Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss TGS's 2025 fourth quarter earnings and highlights.

To begin today's call, I'd like to share some of the most recent corporate developments. Back in November, we successfully issued a new $500 million bond with a 10-year tenor at an 8% yield.

Demand was very strong, and the transaction was oversubscribed, with the total order book reaching $1.3 billion. Proceeds from this issuance are being used to fund approximately $780 million of capital expenditures related to the expansion of the Perito Moreno pipeline, which will add 14 million cubic meters per day of transportation capacity, as well as the final tranche's expansion of our regulated pipeline, adding 12 million cubic meters per day.

In addition, we also executed bank loan agreements totaling $67 million to finance imports related to this project. Finally, turning to the commercial side, on February the 9th, we launched the open season during which incremental capacity can be contracted on a firm basis.

On March 16, we will receive the bids for the capacity, which will be repaid. Bids for the remaining capacity will be received once ENARSA completes the reallocation of the existing 21 million cubic meters per day, which are currently assigned to CAMMESA.

Moving to slide 4, I will briefly highlight the key financial results for the fourth quarter of 2025. Please keep in mind that all figures presented for this quarter and comparisons made with the previous quarter are expressed in constant Argentine pesos as of December 31, 2025, following the provisions established by the IFRS for financial reporting in hyperinflationary economies.

As seen in the slide, we reported a total net income of 124 billion during the fourth quarter of 2025, compared to 170.5 billion reported in the same quarter of '24. Overall, earnings were lower, mainly due to a few factors.

First, we had the reversal of the property, plant, and equipment impairment provision amounting to 52.1 billion, which was recorded in the fourth quarter of '24. In addition, our financial results were impacted by a negative variation of 17.9 billion, and the liquids EBITDA declined by 18.1 billion.

That said, these effects were partially offset by the solid performance of our midstream business, which delivered higher EBITDA totaling 16.2 billion during the period, and a slight increase of natural gas transportation EBITDA by 2.7 billion. Moving on to slide 5, EBITDA for the natural gas transportation business in the fourth quarter of '25 totaled 109.8 billion, which is slightly higher than the almost 107.1 billion recorded in the fourth quarter of '24.

It is worth noting that even when we recorded an increase in revenues of tariff adjustment of 31.9 billion, the adjustments were not enough to offset inflation loss effect of 40.9 billion. However, the higher transportation services, mainly interruptible transportation of 9.6 billion, and lower operating expenses of 540 million, contributed to generate a slight increase of the EBITDA.

On slide 6, you can see how EBITDA for the liquids segment decreased to 83.9 billion during the fourth quarter of 2025, compared to 102 billion reported in the same quarter of '24. The decrease in EBITDA was mainly attributed to lower export prices, which fell between 17% and 33%, and reduced EBITDA in 31.1 billion.

In addition, higher operating costs and insurance reimbursable expenses incurred following the climate event occurred in March '25 reduced EBITDA by 12.8 billion and 4.9 billion, respectively. These negative effects on EBITDA were partially offset by a few positive factors.

First, we recorded a positive monetary effect of 13.7 billion as the exchange rate increase above the inflation rate, 43.5% versus 31.5%. Second, butane prices in the domestic market improved following the deregulation under the Programa Hogar, starting January '25.

This allowed us to sell at export parity prices, generating an additional 9.9 billion in revenues. Finally, higher sales volumes also contributed with a 4.4% increase year-over-year from 338,000 metric tons in the fourth quarter of '24 to 353,000 metric tons in the same period of '25, resulting in a 7 billion of incremental EBITDA.

It worth noting that the average natural gas price, which is the main variable cost for the liquids business segment, remained stable at $1.6 per million BTU year-over-year. Turning to slide 7, EBITDA from midstream and other services rose by 36% to 60.7 billion, compared to 44.5 billion in the fourth quarter of '24.

This increase was mainly driven by higher sales derived from the incremental billed volume of natural gas transported and conditioned in Vaca Muerta, totaling almost 20.3 billion. Transported natural gas billed volume rose from an average of 28 million cubic meters per day in the fourth quarter of '24 to 33 million cubic meters per day during this quarter.

The natural gas conditioning volume also increased from an average of 19 to 27 million cubic meters per day. In addition, the monetary effect increased EBITDA by 5 billion.

These effects were partially offset by 8.1 billion in higher operating expenses. As seen on slide 8, we recorded a negative variation in the financial results amounting to 17.9 billion.

This was mainly due to a 12.3 billion higher interest cost, mostly explained by a higher indebtedness, which increased principally by the issuance of the $500 million bond in last November. In addition, we had an 8.1 billion decrease in income from financial assets given the lower yields achieved in the domestic financial investment, and inflation exposure loss increased by 2.1 billion.

These negative effects were partially offset by the PAIS import tax charge of 5.9 billion recorded in the fourth quarter of '24. Following the elimination of this tax at the end of '24, no charge was incurred in the fourth quarter of '25.

In the last quarter of '24, the tax applied rate was 7.5% for the imports of goods and 25% for the imports of services. Finally, turning to the cash flow on slide 9, our cash position in real terms increased by 864 billion during the fourth quarter of '25 to 1,808 billion, equivalent to approximately $1.25 billion at official exchange rate.

This steep increase in our cash position stems from the $500 million bond issued in last November. EBITDA generation in the fourth quarter reached nearly 259 billion, with 57% generated by the non-regulated business, even after considering the full normalization of the natural gas transportation segment.

This performance highlights the increased relevance of non-regulated activities within the company's overall results. CAPEX reached almost 96 billion for the period, and working capital rose by 76 billion.

We also paid 5.7 billion in interest and 61.6 billion in income taxes, while obtaining 150.3 billion in short-term loans. Lastly, real returns from financial investments declined by 11.8 billion, mainly due to the exchange rate pricing less than inflation during the fourth quarter.

This concludes our presentation. I will now turn it over to Carlos, who will open the floor for questions.

Thank you.

Hi, Daniel, how are you doing? The project is moving on.

We are right now negotiating with gas producers the terms of the project, and we are expecting to have the FID before June, maybe in May. We are very confident with the project moving ahead.

Competition is always a risk, but nevertheless we are working with YPF and other gas producers right now, so, as I said, we are expecting to move forward in the near future.

Tariff adjustments are moving smoothly. We have obtained all the tariff adjustments that we are due to, which is the monthly inflation based on the wholesale price index and the CPI half and half.

Everything is going okay. You may see some differences in the dollar revenues or dollar EBITDA from this business because the tariffs are adjusting with inflation, when the depreciation of the peso is higher than inflation, we may have lower revenues in dollars and the other way around.

Hi, Jorge. In fact, we have already collected advance payments amounted almost to $10 million.

We are expecting right now a final audit from the liquidator of the insurance this month. After that I don't know exactly the timing, but we are expecting maybe by June or July.

Nevertheless, I think that the magnitude of the recovery could be higher than the expenses and CAPEX that we had, because we had some other items in the calculation.

Okay. It's true that international NGL prices are weak last month.

Nevertheless, we are having a very good margin altogether in this business. Our outlook for liquids prices right now is quite similar to the previous year, we are not expecting any significant change.

Nevertheless, well, the geopolitical conflicts that we are seeing in these days may affect positively this segment, especially the natural gasoline price, which is the

related to the Brent prices, okay? The propane and butane, maybe it's different.

It depends on supply and demand.

It is my opinion, I am not seeing any potential dividend payments as we are moving forward with the project, okay, with NGLs project. Obviously, it depends on our shareholders' decision.

Then

Total CAPEX for that project is around $780 million. The bulk of that amount is going to be invested this year,

okay. The project has already started last November, and we should put in service the three new compressor stations by May '27.

No, no. We are not.

Not much. We already calculated the production of LNG based on current natural gas supply, plus the additional supply that is going to be injected in the GPM once our expansion is in place, okay?

We are very confident on gas supply for this project. We may face higher supply than expected.

The progress is very, very okay, as expected. The CAPEX deployment, I think it's around $100 million in '25, with the main advances to suppliers, then around more than $500 million this year, and the remainder in '27.

Maybe. I told about more than $500 million

expansion, and another $100 million

Maintenance CAPEX, yeah. More than $600 million for this year.

Tax payments on the cash flow were a very high figure given that we don't have any advances the previous year. Moving forward, tax payments should be something lower than we see this year.

Not in the quarter; in the quarter, I think that, well, yeah, also in the quarter, yeah. Higher advances than we are expecting for the second half of '26.

Working capital.

Currently we have a more accurate estimation of the project, given that we have already run most of the bids for the construction and also for the equipments. We estimated this around $2.9 billion, approximately.

As I said in the call, we are expecting biddings for the repaid capacity or prepaid capacity, which is 40% of total capacity, for next 16th, March 16th.

Once the Secretary of Energy and Enargas decided the reallocation of the capacity of the Gasoducto Perito Moreno, after that we are going to run the open season for the remainder capacity, 60% of capacity. I think that it may occur before May as a final due date for that.

The second question is around the mix...

...for the expansion Perito Moreno. Mainly power plants and industries, okay.

As the government is reallocating the capacity to the 21 million cubic meters per day capacity of the GPM mainly to distribution companies, we are not expecting significant distribution companies bids for the capacity that we are currently in the open season. The regions, well, a very significant part of the capacity could go to the TGN zone via the Mercedes-Cardales pipeline that was already built, okay, because the replacement of the liquids imports for the power plants may occur there mainly, and some part of the capacity is obviously going to be to the GBA area also.

Maybe it's early to say, but right now we are working with a group of banks, maybe around $1 billion, something like that. This project is going to be divided in two SPVs.

One-third in the TGS Tratayen processing plant, and there we are expecting to finance that project with some bonds in the TGS balance sheet or in the new SPV balance sheet, also have some import finance from banks for the advances for imported equipment. Then, as I said, $1 billion project finance in the second SPV, which is the SPV that is going to have the polyduct, the fractioning, and the storage and dispatching facilities.

Thank you all for participating in TGS's fourth quarter 2025 conference call. We look forward to speaking with you again when we release our 2026 first quarter results.

If you have any questions in the meantime, please do not hesitate to contact our Investor Relations department. Have a good day.