COP)

3Q 2025

3Q 2024

∆ ($)

∆ (%)

9M 2025

9M 2024

∆ ($)

∆ (%)

Total revenue

3,836

3,775

61

1.6 %

11,684

10,968

716

6.5 %

Depreciation, amortization and depletion

330

325

5

1.5 %

994

952

42

4.4 %

Variable costs

204

204

0

0.0 %

616

619

(3)

(0.5 %)

Fixed costs

553

577

(24)

(4.2 %)

1,522

1,526

(4)

(0.3 %)

Total cost of sales

1,087

1,106

(19)

(1.7 %)

3,132

3,097

35

1.1 %

Gross income

2,749

2,669

80

3.0 %

8,552

7,871

681

8.7 %

Operating expenses

326

300

26

8.7 %

862

698

164

23.5 %

Operating income

2,423

2,369

54

2.3 %

7,690

7,173

517

7.2 %

Financial result, net

(52)

0

(52)

-

(246)

183

(429)

(234.4 %)

Income before income tax

2,371

2,369

2

0.1 %

7,444

7,356

88

1.2 %

Provision for income tax

(887)

(834)

(53)

6.4 %

(2,717)

(2,568)

(149)

5.8 %

Consolidated net income

1,484

1,535

(51)

(3.3 %)

4,727

4,788

(61)

(1.3 %)

Non-controlling interest

(302)

(293)

(9)

3.1 %

(953)

(898)

(55)

6.1 %

Net income attributable to owners of Ecopetrol

1,182

1,242

(60)

(4.8 %)

3,774

3,890

(116)

(3.0 %)

EBITDA

2,796

2,746

50

1.8 %

8,826

8,291

535

6.5 %

EBITDA Margin

72.9 %

72.8 %

-

0.1 %

75.5 %

75.6 %

-

(0.1 %)

In 3Q 2025 compared to 3Q 2024, revenues increased due to the larger Banadía-Araguaney contingency operation, as well as higher volumes transported due to the integration of production from the Acordionero field into the transportation network, the release of inventories from Caño Limón, and the recovery of deliveries from refineries after the completion of maintenance, which partially offset lower third-party production in the country and the impact of a lower average exchange rate.

Revenues in the 9M 2025 increased compared to 9M 2024 due to i) a higher average exchange rate, ii) the aforementioned operational factors, and iii) tariffs updates. These effects offset i) lower revenues associated with the release of contracted capacity under the "Ship or Pay" modality in the Bicentenario and Caño Limón-Coveñas oil pipelines, as well as ii) lower volumes transported compared to the previous period due to external impacts (blockades and damage to the infrastructure), lower production from third parties in the country and major maintenance at the Barrancabermeja Refinery.

The cost of sales during 3Q 2025 decreased compared to 3Q 2024, mainly due to the reduction in maintenance activities, partially offset by the increase associated with the inflationary effect. For 9M 2025 compared to 9M 2024, it remained in line with the previous year, reflecting the effectiveness of the cost control and optimization strategies implemented in the segment.

Operating expenses, net of other revenue, for 3Q 2025 and 9M 2025 increased compared to 3Q 2024 and 9M 2024, mainly due to higher emergency response expenses given the events in the environment. Additionally, in 3Q 2024 and 9M 2024, non-recurring revenue was recognized from the sale of excess line-fill volume at Ocensa to Ecopetrol S.A.

Financial revenue (expenses) for 3Q 2025 and 9M 2025 showed higher expenses compared to 3Q 2024 and 9M 2024, mainly due to: i) the exchange rate effect on the segment's net dollar position, and ii) lower financial returns associated with the behavior of interest rates on deposits and investment.   

1.3  Refining and Petrochemicals

The segment's consolidated throughput reached 428.7 mbd, representing a 7% increase compared to the same period in 2024 (401.4 mbd), positioning 3Q 2025 as the second-highest quarterly throughput in the segment's history. The integrated gross refining margin stood at USD 14.3 per barrel, doubling the 3Q 2024 result (USD 7.0 per barrel), driven by a favorable pricing environment, higher demand, and improvements in operational efficiency.

This performance was supported by tactical and commercial actions that allowed us to: i) mitigate the reduced availability of light crude because of attacks on the Caño Limón–Coveñas pipeline, ii) take advantage of the completion of shutdowns to increase throughput and improve operational indicators, iii) advance the fuel oil reduction strategy, with a new logistics operation that projects a 40% increase in solid asphalt exports, iv) launch the supply of marine fuel with biodiesel in the Colombian Caribbean, aligned with the sustainability and diversification strategy; and v) capture efficiencies in revenues, costs and investment, through new initiatives and operational optimizations. 

During 3Q25, the Ecopetrol Group consolidated key advances for the Downstream relative to sustainability, operational efficiency and commercial expansion, through initiatives that strengthen its position in the regional energy market: 

Marine fuel with biodiesel: On August 14, from the Cartagena Refinery, the distribution of 10,500 barrels per day with a 2% biodiesel blend began, contributing to the reduction of 27 thousand tons of CO₂e per year and positioning Colombia as a regional benchmark in low-carbon energy solutions.
Reactivation of the UOP II plant: On 2 September, the major maintenance of the UOP II cracking plant in Barrancabermeja was successfully completed, with an investment of USD 123 million and the participation of more than 2,200 workers.
Solid asphalt exports open new markets in Latin America. On 17 September, Ecopetrol started a multimodal logistics operation to export solid asphalt from Barrancabermeja and the Port of Cartagena to countries in the Caribbean, Central and South America that lack the infrastructure to handle liquid asphalt. This new alternative complements traditional operations, expands the Ecopetrol's commercial scope, and is estimated to generate profits of nearly USD 1.5 million annually.

Cartagena Refinery

In 3Q25, the Cartagena Refinery reached a throughput of 200.2 mbd, representing an increase of 8.2% compared to the same period in the previous year. In the first nine months of the year (9M 2025), the average throughput volume was 194.3 mbd, in line with the same period in 2024. This performance was explained by a diet focused on domestic crude, which compensated the lower volumes from Caño Limón, and by a more stable operation in the crude units, without the effects of maintenance and general shutdowns that occurred in 3Q24.

In 3Q 2025, the gross refining margin was USD 12.8/bbl, almost double than the one recorded in 3Q 2024, driven by i) higher fuel prices (55%), ii) an optimized diet with heavy domestic crude (7%); and iii) better operating performance minimizing funds (38%). In 9M 2025, the margin reached 11.4 USD/bbl, a 15.2% higher than those in the same period in 2024, explained 22% by the strengthening of cracks and 78% by the optimization of the diet.

Table 12: Throughput, Utilization Factor, Production and Refining Margin
Cartagena Refinery

Cartagena Refinery

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Throughput* (mbd)

200.2

185.0

8.2 %

194.3

194.5

(0.1 %)

Utilization Factor (%)

84.8 %

65.3 %

29.9 %

82.8 %

81.2 %

2.0 %

Refined Products Production

190.9

173.4

10.1 %

185.8

186.0

(0.1 %)

Gross Margin  (USD/bbl)

12.8

4.6

178.3 %

11.4

9.9

15.2 %

*Corresponds to actual throughput volumes processed, not received

Barrancabermeja Refinery

In 3Q25, the Barrancabermeja Refinery processed a throughput of 228.6 mbd, representing an increase of 5.7% compared to the same period in the previous year. This result was driven by the recovery of the operational availability of the Diesel Hydrotreating Unit and, once maintenance was secured, by the strategic decision to maximize throughput to increase production of gasoline, medium distillates and petrochemicals. In the 9M 2025, the average throughput was 218.6 mbd a 2.2% lower than that of the same period in 2024, affected by lower volumes of light blend and Caño Limón, as well as by restrictions in the supply of crude due to stoppages in the 20" Vasconia–Galán line.

In 3Q 2025, the gross refining margin was 15.6 USD/bbl, 73.3% more than that of 3Q 2024, driven mainly by i) higher product prices (77%); and ii) better operating performance (23%) thanks to higher volumes of gasoline and diesel, as well as alkylation efficiency. In the 9M 2025, the margin reached 13.7 USD/bbl, 28% more than that of the same period in 2024. 93% of the increase is explained by the strengthening of prices and 7% by the optimization of the diet. These factors were partially offset by lower performance due to maintenance. 

Table 13: Throughput, Utilization Factor, Production and Refining Margin 
- Barrancabermeja Refinery

Barrancabermeja Refinery

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Throughput* (mbd)

228.6

216.3

5.7 %

218.6

223.5

(2.2 %)

Utilization Factor (%)

81.3 %

77.7 %

4.7 %

74.1 %

77.5 %

(4.4 %)

Refined Products Production

231.6

220.4

5.1 %

221.0

227.2

(2.7 %)

Gross Margin  (USD/bbl)

15.6

9.0

73.3 %

13.7

10.7

28.0 %

*Corresponds to actual throughput volumes processed, not received

Esenttia

During 3Q 2025, Esenttia faced a challenging environment marked by moderate propylene demand and high international competition, especially from Asia, in a context of historically low prices. Despite these conditions, the company achieved sales of 118.1 Kton, which represented a 13.8% growth compared to that of 3Q 2024. This result was possible thanks to a disciplined execution of the business plan, which included market segmentation, tactical price adjustments and strengthening of customer relationships. Volume increases were noted in Brazil, Colombia, Venezuela, Mexico, and Canada.

In 9M 2025, cumulative sales reached 325.2 Kton, 12.4% more than in the same period of 2024. To protect profitability, operational efficiency measures were implemented that generated savings of USD 9.3 million through cost optimization, energy efficiency, overhead rationalization, and investment prioritization.

Table 14. Esenttia Sales

Esenttia

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Total Sales (KTon)

118.1

103.8

13.8 %

325.2

289.2

12.4 %

Refining Cash Cost 

Table 15. Refining Cash Cost*

USD/bbl

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

% USD

Refining Cash Cost

5.56

5.72

(2.8 %)

5.62

5.57

0.9 %

16.4 %

* Includes refineries in Barrancabermeja, Cartagena and Esenttia 

The refining cash cost decreased by 0.16 USD/bbl in 3Q 2025 compared to 3Q 2024, explained by:  

Volume Effect (-0.37 USD/bbl): Mainly due to high crude oil throughput at the refineries of 23.7 mbd.
Cost Effect (+0.09 USD/bbl): Higher costs associated with inflationary effect (+0.31 USD/bbl), lower gas cost due to price effect and lower gas consumption for the use of substitutes, increasing availability for domestic supply (-0.31 USD/bbl) and higher operational activity in throughputs (+0.09 USD/bbl).
Exchange Rate effect (+0.12 USD/bbl): Impact of lower exchange rate of -90 pesos per dollar, going from 4,094 to 4,004 pesos per dollar. 

Financial Results

Table 16: Income Statement - Refining 

Billion (COP)

3Q 2025

3Q 2024

∆ ($)

∆ (%)

9M 2025

9M 2024

∆ ($)

∆ (%)

Total revenue

16,631

17,061

(430)

(2.5 %)

49,589

51,440

(1,851)

(3.6 %)

Depreciation, amortization and depletion

490

415

75

18.1 %

1,480

1,400

80

5.7 %

Variable costs

14,691

15,967

(1,276)

(8.0 %)

44,455

46,574

(2,119)

(4.5 %)

Fixed costs

799

686

113

16.5 %

2,398

2,081

317

15.2 %

Total cost of sales

15,980

17,068

(1,088)

(6.4 %)

48,333

50,055

(1,722)

(3.4 %)

Gross income

651

(7)

658

(9,400.0 %)

1,256

1,385

(129)

(9.3 %)

Operating expenses

691

631

60

9.5 %

1,890

1,744

146

8.4 %

 Operating income (loss)

(40)

(638)

598

(93.7 %)

(634)

(359)

(275)

76.6 %

Financial result, net

(230)

(345)

115

(33.3 %)

(794)

(1,134)

340

(30.0 %)

Share of profit of companies

56

52

4

7.7 %

153

150

3

2.0 %

Loss before income tax

(214)

(931)

717

(77.0 %)

(1,275)

(1,343)

68

(5.1 %)

Provision for income tax

92

400

(308)

(77.0 %)

457

591

(134)

(22.7 %)

Consolidated net income

(122)

(531)

409

(77.0 %)

(818)

(752)

(66)

8.8 %

Non-controlling interest

(56)

(59)

3

(5.1 %)

(152)

(156)

4

(2.6 %)

Net income attributable to owners of Ecopetrol

(178)

(590)

412

(69.8 %)

(970)

(908)

(62)

6.8 %

EBITDA

783

120

663

552.5 %

1,930

2,001

(71)

(3.5 %)

EBITDA Margin

4.7 %

0.7 %

-

4.0 %

3.9 %

3.9 %

-

0.0 %

Income decreased during 3Q 2025 compared to 3Q 2024, due to lower prices and a lower exchange rate offset by higher throughput and strengthening of cracks. Likewise, revenues in 9M 2025 compared to 9M 2024 decreased mainly due to: i) the fall in product prices, and ii) lower sales volumes associated with scheduled plant shutdowns of the major maintenance cycle at the Barrancabermeja Refinery and operational events at the Cartagena Refinery; these were partially offset by the strengthening of the crack and the positive effect of a higher average exchange rate.

The cost of sales for 3Q 2025 decreased compared to 3Q 2024 due to a reduction in diet costs resulting from a drop in Brent crude oil prices, in addition to a lower average exchange rate. Similarly, for 9M 2025 compared to 9M 2024, it decreased mainly due to: i) the fall in product prices, and ii) lower purchases due to the shutdown plan; this was partially offset by: iii) the exchange rate effect on purchases at the average exchange rate wholesale rate.

Operating expenses during 3Q 2025 and 9M 2025 increased compared to 3Q 2024 and 9M 2024, mainly due to the effect of inflation, which was partially offset by the implementation of the efficiency plan.

Financial net expenses for 3Q 2025 compared to 3Q 2024 and for 9M 2025 compared to 9M 2024, showed lower expenses mainly because of the exchange rate difference in the valuation of the segment's net position.

1.4  Commercial Management

The strong performance of the commercial offices in Houston and Singapore, Ecopetrol US Trading (EUST) and Ecopetrol Trading Asia (ECPTA), stands out. During 3Q 2025, they traded 33.5 million barrels of crude oil and products (38% of EG's total sales), generating EBITDA of USD 63 million and net income of USD 43 million, thus accumulating a total of USD 156 million in EBITDA and USD 128 million in net income for 2025. These results are leveraged by the execution of forward contracts for the sale of Castilla crude oil and other products such as fuel oil and naphtha, which enabled logistical and market efficiencies.

The sale of asphalt has enabled the Ecopetrol Group to consolidate its position as the leading exporter of this product in Latin America.  In 3Q 2025, it achieved an 18% increase compared to 3Q 2024, rising from 7.02 mboed to 8.26 mboed, based on a strategy of market and customer diversification.

Continuing with the expansion of the commercial portfolio, in products and petrochemicals, the first export of solid asphalt was made through the Port of Cartagena, with FOB delivery terms for 256 tons to Chile. Likewise, in August 2025, deliveries of marine diesel with 2% biodiesel began from the Cartagena Refinery to domestic customers. The initiative contributes to the decarbonization of the maritime sector in Colombia, allowing Ecopetrol to become a benchmark in the region by standardizing national quality, delivering the same blend in the Pacific and the Caribbean.

It should also be noted that, to continue improving the quality of our products and increase their competitiveness internationally, in January we started to market an improved quality of Barrancabermeja Fuel Oil with a viscosity of 380 cSt and an average metal content of 107 ppm. This improvement has translated into a higher valuation compared to the HSFO that had been marketed previously.

Hedging Program: During 3Q 2025, Ecopetrol covered volumes of 3.1 million barrels based on export indicators and pricing windows. From Ecopetrol Trading Asia, tactical hedges were executed for 7.9 million barrels, while Ecopetrol US Trading covered 1.4 million barrels under similar conditions. In turn, the Cartagena Refinery did not perform tactical hedging during the quarter.

2. ENERGIES FOR TRANSITION

Natural Gas

In September 2025, the first phase of the gas commercialization process for the Floreña field was carried out, with deliveries scheduled for the period from June 2026 to November 2028. This was achieved after securing various measures that enabled the gas produced from this source to be marketed through the Cusiana field plant, which has the benefit of adding additional quantities to the domestic market. During the commercialization process, 39 contracts were signed with 22 customers, which are aimed at meeting essential demand, operating the compression stations of the National Transport System, and meeting the demand of residential users and small commercial users.

Ecopetrol continues optimizing its natural gas consumption. So far this year, there has been a 12% reduction in consumption compared to estimates for the period (around 234 GBTUD) and an increase in the use of substitute energy sources, which account for around 12% of current consumption.

Natural Gas Options

The Ecopetrol Group obtained authorization from the National Environmental Licensing Authority (ANLA) to conduct activities for the receipt and storage of Liquefied Natural Gas (LNG) using the existing offshore infrastructure at the Coveñas Maritime Terminal in the department of Sucre, operated by the subsidiary Cenit.  This authorization, together with the results of technical studies conducted by Ecopetrol in conjunction with international experts during 2025, enables the development of a Floating Storage Regasification Unit (FSRU) terminal at the aforementioned terminal.

Liquefied Petroleum Gas (LPG)

During 3Q 2025, the Public Offer of Quantities (OPC) process for LPG was carried out, which allocated volumes to 83 companies for a total of approximately 28,000 tons per month, equivalent to 10.8 mboed. These quantities are expected to be delivered between September 2025 and February 2026, coming from the Cusiana, Cupiagua, and Dina fields, as well as the Cartagena and Barrancabermeja refineries.

Coverage of the electricity demand of the Ecopetrol Group

In 3Q25, the Ecopetrol Group's total electricity demand averaged approximately 23.46 GWh/day, equivalent to 10.6% of the electricity demand of Colombia's National Interconnected System (SIN).  59.3% of total demand for the period was met through self-generation and 40.7% through purchases from the Wholesale Energy Market (MEM). It is important to note that 79.2% of purchases from the MEM corresponded to contracts. Therefore, the Ecopetrol Group's demand was covered 91.57% through self-generation and contracts, minimizing exposure to market prices to 8.43%.

In the same period of 2024, the percentage of energy supplied through self-generation and contracts was 79.92%. The increase in coverage through self-generation and contracts between 2024 and 2025 translates into stability in the cost of energy supply.

Renewable energy

At the end of 3Q25, the La Iguana Solar Farm, a new photovoltaic generation project with an installed capacity of 26 MW, began operations. This initiative is expected to strengthen the competitiveness of the electricity supply for the Barrancabermeja Refinery and nearby production fields, contributing to estimated savings of between 6% and 15% in total energy costs, depending on the level of coverage achieved in 2026, considering both self-generation and supply contracts. Including this addition, the total renewable energy capacity in operation at the Ecopetrol Group increased from 132 MW at the end of 3Q24 to 234 MW in 3Q25.

In 3Q25, the engagement and socialization activities were carried out with the communities involved in the Windpeshi project in La Guajira, in coordination with government entities, local communities, and specialized teams. This has allowed Ecopetrol to enter the territory in an appropriate, agreed-upon, and informed manner, strengthening relationships of trust with the communities and other stakeholders involved in the project.

Regarding the operation of the Brisas, Castilla, San Fernando, and La Cira solar farms, the Cantayús Small Hydroelectric Plant, and the solar farms in the transportation segment, at the end of 3Q25, there has been an accumulated reduction of around 35,700 tCO2e and energy cost savings close to COP 41.7 billion. Such economic savings amount to 104.7 billion, including specific purchases of renewable energy in the network.

Hydrogen

In August 2025, the construction of the Coral project began, which includes a green hydrogen plant with PEM (Proton Exchange Membrane) technology, which is expected to be located at the Cartagena Refinery. This project, which is part of the Ecopetrol Group's strategic hydrogen plan, is also expected be the largest of its kind in Latin America by 2026 and is expected to have a production capacity of 1 KFCD (800 tons/year) and a reduction in emissions of ~7.7 kton CO2e/year.

Energy efficiency

As of 3Q 2025, cumulative energy optimization of 3.52 PJ was achieved (vs. 2025 target of 2.94 PJ), with an estimated impact on emissions reduction of 269,017 tons of CO2e and savings of COP 106.33 billion in Ecopetrol Group operations. Since 2018, the accumulated energy optimization amounts to 23.43 PJ, equivalent to the annual electricity and natural gas consumption of more than 1.1 million Colombian households.

Social Gas

The Ecopetrol Group has connected 29,850 new households in socioeconomic strata 1 and 2 to natural gas service as of 3Q25. Since the start of this initiative in 2019, 105,115 physical connections have been installed in more than 20 departments across the country, providing them with clean energy and transforming their quality of life.

Invercolsa

So far in 2025, in relation with non-bank financing — one of the subsidiaries' growth drivers— loans totaling COP 83.7 billion were made, reaching a cumulative portfolio of COP 98.7 billion at the end of September. This portfolio is distributed among 55,286 clients, with an Overdue Portfolio Index (ICV por its initials in Spanish) > 90 days of 2.12%.

3. ENERGY TRANSMISSION AND TOLL ROADS

3.1  Energy Transmission 

Projects awarded

In Brazil, ISA Energía has been awarded two reinforcements to the transmission network in 3Q 2025; these reinforcements and improvements add up to a capex of USD 5 million (~COP 20 billion). In Colombia, ISA was awarded two expansions of the network.

Entry into operation of projects

In 3Q 2025 the following projects came into operation:

In Colombia:

The Copey–Cuestecitas and Copey–Fundación transmission lines, which cross 15 municipalities in the departments of La Guajira and Cesar. This project increases the installed capacity of the National Transmission System (STN), improves the reliability of the service in La Guajira, Cesar and Magdalena, and facilitates the connection of non-conventional renewable energy projects that are advancing in La Guajira.
The connection of the Guayepo III solar park to the Sabanalarga substation, as well as the connection of the Valledupar I, II and III solar parks in the Caribbean region. These initiatives strengthen the security and reliability of the electricity service by integrating renewable energy into the National Transmission System (STN).

In Brazil:

22 reinforcements and improvements were carried out on the ISA Energía Brasil network, with an estimated investment of USD 98 million (~COP 384 billion).

3.2  Toll Roads

Regarding the Pan-American Highway East in Panama, the project is progressing in its construction phase according to the established work plan. At the same time, work continues for the financial closing, scheduled for December 2025.

In Chile, the Southern Orbital Route is progressing according to schedule and is expected to begin its construction phase in 2028. In turn, on the Maipo Route, the completion of the Free Flow system on the southern access to Santiago is projected for the fourth quarter of 2025, while works related to regulations, comfort, and road safety will conclude in the second quarter of 2027.

Financial Results 

Table 17.  Income Statement – Energy Transmission and Toll Roads

Billion (COP)

3Q 2025

3Q 2024

∆ ($)

∆ (%)

9M 2025

9M 2024

∆ ($)

∆ (%)

Total revenue

4,158

4,396

(238)

(5.4 %)

11,512

11,491

21

0.2 %

Depreciation, amortization and depletion

287

277

10

3.6 %

854

815

39

4.8 %

Fixed costs

1,562

1,358

204

15.0 %

4,602

3,998

604

15.1 %

Total cost of sales

1,849

1,635

214

13.1 %

5,456

4,813

643

13.4 %

Gross income

2,309

2,761

(452)

(16.4 %)

6,056

6,678

(622)

(9.3 %)

Operating expenses

357

201

156

77.6 %

1,176

741

435

58.7 %

 Operating income (loss)

1,952

2,560

(608)

(23.8 %)

4,880

5,937

(1,057)

(17.8 %)

Financial result, net

(804)

(711)

(93)

13.1 %

(2,489)

(2,237)

(252)

11.3 %

Share of profit of companies

125

55

70

127.3 %

411

327

84

25.7 %

Loss before income tax

1,273

1,904

(631)

(33.1 %)

2,802

4,027

(1,225)

(30.4 %)

Provision for income tax

(241)

(510)

269

(52.7 %)

(511)

(787)

276

(35.1 %)

Consolidated net income

1,032

1,394

(362)

(26.0 %)

2,291

3,240

(949)

(29.3 %)

Non-controlling interest

(865)

(1,129)

264

(23.4 %)

(1,914)

(2,556)

642

(25.1 %)

Net income attributable to owners of Ecopetrol

167

265

(98)

(37.0 %)

377

684

(307)

(44.9 %)

EBITDA

2,492

3,023

(531)

(17.6 %)

6,572

7,511

(939)

(12.5 %)

EBITDA Margin

59.9 %

68.8 %

-

(8.9 %)

57.1 %

65.4 %

-

(8.3 %)

In 3Q 2025, service revenues decreased compared to 3Q 2024 due to the favorable effect of the Periodic Tariff Review (RTP) in Brazil, recognized in 2024 in the energy transmission business. This impact was partially offset by: i) the application of contractual escalators in Brazil, Chile, and Colombia, ii) progress in construction projects, iii) higher returns in energy and road concessionaires, iv) the Annual Review Cycle RAP (Receita Anual Permitida) in Brazil, and v) the court ruling in favor of ISA in Brazil related to the Paulista concession.

In turn, revenues for 9M 2025 increased compared to 9M 2024 in the energy transmission and road businesses due to i) the positive effect of contractual escalators in Brazil, Colombia, and Chile, ii) the Annual Review Cycle of RAP (Receita Anual Permitida, or Annual Permitted Revenue) in Brazil, and iii) a court ruling in favor of ISA in Brazil regarding the São Paulo concession. This increase is partially offset by the positive effect of the Periodic Tariff Review (RTP) recognized in 2024 and the negative effect in 2025 on the adjustment of the Basic Network of the Existing System (RBSE) in Brazil.

The cost of sales for 3Q25 and 9M25 increased compared to 3Q24 and 9M24, mainly due to the inflationary effect on OPEX, increased construction activity, and the start-up of new projects.

Operating expenses for 3Q 2025 and 9M 2025 increased compared to 3Q 2024 and 9M 2024 due to greater portfolio impairment during 2025 in the energy transmission business in Colombia, mainly the customer Air-E, and a positive effect in 2024 due to the update of the provision for major maintenance in the energy transmission business in Peru.

Net Financial expenses of 3Q 2025 and 9M 2025 increased compared to 3Q 2024 and 9M 2024 mainly due to higher interest expenses related to increased indebtedness and greater monetary correction of IPCA-indexed debt in ISA Energía Brazil.

III. Corporate Governance and Social Bodies

Board of Directors

During the third quarter, we continued to reaffirm our commitment to best practices in Corporate Governance, highlighting milestones such as the implementation of the Corporate Governance training program for Ecopetrol S.A.'s Board of Directors and Executive Committee in partnership with INALDE Business School. This initiative aims to promote cutting-edge knowledge in governance practices and equip the Board with the necessary tools to fulfill its role as a collegiate body.

In 3Q 2025, Ecopetrol S.A.'s Board of Directors adopted, among others, the following decisions:

Approved Ecopetrol's separate financial statements and the consolidated financial statements of the Ecopetrol Group for the second quarter of 2025.
Made the following appointments:

Sergio Andrés Moreno, confirmed as Corporate Vice President of Science, Technology and Innovation, effective July 28, 2025.
Bayron Triana, confirmed as Executive Vice President of Energy for the Transition, effective August 1, 2025.

In compliance with External Circular 012 of 2022 issued by the Colombian Financial Superintendence, the Company disclosed the following relevant information to the National Registry of Securities and Issuers (RNVE):

On August 19, 2025, it was reported that during the Board meeting held on that date, Dr. Guillermo García Realpe submitted his voluntary resignation as Chairman of the Board for personal reasons. However, he will continue serving as a member of the Board and as Chair of the Compensation, Nomination, and Culture Committee. Consequently, the Board appointed Dr. Mónica de Greiff Lindo as the new Chair and Dr. Angela María Robledo Gómez as Vice Chair, effective August 20, 2025.
On October 15, 2025, it was reported that, through a communication dated October 14, 2025, Dr. Mónica de Greiff Lindo expressed her intention to resign from her position as an independent member of the Board, a resignation that became effective on October 15, 2025. Considering that Dr. De Greiff Lindo served as Chair of the Board, her role will be assumed by the current Vice Chair, Dr. Angela María Robledo Gómez, as provided in the Board's current regulations.

IV. Presentation of Results

On Friday, November 14, 2025, management expects to hold a virtual conference with simultaneous transmission in Spanish and English to present its results. Included below are the times and connection details for participating in the conference:

Conference 14 November 22025
09:00 a.m. Colombian time
09:00 a.m. New York time

To access the webcast, interested parties should use the following link to select the language of the broadcast (Spanish or English):

https://xegmenta.co/ecopetrol/gracias-conferencia-de-resultados-3t-2025/

Once the call broadcast begins, you can ask your questions by accessing the platform.

The announcement of the results, the presentation, the webcast, and the recording of the conference will be available on the Ecopetrol website: www.ecopetrol.com.co.

We recommend checking your browser's access to the webcast in advance and having the latest versions of Internet Explorer, Google Chrome, and/or Mozilla Firefox.

Contact information:

Head of Capital Markets
Carolina Tovar Aragón
Email: [email protected]

Head of Corporate Communications
Marcela Ulloa Beltrán
Email: [email protected]

Ecopetrol Group Appendices 

Table 1: Income Statement - Ecopetrol Group

Billion (COP)

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Revenue

Local

14,590

15,198

(4.0 %)

44,158

46,372

(4.8 %)

Export

15,250

19,409

(21.4 %)

46,717

52,164

(10.4 %)

Total revenue

29,840

34,607

(13.8 %)

90,875

98,536

(7.8 %)

Cost of sales

Depreciation, amortization and depletion

3,954

3,811

3.8 %

12,042

10,857

10.9 %

Variable depreciation, amortization and depletion

2,697

2,637

2.3 %

8,270

7,280

13.6 %

Fixed cost depreciation

1,257

1,174

7.1 %

3,772

3,577

5.5 %

Variable costs

10,509

13,611

(22.8 %)

33,812

36,452

(7.2 %)

Imported products

4,449

5,517

(19.4 %)

15,296

14,819

3.2 %

Local purchases

4,457

5,781

(22.9 %)

13,594

16,699

(18.6 %)

Hydrocarbon transportation services

488

426

14.6 %

1,405

1,261

11.4 %

Inventories and others

1,115

1,887

(40.9 %)

3,517

3,673

(4.2 %)

Fixed costs

5,407

5,222

3.5 %

15,882

14,978

6.0 %

Contracted services

1,256

1,274

(1.4 %)

3,559

3,658

(2.7 %)

Construction services

987

824

19.8 %

2,779

2,411

15.3 %

Maintenance

1,266

1,421

(10.9 %)

3,748

3,653

2.6 %

Labor costs

1,112

1,070

3.9 %

3,299

3,209

2.8 %

Other

786

633

24.2 %

2,497

2,047

22.0 %

Total cost of sales

19,870

22,644

(12.3 %)

61,736

62,287

(0.9 %)

Gross income

9,970

11,963

(16.7 %)

29,139

36,249

(19.6 %)

Operating expenses

2,635

2,657

(0.8 %)

7,787

7,606

2.4 %

Administration expenses

2,452

2,226

10.2 %

7,220

6,350

13.7 %

Exploration and projects expenses

183

431

(57.5 %)

567

1,256

(54.9 %)

Operating income

7,335

9,306

(21.2 %)

21,352

28,643

(25.5 %)

Finance result, net

(2,046)

(2,051)

(0.2 %)

(6,549)

(6,143)

6.6 %

Foreign exchange, net

(17)

(11)

54.5 %

147

34

332.4 %

Interest, net

(1,677)

(1,398)

20.0 %

(4,802)

(4,112)

16.8 %

Financial income/loss

(352)

(642)

(45.2 %)

(1,894)

(2,065)

(8.3 %)

Share of profit of companies

187

116

61.2 %

585

502

16.5 %

Income before income tax

5,476

7,371

(25.7 %)

15,388

23,002

(33.1 %)

Income tax

(1,710)

(2,264)

(24.5 %)

(4,933)

(8,418)

(41.4 %)

Net income consolidated

3,766

5,107

(26.3 %)

10,455

14,584

(28.3 %)

Non-controlling interest

(1,203)

(1,458)

(17.5 %)

(2,953)

(3,547)

(16.7 %)

Net income attributable to owners of Ecopetrol

2,563

3,649

(29.8 %)

7,502

11,037

(32.0 %)

EBITDA

12,326

13,976

(11.8 %)

36,720

42,266

(13.1 %)

EBITDA margin

41.3 %

40.4 %

0.9 %

40.4 %

42.9 %

(2.5 %)

Table 2: Statement of Financial Position / Balance Sheet - Ecopetrol Group

Billion (COP)

September 30, 2025

June 30, 2025

∆ (%)

Current assets

Cash and cash equivalents

10,364

10,118

2.4 %

Trade and other receivables

14,286

13,797

3.5 %

Inventories

10,539

10,398

1.4 %

Current tax assets

17,185

16,927

1.5 %

Other financial assets

3,370

4,222

(20.2 %)

Other assets

4,019

3,694

8.8 %

59,763

59,156

1.0 %

Non-current assets held for sale

7

14

(50.0 %)

Total current assets

59,770

59,170

1.0 %

Non-current assets

Investments in associates and joint ventures

8,424

8,913

(5.5 %)

Trade and other receivables

35,021

34,566

1.3 %

Property, plant and equipment

104,148

104,913

(0.7 %)

Natural and environmental resources

47,028

46,889

0.3 %

Assets by right of use

979

984

(0.5 %)

Intangibles

14,494

15,130

(4.2 %)

Deferred tax assets

12,305

13,826

(11.0 %)

Other financial assets

3,327

3,700

(10.1 %)

Goodwill and Other assets

6,376

6,519

(2.2 %)

Total non-current assets

232,102

235,440

(1.4 %)

Total assets

291,872

294,610

(0.9 %)

Current liabilities

Loans and borrowings

12,455

15,640

(20.4 %)

Trade and other payables

18,256

17,624

3.6 %

Provision for employees benefits

3,163

2,988

5.9 %

Current tax liabilities

2,783

1,938

43.6 %

Accrued liabilities and provisions

1,289

1,408

(8.5 %)

Other liabilities

1,164

1,091

6.7 %

Total current liabilities

39,110

40,689

(3.9 %)

Non-current liabilities

Loans and borrowings

101,815

104,619

(2.7 %)

Trade and other payables

22

22

0.0 %

Provision for employees benefits

14,322

14,361

(0.3 %)

Non-current taxes

14,284

14,246

0.3 %

Accrued liabilities and provisions

13,550

13,140

3.1 %

Other liabilities

1,759

1,952

(9.9 %)

Total non-current liabilities

145,752

148,340

(1.7 %)

Total liabilities

184,862

189,029

(2.2 %)

Equity

Equity attributable to owners of the company

80,714

79,225

1.9 %

Non-controlling interests

26,296

26,356

(0.2 %)

Total equity

107,010

105,581

1.4 %

Total liabilities and equity

291,872

294,610

(0.9 %)

Table 3: Cash Flow Statement - Ecopetrol Group

Billion (COP)

3Q 2025

3Q 2024

9M 2025

9M 2024

Cash flow provided by operating activities

Net income attributable to owners of Ecopetrol S.A.

2,563

3,649

7,502

11,037

Adjustments to reconcile net income to cash provided by operating activities

Non-controlling interests

1,203

1,458

2,953

3,547

Income tax

1,710

2,264

4,933

8,418

Depreciation, depletion and amortization

4,070

4,004

12,454

11,291

Foreign exchange (gain) loss

17

11

(147)

(34)

Finance costs recognized in profit or loss

2,541

2,396

7,768

7,158

Dry wells

126

342

394

947

Loss (gain) on disposal of non-current assets

(5)

11

2

26

Impairment of current and non-current assets

71

117

265

164

Fair value (gain) on financial assets valuation

(636)

(1,164)

(1,423)

(1,270)

Gain on financial derivatives

(6)

(45)

(3)

(46)

Gain on assets for sale

2

6

3

22

(Gain) loss on share of profit of associates and joint ventures

(187)

(116)

(585)

(502)

Exchange difference on export hedges and ineffectiveness

(28)

69

97

29

Provisions and contingencies

233

(30)

478

211

Others minor items

12

2

14

0

Net changes in operating assets and liabilities

(1,199)

1,024

(1,946)

3,274

Income tax paid

(1,609)

(1,533)

(7,712)

(8,723)

Cash provided by operating activities

8,878

12,465

25,047

35,549

Cash flows from investing activities

Investment in joint ventures

1

0

0

(12)

Acquisition of subsidiaries, net of cash acquired

(65)

(159)

(65)

(158)

Investment in property, plant and equipment

(2,408)

(2,153)

(6,216)

(5,892)

Investment in natural and environmental resources

(2,547)

(2,776)

(7,510)

(7,549)

Payments for intangibles

(118)

(228)

(337)

(618)

Consideration paid for acquisition of assets

0

0

(1,109)

0

(Purchases) sales of other financial assets

1,249

(2,552)

(1,009)

(3,237)

Interest received

293

432

945

1,215

Dividends received

433

30

554

243

Proceeds from sales of assets

35

134

68

201

Net cash used in investing activities

(3,127)

(7,272)

(14,679)

(15,807)

Cash flows from financing activities

Proceeds (repayment of) from borrowings

(2,214)

37

4,440

1,975

Interest paid

(2,500)

(2,049)

(6,432)

(5,620)

Lease Payments

(144)

(138)

(435)

(420)

Return of capital

0

(6)

0

(21)

Dividends paid

(329)

(2,741)

(11,024)

(14,933)

Net cash used in financing activities

(5,187)

(4,897)

(13,451)

(19,019)

Exchange difference in cash and cash equivalents

(318)

566

(607)

1,040

Net (decrease) increase in cash and cash equivalents

246

862

(3,690)

1,763

Cash and cash equivalents at the beginning of the period

10,118

13,237

14,054

12,336

Cash and cash equivalents at the end of the period

10,364

14,099

10,364

14,099

Table 4: EBITDA Reconciliation - Ecopetrol Group

Billion (COP)

3Q 2025

3Q 2024

9M 2025

9M 2024

Net income attributable to the owners of Ecopetrol

2,563

3,649

7,502

11,037

(+) Depreciation, amortization and depletion

4,070

4,004

12,454

11,291

(+/-) Impairment of long-term assets

0

1

3

9

(+/-) Financial result, net

2,046

2,051

6,549

6,143

(+) Income tax

1,710

2,264

4,933

8,418

(+) Taxes and others

734

549

2,326

1,821

(+/-) Non-controlling interest

1,203

1,458

2,953

3,547

Consolidated EBITDA

12,326

13,976

36,720

42,266

Table 5: EBITDA Consolidation by Segment (3Q 2025)

Billion (COP)

Upstream

Downstream

Midstream

Energy

Eliminations

Consolidated

Net income attributable to the owners of Ecopetrol

1,393

(178)

1,182

167

(1)

2,563

(+) Depreciation, amortization and depletion

2,863

514

333

361

(1)

4,070

(+/-) Financial result, net

949

230

52

804

11

2,046

(+) Income tax

674

(92)

887

241

0

1,710

(+) Other taxes

383

253

40

54

4

734

(+/-) Non-controlling interest

(20)

56

302

865

0

1,203

Consolidated EBITDA

6,242

783

2,796

2,492

13

12,326

Table 6: Investment by Segment - Ecopetrol Group

Million (USD)

Ecopetrol S.A.

Affiliates and Subsidiaries

Total 9M 2025

% Share

Hydrocarbons

1,980

1,074

3,054

73 %

Production

1,572

799

2,371

56.7 %

Downstream

165

76

241

5.8 %

Exploration

201

34

235

5.6 %

Midstream*

0

165

165

4.0 %

Corporate

42

0

42

1.0 %

Energies for the Transition**

52

6

58

1.4 %

Energy Transmission and Toll Roads

0

1,067

1,067

25.6 %

Energy Transmission

0

971

971

23.2 %

Toll Roads

0

82

82

2.0 %

Telecommunications

0

14

14

0.3 %

Total

2,032

2,147

4,179

100.0 %

* Includes the total investment amount for each Ecopetrol Group company (Ecopetrol S.A. share and non-controlling interest).
** Includes only the total of organic investments.

Ecopetrol S.A. Appendices
Following are the Income Statement and Statement of Financial Position of Ecopetrol S.A.

Table 7: Income Statement

Billion (COP)

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Local

13,888

15,029

(7.6 %)

42,402

46,733

(9.3 %)

Exports

9,633

11,165

(13.7 %)

29,384

32,188

(8.7 %)

Total revenue

23,521

26,194

(10.2 %)

71,786

78,921

(9.0 %)

Variable costs

15,939

16,968

(6.1 %)

48,474

49,565

(2.2 %)

Fixed costs

3,836

4,053

(5.4 %)

11,549

11,827

(2.4 %)

Total cost of sales

19,775

21,021

(5.9 %)

60,023

61,392

(2.2 %)

Gross income

3,746

5,173

(27.6 %)

11,763

17,529

(32.9 %)

Operating expenses

1,371

1,034

32.6 %

3,940

3,362

17.2 %

Operating income

2,375

4,139

(42.6 %)

7,823

14,167

(44.8 %)

Financial income/loss

(1,470)

(1,628)

(9.7 %)

(4,610)

(4,625)

(0.3 %)

Share of profit of companies

1,972

1,889

4.4 %

5,446

5,917

(8.0 %)

Income before income tax

2,877

4,400

(34.6 %)

8,659

15,459

(44.0 %)

Income tax

(314)

(751)

(58.2 %)

(1,157)

(4,422)

(73.8 %)

Net income attributable to owners of Ecopetrol

2,563

3,649

(29.8 %)

7,502

11,037

(32.0 %)

EBITDA

5,097

6,403

(20.4 %)

15,443

20,712

(25.4 %)

EBITDA margin

21.7 %

24.40 %

(2.7 %)

21.50 %

26.20 %

(4.7 %)

Table 8: Statement of Financial Position / Balance Sheet 

Billion (COP)

September 30, 2025

June 30, 2025

∆ (%)

Current assets

Cash and cash equivalents

2,822

3,866

(27.0 %)

Trade and other receivables

10,444

11,162

(6.4 %)

Inventories

7,257

6,978

4.0 %

Current tax assets

13,555

13,419

1.0 %

Other financial assets

4,068

4,666

(12.8 %)

Other assets

1,782

1,762

1.1 %

39,928

41,853

(4.6 %)

Non-current assets held for sale

7

11

(36.4 %)

Total current assets

39,935

41,864

(4.6 %)

Non-current assets

Investments in associates and joint ventures

86,398

86,169

0.3 %

Trade and other receivables

656

623

5.3 %

Property, plant and equipment

38,913

38,260

1.7 %

Natural and environmental resources

28,579

28,315

0.9 %

Assets by right of use

2,437

2,523

(3.4 %)

Intangibles

527

547

(3.7 %)

Deferred tax assets

5,547

7,082

(21.7 %)

Other financial assets

1,883

2,263

(16.8 %)

Goodwill and other assets

1,133

1,207

(6.1 %)

Total non-current assets

166,073

166,989

(0.5 %)

Total assets

206,008

208,853

(1.4 %)

Current liabilities

Loans and borrowings

10,024

12,543

(20.1 %)

Trade and other payables

15,205

15,086

0.8 %

Provision for employees benefits

2,782

2,677

3.9 %

Current tax liabilities

1,443

874

65.1 %

Accrued liabilities and provisions

848

950

(10.7 %)

Other liabilities

454

458

(0.9 %)

Total current liabilities

30,756

32,588

(5.6 %)

Non-current liabilities

Loans and borrowings

68,973

71,762

(3.9 %)

Provision for employees benefits

13,877

13,892

(0.1 %)

Non-current tax liabilities

549

560

(2.0 %)

Accrued liabilities and provisions

10,863

10,547

3.0 %

Other liabilities

276

279

(1.1 %)

Total non-current liabilities

94,538

97,040

(2.6 %)

Total liabilities

125,294

129,628

(3.3 %)

Equity

Equity attributable to owners of the company

80,714

79,225

1.9 %

Total equity

80,714

79,225

1.9 %

Total liabilities and equity

206,008

208,853

(1.4 %)

Table 9: Export Destinations - Ecopetrol Group

Crudes - mboed

3Q 2025

3Q 2024

% Share

9M 2025

9M 2024

% Share

U.S. Gulf Coast

154.4

212.6

38.3 %

172.3

188.5

40.8 %

Asia

177.7

218.8

44.1 %

186.1

224.2

44.1 %

Central America / Caribbean

3.2

0.0

0.8 %

2.9

1.8

0.7 %

Others

13.3

7.7

3.3 %

4.5

8.0

1.1 %

Europe

20.0

21.5

5.0 %

24.6

10.3

5.8 %

U.S. West Coast

8.9

8.0

2.2 %

15.8

2.7

3.7 %

South America

0.0

3.9

0.0 %

0.0

2.6

0.0 %

U.S. East Coast

25.6

5.3

6.4 %

15.7

1.8

3.7 %

Total

403.1

477.7

100.0 %

421.9

440.0

100.0 %

Products - mboed

3Q 2025

3Q 2024

% Share

9M 2025

9M 2024

% Share

Central America / Caribbean

30.2

23.8

25.8 %

28.3

35.1

25.8 %

U.S. Gulf Coast

39.2

44.8

33.5 %

40.0

41.0

36.4 %

Asia

7.8

15.4

6.7 %

8.6

15.7

7.8 %

South America

10.4

10.8

8.9 %

9.8

7.1

8.9 %

U.S. East Coast

8.7

25.4

7.4 %

11.0

8.5

10.1 %

Europe

2.0

3.5

1.7 %

4.8

3.0

4.4 %

U.S. West Coast

0.0

0.0

0.0 %

0.0

0.0

0.0 %

Others

18.8

0.1

16.1 %

7.3

0.3

6.6 %

Total

117.1

123.8

100.0 %

109.9

110.7

100.0 %

Note: The information is subject to modification after the quarter's close, as certain destinations may be reclassified based on the final export results.

Table 10: Local Purchases and Imports - Ecopetrol Group

Local Purchases - mboed

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Crude Oil

188.4

218.4

(13.7 %)

186.4

213.5

(12.7 %)

Gas

4.8

6.6

(27.3 %)

4.1

6.6

(37.9 %)

Products

3.3

3.2

3.1 %

3.2

3.3

(3.0 %)

Total

196.5

228.3

(13.9 %)

193.7

223.4

(13.3 %)

Imports - mboed

3Q 2025

3Q 2024

∆ (%)

9M 2025

9M 2024

∆ (%)

Crude Oil

57.9

46.1

25.6 %

63.0

49.1

28.3 %

Products

73.9

92.7

(20.3 %)

82.6

74.6

10.7 %

Diluent

33.0

34.7

(4.9 %)

32.9

31.1

5.8 %

Total

164.8

173.5

(5.0 %)

178.5

154.8

15.3 %

Total

361.3

401.8

(10.1 %)

372.2

378.2

(1.6 %)

Table 11: Details of Exploratory Wells - Ecopetrol Group

#

Quarter

Name

Initial Well Classification (Lahee)

Block

Basin

Operator/Partner

Status

TD Date

1

First

Toritos Oeste-1

A1

LLA123

Llanos Central

Geopark 50%(operator) -Hocol 50%

Under evaluation

February 10/2025

2

First

Currucutu-1

A3

LLA123

Llanos Central

Geopark 50%(operator) -Hocol 50%

Successful

April 4/2025

3

First

Sirius-2 ST2

A1

Gua Off-0

Caribe Offshore

Petrobras 44.44% (operator) - Ecopetrol 55.56%

Successful

January 7/2025

4

First

Andina Este-1

A3

Capachos

Piedemonte

Parex 50% (operator) - Ecopetrol 50%

Dry

February 4/2025

5

Second

Buena Suerte-1

A3

Gua Off-0

Caribe Offshore

Petrobras 44.44% (operator) - Ecopetrol 55.56%

Dry

June 3/2025

6

Second

Toritos Sur-3

A1

LLA123

Llanos Central

Geopark 50% (Operador) - Hocol 50%

Successful

April 19, 2025

7

Third

Matraquero-1

A3

LLA123

Llanos Central

Geopark 50% (Operador) - Hocol 50%

Under evaluation

August 18/2025

8

Third

Toritos Norte-3

A1

LLA123

Llanos Central

Geopark 50% (Operador) - Hocol 50%

Under evaluation

September 1, 2025

Wells drilled in Join Ventures

1

Third

Guarilaque West-1

C2c

Orocue 

Llanos Central

Perenco 100% (Operator)

Dry

March 12, 2025

2

Third

Cosecha G-NE-1

A1

Cosecha

Llanos Central

Sierracol 100% (Operator)

Successful

May 4, 2025

Table 12: HSE Performance (Health, Safety and Environment)

HSE Indicators*

3Q 2025

3Q 2024

9M 2025

9M 2024

Frequency of total registrable injuries (No. Recordable cases / Million man hours)

0.24

0.49

0.27

0.29

Environmental incidents**

0

2

2

2

 * The results of the indicators are subject to change after the end of the quarter due to the fact that some of the accidents and incidents are reclassified according to the results of the investigations.   **Environmental incidents are those hydrocarbon spills greater than 1 barrel, with environmental impact.

1 Not including gas investments and energy efficiency projects.
2 Increased water production in 3Q 2025 vs 3Q 2024 in fields directly operated by Ecopetrol S.A.

SOURCE Ecopetrol S.A.

Virgin Galactic Holdings, Inc. (SPCE) Q3 2025 Earnings Call November 13, 2025 5:00 PM EST

Company Participants

Eric Cerny - Vice President of Investor Relations
Michael Colglazier - CEO, President & Director
Douglas Ahrens - Executive VP, CFO & Treasurer

Conference Call Participants

Greg Konrad - Jefferies LLC, Research Division
Oliver Chen - TD Cowen, Research Division
Michael Leshock - KeyBanc Capital Markets Inc., Research Division
Louis Raffetto - Wolfe Research, LLC

Presentation

Operator

Good afternoon. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic's Third Quarter 2025 Earnings Conference Call. [Operator Instructions]

I will now turn the call over to Eric Cerny, Vice President of Investor Relations. You may begin.

Eric Cerny
Vice President of Investor Relations

Thank you. Good afternoon, everyone. Welcome to Virgin Galactic's Third Quarter 2025 Earnings Conference Call. On the call with me today are Michael Colglazier, Chief Executive Officer; and Doug Ahrens, Chief Financial Officer.

Following our prepared remarks, we'll open the call for questions. Our press release and slide presentation that will accompany today's remarks are available on our Investor Relations website. Please see Slide 2 of the presentation for our safe harbor disclaimer.

During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the risk factors in the company's SEC filings made from time to time. You are cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call, whether as a result of new information, future

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Jefferson Capital, Inc. ( JCAP ) Q3 2025 Earnings Call November 13, 2025 5:00 PM EST Company Participants David Burton - President, CEO & Director Christo Realov - CFO & Treasurer Conference Call Participants John Hecht - Jefferies LLC, Research Division Mark Hughes - Truist Securities, Inc., Research Division Bose George - Keefe, Bruyette, & Woods, Inc., Research Division David Scharf - Citizens JMP Securities, LLC, Research Division Robert Dodd - Raymond James & Associates, Inc., Research Division Presentation Operator Good afternoon, and welcome to the Jefferson Capital's Third Quarter 2025 Conference Call. With us today are David Burton, Founder and Chief Executive Officer; and Christo Realov, Chief Financial Officer.

November 13, 2025 9:20 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 13, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Cytokinetics, Inc. (NASDAQ: CYTK) between December 27, 2023 and May 6, 2025, both dates inclusive (the "Class Period"), of the important November 17, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Cytokinetics common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Cytokinetics class action, go to https://rosenlegal.com/submit-form/?case_id=45298 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 17, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements regarding the timeline for the New Drug Application ("NDA") submission and approval process for aficamten. Specifically, defendants represented that Cytokinetics expected approval from the U.S. Food and Drug Administration ("FDA") for its NDA for aficamten in the second half of 2025, based on a September 26, 2025 Prescription Drug User Fee Act ("PDUFA") date, and failed to disclose material risks related to Cytokinetics' failure to submit a Risk Evaluation and Mitigation Strategy ("REMS") that could delay the regulatory process. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Cytokinetics class action, go to https://rosenlegal.com/submit-form/?case_id=45298 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274453

Aytu BioPharma, Inc. (AYTU) Q1 2026 Earnings Call November 13, 2025 4:30 PM EST

Company Participants

Joshua Disbrow - CEO & Director
Ryan J. Selhorn - CFO, Corporate Secretary & Treasurer

Conference Call Participants

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Thomas Flaten - Lake Street Capital Markets, LLC, Research Division
Nazibur Rahman - Maxim Group LLC, Research Division
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Presentation

Operator

Greetings. Welcome to the Aytu BioPharma Fiscal 2026 Q1 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Robert Blum with Investor Relations. You may begin.

Robert Blum
Lytham Partners, LLC

All right. Thank you very much, and good afternoon, everyone. As the operator indicated during today's call, we will be discussing Aytu Biopharma's fiscal 2026 first quarter operational and financial results for the period ended September 30, 2025.

Joining us on today's call is Aytu's Chief Executive Officer, Josh Disbrow; and Ryan Selhorn, the company's Chief Financial Officer. At the conclusion of today's prepared remarks, we'll open the call for a question-and-answer session.

I'd like to remind everyone that today's call is being recorded. A replay of today's call will be available by using the telephone numbers and conference ID provided in the press release issued earlier today or by utilizing the link on the company's website under Events and Presentations.

Finally, I'd also like to call to your attention the customary safe harbor disclosure regarding forward-looking information. The conference call today will contain certain forward-looking statements, including statements regarding the goals, strategies, beliefs, expectations and future potential operating results of Aytu Biopharma. Although management believes these statements are reasonable based on estimates, assumptions and projections as of today, these statements are not guarantees of future performance. Time-sensitive information may no longer be accurate at the time of any telephonic

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Good afternoon, and welcome to the Trevi Therapeutics Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

Various remarks that management makes during this conference call about the company's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of the company's most recent quarterly report on Form 10-K, which the company filed with the SEC this afternoon.

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November 13, 2025 9:26 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 13, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Molina Healthcare, Inc. (NYSE: MOH) between February 5, 2025 and July 23, 2025, both dates inclusive (the "Class Period"), of the important December 2, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Molina securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Molina class action, go to https://rosenlegal.com/submit-form/?case_id=45913 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 2, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period failed to disclose to investors: (1) material, adverse facts concerning Molina's "medical cost trend assumptions;" (2) that Molina was experiencing a "dislocation between premium rates and medical cost trend;" (3) that Molina's near term growth was dependent on a lack of "utilization of behavioral health, pharmacy, and inpatient and outpatient services;" (4) as a result of the foregoing, Molina's financial guidance for fiscal year 2025 was substantially likely to be cut; and (5) as a result of the foregoing, defendants' positive statements about Molina's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274411

Q3: 2025-11-12 Earnings SummaryEPS of -$0.40 beats by $0.72

 |

Revenue of

$0.00

beats by $0.00

Tenax Therapeutics, Inc. (TENX) Discusses Scientific Rationale and Development Strategy for TNX-103 in PH-HFpEF November 13, 2025 4:30 PM EST

Company Participants

Christopher Giordano - CEO, President & Director
Stuart Rich - Chief Medical Officer & Director
Sanjiv Shah
Barry Borlaug

Conference Call Participants

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Yasmeen Rahimi - Piper Sandler & Co., Research Division
Matthew Phipps - William Blair & Company L.L.C., Research Division

Presentation

Operator

Good afternoon, and welcome to the Tenax Therapeutics Virtual KOL Call. [Operator Instructions] Please note, today's call is being recorded. I'd now like to turn the call over to Chris Giordano, President and CEO of Tenax Therapeutics. Please go ahead.

Christopher Giordano
CEO, President & Director

Thank you, Betsy, and welcome, everyone, to an in-depth discussion of the science behind Tenax's ongoing development program in PH-HFpEF. We're developing TNX-103, an oral formulation of levosimendan, which we believe has the potential to be a first-in-class treatment for PH-HFpEF. TNX-103 is currently in late-stage development in the Phase III level study with top line data expected in the second half of 2026 and also LEVEL-2, a global Phase III study on track to initiate this year.

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1. Gaurang Shah appointed Vice President and General Manager of Embedded Processing

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In conjunction with this leadership change, Renesas’ Connectivity Solutions team will transition from the Analog & Connectivity Product Group to the Embedded Processing Product Group and will report to Shah. This integration reflects Renesas’ commitment to delivering more cohesive embedded processing and connectivity offerings for its customers.

Shah, who most recently served as Vice President and Chief of Staff of the Power Product Group, will oversee the strategic direction for Renesas’ standard catalog of embedded processing and connectivity products, driving enhanced solutions and faster, more efficient execution.

2. Peter Jenkins appointed Vice President and General Manager of Analog & Mixed Signal

Following the transfer of the Connectivity Solutions team, the Analog & Connectivity Product Group will be renamed the Analog & Mixed Signal Product Group.

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Effective January 1, 2026, Stephen Limoges has been appointed Vice President and CSO.

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Limoges succeeds Yuya Hasegawa, who will step down from his role as Senior Vice President and CSO on December 31, 2025. Since joining in 2020 as VP of Japan Sales, Hasegawa expanded his scope to Global Regional Sales, contributing to the expansion of Renesas’ global presence and execution of its go-to-market strategy.

4. Ivo Marocco appointed Vice President and Head of UX

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Concurrently, Ivo Marocco, currently Vice President of Solutions of the Strategic Initiatives and UX Group, will assume expanded responsibilities as Vice President and Head of UX, effective January 1, 2026.

Marocco will strengthen Renesas’ ability to engage with customers early, facilitate the adoption of multiple technologies, strengthen Renesas’ product roadmap and drive revenue through high-impact solutions.

He succeeds Julie Pope, Senior Vice President and Head of Strategic Initiatives and UX, who will step down from her role effective December 31, 2025. Prior to leading Strategic Initiatives and UX, Pope served as Chief Human Resources Officer, where she reorganized the HR and General Affairs structure, established a foundation for globalizing systems and programs, and led the company’s cultural transformation.

5. Additional leadership transition

Shinichi Yoshioka, Vice President of Engineering and Co-Chief Technology Officer (CTO), will leave the company at the end of December 2025. Additionally, Balaji Kanigicherla will assume full responsibility as Vice President, Head of Engineering and CTO, effective January 1, 2026, and will join the Enterprise Leadership Team.

Over his nearly 40-year tenure, Yoshioka has provided leadership across the automotive and mobile business units as well as the engineering organization. His deep technological expertise and industry insight have been instrumental in advancing Renesas’ innovations and global competitiveness.

Davin Lee, Yuya Hasegawa, and Julie Pope will remain at the company for a defined period to support the transition, working closely with the newly appointed leaders. Renesas greatly appreciates Davin Lee, Yuya Hasegawa, Julie Pope and Shinichi Yoshioka’s dedicated service and leadership during a period of transformation, helping the company advance as a global player in the semiconductor industry.

See the attachment for the biography of the newly appointed enterprise leadership members.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, X, YouTube and Instagram.

Biography of the Newly Appointed Enterprise Leadership Members

Gaurang Shah

Gaurang Shah currently serves as Vice President and Chief of Staff of the Power Product Group at Renesas Electronics Corporation. He brings over 30 years of experience in analog, power, and mixed-signal technologies, spanning product design, engineering, and executive management.

Prior to joining Renesas in 2024, Shah held senior leadership roles at Infineon Technologies as Senior Vice President of R&D and at GaN Systems as Chief Product Officer, where he led global product strategy and execution.

Earlier in his career, he co-founded Nebula Microsystems and served as its CEO, delivering high-performance power products across diverse markets. He also held an executive role at Fairchild Semiconductor, where he led the power IC business and drove strategic growth initiatives to strengthen market leadership.

Shah began his career as an analog design engineer at Sun Microsystems, Cypress Semiconductor and Maxim Integrated, later spending a decade at Texas Instruments, where he led the Battery Management and Audio and Imaging business units. At Texas Instruments, he played a pivotal role in establishing the company’s wide-bandgap high-voltage power (GaN) business.

Shah holds a Master’s degree in Electrical Engineering from Cornell University and a Bachelor’s degree in Electrical Engineering from Michigan Technological University.

Peter Jenkins

Peter Jenkins currently serves as Vice President of the Standard Products Division within the Analog & Connectivity Product Group at Renesas Electronics Corporation.

He joined Renesas in 2019 through the acquisition of Integrated Device Technology (IDT) as Director of Applications Engineering for the Timing Division within the current Analog & Connectivity Product Group and has since played a key role in leading product development, applications engineering, and customer engagement for the company’s standard products portfolio.

With more than 20 years of semiconductor industry experience, Jenkins has held multiple leadership roles in engineering and marketing at IDT and Integrated Circuit Systems, focusing on analog and mixed-signal technologies for communications and industrial applications.

His earlier experience includes product development and applications engineering, which provided a strong technical foundation and customer-focused leadership.

Jenkins holds a Master of Science degree in Electrical Engineering from Arizona State University and a Bachelor of Science degree in Electrical Engineering from Kettering University.

Stephen Limoges

Stephen Limoges currently serves as Vice President of Centralized Sales, Global Strategy and Execution of the Sales Group at Renesas Electronics Corporation. In this role, he leads the development and implementation of global sales strategies, aligning regional operations to drive consistent customer engagement and business growth across Renesas’ worldwide markets.

He joined Renesas in 2019 through the acquisition of Integrated Device Technology (IDT), where he held key leadership roles in sales and marketing strategy.

Prior to IDT, Limoges spent more than a decade at Texas Instruments, leading marketing and field applications initiatives teams across the automotive and industrial sectors, helping expand its presence in these high-growth markets.

He began his career as a hardware design engineer at Xcerra, where he built a strong technical foundation that continues to guide his customer- and solution-oriented leadership approach.

Limoges holds a Bachelor of Science degree in Electrical Engineering from Northeastern University.

Ivo Marocco

Ivo Marocco currently serves as Vice President of Solutions within the Strategic Initiatives & UX Group at Renesas Electronics Corporation. Prior to this role, he led the Worldwide Business Development, Systems and Solution Marketing team for the Power Product Group.

He joined Renesas in 2022 as Vice President of Marketing and Business Strategy for the High Performance Computing Product Group, focusing on system solutions and marketing for the automotive analog and power business.

Marocco began his career at Infineon Technologies as an analog and mixed-signal design engineer and later held several leadership positions at Texas Instruments, where he led global business development for battery management and EV/HEV systems, driving growth and partnerships with leading automotive OEMs.

Before joining Renesas, he served as Senior Director of Automotive Software at Analog Devices, where he headed software solutions development for automotive infotainment and connectivity solutions.

Marocco holds a Master’s degree in Electronic Engineering from Politecnico di Bari in Italy and also studied at Universität des Saarlandes in Germany.

Balaji Kanigicherla

Balaji Kanigicherla currently serves as Vice President, Head of Engineering, and Co-Chief Technology Officer at Renesas Electronics Corporation. He brings about 30 years of experience in semiconductor product architectures, chip development, and business management across PC, data center, automotive, embedded systems, IoT, smartphone, graphics, networking, and communications.

Before joining Renesas in 2022, he held leadership roles at Intel Corporation as Corporate Vice President and General Manager and at INEDA Systems as Founder and CEO, where he led the development of innovative semiconductor solutions and multiple industry-first product architectures. Earlier, he held senior engineering positions at AMD, Conexant Systems, Ikanos Communications, Velio Communications, and Intel.

Kanigicherla holds 17 U.S. patents in IP, SoC, and system architectures and has a strong record of building high-performance engineering teams, delivering innovative solutions, and securing design wins with top-tier customers.

He earned a Master of Science degree in Electrical Engineering from Arizona State University.

TMC the metals company Inc. (TMC) Q3 2025 Earnings Call November 13, 2025 4:30 PM EST

Company Participants

Craig Shesky - Chief Financial Officer
Gerard Barron - CEO & Chairman of the Board

Conference Call Participants

Dmitry Silversteyn - Water Tower Research LLC

Presentation

Operator

Thank you for standing by, and welcome to The Metals Company's Third Quarter 2025 Earnings Conference Call. [Operator Instructions]

I would now like to hand the call over to Craig Shesky, CFO. Please go ahead.

Craig Shesky
Chief Financial Officer

Thank you very much. Please note that during this call, certain statements made by the company will be forward-looking and based on management's beliefs and assumptions from information available at this time. These statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Additionally, please note that the company's actual results may differ materially from those anticipated and except as required by law, we undertake no obligation to update any forward-looking statement.

Our remarks today may also include non-GAAP financial measures, including with respect to free cash flows and additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures can be found in our slide deck being used with this call. And as always, you're welcome to follow along with our slide deck or if joining by phone, you can access it at any time at investors.metals.co.

And I'll now turn the conference call over to our Chairman and CEO, Gerard Barron.

Gerard Barron
CEO & Chairman of the Board

Thanks, Craig, and thanks to everyone for joining this call today. I also like to start our quarterly calls with a small bit of reflection. After so much news this year, it's hard to believe that it's just over 7 months since we announced

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Coca-Cola 

KO is a a member of not only the elite Dividend Aristocrats group, but the Dividend Kings group as well, further underpinning its dividend reliability. As shown below, the company has rewarded its shareholders handsomely for years.

Shares currently yield a solid 2.8% annually, with the company sporting a 4.8% five-year annualized dividend growth rate. 

Image Source: Zacks Investment Research

Caterpillar

Caterpillar is the world’s largest construction equipment manufacturer. We see its iconic yellow machines at nearly every construction site.

CAT shares currently yield 1.0% annually, undoubtedly on the lower side of things. But while the current yield may be on the lower end, Caterpillar’s 8.2% five-year annualized dividend growth rate picks up the slack.

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McDonald’s

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Below is a chart illustrating the company’s dividends paid on an annual basis.

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Bottom Line

Everybody loves dividends, essentially investors’ form of payday. They can help limit drawdowns in other positions and provide a passive income stream, two key traits that all market participants enjoy.

And for those seeking companies with a consistent history of steady payouts, all three above – Coca-Cola (KO - Free Report) , Caterpillar (CAT - Free Report) , and McDonald’s (MCD - Free Report) – fit the criteria.

November 13, 2025 8:13 PM EST | Source: Faruqi & Faruqi LLP
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Cytokinetics To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Cytokinetics between December 27, 2023 and May 6, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

New York, New York--(Newsfile Corp. - November 13, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Cytokinetics, Incorporated ("Cytokinetics" or the "Company") (NASDAQ: CYTK) and reminds investors of the November 17, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

According to the complaint, defendants made materially false and misleading statements regarding the timeline for the New Drug Application ("NDA") submission and approval process for aficamten. Specifically, defendants represented that the Company expected approval from the U.S. Food and Drug Administration ("FDA") for its NDA for aficamten in the second half of 2025, based on a September 26, 2025 PDUFA date, and failed to disclose material risks related to the Company's failure to submit a Risk Evaluation and Mitigation Strategy ("REMS") that could delay the regulatory process.

On May 6, 2025, during an earnings call, it was revealed that the Company had multiple pre-NDA meetings with the FDA discussing safety monitoring and risk mitigation but chose to submit the NDA without a REMS, relying on labeling and voluntary education materials. This confirmed defendants' awareness of potential REMS requirements and their reckless decision to omit it from the initial submission, misleading investors about the regulatory timeline.

As a result of defendants' false and misleading statements, class members purchased Cytokinetics' common stock at artificially inflated prices and suffered significant losses when the truth was revealed.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Cytokinetics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Cytokinetics, Incorporated class action, go to www.faruqilaw.com/CYTK or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274387