Q4 2025 Pampa Energía SA Earnings Call

March 2, 2026

Good afternoon, everyone and thank you for reading I'm trying to come at us from a yard and we would like to welcome everyone to bumping up here for a quiet of 20 to 25 results video conference.

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Before continuing please read the disclaimer on the second page of our presentation. Let me mention that forward looking statements are based on <unk> management's beliefs and assumptions and information currently available to the company. They involve risks uncertainties and assumptions because they are related.

Future events that may or may not occur investors should understand that general economic and industry conditions and other operational factors could also affect the future results of bond banner here and could cause results to differ materially from those expressed in such forward looking statements now I will turn.

On the video conference over to Lisa. Please go ahead.

Okay. Thank you very much and Hello, everyone. Good afternoon. Thank you for joining our call I will make a really quick summaries and we can spend more time on the questions with the management. The Q&A, we have our CEO Mr. Mariani, our CFO, Mr. Selim <unk> an hour.

Head of all Angust Mr story.

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So.

Let's go ahead with the first life, where we make a quick summary of 2025 November 25, 2025, Mark our 20, <unk> anniversary combo and the creation of bumper, having two hotels and a night or 2005, we did not produce any oil and gas or the <unk>.

Right any single mail one hour of generation.

So 20 years later bump up hills for 9% of the country's total natural gas production and reach a record daily production of 104000 barrels of oil equivalent during the winter of 2025.

This year also marked a steep change in no rush and profile.

Black flagship shallow development of Syn <unk> began the year producing less than 1000 barrels of oil per day.

Lida Wang: Really quick summary so we can spend more time on questions with the management today. Q&A, we have our CEO, Mr. Mariani, our CFO, Mr. Zuberbühler, and our head of Oil and Gas, Mr. Turri. Let's go ahead with the first slide, where we make a quick summary of 2025. 25 November 2025 marked our 20th anniversary, Pampa, and the creation of Pampa. Back in 2009, 2005, we did not produce any oil or gas or did not generate any single megawatt-hour of generation electricity. 20 years later, Pampa accounts for 9% of the country's total natural gas production and reached a record daily production of 104,000 barrels of oil equivalent during the winter of 2025. This year also marked a steep change in our upstream profile.

<unk> now reached a 20000 barrel.

<unk> by December of last year.

We sold $2 total annual.

Average production exceeded 84000 barrels.

Yeah Colin per day, this is 8% higher than last year and 73% up.

Since 2017 the year after we acquired <unk>.

Reflecting the sustained organic growth and disciplined capital allocation.

In the power segment, we consolidated our 15% share of Argentina's net electricity output.

Achieving an outstanding 94%.

Thermal availability late in 2025.

We are affirming our position as the country's leading IPP and demonstrating unreliable efficient fleet cooperating under a gradually normalizing to market framework.

Lida Wang: Our black flagship shallow development at Rincón de Aranda began the year producing less than 1,000 barrels of oil per day, and now reach 20,000 barrels oil by December of last year. As a result, total annual average production exceeded 84,000 barrels of oil equivalent per day. This is 8% higher than last year and 73% up since 2017, the year after we acquired Petrobras Argentina, reflecting the sustained organic growth and disciplined capital allocation. In the power segment, we consolidated a 15% share of Argentina's net electricity output, achieving an outstanding 94% thermal availability rate in 2025. We affirm our position as the country's leading IPP and demonstrating a reliable, efficient fleet cooperating under a gradually normalizing market framework.

At a consolidated level EBITDA grew 8% year on year, surpassing the $1 billion.

Mark.

Most of it driven by power gas and go get on them, while oil and gas and power, which represent half of the EBITDA. We expect that ongoing roof at clinical net under will sort of has been <unk>.

S footprint yeah.

So standby I need some theories.

<unk> committed to the country centers and development in 2025, we hit a new record high of $1 $4 billion in Capex.

Of which roughly half was testing to bring can get them there.

The largest single project to go along with investments in our 20 year history.

In the power segment, we Consolidated a 15% share of Argentina's net. Electricity output.

In 2026, we expect to set a new record high.

Are locating some of her and $70 million in wrinkle net under very similar to last year to reach.

Uh, achieving an outstanding 94% thermal availability rate in 2025.

Production plateau, plus another $400 million for maintenance across our operations and around $600 million from Tcs Obit initiative project.

Lida Wang: At a consolidated level, EBITDA grew 8% year-on-year, surpassing the $1 billion mark, mostly driven by power, gas, and Rincón de Aranda. While oil and gas and power each represent half of the EBITDA, we expect that ongoing growth at Rincón de Aranda will further expand oil and gas footprint in the EBITDA. Pampa and its subsidiaries are deeply committed to the country's energy development. In 2025, we hit a new record high of $1.4 billion in CapEx, of which roughly half was destined to Rincón de Aranda, the largest single project development investment in our 20-year history.

We are serving our position as the country's leading IPP and demonstrating unreliable efficient Fleet cooperating under a gradually normalizing Market framework.

So moving on to the Q4, we sold the quarters two quarters adjusted EBITDA amounted to $248 million. This is up 26% year on year.

At a consolidated level, EBITDA grew 8% year-on-year, surpassing the $1 billion mark.

Increase power generation with main contributor where since November the new guidelines for the wholesale electricity market have a low power producers to operate under a more decentralized scheme, improving price signals and enabling us.

Mostly driven by power, gas, and INA, while oil and gas and power each represent half of the EBITDA. We expect that ongoing growth at Clinger will further expand Inland gas' footprint in the EBITDA.

To capture operational efficiencies and synergies with our E&P gas.

You can call me I don't know is the second key driver.

With these production ramping up ramp.

<unk> accounting for 23% of the quarter's EBITDA.

so Tampa and it's a series are deeply committed to the country's energy development in 2025. We hit a new record high of 1.4 billion dollars in capex of which roughly half was testing to ring on the arena. The largest single project development investment in our 20 year history.

Lida Wang: In 2026, we expect to set a new record high, allocating $770 million in Rincón de Aranda, very similar to last year, to reach production plateau, plus another $400 million for maintenance across our operations and around $600 million for TGS private initiative project. Moving on to the Q4 results. The quarter's adjusted EBITDA amounted to $230 million. This is a 26% year-on-year increase. Power generation was the main contributor, where since November, the new guidelines for the wholesale electricity market have allowed power producers to operate under a more decentralized scheme, improving price signals and enabling us to capture operational efficiencies and synergies with our E&P gas.

Supported by 10 active passive debate.

Our capital structure and continues to strengthen following the issuance of our toll your national loan we closed the year, we done net debt to EBITDA ratio of one one times and average debt life of almost eight years.

In 2026, we expect to set a new record high, like allocating $770 million, uh, in bringing on, very similar to last year as well.

Quarter on quarter EBITDA decreased due to the gas seasonality.

Production plateau, plus another $400 million for maintenance across our operations, and around $600 million for TGs have been initiative project.

Seasonality, sorry, offset by <unk> and the steady contributions from our utilities TGI sometimes in it.

Capex search, 81% year on year to $371 million in the quarter of which 249.

So, moving on to the Q4 results. The quarter's adjusted EPA amounted to $240 million. This is a 26% year-on-year.

Increase.

Where they invested in the development of Green <unk>.

Okay, so moving on to slide six.

The oil and gas segment, adjusted EBITDA was $77 million in Q4 more than doubling last years.

Lida Wang: Rincón de Aranda was the second key driver, with this production ramp up, accounting for 23% of the quarter's EBITDA, supported by 10 active pads as of today. Our capital structure, it continues to strengthen, following the issuance of our 12-year international bond. We closed the year with a net debt to EBITDA ratio of 1.1x, an average debt life of almost eight years. Quarter-over-quarter, EBITDA decreased due to the gas seasonality, offset by Rincón de Aranda and the steady contributions from our utilities, TGS and Transener. CapEx surged 81% year-over-year to $371 million in the quarter, of which $249 were invested in the development of Rincón de Aranda. Okay, moving on slide 6.

Great. And there are more decentralized schemes, improving price signals and enabling us to capture operational efficiencies and synergies with our EMP gas.

We will buy it and going out on the increased gas exports and industrial demand.

Higher transport and treatment costs, partially offset this gain compared.

Ringgold was the second key driver uh with this production, ramping up uh ramp up accounting for 23% of the quarters Ava.

Compared to Q free EBITDA declined due to the gas system that seasonality, but with a smooth might've been going around.

Um, supported by 10 active paths as of today.

Lifting costs averaged $8 per barrel.

We will fall equivalent slightly below last year due to higher crude oil output and stronger gas demand.

Our capital structure continues to strengthen, following the issuance of our 12-year international bond. We closed the year with a net debt to EBITDA ratio of 1.1 times, and an average debt life of almost 8 years.

Set by increasing gas treatment costs, and the lease up temporary facilities and go get on the quarter.

Quarter on quarter lifting cost per Boe increase due to this gas seasonality.

Gas lifting cost remain flat year on year at 1.2 dollars per meal Btu, an average of $1 doing the 2025.

But rose quarter on quarter again, because of the gas seasonality.

Quote unquote, a BDA decrease due to the gas season ability uh functionality. Sorry offset by wanna and the steady contributions from our utilities TGIF and plans in that capex search 81% year-on-year, to 571 million in the quarter of which 249 uh where the invested, the development of green corner.

Well all declined sharply to below $11 per barrel from $36 last year's Q4.

Lida Wang: The oil and gas segment adjusted EBITDA was $77 million in Q4, more than doubling last year's, driven by Rincón de Aranda, increased gas exports, and industrial demand. Higher transport and treatment costs partially offset this gain. Compared to Q3, EBITDA declined due to the gas seasonality, but was smoothed by Rincón de Aranda. Lifting costs averaged $8 per barrel of oil equivalent, slightly below last year due to higher crude oil output and stronger gas demand, offset by increasing gas treatment costs and the lease of temporary facilities at Rincón de Aranda. Quarter-on-quarter, lifting costs per BOE increased due to this gas seasonality. Gas lifting costs remained flat year-on-year at $1.2 per BTU, an average of $1 during 2025.

This is because mainly because of income net on the ramp up and the divestment of mature conventional blocks.

Remind you all that last year, Q4, and going down in Dallas.

We have greenfield produce only from one well double that we were recording trucking expenses testing expenses.

Okay. So moving on, in this slide, slide 6, the oil and gas segments' adjusted EBITDA was $77 million in Q4, more than doubling last year’s, driven by increased gas exports and industrial demand. Higher transport and treatment costs partially offset this gain.

And we also sell a lot of mature loves that today are divested.

Compared to Q3 a bd8 declined. Due to the gases on seasonality, but was smooth by ring.

Listing costs average $8 per barrel.

Total production averaged more than 80 volt 1000 barrels of oil equivalent per day up 32% year on year. This was led lighting going around and feel that charter, partially offset by decreases that mainland crucial and non operated blocks.

Of oil equivalent slightly below last year, due to higher crude, oil output and stronger. Gas demand offset by increasing gas treatment costs and the lease of temporary facilities at bingo.

Well as the divestment of Indonesia.

More on Florida production dropped 18% again explained by the gossip for 90 days. The production mix continues to evolve with oil rising to 22% of total wallboard driven entirely by Bancolombia.

Quote on quarter listing costs per Boe increase due to this CapEx finality.

Lida Wang: Rose quarter-on-quarter, again, because of the gas seasonality, while oil declined sharply to below $11 per barrel from $36 last year's Q4. This is because, mainly because of Rincón de Aranda's ramp up and the divestment of mature conventional blocks. Remind you all that last year, Q4, Rincón de Aranda was really a greenfield, produced only from one well. On top of that, we were recording trucking expenses, testing expenses, and we also sell a lot of mature blocks that today are divested. Total production averaged more than 81,000 BOE per day, up 32% year-on-year. This is led by Rincón de Aranda and Sierra Chata, partially offset by decreases at El Mangrullo and in non-operated blocks, as well as the divestment of El Tordillo.

Gas listing costs remain flat year on year at $1.20 per million BTU, an average of $1 during 2025,

Crude oil prices averaged nearly $61 per barrel in Q4. This is 10% lower than last year due to the weaker Brent.

Prices, we delta hedging I've been going there and Oh realized clubs will have been $53 per barrel.

So focusing now exclusively on being going down another ramp up stays on track in Q4, we wage.

But Rose quote on quarter again because of the gassy finality, while oil declined sharply to be low, $11 per barrel from 36 dollars last year's Q4. Um this is because mainly because of income around this ramp up and the divestment of mature conventional blocks.

Remind you all that that's your Q4 ring on. That was

The first goal of 20000 barrels per day after tying two paths to new paths. We had an average quarterly production of $17 1000 barrels per day. This is about 19% increase quarter over quarter.

Brilliant Greenfield produced only from one well. Uh, on top of that, we were recording tracking expenses, testing expenses, and we also held a lot of mature logs that today are divested.

As of today 10 paths are online.

Of which free all of them are currently undergoing testing well testing and plus we have another two paths do you see pads and two other paths are on the fracking until 2020 firing go get under contributed $126 million of EBITDA infra.

Lida Wang: Quarter-on-quarter, production dropped 18%, again, explained by the gas seasonality. The production mix continues to evolve, with oil rising to 22% of total output, driven entirely by Rincón de Aranda. Crude oil prices averaged nearly $61 per barrel in Q4. This is 10% lower than last year due to the weaker Brent prices. Without the hedging at Rincón de Aranda, our realized price would have been $53 per barrel. Focusing now exclusively on Rincón de Aranda, the ramp-up stays on track. In Q4, we reached the first goal of 20,000 barrels per day after tying two pads, two new pads, with an average quarterly production of 17.1 thousand barrels per day. This is a 19% increase quarter-on-quarter.

Total production averaged more than 85,000 barrels of oil equivalent per day, up 32% year on year. This was led by Inna, partially offset by decreases at in and non-operated blocks, as well as the diverse men on in.

Infrastructure build outs, thanks to the leaky.

We hate incentive regime continues in parallel with the field development next month, we are installing an additional temporary processing facility with a focus on reaching 28000 barrels like mid 2026.

Foreign quarter production dropped 18% again, explained by the gas seasonality. The production mix continues to evolve, with oil rising to 22% of total output, driven entirely by them.

A key milestone toward the final production target of 45000 barrels.

Crude prices reached nearly $61 per barrel in Q4. This is 10% lower than last year, due to the weaker brand.

[noise] expected in 2027.

So moving to gas sales grew 10% year on year, but dropped 23% from Q3. This is again explained by seasonality among Rouge he'll continue to lead the Alcoa.

uh, prices without the hedging at our realized price will have been 53, dollars per barrel

No its share shrank to 46%, while C&I chart that grew to 38% share with production up 39% year on year supported by a new path now.

Lida Wang: As of today, 10 pads are online, of which 3 of them are currently undergoing testing, well testing, and plus we have another 2 pads, DUC pads, and 2 other pads are under fracking. In 2025, Rincón de Aranda contributed $126 million of EBITDA. Infrastructure build out, thanks to the RIGI incentive regime, continues in parallel with the field development. Next month, we are installing an additional temporary processing facility with a focus on reaching 28,000 barrels by mid-2026. A key milestone toward the final production target of 45,000 barrels expected in 2027. Moving to gas. Sales grew 10% year-on-year, but dropped 23% from Q3. This is again explained by seasonality.

The focus is now exclusively on the ramp up stays on track. Uh, in Q4 we reach, uh, the first goal of 20,000 barrels per day after tying, 2 packs to New Paths, with an average quarterly production of 17.1 thousand barrels per day. This is at 19% increase quarter of water.

As of today, 10 paths are on 9.

We tightened during the quarter.

Together, they accounted for 84% of the total gas production.

If prices average $3 per <unk> flat year on year industry sales supported a pricing offset by lower export prices due to the brands on the performance and a drop in residential due to the lack tariff pass through of the devaluation.

Of which 3 of them are currently, undergoing testing, while testing and plus we have another 2 paths. Do you see paths and 2? Other paths are on the fracking in 2025 ring on the contributed 126 million dollars of epda.

In Q4 of this year, 72% of our gas lift so under the plan golf GSA companies in retail.

With a focus on reaching 28,000 barrels by mid-2026.

Down from the 81% Q4 last year due to the transfer of certain round the plan gas volumes to fuel cell procure empower which represented 4% of the total sales in Q4 25 now in December we started to fall.

A key milestone toward the final production target of 45,000 barrels.

Expected in 2027.

So, moving to gas.

Lida Wang: El Mangrullo continued to lead the output, though its share shrank to 46%, while Sierra Chata grew to 38% share, with production up 39% year-over-year, supported by a new pad that we tied in during the quarter. Together, they accounted for 84% of the total gas production. Gas prices averaged $3 per million BTU, flat year-over-year. Industry sales supported the pricing, offset by lower export prices due to the Brent underperformance, and a drop in residential due to the lagged tariff pass-through of the devaluation. In Q4 this year, 72% of our gas was sold under the Plan Gas GSA, commercial, and retail, down from the 81% Q4 last year due to the transfer of certain rounds of the Plan Gas volumes to fuel self-procurement in power, which represented 4% of the total sales in Q4 2025.

Emily B to formally doing the salt procurement of gas and Pinot noir and nominal Latam.

The central Cumin increased to 41% on average in January 2026, So as I said, we sold plans as you say suppose or shrunk to 37% with the new guidelines in place we expect.

Sales grew 10% year-on-year, but dropped 23% in free from free. This is again explained by seasonality, which continued to lead the output. Um, though its share shrank to 46%, while Sierra Chata grew to a 38% share with production up 39% year-on-year, supported by A New Path.

That we tied into Q4.

Together, they accounted for 84% of the total gas production.

40% of this year's production to supply our own golf.

Our own power generation, capturing margin and leveraging synergies between these two core businesses.

Before moving from <unk> I want to just do a quick oven on reserve total proved reserves rose, 28% to 296 million Boe.

Gas prices. Average 3 dollars per millimeter flats near near industry sales supported, the pricing upset by lower expert prices due to the brands on the performance and a drop in residential due to the lack of carrots, pass through of the devaluation.

In Q4 this year, 72% of our gas was sold under the plan gas, TSA and Retail.

Driven by our increased activity in Sierra Chata, and specifically in England.

Shell reserves grew by 55% year on year to 201 4 million barrels.

Down from the 81% in Q4 last year, due to the transfer of certain rounds of the planned gas volumes to fuel cell procurement in power.

Lida Wang: In December, we started to formally be doing the self-procurement of gas in Esmeralda and Loma La Lata. The self-procurement increased to 41% on average in January 2026. As a result, Plan Gas GSA exposure shrunk to 37%. With the new guidelines in place, we expect 40% of this year's production to supply our own gas, our own power generation, capturing margins and leveraging synergies between these two core businesses.Before moving from E&P, I wanna just do a quick update on reserve. Total proven reserves rose 28% to 296 million BOE, driven by our increased activity in Sierra Chata and specifically in Rincón de Aranda.

And we shall oil now accounting for 19% of total reserves.

The reserve replacement ratio was three two times extending the average life.

Which represented 4% of the total cells in q425. Now in December, we started to formally be uh, to formally be doing the self procurement of gas in ITA and normal alata.

Um,

210, two years since you follow the 919 proven reserves have increased 118% with the most significant expansion coming from shelf. Since 2023. It was a year when we started to actively develop knock on wood the formation.

The central human increased to 41% on average in January 2026.

So as a result Prime Gas USA uh exposure shrunk to 37% with the new guidelines.

Okay, so moving to power generations.

We posted an EBITDA of <unk> $11 million in Q4 up 28% year on year, mainly driven by a stronger spot prices under the new guidelines special.

In place, we expect 40% of this, this year's production to supply, our own gas, all our own power generation, capturing margins and leveraging synergies. Between the these 2 core businesses.

Especially partially upset by power dispatch at <unk> due to the programming payments.

Before moving from EMP, I want to just do a quick update on reserves. Total approval reserves rose 20% to 296 million Boe.

Total availability declined to 91% due to the scheduled maintenance in native on <unk> and the ongoing outage that we're experiencing in Aesop since January.

Lida Wang: Shale reserves grew by 65% year-on-year to 204 million barrels. With shale oil now accounting for 19% of total reserves. The reserve replacement ratio was 3.2 times, extending the average life to 10.2 years. Since 2019, proven reserves have increased 118%, with the most significant expansion coming from shale since 2023, when we started to actively develop Vaca Muerta formation. Okay, moving to power generations. We posted an EBITDA of $111 million in Q4, up 28% year-on-year, mainly driven by stronger spot prices under the new guidelines, especially, partially offset by power dispatch at Genelba's new CCGT due to the program maintenance.

However.

Tampa thermal availability continues to outpace.

Driven by increased activity in Sierra Chata and specifically in Rincón de la Shale reserves, production grew by 65% year on year to 204 million barrels.

The national Gree under the new framework.

And we Shell Oil now accounting for 19% of total Reserves.

I'm also sure Bruce B to B contracts were discontinued.

So we manage to re contract in the <unk> market. So contract capacity remains stable year on year.

The reserve replacement ratio was 3.2 times, extending the Irish life.

With the new framework also performance balances between contracted capacity and this bulk margin.

So value creation also can be driven by efficiency and fuel management those units with high load factors and sell procure fuel will achieve higher margins.

To 10.2 years since 2019, proven reserves have increased 118% with the most significant expansion coming from Shell city 2023. When the year, when we started to actively develop back a more deformation.

Turning to cash flow on slide 11, we show the parent company figures because this is aligned with our bump perimeter. Despite the higher capex has been going down, though we posted a limited $20 million three out cash outflow in Q4, offset by strong EBITDA and working capital inflows most.

Okay, so moving to Power Generations. We posted an EBITDA of $111 million in Q4, up 28% year on year, mainly driven by stronger spot prices under the new guidelines.

Lida Wang: Total availability declined to 91% due to the scheduled maintenance in Genelba, Loma La Lata, and the ongoing outage that we are experiencing in ENARSA since January. However, Pampa's thermal availability continues to outpace the national grid under the new framework. Also, Energía Plus B2B contracts were discontinued, though we managed to recontract in the B2B market, so contract capacity remained stable year-on-year. Value creation also can be driven by efficiency and fuel management. Those units with high load factors and self-procure fuel will achieve higher margins. Turning to cash flow on slide 11, we show the parent company figures because this is aligned with our bond parameter.

Especially, uh, partially upset by power dispatch at ha new ccgt due to the programming maintenance.

From winter collections.

We saw cash and cash equivalents stood at $1 $1 billion at the quarter and this is $210 million more than September close.

Total availability declined to 91% due to this scheduled maintenance and the ongoing outage that we are experiencing in Isa since January. However,

Campus thermal availability continues to all pace.

Finally on Nevada, and she graph, that's worth nearly $1 $9 billion down 9% since she falls in 2000 and for December.

In November last year, we issued $450 million International bond maturing 2037, with a record 20 year tender. This is the first loan dated issuance by an Argentine corporate over a decade and extending our average knife to almost eight years.

The National Grid, under the new framework, also approves B2B contracts. Were discontinued, so we managed to recontract in the B2B market. So, contract capacity remains stable year on year.

The proceeds from this issuance and the 2000 2044 notes that we issued in May were used to redeem all of the outstanding International bonds, 26, or 27% to 29 year olds and some of the local dollar bonds as a result net debt reached two <unk>.

With the new, Frank law also performance balances between contracted capacity and this bot margin. So value. Creation also can be driven by efficiency and fuel management. Those units with high low factors and self. Procure fuel will achieve higher margins.

Lida Wang: Despite the higher CapEx at Rincón de Aranda, we posted a limited $20 million free cash outflow in Q4, offset by strong EBITDA and working capital inflows mostly from winter collections. As a result, cash and cash equivalents stood at $1.1 billion at the quarter end. This is $210 million more than September close. Finally, on the balance sheet, gross debt was nearly $1.9 billion, down 9% since 2024 December. In November last year, we issued a $450 million international bond maturing 2037 with a record 20-year tenure. This is the first loan-dated issuance by an Argentine corporate over a decade, extending our average life to almost 8 years.

$101 million. This is one one that the rich maintaining a conservative capital structure, while funding growth.

Well. So this concludes the presentation. Thank you for hearing me now the floor is open for question. If you have a question. Please send it to pursue chat.

We did answer them in the order received.

So in Q4 I've said, by strong mbda, and working capital inflows mostly from Winter collections as a result, cash and cash equivalents to that 1.1 billion dollars, at the quarter end, this is 210 million more than September clothes.

Make sure your name and your company East display. So we can correctly introduce you.

So the audience should any participant need assistance. Please send us a chat message. Please hold while we poll for questions.

Finally, on the balance sheet. Growth debts was nearly 1.9 billion dollars down 9% since 2024 December.

Alright, so we start.

Now that that's out there.

Are they having any journey from Jefferies. How do you see the evolution of production places split between oil and gas.

Lida Wang: The proceeds from this issuance and the 2034 notes that we issued in May, were used to redeem all the outstanding international bonds, the 26, the 27, the 29 notes, and some of the local dollar bonds. As a result, net debt reached to $101 million. This is 1.1 net leverage, maintaining a conservative capital structure while funding growth. Well, this concludes the presentation. Thank you for hearing me. Now the floor is open for question. If you have a question, please send it through Zoom chat. We will read it and answer them in the order received. Make sure your name and your company is displayed so we can correctly introduce you to the audience. Should you, any participant, need assistance, please send us a chat message. Please hold while we pull the questions.

And it's truly non completion and lifting costs in 2026.

Production drilling D&C materials.

Great. Good afternoon, and thank you everybody for joining.

Regarding production mix go first to oil.

Lida mentioned currently.

Around 19000 barrels per day.

Our target is to reach 25000 barrels per day by the end of March beginning of April and then keep on ramping up to 27000.

Uh, in November last year, we issued, uh, $450 million international bond, maturing in 2037, with a record 20-year tenor. This is the first long-dated issuance by an Argentine corporate in over a decade and extends our average life to almost 8 years. The proceeds from this issuance and the 2020 3.44% notes that we issued in May, uh, were used to redeem all the outstanding international bonds—the '26, the '27, the '29 notes—and some of the local dollar bonds. As a result, net debt reached $801 million. This is 1.1x leverage, maintaining a conservative capital structure while funding growth.

28000 barrels per day as of the half of the year.

All of this is coming out of <unk>.

In terms of natural gas, we just closed February around $14 million.

Minutes per day, we will broaden even reaching peak of around 18 million cubic meters per day during the winter and an average of <unk>.

Lida Wang: Thank you. All right, so we start. Alejandro Demichelis from Jefferies: How do you see the evolution of production? Please split between oil and gas, and of drilling and completion and listing costs in 2026. Production, drilling D&C, listing costs.

Well, so this concludes the presentation. Thank you for hearing me. Now, the floor is open for questions. If you have a question, please send it to the Zoom chat. I will read it and answer them in the order received. Make sure your name and your company is displayed, so we can correctly introduce you to the audience. Should any participant need assistance, please send us a chat message. Please hold while we wait for questions. Thank you.

All right, so we start.

Approximately $13 5 million cubic meters per day compared to $12 5 million cubic meters per day in 2025.

In terms of drilling and completion and green going their own way.

Alejandro. It's from Jeffries. How do you see the evolution of production? Please split between oil and gas.

We have drilled.

And of drilling and completion and lifting costs in 2026.

20 wells were going to be drilling 20 wells and completing 35 and ensure a job that we will be drilling and completing wells each.

Gustavo Mariani: Okay. Good afternoon, and thank you everybody for joining. Regarding production, let's go first to oil. We are, as Lida mentioned, currently in around 19,000 barrels per day. Our target is to reach 25,000 barrels per day by the end of March, beginning of April, and then keep on ramping up to 27,000, even 28,000 barrels per day as of the half of the year. All of this is coming out of Rincón de Aranda. In terms of natural gas, we just closed February, around 14 million cubic meters per day. We will probably be reaching a peak of around 18 million cubic meters per day during the winter, and an average of approximately 13.5 million cubic meters per day compared to 12.5 million cubic meters per day in 2025.

Production drilling DMC. Okay. Okay.

Good afternoon and thank you everybody for joining.

Yes.

And I am missing our lifting costs.

Uh, regarding production. Let's go—first, to oil.

Regarding the range off will be in the range of $10 per barrel.

We are, as Leah mentioned, currently in around 19,000 barrels per day.

Yes until we get again, the CPA, but we're talking about 2026, and a little bit less than one dollar per million Btu in our gas operations.

Yes.

Right so.

Go to the next question.

Our target is to reach 25,000 bars per day by the end of March, beginning of April, and then keep on ramping up to 27,000, even 28,000 bars per day as of the half of the year.

Our next question comes from Italy to set off on an idea.

Although the hedging however.

However, royalty settle on the including the hedge or is that independent and settle at the market.

uh, every all of this is coming out of ring, uh, in terms of natural gas, we just closed, February, uh, around 14 million.

Got it.

No royalties.

We do not have any.

Any connection to to be hedging they are set on the market price.

All right next.

Next question Alejandro <unk> from <unk> Securities.

Gustavo Mariani: In terms of drilling and completion, in Rincón de Aranda, we drilled 20 wells. We're gonna be drilling 20 wells and completing 35. In Sierra Chata, we will be drilling and completing 8 wells each.

Kilometers per day. Uh, we will probably be reaching, uh, a peak of around 18 million cubic meters per day during the winter, and an average of, uh, approximately 13.5 million cubic meters per day, compared to 12.5 million cubic meters per day in 2025.

Much impact have you seen so far from resolution 425 25.

And how much additional impact that you expect in 2026.

Could you provide some color on the EBITDA will fall book for this segment next year actually I guess 27 right.

In terms of drilling and completion, in Rico, we drilled, uh, 20 wells. We're going to be drilling 20 wells and completing 35. And in Sierra Charta, we will be drilling and completing 8 wells each.

Adolfo Zuberbühler: I'm missing lifting costs, which will be in the range of $10 per barrel.

Two ships.

Hi, good afternoon, everybody and thank you for.

Lida Wang: Yeah. Until we get CPF.

Uh and I'm missing a lifting costs uh which are in the range of will be in the range of $10 per barrel.

Adolfo Zuberbühler: Until we get the CPF. We're talking about 2026.

We're julien.

Lida Wang: Yeah.

Adolfo Zuberbühler: A little bit less than $1 per million BTU in our gas operations.

<unk> solutions so far.

Adolfo Zuberbühler: A little bit less than $1 per million BTU in our gas operations.

It's.

We have been.

Yeah, until we get until we get the CPA but we're talking about 2026. Yeah. And and a little bit less than 1 dollar per million btu in our gas operations.

Lida Wang: Great. Let's go to the next question. Next question comes from Guido Vicenzero from Artigas. About the hedging, how are the royalties settled? Are they including the hedge or is that independent and settled at the market?

I'd say in.

Previous causes between 10, and 15% would be service.

Great. So let's go to the next question.

The EBITDA generation that we had in 2025.

Uh, next question comes from.

The hatching.

How are the Loyalty settled?

Robert furnace.

And that is where do we expect for this segment of our call.

Are they including the hatch, or is that independent and settled at the market?

Adolfo Zuberbühler: No, royalties just do not have any connection to the hedging. They are set at the market price.

Yeah.

When you compare to introduce six vis vis the previous year.

I guess 20 centers, it's too early to say right.

Lida Wang: All right. Next question. Alejandro Christensen from Latin Securities. How much impact have you seen so far from Resolution 425-25? How much additional impact do you expect in 2026, which will provide some color on the EBITDA growth outlook for this segment next year. Next year, I guess 27, right?

Uh, no royalties. Just do not have any, uh, any connection to the hedging. Uh, they are set at the market price.

All right.

To talk 2027.

Too early to say.

Next question. Alejandro Christensen from Latin Securities.

Yeah.

Award.

With these.

How much impact have you seen so far from Resolution 425-25?

Resolution <unk>, it's also <unk>.

<unk> in our E&P basis.

And how much additional impact do you expect in 2026?

And that is thanks to the fact that now we are so.

We are.

Adolfo Zuberbühler: Yes, yes. Hi, good afternoon, everybody. Thank you for joining in. The impact of the resolution so far, it's, I think what we have been saying in previous calls, is between 10% and 15% vis-a-vis the EBITDA generation that we had in 2025.

We are selling the.

Would you provide some color on the abda 12? South look for this settlement next year. Next year, I guess 27 right this year.

We will begin.

For forward fuse is provided by our E&P segment.

For joining.

um,

So that also brings.

I mean again, we are expecting here, but so far what we have seen in January and February.

the impact of the solutions so far.

It's uh I think what? What we have been.

A 10% increase in <unk>.

Natural gas.

Uh, saying in previous courses between 10 and 15%, B service.

Produced by this segment and that is thanks to the fact that we are.

um,

Lida Wang: Yeah. Yeah, roughly.

Adolfo Zuberbühler: More, more, more or less. That is what we expect for the segment as a whole, when you compare 2026 vis-a-vis the previous year.

Seth procuring.

The EBITDA generation that we had in 2025—yeah, yeah, right—a lot more, more or less.

Good.

Now we cannot not putting much number of that profit right. So where the number you said, it's only for power generation.

And that is what we expect for the segment as a whole.

uh,

when you compare 2026 Visa with the previous year,

The fact that were felt to tune. This vertical integration, we are not putting a number so far.

Lida Wang: I guess 2027 is too early to say, right?

Adolfo Zuberbühler: Say again?

Lida Wang: 2027. Too early to say.

And effect right anyway.

Adolfo Zuberbühler: Too soon to say, yes.

Lida Wang: Yeah.

Adolfo Zuberbühler: What this resolution brings, it's also an improvement in our E&P business, and that is thanks to the fact that now we are self-procured. We are selling the... Well, the gas in our thermal power queues is provided by our E&P segment. That also brings, and again, we are expecting here, but it's so far what we have seen in January and February, a 10% increase in quantity in the natural gas, produced by the segment. That is thanks to the fact that we are self-procuring in our thermal plants.

Yes.

Correct.

Okay. 2020 is too early to say, right? Is it again 2 to 2027 for me to think, 27 to 10? Yes. Yeah. And and what, um,

In our Brazil should we expect over on the <unk> segment.

what this, um,

Around 10.

10% to 15% increase in EBITDA.

Resolution brings, it's also an improvement in our EMP business.

And another.

The increase coming from the fact that.

And that is thanks to the fact that now we are self-procured. We are.

We are selling the.

Total Gus produced by the MP segment will also go up by around 10%.

Thats right Alright next question coming from any kind of a I think some of those what he says have you seen any ppas with private counterparties for energy or capacity.

Of the gas that our thermal power cues is provided by our EMP segments. So that also brings

and again we we are expecting here, but it's so far we have seen in in January and February

Yes, we have been very active.

Uh, a 10% increase in quantity in the natural gas.

Since November this new resolution leases.

Our commercial teams have been extremely active.

Uh, produce by by the segment. And that is thanks to the fact that we are

Lida Wang: We cannot not put a match number of that profit, right? The number you said is only for power generation, but the fact that we are self-procuring, this vertical integration, we are now putting a number so far. An effect, right, an impact.

Okay.

Self procuring in our summer plants.

If I remember correctly, I think that income Salt Lake.

Seven keybanc, knowing you're going to sell energy.

Possibly.

Activity levels.

Besides more does it come to them.

And we cannot not put in much number of that profit, right? So we are, the number is said, it's only for power generation, but the fact that we are so confused—this vertical integration—we are not putting a number so far.

And go to drug for a total of around 70 megawatts.

Adolfo Zuberbühler: Yeah. That's correct. That's in our projections, we expect on the power generation segment at around 10% to 15% increase in EBITDA. Another increase coming from the fact that the total gas produced by the E&P segment will also go up by around 10%.

An effect, right? An impact.

So obviously we have.

Very active there.

Yeah, that's correct. So, that's—

Alright, and then how are you saw already seen natural gas demand and pricing in the industrial sector industrial evolving during Q1 'twenty six.

In our projections, we expect on on the power generation segment.

And around a 10% to 15% increase in EBITDA.

And another

We see.

The industrial environment stable.

increased coming from the fact that the

It's gone for lesson.

Around 10% of our overall production and given the changes in the self procurement.

Lida Wang: That's right. All right. Next question coming from Alejandro. Alejandro Suarez says, have you signed any PPAs with private counterparties for energy or capacity?

Total gas produced by the MP segment will also go up by around 10%.

Is that a segment that we are.

<unk> interests are and they are not that interested so.

Adolfo Zuberbühler: Yes. We have been very active since November. Our commercial team has been extremely active. If I remember correctly, I think that we have sold like $70 million. Now you can sell energy and capacity. We've been active in both. Signed more than 100 and something contracts for a total of around 70 megawatts. Yes, we have been very active there.

Good morning.

That's right. All right, next question, coming from Alejandro Alejandro as well. He says, have you signed any PPA with private counterparties for energy or capacity?

And in fact in the informed by now.

Alright.

Yes, we have been very active since November that this new resolution is.

Next question coming also from medical I'm Little what percentage of oil production remains unhedged for all of 2020.

Our commercial team has been extremely active.

if I remember correctly, I think that we have so like a

Hello <unk>.

Two loans in the twin cities.

For all the means until 2020 time, Jamie is in English River I don't know the origin.

70 million. Now, you can sell energy and capacity within active in both.

Sign more than 100.

We are basically we are fully hedged one year going forward.

And something contract for a total of around 70, May or what.

Through the first quarter of this year, we are we are fully hedged.

So yes, we have been very active there.

Lida Wang: All right. Then, how are you seeing natural gas demand and pricing in the industrial sector, industrial evolving during Q1 2026?

Alright next question coming from new markets fairly big old National.

Following the deregulation has pumped on being able to start acquiring gas when you're drilling wells and I think you told shelf.

All right, and then, uh, how are you? How are you seeing natural gas demand and pricing in the industrial sector, industrial, evolving during Q1 ‘26?

Adolfo Zuberbühler: We see, the industrial demand is stable. It accounts for less than to around 10% of our overall production. Given the changes in the self-procurement, it's not a segment that we are not that interested, so, it wouldn't have an effect in Pampa Energía.

Can you give a guidance of what the savings in fuel costs will amount during 2026.

Savings in.

Fuel costs.

See savings here, we're making profit out of it we are a vertical integrated right now so we're producing more than before right. That's right through January we produce and we already are particularly bill using mortgage entitled 26 in the wintertime.

We see here the industrial demand is stable. Um, it's it accounts for less than around, 10% of our overall production and given the changes and the self-procurement uh, is not a segment that we are very, very, very not that interested. So um,

An effect in in.

Lida Wang: All right. Next question coming also from Alejandro. What percentage of oil production remains unhedged throughout 2027?

Yes, it will be more like it when we have a flat curve.

All right.

Q1 is already higher than Q1, where you already said that.

February ended up with almost 14 million cubic meters per day.

Adolfo Zuberbühler: Throughout 2027 means until or until the end of 2027?

Next question, coming also from Alejandro, what percentage of all production remains unchecked for all 2027?

Well with last year's first last year's first quarter. It was a little bit different because Q4. It was very bad and they took Canada took more gas, but even that the production is taken into account.

Lida Wang: Throughout, it means until 2027.

Adolfo Zuberbühler: Oh, sorry.

Lida Wang: In English, right? I don't know.

Adolfo Zuberbühler: Basically, we are fully hedged one year going forward. Until Q1 of next year, we are fully hedged.

Well, 337 means until or until the end of 2027 for all. That means until 2027 in English, right? But, uh, I don't know. We are fully, basically, and we are fully ahead—1 year ago forward.

Overall average of 25 was 12, five and were saying that only February.

Lida Wang: All right. Next question coming from Itaú BBA, Felipe Pigna. Following the deregulation, has Pampa been able to start acquiring gas from its own wells? I think it's all self-answered. Can you give a guidance of what the saving in fuel costs will amount during 2026? Savings in fuel costs. I don't see savings.

So, the first quarter of next year we are we are fully Hedge.

114 billion gamers per day, so we will definitely be our estimation is that we already were using around 13 $5 million to $14 million in 2026.

All right. Next question, coming from Wool Market, Felipe Colaso.

How long do you expect the reheat already reaching a prolonged to take for the I think on that I'm not.

And that treatment once.

Adolfo Zuberbühler: Si. We're making profit out of it.

Savings in in fuel cost.

We used to think that applications have been filed by mid 2025, when it was first announced but some news articles from a mile long ago suggests it was just done last January could you clarify that.

Lida Wang: We are vertically integrating.

Adolfo Zuberbühler: Exactly.

Lida Wang: Yeah. We are producing more than before, right?

Adolfo Zuberbühler: That's right.

Lida Wang: January, we produced.

Adolfo Zuberbühler: We will be particularly producing more during 2026 in the wintertime.

Lida Wang: Yeah, it will be more.

I don't see savings. I see we're making profit out of it. We are in vertical integration. Yeah. So we are producing more than before, right? That's right. So, in January, we produced—particularly producing more during 2026, in the winter time.

Yes.

Adolfo Zuberbühler: We have a flat curve.

Lida Wang: Yeah. Q1 is already higher than Q1.

I don't recall win.

<unk>.

Adolfo Zuberbühler: We already said that, yeah. That, February ended up with almost 14 million cubic meters per day.

For us too, but it was definitely right.

The fourth quarter of last year over last year.

Yeah, it will be more like when we have a flat curve. Yeah, but q1 is already higher than q1. We already said that.

We haven't been in.

Lida Wang: Well, last year's first quarter, it was a little bit different because Q4, it was very bad, and CAMMESA took more gas. Even that, the production-

February ended up with almost 14 million, giving me today.

Our group yet but recently.

They have.

There was a new degree Avi.

Adolfo Zuberbühler: Just take into account that the overall average of 25 was 12.5, and we're saying that only February is around 14 million cubic meters per day. We will definitely need. Our estimation is that we will be producing around 13.5 to 14 million in 2026.

<unk>.

Overall to the review so we are studying to file for <unk>.

And overall review for the full development of <unk>.

<unk>.

All right.

Do you plan to fund the Capex might be a new debt issuance.

Well, last year's quart, first. Yeah, last year, first quarter, it was a little bit different because Q4 it was very bad and they took comma took more gas, but even that the production just dig into account that the, the overall average of 25 was 12.5 and we're saying that only February is around 14 million clicks per day. So we will definitely need our estimation is that we will be producing around 13.5 to 14 million in 2026.

Lida Wang: How long do you expect the RIGI or RIGI approval to take for the Rinconada treatment plant? We used to think that application had been filed by mid-2025, when it was first announced, but some news articles from a month ago suggest it was just done last January. Could you clarify that?

Hi, everyone.

The base case scenario.

Um, how long do you expect the Ricky—Ricky, Ricky approval to take for the Ringo treatment, once?

Yeah.

And if the answer is no we have a big cash position.

When you haven't got wire and with our free cash flow and last year debt issuance.

So a very scary she said, we use part of that gosh.

Adolfo Zuberbühler: Yep. I don't recall when we filed the RIGI for upstream, but it was definitely by Q4-

We used to think that application had been filed by mid-2025 when it was first announced. But some news articles from a while ago suggest it was just last January. Could you clarify that?

yep, and

Our our Capex investment of this year.

That being said.

Lida Wang: Of last year.

Adolfo Zuberbühler: of last year. We haven't been approved yet. Recently, they have. There was a new decree adding upstream of oil to the RIGI. We are starting to file for an addition, an overall RIGI for the full development of Rinconada.

<unk>.

We decide to embark in new projects or.

Or any other new investments.

We will have to revalue that decision on the base scenario.

I don't recall when we filed the review for last stream, but it was definitely, like, third or fourth quarter of last year. We haven't been, um, approved yet. But recently,

And of course as always.

They have, um, there was a new decree adding upstream.

Were very opportunistic so if spreads keep tightening could be something that we will look but the base case scenario.

Uh, of oil to the rig. So we are studying to file for—

The capital investments.

Sure.

Cash position.

An additional, yeah, an overall rig for the full development of the—

Okay.

Lida Wang: All right. Do you plan to fund the CapEx by via new debt issues?

Right.

Next question comes.

Come straight from bringing us you'll notice from one day.

I think we haven't answered this yet, but whats the guidance about capex for 2026.

All right. Do you plan the funds, the capex by the uh, knew that issues?

Adolfo Zuberbühler: Hi, everyone. The base case scenario is the answer is no. The idea is we have a big cash position that we have been acquiring with our free cash flow and last year net issuance. The base case is that we use part of that cash to complete our CapEx investment of this year. That being said, if we decide to embark in new projects or any other new investments, we'll have to revalue that decision, that base scenario. Of course, there's always. We're very opportunistic. If spreads keep tightening, that is something that we will look. The base case scenario is that we will face the capital investments with our cash position.

Are you, everyone?

Oil and gas and pallet.

The best case scenario.

Okay.

The loan total capex.

Is the answer is no. The idea is we have a big cash position that

Sorry, before that we don't give guidance, but what I will give me here, we will share with you what the our board approved by the budget for the budget right.

we have been acquired with our free cash flow and then last year, the issuance

Yeah.

So, the base case is that we use part of that cash to—

<unk> with.

Complete our, our capex investment of this year.

<unk> <unk> group or you know so.

that being said, if if

So basically is around $1 1 billion dollar basically $1 billion.

we decide to Embark in new projects or, or

The segment.

Or any other new Investments.

$100 million.

Bulge in the ratio because it's already mandated on this capex.

We will have to revalue that—that decision—that that base scenario. Um,

So we don't have any.

And of course, there's always.

Perfect and then.

New project go and go into alone will not be bolus enrichment segment.

That office.

And he will take the oil thing almost around one <unk>.

Very opportunistic. So if spreads keep tightening, that is something we will look at. But the base case scenario is that we will face the capital investments with our cash position.

Lida Wang: Great. Next question comes from Juan Ignacio Lopez from Puente. I think we haven't answered this yet, but what's the guidance about CapEx for 2026, Olinda and Power?

Awesome. So next question. He says this specifically how much is of that is maintenance and how much is the schedule or thermal plants. This year.

Next question, uh, country from one national office from one day.

Yeah.

$80 million of these all of them.

I think we haven't answered this yet, but what's the guidance about capex for 2026?

David Schutte Windows.

Adolfo Zuberbühler: Around total CapEx?

um,

Adolfo Zuberbühler: Around total CapEx?

And secondly, our guidance regarding free cash flow, which again, we don't do guidance, but we can share with us.

Lida Wang: Sorry. Before that, we don't give guidance.

Adolfo Zuberbühler: Okay.

Lida Wang: What I will give you, we will share with you what our board approved by the budget, for the budget, right?

Provide the budget.

And what <unk> realized price are you assuming for your base case scenario.

Adolfo Zuberbühler: Yeah. I mean, the, as Irina says, the restricted group only, you know, it's basically, it's around $1.1 billion, basically $1 billion, the E&P segment, and less than $100 million on power generation because it's only maintenance CapEx. We don't have any project, any new project going on that, on the power generation segment. That answers?

Sorry, before that, we don't give guidance, but what I will give you—we will share with you what our board approved for the budget, for the budget, right?

Okay.

Thanks Luke.

So.

We expect total capex, including maintenance Capex investment Capex.

Yeah, yeah. And it's the leader says the street restricted group or you know so so it's basically it's around 1.1 billion dollar basically 1 billion dollar the EMP segment and less than 100 million dollars.

The equity that we deploy to our joint ventures.

On power generation because it's already maintenance, capex.

So we don't have any

All that we fly more or less.

$500 million negative cash flow.

project any new project go in going on on on that, on the power generation segment.

Our own investments.

Lida Wang: oil? No, no.

Adolfo Zuberbühler: Oil, almost around $1 billion.

So that is one.

Adolfo Zuberbühler: Oil, almost around $1 billion.

We can bring the cash position from $1 2 billion.

Lida Wang: Billion. Perfect. Awesome. Next question, he says, specifically, how much of that is maintenance and how much is schedule for thermal plants this year? It's pretty much all thermal.

$700 million roughly.

That all six see, almost around.

so, next question, he says

Alright.

Wells.

And the price of oil.

Adolfo Zuberbühler: Yeah, it's around $80 million, and it's all.

So it would be the price of oil assumed through the budget.

Lida Wang: Maintenance

Adolfo Zuberbühler: Maintenance CapEx. Maintenance CapEx, yes.

We think we're through a list of $6 68.

Lida Wang: Second, guidance regarding free cash flow, which again, we don't do guidance,

Is maintenance maintenance capex. Yes.

That's the one assuming <unk> for I think what is relevant here is the hedge price that is around $66.

Adolfo Zuberbühler: Mm-hmm.

Lida Wang: We can share with you the what it's approved by the budget. What crude realized price are you assuming for your base case scenario?

Yeah, that's correct.

A little thing about $66 right. So.

The second, uh, guidance regarding free cash flow—which, again, we don't do guidance, but we can share with you what it's, uh, provided in the budget.

The hedges Brent right.

And what C realized price are you assuming for your base case scenario?

And then after discounts and export duty, which is 8% is roughly a little bit lower than.

Adolfo Zuberbühler: We expect total CapEx, including maintenance CapEx, investment CapEx, and the equity that we will deploy to our joint ventures, all that will imply more or less, $500 million negative cash flow after all investments. We bring the cash position from $1.2 billion to $700 million, roughly.

so,

It's roughly a little bit.

About $58.

Depending on the <unk> you mean.

We expect don't take Apex including maintenance capex, investment, capex.

It's the everyday life. It will be critical who'll have you had to a calendar transport Foundation mhm.

And the equity that we will deploy to our joint ventures.

Okay.

Next question.

All right.

All that we imply more or less uh 500 million negative cash flow.

After all Investments.

Oh never really and it is 30.

So, that is what.

Internet or loses six theory again, so it is just that.

We bring the cash position from 1.2 billion to 700 million dollars. Roughly

But I don't see my date must be us from Africa.

Lida Wang: All right. what else? The price of oil.

How shall we think the quantity of production ramp up through 2026, particularly toward the around 24000 barrels per day level.

All right.

Um, well.

Adolfo Zuberbühler: Yeah, would be?

And the price of oil.

Lida Wang: The price of oil assumed for the budget.

Adolfo Zuberbühler: Ah.

Lida Wang: I think was less than 68.

Adolfo Zuberbühler: Well, that's the one assuming the budget, but I think what is relevant here is the hedge price that is around $66.

Second quarter of 'twenty, six and around 28000 by third quarters will be similar.

That is in there.

Lida Wang: Mm-hmm. Yeah, that's correct. A little bit above $66, right?

I believe just answering your question usually salary, but then after so the 828 equal in the chart. We put like it's like 28, and then sharply goes up to the plateau.

Adolfo Zuberbühler: Mm-hmm.

Lida Wang: The hedge is Brent, right?

Yeah, would be the price of oil assumed through the budget, which was less than 6 to 58, but that's the 1, I think what is relevant? Here is, is the hedge price that is around 66. Mhm. Yeah, that's correct. A little bit of above 66 dollars, right? So

Adolfo Zuberbühler: Yeah.

Lida Wang: Then after discounts and export duty, which is 8%, it's roughly a little bit above $58, depending on the discount.

But what what do you definitely know James Edward I mean, where does he go eat ultimately know that seat now.

The, the Hedge is Brands, right? Yeah. And uh, then after um, discounts and and Export Duty, which is a percent, it's roughly a little bit lower than

Financially efficient so it's going to be priority one of the ramp up curve going from 28000 to 45000 in around five to six months.

Adolfo Zuberbühler: Wellhead, you mean?

Roughly a little bit above 58.

Lida Wang: No, wellhead is realized FOB.

Depending on the discount—well, how do you mean?

Adolfo Zuberbühler: Okay.

Lida Wang: Because wellhead, you have to account the.

Adolfo Zuberbühler: Transportation.

Lida Wang: Okay. Next question. Hang on. We're never doing this 6:30. We're never doing this 6:30 again. This is that. Matías Cattaruzzi from AdCap. How should we think the quarry production ramp up through 2026, particularly toward the around 24,000 barrels per day level by Q2 2026 and around 28,000 by Q3 2026?

So what can you realize fob? Okay, because we'll have you have to account the transportation

Okay Matthias is not quite.

and,

Great good afternoon.

Okay. Uh, next

Given that sounds that has more gas is search that it can currently monetize who would you consider monetizing part of our gotten off your gas Act before you for farm.

Ouch.

question, never doing this 6:30, we are never doing this experience again, so

Or farm downs or asset sales.

We're going to consider.

Occupancy is seeking.

To do so.

Could you update us on alert from somebody else could you lost the awesome sovereign energy S. Lindsay projects, specifically timing expected volumes and potential EBITDA capex contribution from Pampa and while the LNG F O B price assumption, so basically the Coca Cola.

Adolfo Zuberbühler: We'll be through that.

Lida Wang: Mm-hmm. Yeah.

Adolfo Zuberbühler: He's answering your question.

Lida Wang: Yeah, he's answering. After... 28, well, in the chart, we put, like, it's, like, 28, sharply goes up to the plateau.

Adolfo Zuberbühler: No, that's not gonna happen.

Everything.

Lida Wang: What do you think?

Thanks.

Lida Wang: What do you think?

Adolfo Zuberbühler: Definitely not.

Lida Wang: Where does it go either?

In terms of timing.

Adolfo Zuberbühler: Unfortunately.

Lida Wang: It's not that steep.

We are.

Adolfo Zuberbühler: No. It's not financially efficient, it's gonna be probably gonna be a ramp-up curve going from 28,000 to 45,000 in around five to six months.

We're expecting the first boat.

By the second half of 2027.

How should we think the query production runs up through 2026, particularly toward the, um, around 24,000 barrels per day level by second quarter of '26 and around 28,000 by third quarters. Mhm. Yeah, that is exactly—he's answering the question. Yeah, he's answering. But then after—so the 8:28 go in the chart. We put, like, it's like 28 and then sharply goes up to the plateau. That's going to happen. That—what do you think? Vertically, unfortunately, it's not as deep, you know, and it's not as financially efficient, so it's going to be—

On the second one by the second half of 2028.

For a total amount of 6 million tons per year.

Probably going to be a ramp-up curve, going from 28,000 to 45,000 in around five to six months.

Lida Wang: Okay. Matías is asking.

Adolfo Zuberbühler: Coyagracia.

Lida Wang: Coyagracia.

Around roughly around $24 95 to 26 million cubic meters per day.

Adolfo Zuberbühler: Coyagracia, yeah.

Lida Wang: Given that Pampa has more gas reserves that it can currently monetize, would you consider monetizing part of your gas acreage before you farm out or farm downs or asset sales?

Okay.

90% out of that.

And the.

The biggest capital are going to be is the capex involved in the project now is the construction.

given that Tampa has more gas reserves that it can currently Moines monetize, would you consider monetizing part of our GA of your gas, accrete for you to farm uh, out

Or Farm Downs or asset sales.

Adolfo Zuberbühler: We could consider, but we are not actively seeking to do so.

The dedicated gas pipeline from Kratos in.

To San Antonio.

We we we could consider it but but we are not actively seeking.

Wheeler Gong on.

Lida Wang: Another from Matthias. Could you update us on solar energy, FLNG projects, specifically timing, expected volumes, and potential EBITDA CapEx contribution from Pampa? What the LNG FOB price assumption? It's basically the Coca-Cola. Everything.

To do so.

Probably around $1 5 billion or so corporate existence.

Isn't that one from one three to one five.

And.

Our duration could consider 60%, we refinanced maybe 43% to 40% is going to be equity out.

That would be up 20%.

So that's a major.

Adolfo Zuberbühler: Yes. Coca-Cola. In terms of timing, we are expecting the first boat by second half of 2027 and the second one by the second half of 2028, for a total demand of 6 million tons per year. That's around, roughly around 24 to 26 million cubic meters per day. We have 20% out of that. The biggest capital or the biggest CapEx involved in the project now is the construction of the dedicated gas pipeline from Tratayén to San Antonio Este, which will account for probably around $1.5 billion. Hopefully less than that.

Could you update us—another from Madas? Could you have the, uh, some, uh, cellular energy LNG projects—specifically timing, expected volumes, and potential? Even capex contribution from PA, and what the LNG FOB price assumption is? It's basically the Coca Cola—everything.

Capex as we will be facing.

Okay.

Francisco <unk> from Duncalf, he's asking linear opportunities are you foreseeing the generation segment if any.

Um, in terms of timing, uh, we are expecting the first boat.

Do you expect I'm, sorry, just to add something Thats irrelevant, we signed our first <unk>.

By second half of uh 2027 and the second 1 by the second half of 2028.

Long term contract with <unk>, the German agency from 2 million tons per year.

Providing this is lightning saavedra in his life.

By any great awesome yourself by going forward.

For a total demand of 6 million tons per year, that's around roughly around 24 to 20 24, 726 million, cubic meters per day. We have 20% out of that.

Um,

Great.

Alright shifting to power generation Canseco Cafaro from Don Cup case, asking do you foresee any opportunities there.

And uh the the biggest uh, capital or the biggest capex in in involved in the in the project now is the construction.

They expect to increasing in full capacity this year on the near term.

Of the dedicated gas pipeline from Ken.

Sure.

To increase this year impossible rib it goes to these projects.

Lida Wang: Hopefully less than that. From 1.3 to 1.5. Out of which we could consider that 60% will be financed, and maybe 30% to 40% is gonna be equity. Out of that, we have 20%. That's a major CapEx that we'll be facing. Francisco Cascarón from Don Capital. He's asking what new opportunities do you foresee in the generation segment, if any? Do you expect any-

It takes several years to being installed.

.5 billion dollars. Hopefully this hopefully less than that 1 from 1.3 to 1.5.

What could be done in the <unk>.

Uh huh.

The short term could be something like batteries.

And uh out of which we could consider, that 60% will be financed and maybe 40 30 to 40% is going to be equity and out of that. We have 20%

And today.

Yeah.

So, that's a major, uh, CapEx that we'll be facing.

Let me throw a.

Secret area, whether should announce a new offshore so forth.

<unk> similar to the one.

Adolfo Zuberbühler: I'm sorry. Just to add something that's relevant. We signed our first long-term contract with SEFE, the German agency, for 2 million tons per year.

What new opportunities do you foresee in the generation settlement, if any?

No.

To the one who was that.

Lastly, as last year.

The one that is last year was we viewed.

They were desirous area on this one as well.

Lida Wang: It's binding? This is binding?

Do you expect? Oh sorry just to add something that's relevant. We we signed our first long-term contract with the seman agency for 2 million tons per year,

Adolfo Zuberbühler: It's already binding.

Lida Wang: It's binding.

Spidey. This is

Adolfo Zuberbühler: Yeah. More than binding.

All around.

Lida Wang: Great. Awesome. The first sale.

The country, but have been bullish today honestly I didn't have time to take a look at it usually these are more projects.

Adolfo Zuberbühler: Binding for both. For both sides.

Lida Wang: Great. All right. Shifting to power generation, Francisco Cascarón from Doncap, he's asking, do you foresee any opportunities there? Do you expect to increase in full capacity this year or in the near term?

More than buying the first sale, buying them for both.

Great.

Jim.

Very competitive.

We have.

Colleagues very aggressive very aggressive on pricing so.

All right, shifting to Power Generation. Francisco from Don Cap, he's asking: do you foresee any opportunities there?

Um,

Not sure whether we are going to be actively.

Adolfo Zuberbühler: To increase this year, impossible because these projects take several years to be installed. What could be done in the short term could be something like batteries. Today, CAMMESA, our secretary of energy, announced a new auctions of batteries similar to the one that was done.

Gustavo Mariani: To increase this year, impossible because these projects take several years to be installed. What could be done in the short term could be something like batteries. Today, CAMMESA, our secretary of energy, announced a new auctions of batteries similar to the one that was done.

Respect to increasing in full capacity this year or in the near term.

In these in this auction.

increase this year impossible because this project,

Oh, that's it.

Okay, so hosting particularly for money, while he's asking given the improvement in power prices under the new wholesale electricity market framework are you now seeing higher return seeing power generation relative to show them.

Takes several years to be installed. Um what could be done in the

in the short term could be something like a batteries and and today the

One other question and that is to say docs.

Wahoo.

[laughter].

Uh huh.

the Tesla or Secretary of Energy announced a new options of of uh batteries similar to the 1.

We are seeing higher returns on their floors and there isn't the.

Lida Wang: Last year.

Adolfo Zuberbühler: last year.

Um, to the 1 that was done.

<unk> the previous year.

Lida Wang: Right.

Adolfo Zuberbühler: The one done last year was within the Buenos Aires area, and this one is all around the country. Have been published today. Honestly, I didn't have time to take a look at it. Usually these are more projects, very competitive. We have colleagues, very aggressive on pricing, so not sure whether we are gonna be actively in this auction.

Gustavo Mariani: The one done last year was within the Buenos Aires area, and this one is all around the country. Have been published today. Honestly, I didn't have time to take a look at it. Usually these are more projects, very competitive. We have colleagues, very aggressive on pricing, so not sure whether we are gonna be actively in this auction.

Relative to shale oil.

Yeah.

How is.

The power centers.

Margins improve but I still think that the shale oil provides.

It's Scott here.

Uh, yeah, last year, uh, the one that last year was within, uh, the bonus Iris area. And this one is all around, um, the country but has been published today. Honestly, I didn't have time to take a look at it. Usually these are more projects.

The expected.

Returns than bullish the duration.

There are two anymore.

Different than whats exactly is different risk correctly.

Very competitive. We have colleagues, very aggressive—very aggressive on prices. So,

Despite these changes we are very comfortable with the EBITDA levels that we are doing in lingo lead on that.

Lida Wang: Right. That's it. Agustin Pacheco from Mariva, he's asking: Given the improvement in power prices under the new wholesale electricity market framework, are you now seeing higher returns in power generation relative to shale oil? What a question.

Not sure whether we are going to be actively, uh, in, in this, in this option.

Right. Um,

I mean, the old segment to bump.

Well, that's it.

That is what are the questions.

Yeah.

Boomed vulnerable to talking about it.

Well.

Hello.

With the recent extension to regain or you thinking to apply I think we answered that yes. We are we are starting to to apply for the <unk>.

Adolfo Zuberbühler: Relative to shale oil.

Okay, so he's asking even the Improvement in power process under the new wholesale electricity Market framework. Are you now seeing higher returns in power generation relative to Shell Oil?

Lida Wang: Possible.

What a question—I think to shade up possible.

Adolfo Zuberbühler: er returns on the power generation vis-a-vis previous year. Relative to shale oil, the power generation margins have improved. I still think that shale oil provides a higher expected returns than power generation

Gustavo Mariani: er returns on the power generation vis-a-vis previous year. Relative to shale oil, the power generation margins have improved. I still think that shale oil provides a higher expected returns than power generation

Upstream part for <unk>.

Asking I think it's the women's last lands is that an expected impact on project economics and timing.

We, we are seeing higher Returns on the, for Generation. The p7 is a previous year.

Um, relative to Shale oil.

and,

So we can he came out of a quick summary of the me if you if I may so it's basically.

After the first year, you get extra duties.

Our Polish remover right was a different year.

They have—the power generation margins have improved, but still think that the shale oil provides, um, a higher.

The past percent the tax break rate goes down from 45% to 25%.

Lida Wang: They are two animals, right?

Expected returns than power generation.

Adolfo Zuberbühler: Yeah, two different animals. Exactly. Different risk. Exactly. Despite these changes, we are very comfortable with the development we are doing in Rincón de Aranda and adding the oil segment to Pamp. If that is where the question is.

Gustavo Mariani: Yeah, two different animals. Exactly. Different risk. Exactly. Despite these changes, we are very comfortable with the development we are doing in Rincón de Aranda and adding the oil segment to Pamp. If that is where the question is.

Accelerated depreciation shielding possible amount is smaller as well so that helps through the first years.

There are 2 animals, right? Yeah. 2, different animals. Exactly different risk. Exactly. But

Laughter.

<unk>.

He can be b, a decrease can be monetized.

What else if I can remember, but he is bringing is there anything much that it Ryan.

despite these changes, we are very comfortable with the development of that we are doing in green color and and adding the old segment to to pump that is what where the questions

Lida Wang: Talk about. Yeah.

Adolfo Zuberbühler: Yes.

Anytime, it's a 30 year.

Lida Wang: Well, with the recent extension of the RIGI, are you thinking to apply? I think we answered that.

Is about, yeah.

Lida Wang: Well, with the recent extension of the RIGI, are you thinking to apply? I think we answered that.

um,

Tying that they view right.

well.

Yes.

And then of course finally spool sonal for all the proceeds are broad if you export you can keep it.

Adolfo Zuberbühler: Yes. We are studying to apply for the upstream part in Rincón de Aranda.

Gustavo Mariani: Yes. We are studying to apply for the upstream part in Rincón de Aranda.

And I think that's the key take away from accretion.

Um, with the recent extension of the review review of thinking, to apply. See, we answer that. Yes, we are. We are studying to, to apply for the

Lida Wang: He's asking, I think it's already been answered, but expected impact on project economics and timing. We can give him a quick summary of the RIGI, if I may.

Sure.

Past stream part.

That's not and we'll produce that.

He's asking—I think it's always nice to answer—but expected impact on project economics and timing.

I have to think about it.

So he said well.

Adolfo Zuberbühler: Sure.

Lida Wang: It's basically, after the first year, you get export duties abolished, removed, right? The first year. The tax break rate goes down from 35% to 25%. Accelerated depreciation, so the imposable amount, it's smaller as well, so that helps through the first years of the operation. VAT credit can be monetized. What else? If I can remember.

Congratulations from diodes abundance proficiency testing.

<unk> upstream.

How broadens the scope.

So we can give him a quick summary of the reviews if you if I may. So it's basically um, after the first year you get uh expert duties for polish remove, right? So the first year

Single net and approaches at Holdco to accelerate the development.

<unk> delivered very real up.

Hello This is gil.

<unk> impact okay.

The <unk> opportunity.

The <unk> is going to.

<unk> significantly.

Significant okay, our help to develop the northern parts of England, Miranda, which will have an impact both in the ramp up curve and also in the total amount of oil to be recovered from the area.

If the operation of BA can be decreased, it can be monetized.

Adolfo Zuberbühler: I think that's pretty much it.

Lida Wang: I think it's pretty much that, right? But it's a, it's a 30-year time that they give to you, right?

What else? Um, if I can remember, I think that's, I think it's pretty much that, right?

Adolfo Zuberbühler: Yeah.

Lida Wang: The RIGI. Of course, free disposal of all the proceeds abroad. If you export, you can keep it. I think that's the key takeaway from RIGI.

So we're seeing that.

This is.

The major change in the.

Overall economics of the projects.

Um, but it's a, it's a 30-year, uh, time that they give you, right? The reason. And then, of course, free response of all the proceeds, uh, abroad. If you export, you can keep it.

He's asking shall we expect me updated production guidance and timing.

I don't I think that's the key, takeaways and grey.

Adolfo Zuberbühler: Sorry.

Gustavo Mariani: Sorry.

Sorry.

Lida Wang: That's not AI who produced that. I have to think about it. Well, congratulations, from Tadeo Zapata from Santander. He's asking the RIGI upstream, how broadens the scope of the Rincón de Aranda project and how could accelerate the development? How it impact?

Winning adding resource drilling capacity.

Or or having moved our capacity contracted genuine broadly happen.

Um, that's not AI. To produce that, I have to think about it. Um,

Happen is.

so, he said, well,

It's not going to change. This short term curve is going to have impact in the medium term something where steel and.

<unk> obviously is.

Congratulations. Uh, from Dio sapata from proficio, he's asking the REI a string.

Contingent to read through the re obligation.

Alright.

I don't know that it's.

Um, how broadens the scope the project, and how cool that accelerate the development?

It's the Navy.

Among them already which is very weird he's asking a question that we will easily answer does the company's planning and.

Adolfo Zuberbühler: Okay. The RIGI or the possibility of the RIGI is gonna give a significant, let's say, help to develop the northern part of Rincón de Aranda, which will have an impact both in the ramp-up curve and also in the total amount of oil to be recovered from the area. We think that this is a major change in the overall economics of the project.

Distribute any dividends in the near future.

No.

We're not planning to distribute dividends in the near future.

Peter explain.

Yeah.

Negative free cash flow this year, and we expect still too early to say, but something that.

the whole impact, okay, um, the the REI or the possibility of of the REI is going to give a significant let's say, uh, helped to develop the northern part of Ringo, which will have an impact both in the ramp up curve and also in the total amount

Brian.

Of oil to be recovered from the area.

Even so slightly positive in 2027.

So we think that, uh, this is, uh,

But we still see.

Lida Wang: He's asking: Should we expect any updated production guidance and timing, meaning adding rigs or drilling capacity or having more capacity contracted?

And little opportunities to continue growing so.

A major change in the, uh, overall economics of the project.

Sure.

Because of these situations, we are not putting the dividend in 2026.

Adolfo Zuberbühler: It will probably happen. It's not gonna change the short-term curve, but it's gonna have impact in the medium term. Something we're still analyzing and obviously is contingent to the RIGI application.

Gustavo Mariani: It will probably happen. It's not gonna change the short-term curve, but it's gonna have impact in the medium term. Something we're still analyzing and obviously is contingent to the RIGI application.

For ammonia <unk> necessarily that's all I'm asking she wants to Donaldson the Capex estimates.

Excluding going at $770 million budget for this year, how much is <unk> versus infrastructure.

Lida Wang: All right. Someone I don't know, but Its name is Armando Moretti, which is very rare. He's asking a question that we will usually answer. Do the company planning distribute any dividends in the near future?

Approximately $500 million in wells and the difference will be facilities right. How much is maintenance for generation, it's $80 million that we said TGF. What we said is considering a predetermined expansion and maintenance yes. It's.

He's asking, should we expect any updated production guidance and timing? Um, meaning adding rigs or drilling capacity or or having more capacity contractors, it will probably happen. Uh, it's not going to change the short term curve but it's going to have impact in the medium term. Something we're still analyzing and obviously is uh, contingent to the to the really application.

Adolfo Zuberbühler: No. We're not planning to distribute dividends in the near future. As Peter explained, we have a negative free cash flow this year, and we expect still too early to say, but something that probably even so, slightly positive, in 2027. But we still see a lot of opportunities to continue growing, because of this situation, we are not planning dividends in 2026.

Gustavo Mariani: No. We're not planning to distribute dividends in the near future. As Peter explained, we have a negative free cash flow this year, and we expect still too early to say, but something that probably even so, slightly positive, in 2027. But we still see a lot of opportunities to continue growing, because of this situation, we are not planning dividends in 2026.

All right, uh, someone I don't know but his name is Armando Mor, which is very weird, uh, he's asking a question that we usually answer: uh, do the companies plan on distributing dividends in the near future?

$600 million of the expansion of the <unk>.

King.

These losses.

no, uh, we're not planning to distribute dividends and in the near future, as

No no no I totally serving over 700 milligrams, but we hope to talk about the tissues.

Peter explained have a

Very briefly in the.

Negative free cash flow this year, and we expect—still too early to say, but something that...

Hey.

Colgan chalk.

Sure Charles.

Maintenance on PGS.

Bright, even for slightly positive in 2027.

Like $90 million per year, more or less pool right.

Uh, but we still see.

The trunk the related trend the liquids and then what is left from midstream that's $19 million Green.

a lot of opportunities to to continue growing, so

Because of this situation, we are not planning dividends in 2026.

Lida Wang: From Patria Investments, Ignacio Irrazabal asking, he wants to double click the CapEx estimates. For Rincón de Aranda $700 to 770 million budget for this year, how much is wells versus infrastructure?

What should we expect for next year's Whoa.

That's a four four in going at I know when we reach plateau, it's just maintenance.

Uh, she wants to double-click the CapEx estimates.

Yes.

I mean, it's just drilling and competing for.

Adolfo Zuberbühler: Yeah. It's approximately $500 million in wells, and the difference will be facilities.

Horacio Turri: Yeah. It's approximately $500 million in wells, and the difference will be facilities.

To fit under the clients mhm.

We already got us and we are.

Lida Wang: Great. How much in maintenance for generation, it's $80 million that we said. TGS, what we said is considering Perito Moreno expansion and maintenance. Yes. It's $600 million of the expansion of the Perito Moreno.

We already reached our.

<unk> got it all.

But when we have something when we have says that we need to decide whether we're going to be supplying all of the demand of them. So it wouldn't be replacing.

Some of our demand would say say something I would need to.

Um, 7777 million budget for this year. How much is 12 versus infrastructure? Yeah. Except approximately 500 million dollars in wealth. And the difference will be uh facilities. Great, how much, uh, maintenance for generation is 80 million dollars. That we set TGs. What we said is considering expansion and maintenance. Yes, it's um, it's, it's, uh, 600 million dollars of expansion of the perito Moreno.

Adolfo Zuberbühler: This year. Okay.

Horacio Turri: This year. Okay.

Lida Wang: This year.

Adolfo Zuberbühler: Okay.

Lida Wang: This year.

Horacio Turri: Okay.

In power generation, we don't have any projects in the pipeline business. So that's it.

Lida Wang: Yeah, this year. No, no. Totally over $700 million.

Adolfo Zuberbühler: Okay. We haven't talked about TGS CapEx.

Horacio Turri: Okay. We haven't talked about TGS CapEx.

Next question from Ignacio <unk>, where the conditions of the <unk> ppas that you're signing.

Lida Wang: Very briefly in.

Ah, this year, okay, this year. Yeah, yeah. This year. No, no, no. Total is $700 million, but, but we haven't talked about TG's CapEx.

Adolfo Zuberbühler: Uh.

Horacio Turri: Uh.

Lida Wang: -folding chart.

Adolfo Zuberbühler: Okay.

Horacio Turri: Okay.

Lida Wang: Evolution chart.

Which is very very growth like.

Adolfo Zuberbühler: I missed it.

Horacio Turri: I missed it.

Lida Wang: Maintenance on TGS, like $90 million per year, more or less. Total, right? The trunk, the regulated trunk, the liquids, and what is left from upstream. That's $90 million per year. What should we expect for next years? Whoa. That's for Rincón de Aranda, when we reach plateau, it's just maintenance.

You have some nice <unk>.

very briefly in the golden chart, evolution chart and you should um maintenance on TGs

Yes.

It's a better.

Newport ratio goes, but I think the volume is around the <unk> prices for <unk>.

Like $90 million per year, more or less total, right? Um,

In the mid fifties, yeah, we are.

We're doing we're doing summer winter peak.

The trunk, the regulated trunk, the liquids, and what is left from Ministry, that's $90 million per year.

These off peak.

Yeah. They are one year contracts, yeah, one year contracts, we have a first tier mostly or if that's going to be made as its first year, which is named.

Adolfo Zuberbühler: Yeah. I mean, it's just drilling and completing to fill out the decline.

Horacio Turri: Yeah. I mean, it's just drilling and completing to fill out the decline.

Uh, what should we expect for next year's? Whoa, that's uh, 404 ring when we reach Plateau, it's just maintenance

Oh, it's mandatory but we have some second Peter.

Lida Wang: Gas, we already-

Adolfo Zuberbühler: Gas, we already reached our-

Horacio Turri: Gas, we already reached our-

This is Jim.

Yeah, so it's it's made. I mean it's uh, just reading and completing for they to fill out the decline. Mhm.

So the capacity for the regulation has in order to incentivize.

Lida Wang: Plateau

Adolfo Zuberbühler: ... our peak, our plateau.

Horacio Turri: ... our peak, our plateau.

That's we already gas. We are all we already reached our

Lida Wang: When we have CESA, we will.

That our big.

The contractual decision is done.

Adolfo Zuberbühler: When we have CESA, we need to decide whether we're gonna be supplying all of the demand above CESA, or we will be replacing some of our demand with CESA. It's something that we need to...

Gustavo Mariani: When we have CESA, we need to decide whether we're gonna be supplying all of the demand above CESA, or we will be replacing some of our demand with CESA. It's something that we need to...

The new stories.

If higher.

Capacity charge than what we collect.

Lida Wang: Yeah. In power generation, we don't have any projects in the pipeline.

No.

Got it incentivize contractual decisions because.

Adolfo Zuberbühler: Mm-hmm.

Gustavo Mariani: Mm-hmm.

Lida Wang: That's it. Next question from Ignacio is, what are the conditions of the B2B PPAs that you sign? Which is very, very broad. Like, we have some in Nisa, some in.

So.

Replacing. Uh, some of our demand would say something that we need to empower generation. We don't have any projects in the pipeline so that's it.

Edward capacity, a little bit better than what we felt to grocer.

Next question from Ygnacio. It's uh what are the conditions of the B2B PPA that you sign?

The industry is good.

The reduced price for what got me surcharge them yet.

which is very very bro, like

Adolfo Zuberbühler: Yeah. B2B have better information than. I think the volume is around 70 MW.

Gustavo Mariani: Yeah. B2B have better information than. I think the volume is around 70 MW.

And then if you need I know film balance the liberalization of the power market contemplates something kind of energy by distributors.

um, we have some inisa, some

Lida Wang: Yeah.

Adolfo Zuberbühler: Prices for energy in the mid-$50s.

Gustavo Mariani: Prices for energy in the mid-$50s.

yeah, you probably have better information, but I think volume is around 70 M, prices for energy.

When do you consider this will be fully implemented and how do you expect to impact your power segment.

Lida Wang: Yeah. We are doing summer, winter. We are doing peak off peak. Yeah.

Adolfo Zuberbühler: They are one-year contracts.

Gustavo Mariani: They are one-year contracts.

In the mid-50s. Yeah, it's we are doing. We are doing summer winter. We are doing pixel stick.

I guess the B to C conference is what he's asking.

Lida Wang: Yeah, 1-year contracts. We have, first year... Mostly of that 70 megas is first year, which is meaning, it's mandatory, but we have some second tier. That's it.

But we haven't done any cover them done any yet broadly some of our colleagues, especially the.

Yeah.

Yeah, they are 1-year contracts. Yeah, 1-year contracts. We have a first year—mostly of that $70 million, it's first year, which is mainly—uh, it's mandatory, but we have some second year.

The hydro that recently.

Adolfo Zuberbühler: Yeah. In terms of capacity for the regulation has in order to incentivize the contractualization, is that industries pay a higher capacity charge than what we collect. That incentivize contractualization because we sell a little our capacity a little bit better than what we sell to CAMMESA, and industries get a reduced price from what CAMMESA charge them.

Gustavo Mariani: Yeah. In terms of capacity for the regulation has in order to incentivize the contractualization, is that industries pay a higher capacity charge than what we collect. That incentivize contractualization because we sell a little our capacity a little bit better than what we sell to CAMMESA, and industries get a reduced price from what CAMMESA charge them.

The factory units.

But have not that is not yet a public information.

That's it. Yeah. In terms of capacity for the regulation has in order to incentivize

So that is a market that we need to see how it will evolve I don't have any clarity later.

the contractualization is that

Industries, pay a higher.

And our question comes from them that as Carvana from C. D. So.

Capacity charge is more than what we collect.

so,

We are in power generation, we already answer. This the second question are you, saying short to mid term and my knee opportunity.

that incentivize contractualization, because

They're more likely to be for <unk> for power generation.

We sell a little power capacity, a little bit better than what we have to canessa.

An industry is getting

Lida Wang: Yeah. Well, Andres Emiliano from Balanz, the liberalization of the power market contemplates self-consumer energy by distributors. When do you consider this will be fully implemented, and how do you expect to impact your power segment? I guess the B2C conference is what he's asking. That we haven't done any-

Okay.

There's nothing.

Reduced price from what, comma, charts them. Yeah.

In the short term. So there is nothing in the pipeline that is a question that we are.

Well.

Studying neither an E&P or Polish generation.

Market contemplation energy by distributors.

uh,

Yeah.

Harder to see.

when do you consider this 1 with fully implemented? And how do you expect to impact your power segment?

That is going to evolve going forward, but we are not actively engaged in any.

I guess the b2c conference is what he's asking.

Adolfo Zuberbühler: No, we haven't done any yet. Probably some of our colleagues, especially the, probably the hydro, the recently, the hydro units have that, but that is not yet public information. That is a market that we need to see how it will evolve. I don't have any clarity right now.

Gustavo Mariani: No, we haven't done any yet. Probably some of our colleagues, especially the, probably the hydro, the recently, the hydro units have that, but that is not yet public information. That is a market that we need to see how it will evolve. I don't have any clarity right now.

Is there any M&A opportunities.

This question was answered people in previous calls that bolster the legal side I know, there's not always you know all the infill drilling.

that we haven't done any know, we haven't done any yet, probably some of our colleagues especially the

The hydro, the recently.

We must do you have.

Any information evolving Kona anticipating the type curve like for example was it estimated urs.

The, the hydro units have have that but have not, that is not yet a public information.

Flurry D&C cost per barrel.

So, that is a market that we need to see how it will evolve. I don't have any clarity right now.

Lida Wang: Another question comes from Andres Cardona from Citi. Regarding power generation, we already answered. The second question: Is there any short to mid-term M&A opportunity? Is there more likely to be for upstream or for power generation?

We don't give any guidance.

Very good.

[laughter].

It is like it's like around one <unk>.

Probably around $1 1 million barrels.

Um, another question comes from Andres Cardona, from Citi regarding power generation. We already answered this. The second question is, is there any short- to mid-term M&A opportunity?

Of EUR.

And.

Is there more likely to be for Astron, or for power generation?

In terms of cost, we we should be hitting the $15 million per well approximately you well it's fully consider the whole thing all of it although it.

Adolfo Zuberbühler: There's nothing in the short term. There's nothing in the pipeline. That is a question that we are studying, neither in E&P or power generation. Harder to see how that is going to evolve going forward. We are not actively engaged in any M&A opportunity.

Gustavo Mariani: There's nothing in the short term. There's nothing in the pipeline. That is a question that we are studying, neither in E&P or power generation. Harder to see how that is going to evolve going forward. We are not actively engaged in any M&A opportunity.

Uh huh.

All the way to the.

To be collecting pipeline correct.

There's nothing in the in the short term so there's nothing in the pipeline. That is a question that we are studying neither in in P or P generation.

Yeah.

Sometimes that this rationally measure from other players yes of course.

Another question from someone I don't know, it's cohesion magoo always bump us more intense enough sales.

harder to see how that is going to evolve going forward, but now we are not actively engaged in any

in any opportunity.

Lida Wang: This question was answered in previous calls. Well, there's always a new audience, so.

Oh, no we have 11 book.

Okay.

Adolfo Zuberbühler: Exactly.

Gustavo Mariani: Exactly.

Lida Wang: Do you have any information about Rincón de Aranda, specifically in the type curve, like for example, whether estimated UR, IP flow rate, D&C cost per barrel?

Can you give us from some kilometer menotti I can you give us some color from the next maintenance in power plants program.

Lida Wang: Do you have any information about Rincón de Aranda, specifically in the type curve, like for example, whether estimated UR, IP flow rate, D&C cost per barrel?

This question was answered in previous calls but well the the tool because I don't know, there's always a new audience, so, exactly what do you have?

The public ones.

Usually we do it when it's off peak right obviously.

With it either in auto or Paul.

Adolfo Zuberbühler: We don't give any guidance.

um any uh information about the specifically in the type curve, like for example, whether the estimated URS I prefer the DNC cost per barrel,

Lida Wang: Very good. I don't actually know. I don't know. It's like, it's like around 1.3.

I think the plan.

This year I don't have anything in my mind for this fall.

We don't give any guidance very good.

Adolfo Zuberbühler: Okay. It's probably around 1.1 million barrels of EUR. In terms of cost, we should be hitting $15 million per well, approximately.

During the.

Good.

It's like a, it's like around 1.3. Okay, it's probably

For spring spring spring or fall.

around 1.1 million barrels.

Um, but you are

Oh, the globe is longer which plan.

Significant.

Lumpiness.

Lida Wang: Your well considers the whole thing.

Whilst early would be a hit it came in lower.

Adolfo Zuberbühler: All of it. All of it.

Those are the two relevant ones.

Lida Wang: Ah.

Adolfo Zuberbühler: All the way to the collecting pipeline.

<unk> the legacy.

Um, and uh, in terms of cost, we should be hitting $15 million per well, approximately. Your well, it's fully considered—the whole thing. All of it, all the way. Uh,

Alright.

Lida Wang: Correct. Which sometimes is different from the measures from other players.

Is there any change in 2026 capex considering the oil prices is a semi or recent principal appreciation.

All the way to the, uh, to the collecting pipeline, correct?

Adolfo Zuberbühler: Yeah, of course. Of course.

Lida Wang: Another question from someone I don't know. It's called Guillermo Google. How is Pampas involved in Transener sale?

No nothing at all.

So sometimes it's different from the measures from other players. Yeah, of course. Of course.

Needless to say it all his boss, he's asking who their throw <expletive> is there any further information to share about this bracket.

Another question for someone. I don't know, it's cool. How is Pampas involved?

Adolfo Zuberbühler: No, we are not involved.

No not at this point not at this point, we're still working.

Lida Wang: From Santiago Herrera, TPCG, can you give us some color from the next maintenances in power plants program with the power plants? Usually we do it when it's off-peak, right?

No, we we are not involved.

Lida Wang: From Santiago Herrera, TPCG, can you give us some color from the next maintenances in power plants program with the power plants? Usually we do it when it's off-peak, right?

A lot.

Yeah.

But as usually happens.

The delays so it will take a.

Um, can you give us from sa? Can you give us some color from the next maintenances in power plants program?

Adolfo Zuberbühler: No. Obviously, we do it either in autumn or in fall. If in their plan, and this year I don't have anything in my mind for this fall.

Horacio Turri: No. Obviously, we do it either in autumn or in fall. If in their plan, and this year I don't have anything in my mind for this fall.

At least analyst semester to have.

For more information about this project.

The sulfide <unk> from Bank of America, he's asking.

Lida Wang: Mm-hmm.

Adolfo Zuberbühler: Probably during, no, sorry.

Horacio Turri: Probably during, no, sorry.

And this year, I don't have anything in my mind for this fall.

It is different from from the hedge but he said hold us.

probably during

Lida Wang: Spring.

Adolfo Zuberbühler: For spring.

Horacio Turri: For spring.

Lida Wang: Spring.

Adolfo Zuberbühler: Spring or fall. I don't recall at this moment which plant has a significant maintenance. Most probably would be Genelba, Loma La Lata, those are the two relevant ones, but.

Horacio Turri: Spring or fall. I don't recall at this moment which plant has a significant maintenance. Most probably would be Genelba, Loma La Lata, those are the two relevant ones, but.

Yes.

Thank you.

Oh.

Thus the Panther as oil prices catch works in this new environment of high oil prices.

Sorry, for spring, spring, spring, spring or fall. Um, but I don't recall at this moment which plan has significant...

Maintenance.

Man.

Okay.

I would say that.

Lida Wang: The legacy, right? The legacies. All right. Is there any change in 2026 cap considering the oil prices? This is a new or recent price appreciation. No, there's nothing at all. Guido Vizacero, his boss, he's asking, Urea project, is there any further information to share about this project?

Last year, we realize like.

Not probably will be Canela. Those are the 2 relevant ones, but the Legacy, right? The Legacy.

Nevertheless, a $7 profit.

Right right.

Sure.

Well.

The profit from our hedge strategy.

All right. Uh is there any change in 2026 cap is considered the oil prices? This is an or recent press so appreciation.

No, it's nothing at all.

<unk>.

This year.

Since today, we are.

Adolfo Zuberbühler: No, not at this point. Not at this point. We're still working a lot. As it usually happens, there are delays. It will take at least another semester to have more information about this project.

Gustavo Mariani: No, not at this point. Not at this point. We're still working a lot. As it usually happens, there are delays. It will take at least another semester to have more information about this project.

Are you losing $405.

Jim.

His boss. He's asking, is there any more information to share about this project? No, no. Not at this point. Not—not. At this point, we're still working.

<unk> in our hedge strategy.

A lot.

So, but we will see how.

But as it usually happens.

Prices evolve.

All the remaining a leader.

There are delays, so it will take a—

Okay.

And we will start which also asking are you open to new investments outside power and gas oil and gas we've seen Campbell.

at least another semester to have a

Lida Wang: Gustavo Faria from Bank of America, he's asking a little bit different from the hedge, but he said, how does the Pampas oil prices hedge works in this new environment of high oil prices?

a more information about this project,

Structure.

As.

As long as within the scope of where those yield bump. We are open to anything we are not studying apart from the re approach. It we are not studying.

Bank of America, he's asking a little bit different from the hedge, but he said, how does—

I think how

Planning any.

Different methods.

Does the Pampa floor prices hedge work in this new environment of high oil prices?

Okay. So 200 and support from that Lora is asking why did you retire production from plan gas.

Adolfo Zuberbühler: Well, I would say that, last year we realized like, in average a $7 profit from-

Gustavo Mariani: Well, I would say that, last year we realized like, in average a $7 profit from-

Round, one and round free.

I would say that last year, we realized like, on average, 7 profit.

Lida Wang: Per barrel, right?

While they possibly an okay to our power generation two vertical do you think regarding anything yes.

From.

Adolfo Zuberbühler: $7 per barrel profit from our hedge strategy. This year and since today, we are probably losing $4 or $5 per barrel in our hedge strategy. We will see how it, prices evolve throughout the remaining of the year.

Gustavo Mariani: $7 per barrel profit from our hedge strategy. This year and since today, we are probably losing $4 or $5 per barrel in our hedge strategy. We will see how it, prices evolve throughout the remaining of the year.

For viral, right?

so,

We still have some from the last round of $4 two right, yes, we see on that.

Profit from our page strategy.

Which we may not we didn't ask for which no new here.

We're seeing a negotiating.

this year and since, uh, today we are

Eventually.

Turning over.

probably losing 405 dollars.

Of that gas back to to bump up to be able to say.

Again decided what to do without gas rather than anything else.

Well he's asking also could you explain about the $55 million positive impairment, so recovery environment from generation yeah. So.

Per VARO in our hedge strategy. Uh, so, but we will see how prices evolve throughout the remaining of the year.

Lida Wang: Gustavo is also asking, Are you open for new investments outside power and gas, oil and gas within Pampa structure?

Um, you know, you open

They had a winner.

Your investments outside power and gas—oil and gas. We've been PA.

Structure.

While were 620 megawatts in my ear longer it's a choose team to refine that.

Adolfo Zuberbühler: As long as within the scope of energy of Pampa, we are open to anything. We are not studying, apart from the urea project, we are not studying, we're not planning any different investment.

Gustavo Mariani: As long as within the scope of energy of Pampa, we are open to anything. We are not studying, apart from the urea project, we are not studying, we're not planning any different investment.

Load factor is very low this is Raphael was high because it was a dry year, but usually slow so under the <unk>.

Later, she scenario under the old rhythm relating to remuneration. They have an impairment now that we have this new scheme that also.

As long as within the scope of energy of PA, we are open to anything. We are not studying apart from the urea project, we are not studying or not planning any

Lida Wang: Okay. Jonathan Swartz from Debtwire is asking, Why did you retire production from Plan Gas.Ar in round one and round three?

Different method.

Recognized as a base.

Okay, so Jonathan's work from that war is asking why did you retire production from plan gas?

Mike, It's a 3% boost in the capacity because centripetal winter can also operate under alternative fuels. This is way better than anybody can pay just because of that flexibility.

Around 1 and round 3.

Adolfo Zuberbühler: To reallocate to our power generation.

Horacio Turri: To reallocate to our power generation.

Lida Wang: To vertical integration.

Adolfo Zuberbühler: To vertical integration.

Horacio Turri: To vertical integration.

Lida Wang: Yeah. We still have some from the last round, the 4.2, right?

Allocated to our power generation 2, vertical integration 2, vertical integration. Yeah.

Adolfo Zuberbühler: Yeah, we still have that.

Horacio Turri: Yeah, we still have that.

Lida Wang: Which we don't-

Adolfo Zuberbühler: With ENARSA.

Horacio Turri: With ENARSA.

Lida Wang: With ENARSA, which, no news.

Adolfo Zuberbühler: We're still negotiating, eventually the handing over of that gas back to Pampa to be able to decide what to do with that gas rather than selling to ENARSA.

If it's cash and more money and cashing more cash flow that's why we.

Horacio Turri: We're still negotiating, eventually the handing over of that gas back to Pampa to be able to decide what to do with that gas rather than selling to ENARSA.

We are studying permits I hope that was clear.

We still have some from the last round, the 4.2, right? Yeah. We still have that, which we don't— we don't have, which, um, no need. We are— we're— we're seeing a negotiating, uh, eventually.

Okay next.

News on the fertilizer plant, that's the sale of preferred Theo political auto affects your decision.

Lida Wang: Well, he's asking also, could you explain about the $55 million positive impairment, so recovery of impairment in generation? Yeah. Central Piedra Buena, our 620 megawatts in Bahía Blanca, it's a true steam turbine that load factor is very low. This year... Last year was high because it was a dry year, usually it's low. Under the legacy scenario, under the old regulated remuneration, they have an impairment. Now that we have this new scheme that also recognizes a big, like a big, it's a 30% boost in the capacity because Central Piedra Buena can also operate under alternative fuels. This is way better than anybody can pay. Just because of that flexibility, it's cashing more money and cashing more cash flow. That's why we reversed that impairment.

Handling over of that gas back to, to, to be able to say again. Uh, this I want to do with that gas, rather than send it to us.

No it doesn't.

Okay.

The one off off the agreement mentioned by SASSA.

He's asking also, could you explain about the $55 million positive impairments—so, recovery of the impairment in Generation? Yeah, so, Sentra.

In none of the German specific Natalie price maturity.

<unk> made.

Maybe a contract until 2036 and the pricing has to do with.

A formula.

That takes.

<unk> takes into account ETF and Brent.

Hello, I'm, sorry, Hello government.

No.

Uh huh.

These are typically relatively low.

Certain percentages, so he's calling them I think we did it all and it's 726 I can't believe it so let me check.

She's point for your questions.

But we are doing this because we have agenda constraints.

All the people to ask why the stock was halted and nicely because Argentina falls and we were not allowed to to file after six P. M. Argentina and that's four P. M. New York, we are not alone.

Lida Wang: I hope that was clear for you.

Adolfo Zuberbühler: Yes.

Horacio Turri: Yes.

Lida Wang: Okay. Next. News on the fertilizer plant. Does the sale of Profertil to Agro affect your decision?

Lower 60020, megawatts in Baya. Langa it's a 2 Steam turbine. That's low factor is very low. This last year was high because it was a dry year but usually is low. So under the Legacy scenario under the old re regulator rearrangement, they have an impairment. Now that we have this uh, new scheme that also uh, recognizes a big uh, like a big. It's a 30% boost in the capacity because uh, when I can also operate under alternative fuels, this is way better than anybody can pay. Just because of that flexibility, um it's it's cashing more money and cashing more cash flow. That's why we reverse that impairment. I hope that was clear.

Okay. Next, um,

Adolfo Zuberbühler: No, it does not.

News on the fertilizer plan, that's the sale of profitability to affect your decision.

Trading hours in New York, That's why we were holding.

Adolfo Zuberbühler: No, it does not.

No, that's not.

No speculation here because people ask me a lot of things.

Lida Wang: Okay. The one off the agreement mentioned by César, kind of the Germans.

No questions no more questions. So.

Uh, okay.

As young people would you like to ask something else that we didn't talk about.

Adolfo Zuberbühler: The SEFE.

Lida Wang: The price maturity.

Well, we covered it all thank you all for joining I hope it was useful.

Adolfo Zuberbühler: Okay. It's a nine-year contract until 2036, the pricing has to do with a formula that takes into account TTF and Brent.

And, you know, the the Germans, the price maturity.

Alright, Thank you very much CEO next to me.

Hi.

Okay, it's uh, maybe your contract until 2036 and the pricing has to do with a a formula.

Lida Wang: Henry Hub and Brent.

Uh, that, uh, takes into account TTF and brand.

Adolfo Zuberbühler: Sorry, Henry Hub and Brent.

Lida Wang: No, that's okay.

Adolfo Zuberbühler: No. 50/50.

I'm sorry, Henry.

No.

Lida Wang: Fifty-fifty.

Adolfo Zuberbühler: With certain percentages of discount.

50/50, 50/50

Lida Wang: I think we did it all. It's 7:26. I can't believe it. Let me check. She's pulling from you prior questions. We are doing this because we have agenda constraints. All the people that ask why the stock was halted in IC, because Argentina closed and we were not allowed to file after 6:00PM Argentina, and that's 4:00PM New York, and we are not allowed. Trading hours in New York, that's why we were halted. No speculations here, because people ask me a lot of things. No questions? No more questions. Gus, Horacio, Tito, would you like to add something else that we didn't talk about?

But certain percentages of discount and I think we did it at all and it's 7:26. I can't believe it. So let me check. She's calling for you for your question.

But we are doing this because we have, uh, agenda constraints.

All the people that ask why the stock was halted in 90, it's because Argentina closed. And we were not allowed to file after 6:00 p.m. Argentina time, and that's 4:00 p.m. New York, and we are not allowed. So it's trading hours in New York. That's why we were folded.

No speculations here because people ask me a lot of things.

Adolfo Zuberbühler: No.

Lida Wang: No.

Adolfo Zuberbühler: I think we covered it all. Thank you all for joining. I hope it was useful.

No questions, no more questions. So, of course, rescue people would you like to add something else that we didn't talk about?

Lida Wang: All right. Thank you very much. See you next May.

Adolfo Zuberbühler: Thank you.

Lida Wang: Bye.

[Company Representative] (Pampa Energía S.A.): Goodbye.

Horacio Turri: Goodbye.

No, well, we covered it off. Thank you all for joining. I hope it was useful. All right, thank you very much. See you next May.

Bye. Goodbye.

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