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    Alejandro Andrade

    Research Analyst at JPMorgan Chase & Co.

    Alejandro Andrade is an investment banking analyst at JPMorgan Chase & Co., specializing in financial analysis and client services within the banking sector. His primary responsibilities include supporting deal execution and conducting valuation work for a range of corporate clients, with coverage focused on companies within financial services and related industries. Andrade joined JPMorgan Chase & Co. as an analyst in 2023, following the completion of his undergraduate studies, and previously held internship positions in investment banking and private equity, including a summer analyst role at Morgan Stanley. He holds FINRA Series 79 and Series 63 licenses and has been recognized for his strong analytical skills, attention to detail, and commitment to delivering superior client outcomes.

    Alejandro Andrade's questions to ECOPETROL (EC) leadership

    Alejandro Andrade's questions to ECOPETROL (EC) leadership • Q2 2025

    Question

    Alejandro Andrade of JPMorgan Chase & Co. asked for an explanation of a tax reimbursement in the Q2 cash flow. He also questioned how the company plans to manage acquisitions, investments, and dividends given that its consolidated leverage is near the stated ceiling.

    Answer

    CFO Camilo Barco Muñoz explained the tax item was a compensation from a larger favorable balance. Regarding leverage, he stated that organic investments are covered by cash flow, while inorganic growth in renewables will use structures like project finance. He stressed that while the gross debt/EBITDA ratio is near 2.5x, the net debt ratio is significantly lower at 2.2x (1.6x excluding ISA), providing financial flexibility.

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