I'm Carlos Almagro?] , Head of Investor Relations.

I would like to welcome everyone to TGS's first quarter 2026 earnings video conference. TGS issued its earnings release yesterday.

If you didn't receive a copy of the release, please contact us at [email protected]. Before we begin the call, I would like to inform you that this event is being recorded and all participants are in listen-only mode.

Following the company remarks, we will host a Q&A session. All questions will need to be submitted in writing through the Q&A chat box.

I would also like to remind you that forward-looking statements made during today's video conference do not account for future economic circumstances, industry conditions, or company performance and financial results. These statements are subject to a number of risks and uncertainties.

All figures included herein were prepared in accordance with the International Financial Reporting Standards, IFRS, and stated in constant Argentine pesos as of March 31st, 2026, unless otherwise noted. Joining us today from TGS in Buenos Aires is Alejandro Basso, Chief Financial Officer.

I will now turn the video conference over to Mr. Basso.

Alejandro, please begin.

Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss TGS's '26 first quarter earnings and highlights.

To begin today's call, I'd like to share some of the most recent corporate developments. In terms of the natural gas transportation expansion, which is currently under construction, and following the open season launched last February, we have received bids for incremental firm transportation capacity to be fully prepaid for a total capacity of more than 30 million of cubic meters per day.

Of the total, almost 5 million of cubic meters per day were awarded, and we will collect prepayments amounting to $400 million prior to the commissioning of the expansion, which is scheduled for May 27. Bids for the 9 million cubic meters per day remaining capacity, which will be paid on a monthly basis, will be received and allocated next month.

It is relevant to mention that the Energy Secretary, through Resolution Number 66 of the year 2026, has established the reconfiguration of Argentina's natural gas transportation system with the purpose to adapt the contracted capacity system to the current natural gas production, which is mostly concentrated in the Vaca Muerta formation. This reconfiguration will imply that TGS will lose some transportation capacity contracted from the southernmost of the country, which will be offset by additional new transportation capacity contracted from Vaca Muerta.

As a result, this reconfiguration that has been effective since this month will have a neutral impact on our revenues. Moving to slide 4, I will briefly highlight the key financial results for the first quarter of '26.

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 March 31st, 2026, 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 160 billion billion during the first quarter of '26, compared to 142.3 billion reported in the same quarter of '25.

Overall, EBITDAs across all our business segments increased for a total of around 66 billion, which was partially offset by a 9.2 billion lower financial results. Moving on to slide 5, EBITDA for natural gas transportation business in the first quarter of '26 totaled 139.9 billion, which is higher than the almost 129 billion recorded in the first quarter of '25.

It is worth noting that even with the revenues increasing by 36.7 billion following the monthly tariff adjustment, they were not enough to offset inflation loss effect of 48.5 billion. However, more transportation services, mainly interruptible transportation amounting to 3.2 billion, together with a 10 billion extraordinary negative result registered in the first quarter of '25 related to the climate event, and 10 billion less in property, plant, and equipment maintenance expenses contributed to generate an increase in EBITDA in the first quarter.

On slide 6, you can see how EBITDA for the liquids segment increased to 96.7 billion during the first quarter of '26, compared to a low 63.8 billion reported in the same quarter of '25. The increase in EBITDA was mainly attributed to higher volume sales, increasing from 210,000 metric tons to 323,000 metric tons, as was mainly explained by the processing plant shutdown for more than a month caused by the flooding suffered on March 7th, 2025.

Higher volumes sales generated a higher EBITDA of 36.2 billion. In addition, we collected almost 12 billion in a partial expense reimbursement from the insurance company, and recorded 4.9 billion extraordinary expense registered in the first quarter of '25 related to the climate event, which also explained the EBITDA increase.

Furthermore, the 70% unexpected increase in the average natural gasoline price in March 2026 due to the war in Iran also contributed with an additional 4.3 billion in EBITDA. However, lower LPG reference international prices partially offset the above-mentioned positive effects in 18.7 billion, along 5.8 billion of higher operating expenses.

It is worth noting that the average natural gas price, which is the main variable cost for the liquids business segment, remained stable below the $2 per million of BTU in both quarters. Turning to slide 7, EBITDA from midstream and other services rose by 46% to 69.8 billion compared to 47.7 billion in the first quarter of '25.

This increase was mainly driven by higher sales derived from the incremental billed volume natural gas transported and conditioned in Vaca Muerta, totaling almost 17 billion. Transported natural gas billed volume rose from an average of 28.3 million cubic meters per day in the first quarter of '25 to 30—to 30.1 million cubic meters per day during this quarter.

The natural gas conditioning volume also increased from an average of 21 to 27.7 million of cubic meters per day as a result of the commissioning of the last new conditioning module in February of '25. In addition, operating expenses decreased by 4.4 billion, and the positive monetary effects result increased EBITDA by 1.5 billion.

As seen on slide 8, we recorded a negative variation in the financial results amounting to 9.2 billion. This was mainly due to a 36.1 billion decrease in income from financial assets, given the lower yields achieved in domestic and financial investments; 15.1 billion higher interest costs, mainly attributed to the $500 million bond issued in November '25; and inflation exposure loss increased by 10.6 billion.

These negative effects was partially offset by the 54 billion positive variation of foreign exchange results, as the Argentine peso appreciated in the first quarter of '26 compared to a devaluation occurred in the same period of '25. Finally, turning to the cash flow on slide 9, our cash position in real terms decreased by 173 billion in real terms during the first quarter of '26 to 1,806 billion, equivalent to approximately $1.3 billion at the official exchange rate.

EBITDA generation in the first quarter reached 300—306.5 billion, with 54% generated by non-regulated business, even after considering the full normalization of natural gas transportation segment. This result highlights the increased relevance of the non-regulated activities within the company's overall results.

CapEx reached 143.4 billion for the period, while working capital rose by 35.5 billion. We also paid 35.3 billion in interest and 42 billion in income taxes, and we reduced our debt by 52 billion.

Lastly, real returns from financial investments declined by 171 billion, mainly due to the 5% exchange rate decrease, while the Argentine peso inflation was 9.4% during the first quarter. This concludes our presentation.

I will now turn it over to Carlos, who will open the floor for questions. Thank you.

Thank you, Alejandro. The floor is now open for questions.

If you have questions, please send them through our Zoom chat. We will read it and answer the questions in the order in which they are received.

Please make sure to state your name and company so we can introduce you to the audience. Should any participant need assistance, please send us a message in the chat box.

Please hold while we poll for the questions. Thank you.

The first question is from George Kasto from Latin Securities. Hi, George.

The question is if the strong result in the first Q in the transportation business segment helped out by any cost reduction versus fourth quarter '25, or is it just a peso appreciation?

Hi, George. The reductions in costs, mainly in the transportation business in the first quarter, were one-time expenses that we have there related to internal inspection of our pipelines.

The next question is from Matheus Toss from Citi. Hi, Matheus.

The question is about the NGL project, how near we are from signing the agreement.

Hi, Matheus. We are working a lot with our counterparties in the NGLs project.

I cannot give you an assurance for the time, but it's going to be soon, maybe this month, hopefully.

The second question regarding our view for the liquid business EBITDA, considering the new price scenario for this year. Alejandro?

It's difficult to share a sensitivity of EBITDA. What I can say is that regarding the propane and butane prices, the correlation with oil prices are not perfect.

Obviously we are having an increase in these prices for our exports, but not at the same level of the oil prices. It depends on supply and demand in the States and in Europe.

It's difficult to anticipate an exact sensitivity. Regarding natural gas prices, in this case, the natural gas price that we export our product is quite correlated with oil prices.

Now some question from Daniel Guardiola from BTG. Hi, Daniel.

The first question is regarding how near we are from the FID and the CapEx involved in project, what we expect from financing this project, and well, the risk to mitigate some potential delays in the construction period and potential cost overruns.

Hi, Daniel. Regarding the FID, I already answered this.

We expect at the end of this month. Total CapEx are expected to be around $3 billion.

The funding structure, we are working in two sets of structures: one for the imports that we are obliged to finance due to the RIGI requirements of around $500 million. We are well advanced in a couple of agreements with four banks regarding the import financing, and we also are working with a higher group of banks regarding a project finance structure.

Regarding engineering risk, a mitigator of potential delays, I think that our projection and the different EPCs that we are selecting for this project are in our opinion, they are very strong, solid companies. The same for the equipment.

Potential cost of run, obviously we have some contingency there. The EPCs are all lump sums.

We are very confident that we can finalize the project in time and under budget. Regarding the Perito Moreno expansion, it smoothly advances as it was planned.

Okay. The next question from Daniel was answered about the sensitivity of our liquid prices regarding the Brent prices.

We can say that the one that is more correlated to the Brent is the natural gasoline. As we know that the gasoline price increased around 70%, 70%-80%, meanwhile, propane and butane increased by 30%.

That's a different evolution. It's difficult to tell how it can evolve.

The next question from Daniel is when we are expecting to collect the claims related to the flooding and the insurance company. Oh well,

as we have already collected $10 million, and we expect to collect the rest during this year, maybe in four months or three months, something like that. The liquidators have already finalized their work, they have made a couple of questions that were answered, we are optimistic regarding the collection of this claim during this year, maybe in the second—in the third quarter.

One clarification in general regarding EBITDA [guidance?] : we don't give a projection about EBITDA.

[unclear] providing or sharing this information. Another question from Daniel is what is our current spare capacity in the midstream segment regarding pipeline and the conditioning plant?

Regarding the transportation gathering capacity, currently is utilized at 30%—at 50%, 50%, sorry. Regarding the capacity in the conditioning plant, well, I think that maybe we have a spare capacity of 5% to 10%, depending on conditions of the natural gas quality and the contracts, obviously.

A question from Juan Ignacio Lopez. Hi, Juan.

You are asking about the pricing dynamics in each segment. Another question from him is about our exposure to the current price environment, especially we are pricing at export parity, how far we are from that benchmark.

Hi, Juan Ignacio. We price all our domestic products, propane and butane, at export parity, except for ethane, which is sold to Dow Chemical, subsidiary of Dow Chemical, at a price that has a pass-through mechanism of natural gas price, plus a premium.

It's export parity. It has some delay with the international prices because the export parity for domestic products is established by the Secretary of Energy every month.

It's export parity. The evolution should be related to the export parity prices.

A question from Andres [Villarroel?] from Balanz.

Hi, Andres. How are you?

The question is which was tariff adjustment during the quarter, considering the monthly inflation updates. Finally, in this revision in the quarter, the adjustment was around 8%, it was 8%, considering the portion of the initial tariff adjustment that was in May last year.

8%. Now we have Javier Belen from Morgan Stanley.

Hi, Javier. He'd like to have some color if we can share some information about the steps in the coming months related the GPN expansion, perhaps open season.

Alejandro mentioned that in June we would receive the remaining bids for the remaining capacity of 9 million cubic meters per day. From the commercial point of view, it will be closed in June, and well, we are expecting the timing of the timetable with the plants and each.

Another question from Javier is regarding input costs for the NGL segment in the quarter regarding natural gas prices.

In the call, we already mentioned that natural prices were around $2 per million of BTU in the first quarter. In the quarter.

In the quarter, yeah. In the first quarter, yeah.

A question from Agustin Pachico from Banco Mariva. Hi, Agustin.

Would you have some color regarding the CapEx in the expansion project, if we can provide more color on the actual CapEx? Yes, what we can share is that up to last year, we made CapEx of around $160 million, and for this year, we expect $500 million in this project.

The remaining at the beginning of next year after commissioning.

Also, you have to consider that we have paid advancements to suppliers, to EPCs, that are included in the working capital evolution. That's why you may have some below your expectations in this period, yeah.

Mainly in the fourth quarter of '25 when we started with the project. We have not suffered any delay in the project.

No, we're facing nothing significant.

Hi, Matias Cattaruzzi. His question is if we are on the timeline with the Perito Moreno.

The CapEx target, is it unchanged? And COD

is April 27, not 26. Okay?

Yes. 27.

It is 27. Repeated the question of the FID.

We've answered. Some question from Alan Feldman that was answered.

A question from Juan Cruz, all his questions were answered. Another question from George Kasto, if we expect midstream growth to slow over the next few quarters

and

what are the drivers of this business segment before the GPN expansion comes online?

Regarding our midstream growth, especially in Vaca Muerta, growth level for the next years should be obviously slower than we have in '25, '26, '24 due to the expansion, more than $300 million expansion. Nevertheless, we can run some debottleneckings in our plant there in Vaca Muerta to be able to process additional volumes or to be able to increase the conditioning revenues and also the gathering revenues, but at a much slower level.

It's going to be just debottleneckings. For instance, we right now are building a new stabilization facility with a total investment of $37 million, which will help us to provide additional capacity for the conditioning plant.

Because the Vaca Muerta gas is getting richer every year, I would say. We have to be able to condition in richer gas.

Obviously, with the GPN expansion, we are going to have additional natural gas coming through our facilities, okay? I say that the existing capacity is enough to gather and condition all this new gas.

Now we have a question from Augusto Souto Bauman from Rosental Inversiones. Given Pampa Energía recently announced partial Pampa urea project under the RIGI framework, if we could elaborate on whether TGS could potentially participate as natural gas transportation for the project, similarly to the Profertil case, considering the strategic relationship between Pampa and TGS.

In the case that Pampa goes ahead with the Pampa project, TGS could provide additional transportation services to Pampa. It probably will require an additional expansion of the GPN pipeline.

That under the bid that the Secretary of Energy and ENARSA ran in '25, there is a 6 million, up to 6 million cubic meters capacity of optional capacity expansion of the GPN. The option is TGS's, obviously.

It will depend on the rates of return of the project, obviously.

Flavia Lemmi from Argus Media. The question is regarding how the prices of LPG are performing in the second quarter.

Yes, what we see is that the raw gasoline price is keeping high, around $900 per ton, and the propane and butane, propane around $400 and butane $500, just keeps in the same level as March. It's almost stable.

What we can see perhaps in this quarter is the impact in the export parity local prices, because in March were not reflected because the export parity considers the average prices of the last two months. Perhaps in the second quarter will see higher revenue for the domestic sales.

Another question from George regarding the CapEx of GPN that we answered, that $500 million will be made this year. A question from Alan Feldman: why the costs in the liquid segment moved faster than revenue?

What we can answer is that in revenues, as Alejandro explained before at the beginning, in fact, the prices of the propane and butane before the start of the war were very low compared with the fourth quarter and the first quarter of 2025. In fact, when the war started, the LPG prices increased 30%.

Totally, as you can see in the presentation, the variation of the sales for the revenues due to the prices evolution went down, okay? Probably, as we explained before, the second quarter, we can see a better revenue performance.

Okay? Yes.

Another question from Matias is, with the additional cash that we are generating from the liquid prices, would we consider another dividend payment if prices remain at these levels?

Regarding dividends, I cannot give you any assurance because it's going to be a shareholder decision. Nevertheless, as we have all these significant projects ahead, I don't think that we are going to pay new dividends.

Nevertheless, it's not my decision, obviously.

It's a Board of Directors decision.

Board of Directors, yeah.

Shareholders decided to create a reserve for multi-purpose purposes. Multi-purpose.

No more questions. This concludes the question-and-answer section.

Now I will turn to Alejandro for final remarks. Thank you to everyone for participating in TGS's first quarter 2026 conference call.

We look forward to seeing you in our next call. In the meantime, please do not hesitate to contact our Investor Relations department with any questions.

Have a good day.