Q2 2026 Pampa Energia SA Earnings Call

August 5, 2026

Speaker #3: Everybody, to Pampa Energy's second quarter of 2026 results video conference. We would like to inform you that this event is being recorded. All participants will be in listen-only mode during the presentation.

Operator 2: Everybody, to Pampa Energía Q2 2026 results video conference. We would like to inform you that this event is being recorded. All participants will be in listen-only mode during the presentation. After the company's remarks, there will be a Q&A session. Please send your questions in writing through Zoom chat. If anyone needs assistance, please send us a Zoom message. Before continuing, please read the disclaimer on the second page of our presentation. Let me mention that forward-looking statements are based on Pampa Energía's management beliefs and assumptions and information currently available to the company. They involve risks, uncertainties, and assumptions because they are related to future events that may or may not occur.

Operator: Everybody, to Pampa Energía Q2 2026 results video conference. We would like to inform you that this event is being recorded. All participants will be in listen-only mode during the presentation. After the company's remarks, there will be a Q&A session. Please send your questions in writing through Zoom chat. If anyone needs assistance, please send us a Zoom message. Before continuing, please read the disclaimer on the second page of our presentation. Let me mention that forward-looking statements are based on Pampa Energía's management beliefs and assumptions and information currently available to the company.

Speaker #3: After the company's remarks, there will be a Q&A session; please send your questions in writing through Zoom chat. If anyone needs assistance, please send us a Zoom message.

Speaker #3: Before continuing, please read the disclaimer on the second page of our presentation. Larry mentioned that forward-looking statements are based on Pampa Energy's management beliefs and assumptions, and information currently available to the company.

Operator: They involve risks, uncertainties, and assumptions because they are related to future events that may or may not occur. Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energía and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the video conference to Rita.

Speaker #3: They involve risks and uncertainties and assumptions because they are related to future events that may or may not occur. Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energy and could cause results to differ materially from those expressed in such forward-looking statements.

Operator 2: Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energía and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the video conference to Rita.

Speaker #3: Now I will turn the video conference to Lida.

Lida Wang: Hi, everybody. Good morning. Thank you for joining us. First, I would like to give you a quick summary of our announcement on fertilizers. This is a new business. Then a quick summary of the quarter, so we can move on to the Q&A. Today we have only our CFO. We have a small inconvenience with Gustavo, but I think we both can do it, right? Yeah. Let me go to the slide three, which you can see, last July, our board approved the FID for the construction of, so far, Latin America's largest urea plant, officially marking Pampa's entry into the fertilizer business. Granular urea is critical to agricultural production and global food security, and it is primarily used in the production of corn, wheat, sugarcane, and barley. Because its main feedstock is the natural gas, urea production is highly concentrated in a few countries.

Speaker #4: Hi everybody. Good morning. Thank you for joining us, and first I would like to give you a quick summary of our announcement on fertilizers.

Speaker #4: This is a new business, and then a quick summary of the quarter so we can move on to the Q&A. Today, we have only our CFO.

Speaker #4: We have a small inconvenience with our Gustavo, but I think we both can do it, right? Yeah. So let me go to the slide 3, which you can see last July.

Speaker #4: Our board approved the FID for the construction of Latin America's, so far, largest rural plant, officially marking Pampa's entry into the fertilizer business.

Speaker #4: Granular urea is critical to agricultural production and food global food security. And it is primarily used in the production of corn, wheat, sugarcane, and barley.

Speaker #4: Because natural gas, it is its main feedstock, is the natural gas. Urea production is highly concentrated in a few countries, while Argentina and its neighboring countries currently rely on imports from distant regions to the exposed to significant geopolitical uncertainty.

Lida Wang: While Argentina and its neighbor countries currently rely on imports from distant regions, today exposed to significant geopolitical uncertainty. The investment thesis is straightforward. It is just we aim to monetize the vast shale gas reserves that Pampa holds in Vaca Muerta through the development of high value-added businesses. Natural gas and electricity account for approximately 70% of the production cost of urea and will be supplied by Pampa, reinforcing the competitive advantages of our vertically integrated business model while enhancing the project operating efficiency and long-term profitability. Beyond diversifying Pampa's revenue base, the fertilizer business will also help Argentina's foreign currency generation through import substitution. We are substituting imports and increasing exports, with an annual contribution of approximately $1 billion.

Speaker #4: The investment thesis is straightforward. It's just we aim to monetize the best shale gas reserves that Pampa holds in Vaca Muerta. Through the development of high-value added businesses, natural gas and electricity account for approximately 70% of the production cost of urea, and will be supplied by Pampa reinforcing the competitive advantages of our vertical integrated business model, while enhancing the project's operating efficiency and long-term profitability.

Speaker #4: So beyond diversifying Pampa's revenue base, the fertilizer business will also help Argentina's foreign currency generation through import substitution. We are substituting imports and increasing exports.

Speaker #4: With an annual contribution of approximately $1 billion, Brazil, which currently imports between 7 and 8 million tons of urea per year, together with the rest of the southern corn, which has an annual deficit of about $2 million tons, will be the project's primary market.

Lida Wang: Brazil, which currently imports between 7 and 8 million tons of urea per year, together with the rest of the Southern Cone, which has an annual deficit of about 2 million tons, will be the project's primary market. Moving on to the project details, the plant will be located in Bahía Blanca, on a proprietary site, strategically positioned next to one of Argentina's main export ports, Bahía Blanca, with direct connection to Vaca Muerta pipelines, existing pipelines, and close to Pampa's thermal and renewable power generation assets. This is a $2.7 billion investment to build, on a turnkey basis, a 2.1 million ton per annum plant, consuming 3.3 million kilometers per day average year, and 75 MW of power, all again, supplied by Pampa. The plan is scheduled to be completed by the end of 2029.

Speaker #4: Moving on to the project details, the plant will be located in Bahía Blanca, on a proprietary site strategically positioned next to one of Argentina's main export ports, Bahía Blanca.

Speaker #4: With direct connection to Vaca Muerta pipelines, existing pipelines, and close to Pampa's thermal and renewable power generation assets. This is a 2.7 billion dollar investment to build on a turnkey basis a 2.1 million ton per annum plant consuming 3.3 million cubic meters per day average year and 75 megawatts of power again supplied by Pampa.

Speaker #4: The plant is scheduled to be completed by the end of 2029. Now that we have reached the FID, so the next milestones are obtaining the REHI and the Buenos Aires REHI approvals, which are essential to the development of the project.

Lida Wang: Now that we have reached the FID, the next milestones are obtaining the RIGI and the Buenos Aires RIGI approvals, which are essential to the development of the project. Last Friday, the evaluation committee of the RIGI cleared Fértil Pampa's presentation. We are waiting for the formal approval to be published in the official gazette. Thus, Pampa continues to strengthen its industrial profile further through the several projects presented under the RIGI framework. You see, we are currently participating in seven projects across oil, gas, midstream, LNG, fertilizers, NGLs. Last June, following the FID, TGS, our affiliate, filed an application for the $3 billion investment on an integrated NGL project. Also, TGS's private initiative, which consists in expanding the Perito Moreno pipeline, the Sama Diaz dedicated pipeline for the LNG project, and the Rincón de Aranda. All those RIGI applications got approved.

Speaker #4: Last Friday, the evaluation committee of the REHI cleared Fertil Pampa's presentation. So we are awaiting for the formal approval to be published in the official Gazette.

Speaker #4: Thus, Pampa continues to strengthen its industrial profile further through the several projects presented under the REHI framework. You see, we are currently participating in seven projects across oil, gas, midstream, LNG, fertilizers, and NGLs. Last June, following the FID at TGS, our affiliate filed an application for the $3 billion investment in an integrated NGL project.

Speaker #4: Also, TGS's private initiative, which consists in expanding the Perito Moreno pipeline, the Zamatias dedicated pipeline for the LNG project, and. En Conde Aranda, all those REHI applications got approved.

Speaker #4: Overall, this project provides a clear roadmap for Pampa's long-term growth, supporting Argentina's export expansion and enabling us to monetize Vaca Muerta's resources further. Well, now moving on to the second quarter results.

Lida Wang: Overall, these projects provide a clear roadmap for Pampa's long-term growth, supporting Argentina's export expansion, and enable us to monetize Vaca Muerta's resources further. Well, now moving on to the Q2 results. Let me tell you, the adjusted EBITDA amounted to $415 million, highlighted by a quarterly all-time high production of 107.5 thousand BOE per day due to the sustained ramp of Rincón de Aranda and gas self-supply. The new regulatory framework also had a positive impact on our power generation segment, which benefited from the strong spot margins, and as high fuel costs impact and grow the marginal cost up the system. That helped. Also, we have more B2B PPA sales. To the less extent, increase in the national prices also boosts the petchem business, which recorded its highest quarterly EBITDA since 2023, three years ago.

Speaker #4: Let me tell you the adjusted BDA amounted to $415 million. Highlighted by a quarterly all-time high production of 107.5 thousand barrels of oil equivalent per day.

Speaker #4: Due to the sustained ramp-off in Conde Aranda, and gas sell supply. The new regulatory framework also had positive impact on our power generation segment, which benefited from the strong spot margins and high fuel cost impact and drove the marginal cost up of the system.

Speaker #4: So that helped. And also we have more B2B PPA sales. To the lesser extent, increasing the national prices also boosts the PETCAM business. Which recorded its highest quarterly EBITDA since 2023, three years ago.

Lida Wang: Quarter on quarter, EBITDA grew 28%, supported by gas seasonality, stronger spot power margins, and increased petchem prices. CapEx dropped 21% year on year to $279 million during the quarter, of which $165 million were destined to Rincón de Aranda. It is worth noting that we already invested last year, $900 million in Rincón de Aranda, and we expect to invest an additional $700 million this year as we move toward the 45,000 barrels per day production plateau, once the CPF and Vaca Muerta Sur oil pipelines are both online next year. Moving on to slide seven. The oil and gas adjusted EBITDA was $182 million, more than double last year, driven, again, by Rincón de Aranda production ramp up. The gas self-supply to our power plants resulting in higher output, billing at stronger prices as fuel costs pass-through increase.

Speaker #4: Quarter on quarter, EBITDA grew 28%, supported by gas seasonality, stronger spot power margins, and increased PETCAM prices. So CAPEX dropped 21% year on year, to $279 million during the quarter, of which $165 were destined to in Conde Aranda.

Speaker #4: It is worth noting that we already invested last year $900 million, in Conde Aranda, and we expect to invest an additional $700 million this year, as we move toward the 45,000 barrels per day production plateau, once the CPF and Vaca Muerta Sur oil pipeline are both online next year.

Speaker #4: So, moving on to slide seven, the Oil and Gas adjusted EBITDA was $182 million, more than double last year, driven again by the Conde Aranda production ramp-up.

Speaker #4: The gas sales supplied to our power plants resulted in higher output, with billions at stronger prices. As fuel costs pass through, the increase from this factor was partially offset by lower realized crude oil prices due to the hedge.

Lida Wang: These factors were partially offset by lower realized crude oil prices due to the hedge. Quarter on quarter, EBITDA increased by 74%. This is mainly explained by gas seasonality. Total lifting costs grew 30% year on year. This is primarily driven by Rincón de Aranda ramp up, partially offset by the divestment at El Tordillo, and lower activity at El Mangrullo gas block. Cost per BOE, however, remained broadly flat at $7.7 on average as production growth offset the increase in lifting costs. If we do double click, oil lifting cost per barrel actually declined 28% to $15 in Q2. However, it increased quarter on quarter following the commissioning of the second TPF at Rincón de Aranda that increased the crude oil treatment from 20,000 barrels to 28,000 barrels per day.

Speaker #4: Quarter on quarter, EBITDA increased by 74%. This is mainly explained by gas seasonality. Total lifting cost grew 30% year on year. This is primarily driven by Conde Aranda ramp-off, partially upset by the divestment at El Bordillo, and lower activity at El Mangrucho.

Speaker #4: Gas block, cost per BOE, however, remained broadly flat at 7.7 dollars per on average, as production growth offset the increase in lifting costs. If we do double-click, oil lifting cost per barrel actually declined 28% to $15 in Q2.

Speaker #4: However, it increased quarter on quarter, following the commissioning of the second TPF at Conde Aranda, which increased the crude oil treatment from 20,000 barrels to 28,000 barrels per day.

Lida Wang: Gas lifting costs also decreased 13% year on year to $1 per million BTU, but slightly decreased 6% sequentially due to the maintenance cost at El Mangrullo. Focusing on crude oil only, production increased three times year on year, purely explained by Rincón de Aranda. Realized price averaged nearly $59 per barrel. This is a little bit below last year due to the oil hedge. Without the hedge, the prices would have been $91 per barrel, resulting in approximately $64 million more of sales. Exports accounted 57% of total volume sold in Q2 2026. This is very similar year on year and quarter on quarter. Rincón de Aranda contributed one third of oil and gas EBITDA, up from 6% last year. Last year was only 6%, and this year is one third, this year's quarter.

Speaker #4: Gas lifting cost also decreased 13% year over year, to $1 per million BTU, but slightly decreased 6% sequentially due to the maintenance cost at El Mangrucho.

Speaker #4: So focusing on crude oil only, production increased three times year on year, purely explained by Conde Aranda, realized price averaged nearly $59 per barrel, this is a little bit below last year due to the oil hedge.

Speaker #4: Without the hedge, the prices will have been $91 per barrel, resulting in approximately $64 million more of sales. Exports accounted 57% of total volume, sold in Q2, 26.

Speaker #4: This is very similar year on year and quarter on quarter. Conde Aranda contributed one third of oil and gas EBITDA, up from 6% last year.

Speaker #4: So last year was only 6%, and this year is one third. This year's quarter. This is continuing to diversify the production mix now, oil accounting 22% of the total output.

Lida Wang: This is continuing to diversify the production mix, now oil accounting 22% of the total output. At Rincón de Aranda, the ramp up continues. As you can see, the performance is comparable to the best blocks in the Core Hub, reaching a new record of 27,000 barrels per day on 21 May, actually, specifically. Since March, we have not tied any new wells, just producing from 33 wells. Even so, Rincón de Aranda averaged 22,000 barrels per day, up 22% quarter on quarter. The quarter's exit rate was 16,000 barrels, temporarily affected by chokes of certain wells while we completed other neighboring pads so we avoid the frac hit. These 10 wells in said two pads were completed in July and will be tied in in August. Which will support a rebound in production. In Q2, we also drilled another 10 wells for two pads.

Speaker #4: At Conde Aranda, the ramp-off continues, as you can see, the performance is comparable to the best locks in the core hub, reaching a new record of 27,000 barrels per day on May 21, actually, specifically.

Speaker #4: Since March, we have not high tidying new wells. Just producing from 33 wells. Even so, Conde Aranda averaged 22,000 barrels per day. Up 22% quarter on quarter.

Speaker #4: The quarter's exit rate was 16,000 barrels temporarily affected by chokes of certain wells while we completed other neighboring paths. So we avoid the frack hit.

Speaker #4: This 10 wells in said paths said two paths were completed in July, and will be tidying in August. Well, now. Which will support rebound in production.

Speaker #4: In Q2, we also drilled another 10 wells from two paths. Currently, we have two high-spec rigs and one frack fleet operating in the block.

Lida Wang: Currently, we have two high-spec rigs and one frac fleet operating in the block. For the remainder of the year, we expect to tie in those 10 wells that we drill and to reach an exit rate of 28,000 barrels per day. Our target remains a production plateau of 45,000 barrels per day once the CPF and the Vaca Muerta oil pipeline are online next year. Regarding RIGI, well, as we said previously, the application was formally approved on 21 July as long-term strategic export project. The application includes the drilling and completion of 259 wells from 21 July on, and the construction of the CPF, we are already building, oil and gas pipelines and water treatment plants, facilities to treat the water flow back. Total estimated investment amounts to $4.5 billion, and it is expected to be deployed through 2041.

Speaker #4: For the remainder of the year, we expect to tidying those 10 wells that we drill, and to reach an exit rate of 28,000 barrels per day.

Speaker #4: Our target remains a plateau production plateau of 45,000 barrels per day, once the CPF and the Vaca Muerta oil pipeline are online. Next year.

Speaker #4: Regarding reheat, well, as we said previously, the application was formally approved on July 21 as a long-term strategic export project. The application includes the drilling and completion of 259 wells for now from July 21 on, and the construction of the CPF we are already building.

Speaker #4: Oil and gas pipelines and water treatment plants facilities to treat the flow back, the water flow back. Total estimated investment amounts to $4.5 billion.

Speaker #4: And it is expected to be deployed through 2041. So the reheat approval represents a significant milestone for Conde Aranda. Providing a stable framework for tax, customs, and FX incentives for 30 years, long-term strategic export projects are also eligible for a specific benefits, in particular the exemption to waiver on export duties starting in the second year of operation.

Lida Wang: The RIGI approval represents a significant milestone for Rincón de Aranda, providing a stable framework for tax, customs, and effects incentives for 30 years. Long-term strategic export projects are also eligible for specific benefits, in particular, the exemption, the waiver on export duties starting in the second year of operation, third year enrollment. In this sense, Pampa expects to explore all of Rincón de Aranda's production through Vaca Muerta's full pipeline, which is estimated to generate approximately $17 billion over the project's useful life. Moving on to gas. Production increased 10% year on year and 4% sequentially, reaching over 14 million cubic meters per day, driven by the gas sale supply to our CCGTs under the new power market framework, partially offset by lower volume sold under Plan Gas, and to a lesser extent, reduced deliveries to large users.

Speaker #4: In this sense, Pampa expects to export all of Conde Aranda's production through the Vaca Muerta soil pipeline, which is estimated to generate approximately $17 billion over the project's useful life.

Speaker #4: Moving on to gas, production increased 10% year-on-year and 4% sequentially, reaching over 14 million cubic meters per day. This was driven by gas sales supply to our CCGTs under the new power market framework, partially offset by lower volumes sold on the plant gas and, to a lesser extent, reduced deliveries to large users.

Lida Wang: Seasonal demand from retail and Quimisa explained the quarter-on-quarter growth, offset by lower self-supply procurement since we have faced transportation restrictions in the gas pipelines. During Q2, we tied in four new wells at Sierra Chata, bringing production to a new all-time high. At El Mangrullo, there were no new development activity, with production supported by the existing well base. At Río Negro, four new tight gas wells were drilled, and two were connected. For the H2, our plan includes drilling activity in Sierra Chata and in Mangrullo. This is aligned with our 2027 activity production plan, which considers the recently awarded transportation capacity at Perito Moreno pipeline, in which gas transported through new infrastructure is able to capture the full spot margin.

Speaker #4: Seasonal demand from retail and CAMESA explained the quarter on quarter growth, how offset by lower sub-supply procurement since we have faced transportation restrictions in the pipeline, gas pipelines.

Speaker #4: During Q2, we tied in four new wells at Sierra Chata, bringing production to a new all-time high. At El Mangrucho, there was no new development activity, with production supported by the existing well base. At Río Neuquén, four new tight gas wells were drilled, and two were connected for the second half of the year.

Speaker #4: We our plan includes drilling activity in Sierra Chata and El Mangrucho. This is aligned with our 2027 activity. Production plan, which considers the recently awarded transportation capacity at El Perito Moreno pipeline, in which gas transported through new infrastructure is able to capture the full margin the full spot margin.

Speaker #4: In Q2, 56% of our gas was sold under plant gas GSA. Through CAMESA and retailers, down from the 80% last year, following the transfer of this GSAs to our power plants for sales supply.

Lida Wang: In Q2, 56% of our gas was sold under Plan Gas GSA through CAMMESA and retailers, down from the 80% last year following the transfer of these GSAs to our power plants for self-supply. As a result, inter-segment consumption increased to 31% of our total sales. This is compared to just 3% last year. Under the new framework, we expect approximately 40% of this year's production to procure our own power plants' needs. Export volumes remain flat year on year at 1.2 million cubic meters per day. Industrial volumes declined as we prioritize self-supply demand, which is priced at a higher price because of the higher pass-through allowed by CAMMESA, this is seasonal, and the regulation guidelines. Gas prices average $4.6 per million BTU. This is 15% higher than last year.

Speaker #4: As a result, intersegment consumption increased to 31% of our total sales. This is compared to just 3% last year. Under the new framework, we expect approximately 40% of this year's production to procure our own power plants.

Speaker #4: Export volumes remain flat year-on-year, at 1.2 million cubic meters per day. Industrial volumes declined as we prioritize sales supply and demand, which is priced at a higher level because of the higher pass-through allowed by CAMMESA.

Speaker #4: This is seasonal, and due to deregulation guidelines. Gas prices average $4.60 per million BTU, which is 15% higher than last year. This reflects a higher fuel pass-through in power generation by CAMMESA.

Lida Wang: This is reflecting higher fuel pass-through in power generation by CAMMESA, again, because of the winter season, plus higher retail prices following tariff increases above peso devaluation. Turning to power generation, we posted an adjusted EBITDA of $155 million in Q2. This is 39% higher than last year and 8% higher than last quarter, mainly driven by stronger spot margins and B2B margins under this new regulatory framework, as well as LNG procurement margin. However, this was offset by the mandatory maturity of Energía Plus contract, the outage of Loma La Lata's gas turbine number four, that is under a PPA, which is remunerated under a PPA, and the Pepe wind farms under performance.

Speaker #4: Again, because of the winter season. Plus a higher retail prices following tariff increases above peso devaluation. Turning to power generation, we posted an adjusted BDA of $155 million in Q2.

Speaker #4: This is 39% higher than last year and 8% higher than last quarter. Mainly driven by stronger spot margins and B2B margins. Under this new regulatory framework, as well as LNG procurement margin.

Speaker #4: However, this was offset by the maturity mandatory maturity of energía plus contract, the outage of Loma La Lata's gas tool line number 4 that is under a PPA, which is remunerated under a PPA, and the PPA wind farms underperformance.

Speaker #4: As you know, the new guidelines were introduced marginal costs as part of the spot pricing methodology, which that cost marginal costs overshot during the quarter.

Lida Wang: As you know, the new guidelines will introduce marginal costs as part of the spot pricing methodology, that marginal cost overshot during the quarter, especially during the winter season, reflecting higher fuel prices, in particular using LNG and liquid fuel oil, diesel oil. The spot margins widened specifically for the CCGTs. Though that margin is capped at 15%. We only can capture 15% of that margin. That's what I mean. The current framework allows full margin, so you can capture the whole margin, if you're using new infrastructure, such as a gas pipeline, that's the case for Perito Moreno pipeline, that will be online next May 2027. This full margin thing is not only benefiting power generation, it's also benefiting E&P, which will be producing more gas, that now has security to be transported through this Perito Moreno expansion.

Speaker #4: Especially during the winter season, reflecting higher fuel prices in particular using LNG and liquid fuel oil, diesel oil. So the spot margins widened specifically for the CCGTs.

Speaker #4: Though that margin is capped at 15%. We can only capture 15% of that margin. That's what I mean. The current framework allows the full margin, so you can capture the whole margin.

Speaker #4: If you are using as a gas pipeline, which that's the case for Perito Moreno pipeline, that will be online next May 2027. This full margin thing is not only benefiting power generation, it's also benefiting EMP.

Speaker #4: Which will be producing more gas that now has security to be transported through this Perito Moreno expansion. So, full capture—the FRA equals 1 instead of 15%.

Lida Wang: Full capture, the FRA equals to one instead of 15%. Pampa was awarded 3.2 million cubic meters per day in the Buenos Aires-bound trench. It will be used to procure the gas needs of the legacy Genelba CCGT. We also participate in the second tender for the remainder of the Perito Moreno. We are waiting for the results. If the regulator grants the clearance, we should add another 0.7 million cubic meters per day to the Buenos Aires trench, plus another 1.3 million cubic meters per day in the Bahía Blanca trench. Total availability fell to 88% during the quarter, mainly due to the ongoing outage in Los Nihuiles, which now since 31 July is no longer part of Pampa. We had some outages also in Güemes and in the mentioned Loma La Lata TG number four. Barragán also had some scheduled maintenance.

Speaker #4: Pampa was awarded 3.2 million cubic meters per day in the Buenos Aires bound tranche. So it goes to the it will be used to procure the gas needs of the legacy Genela CCGT.

Speaker #4: Right? And we are we also participate in the second tender for the remainder of the Perito Moreno. We are waiting for the results. If the regulator grants the clearance, we should add another 0.7 million cubic meters per day to the Buenos Aires tranche, plus another 1.3 million cubic meters per day in the Bahía Blanca tranche.

Speaker #4: Total availability fell to 88% during the quarter, mainly due to the ongoing outage. In Huiles, which now is currently since July 31st, is no longer part of Pampa.

Speaker #4: And we had some outages also in Güemes and in the mentioned Loma La Lata TG number 4. Barragán also has some scheduled maintenance. Even though it's 88% availability, we continued to outperform the peers in the national grid.

Lida Wang: Even though it's 88% availability, we continued to outperform the peers in the national grid. 35% of the capacity was contracted, slightly higher than Q2 last year. This is reflecting the new guidelines that boosted the B2B PPAs. Now going to the financial part, turning on to the cash flow in slide 11, we present the parent company figures, which aligns to our bond perimeter. Free cash flow was -$128 million in Q2, but improved year-on-year and quarter-on-quarter. This is mainly due to stronger EBITDA generation and lower CapEx at Rincón de Aranda, and receivables due to the better collection, though this is impacted by higher winter sales. Quarter-on-quarter improvement is explained by the release of collateral on our Brent hedge as oil prices declined.

Speaker #4: 35% of the capacity was contracted. Slightly higher than Q2 last year. This is reflecting the new guidelines that boosted the B2B PPAs. Now, going to the financial part.

Speaker #4: Turning on to the cash flow and slide 11, we present the parent company figures which aligns to our bond perimeter. Free cash flow was negative $128 million.

Speaker #4: In Q2, but improved year on year and quarter on quarter. This is mainly due to stronger EBITDA generation and lower capex at Rincón de Aranda.

Speaker #4: And receivables due to the better collection, though this is impacted by higher winter sales. Quarter on quarter improvement is explained by the release of collateral on our brand hedge as oil prices declined.

Speaker #4: As a result, cash and cash equivalents stood at $1.3 billion at the quarter end. $604 million more than Q1. Finally, on the balance sheet, gross debt as of June was $2.6 billion.

Lida Wang: As a result, cash and cash equivalents stood at $1.3 billion at the quarter end, $604 million more than Q1. Finally, on the balance sheet, gross debt as of June was $2.6 billion. This is mainly because of the recap of 2037 notes priced at the lowest spread to the USD T-bills in Pampa's debt issuing history, and corporate history, I must say, Argentine corporate history. Net debt rose to $1.3 billion, representing net leverage of 1.4x to the last 12 months EBITDA. Concludes now this presentation. The floor is open for questions. If you have a question, please send it through the Zoom chat. We will read the first receives. First served. Make sure your name and your company is there, otherwise we can just read it, and so we can also reintroduce you to the audience.

Speaker #4: This is mainly because of the re-tap of $237 notes. Priced at the lowest spread to the TBLs US TBLs. In Pampa's debt issuing history.

Speaker #4: And corporate history, I can say. Argentine corporate history. Net debt rose to $1.3 billion. Represented net leverage of $1.4 times to the last 12 months EBITDA.

Speaker #4: So concludes now this presentation. The floor is open for questions. If you have a question, please send it through the Zoom chat. If you have a we will read it first thing first, the first receives.

Speaker #4: First served. Make sure your name and your company is there. Otherwise, we can read it. And so we can also reintroduce you to the audience.

Speaker #4: Should any participant have assistance, just send us a chat through the platform. Thank you. Wait for while we pull for questions. Bueno. Should we start?

Lida Wang: Should any participant have assistance, just send us a chat through the platform. Thank you. Wait while we poll for questions. Bueno. Should we start? With the new expansion projects that Alejandro de Micheli from Jefferies is asking, how do you see CapEx in the next two to three years? At what level do you expect debt to leverage to peak?

Speaker #4: With the new expansion projects that Alejandro de Micheles from Jefferies is asking. Do you see cap what do you how do you see capex in the next two to three years at what level?

Speaker #4: Do you expect debt to leverage to peak?

Speaker #1: Good morning. Thank you for the question. Yeah. Evidently, we're facing challenging capex deployment, especially with Urea project. But also, bear in mind that EBITDAs looking forward should increase as well, right?

Adolfo Zuberbuhler: Good morning. Thank you for the question. Yeah. Evidently, we're facing challenging CapEx deployment, especially with urea project. Also bear in mind that EBITDA, looking forward, should increase as well, right? Once we achieve maturity of the Rincón de Aranda investment and the Southern Energy and some of the pipeline investments by 2028, cash generation will be increasing and stable. What we foresee is that net leverage should increase from current levels up to a maximum of around two times. The ratio should vary between one and a half and two times for the next two to three years, until we finish the investment in the urea project.

Adolfo Zuberbühler: Good morning. Thank you for the question. Yeah. Evidently, we're facing challenging CapEx deployment, especially with urea project. Also bear in mind that EBITDA, looking forward, should increase as well, right? Once we achieve maturity of the Rincón de Aranda investment and the Southern Energy and some of the pipeline investments by 2028, cash generation will be increasing and stable. What we foresee is that net leverage should increase from current levels up to a maximum of around two times. The ratio should vary between one and a half and two times for the next two to three years, until we finish the investment in the urea project.

Speaker #1: Once we achieve maturity of the Rincón de Arenda investment and the Southern Energy and San Matías pipeline investments by 2028, cash flow generation will be increasing and stable.

Speaker #1: So what we foresee is that net leverage should increase from current levels up to a maximum of around two times. And this and the ratio should vary between one and a half and two times for the next two to three years, until we finish the investment in the Urea project.

Lida Wang: Great. Cómo se llama, the CapEx this year basically is around $1 billion, right?

Speaker #2: Great. But the capex this year is basically it's around one billion, right?

Speaker #1: Yeah. The capex this year is around one billion. Mainly the Rincón de Arenda project. Next year. Yeah. It's lower separating Urea project. It will be around $700 million capex next year.

Adolfo Zuberbuhler: Yeah, the CapEx this year is around $1 billion, mainly the Rincón de Aranda project. Next year-

Adolfo Zuberbühler: Yeah, the CapEx this year is around $1 billion, mainly the Rincón de Aranda project. Next year-

Lida Wang: A little bit lower.

Adolfo Zuberbuhler: It's lower. Separating the urea project, it will be around $700 million CapEx next year. Again, mainly Rincón de Aranda project. After that, Pampa will have only maintenance CapEx of all the business units in around-

Adolfo Zuberbühler: It's lower. Separating the urea project, it will be around $700 million CapEx next year. Again, mainly Rincón de Aranda project. After that, Pampa will have only maintenance CapEx of all the business units in around-

Speaker #1: Again, mainly Rincón de Arenda project. And after that, Pampa, we have only maintenance capex of all the business units in around $600, right? We have to add to that the equity contributions from Pampa to Fertil Pampa.

Lida Wang: 600

Adolfo Zuberbuhler: $600 million. Right. We have to add to that, the equity contributions from Pampa to Fértil Pampa. Yeah.

Adolfo Zuberbühler: $600 million. Right. We have to add to that, the equity contributions from Pampa to Fértil Pampa. Yeah.

Speaker #1: Yeah.

Lida Wang: Mm-hmm. Cool. Guido Bizzozero and Santiago Herrera from Allaria, they're asking, after this 23 jump in EBITDA for H1 of 2026, how do you expect to evolve the H2 and 2027 on power generation? Considering in 2027 that in H2 starts rolling out the PPAs. Do you want to?

Speaker #2: Cool. Guido Vizocero and Santiago Herrera from Alaria, they're asking after this 23 jump in EBITDA for the first half of 26, how do you expect to evolve the second half and 27 on power generation?

Speaker #2: And considering in 27 half starts falling starts rolling out the PPAs. Do you want to know?

Speaker #1: Yeah. So the second half of the year, remember that always the last quarter for Pampa is the weakest because of due to the seasonality of gas.

Adolfo Zuberbuhler: Yeah. The H2 of the year, remember that always the last Q4 for Pampa is the weakest due to the seasonality of gas.

Adolfo Zuberbühler: Yeah. The H2 of the year, remember that always the last Q4 for Pampa is the weakest due to the seasonality of gas.

Speaker #1: So-.

Speaker #2: And probably demand. And power demand.

Lida Wang: Power demand.

Adolfo Zuberbuhler: Power demand.

Speaker #1: And power demand. So bear that in mind—always, the last quarter is a little bit weaker. But it will be partially offset by the increase in the production of Rincón de Aranda.

Adolfo Zuberbühler: Power demand.

Lida Wang: Power demand.

Adolfo Zuberbuhler: Bear that in mind, always the last quarter is a little bit weaker, but it will be partially offset by the increase in the production of Rincón de Aranda. The oil business will keep growing, but remember the seasonality in the other segments, right?

Adolfo Zuberbühler: Bear that in mind, always the last quarter is a little bit weaker, but it will be partially offset by the increase in the production of Rincón de Aranda. The oil business will keep growing, but remember the seasonality in the other segments, right?

Speaker #1: So the oil business will keep growing. But remember the seasonability in the other segments, right?

Lida Wang: I think he specifically only refers to power generation. Q3 is going to be high, higher than this one. Well, that's what we expect because winter is.

Speaker #2: But I think he specifically only refers to power generation. So Q3 is going to be high, higher than this one. Well, that's what we expect.

Lida Wang: I think he specifically only refers to power generation. Q3 is going to be high, higher than this one. Well, that's what we expect because winter is.

Speaker #2: Because winter is.

Speaker #1: Q4 always is.

Adolfo Zuberbuhler: Q4 always is.

Adolfo Zuberbühler: Q4 always is.

Lida Wang: Yeah. First half is $299 million of EBITDA. We expect $600 million for this year. Yes, $600 million for this year. Basically, it jumps up in Q3 if winter allows and then goes down. Specifically because of El Niño, right? There is more water, it means lesser thermal power demand. In 2027, it is a combination. H2 starts rolling out PPAs, we also have the TGS' Iniciativa Privada that, hey, we have 3.2 million confirmed, that we will inject it through Genelba's legacy CCGT. Actually, it is going to start before the winter, the most of the impact will be monetized next year, though it starts in May. Next year's EBITDA, it could go up. We are expecting $600 million, well, a delta of around $100 million should things, the winter and the fuel consumption, the liquid fuel consumption, energy consumption remains pretty much similar.

Speaker #2: Yeah, yeah, yeah, yeah. So, first half is $299 million of EBITDA. We expect $600 million for this year. Yes, a little bit, yeah, $600 million for this year.

Speaker #2: So, basically, it jumps up in Q3—if winter allows—and then goes down. And it's specifically because of the Niño, right? There's more water.

Speaker #2: So it means lesser thermal power demand. So in 27, it's yeah, it's a combination. Second half starts rolling out PPAs, but we also have the TGS's private initiative that, hey, we have 3.2 million confirmed.

Speaker #2: Then we will inject it through Genelvas legacy CCGT. That and actually, it's going to start before the winter. So most of the impact will be monetized next year, though it starts in May.

Speaker #2: So next year's EBITDA it could go up. We are expecting $600 well, a delta of around $100 million things should things the winter and the fuel consumption, the liquid fuel consumption, energy consumption remains pretty much similar.

Speaker #2: But in 2028, as you correctly said, it goes down. So it's a combination that in 27, the PPAs roll out. Doesn't much reflect because it's towards the end of the year.

Lida Wang: In 2028, as you correctly said, it goes down. It is a combination that in 2027, the PPAs rollout does not much reflect because it is towards the end of the year. In 2028, you should see that it is a little bit low. It is $40 million less, because the PPAs roll out, at the same time, they join the spot market. Loma La Lata, out of the PPAs that roll out, two of them are at Loma La Lata. Loma La Lata is highly competitive because it does not require any gas transportation. They are very efficient machines, they kind of rank senior among the thermal units in the system. I hope that answers the question. How do you expect to increase the stake of gas used and sold to power generation since we noticed an increase from 3% to 31% year-on-year basis?

Speaker #2: But in 28, you should see that. It's a little bit low. It's $40 million less. Because the PPAs roll out, but at the same time, they join the spot market Loma de la Lata out of the PPAs that roll out.

Speaker #2: Two of them are at Loma de la Lata. Loma de la Lata is highly competitive because it doesn't require any gas transportation. So they and they are very efficient machines.

Speaker #2: So, they kind of rank senior among the thermal units in the system. I hope that explains and answers the question. How do you expect to increase the stake of gas use and sold to power generation?

Speaker #2: Since we noticed an increase from three to 31% year on year basis. Well, basically, as I said in the call, we the average of this year, it's around 40%.

Lida Wang: Well, basically, as I said in the call, the average of this year is around 40%. It should pick up in Q3, actually picks more. It is highly reliant on self-supply on Q4. Even though the demand and gas demand goes down, we expect no troubles in the gas transportation system. Going forward, 2026 is a gradual year. It is a transition year. 2027 and onwards, you should expect the following. Pampa consumes, the thermal units consume around 10 million. Only Pampa, not including Tenaris. 10 million cubic meters per day, of which 8 goes to the CCGTs. 8 Loma La Lata CCGT, the two CCGTs are Genelba. The CCGTs are the flat consumption of gas for self-supply. That is what you should expect going forward. Third question from Allaria people.

Speaker #2: It will pick up—it should pick up in Q3. And actually, it peaks more; it's highly reliant on self-supply in Q4, even though demand and gas demand go down.

Speaker #2: We expect no troubles in the gas transportation system. Going forward, 26 is a gradual year. It's a transition year. 27 and onwards usually expect the following.

Speaker #2: Pampa consumes the thermal units consume around 10 million. Only Pampa, not including Encina Barragán. 10 million cubic meters per day. Of which 8 goes to the CCGTs.

Lida Wang: Only Pampa, not including Tenaris. 10 million cubic meters per day, of which 8 goes to the CCGTs. 8 Loma La Lata CCGT, the two CCGTs are Genelba. The CCGTs are the flat consumption of gas for self-supply. That is what you should expect going forward. Third question from Allaria people. How do you expect petrochemical business to evolve in the future, considering the 5% contribution to the consolidated EBITDA this quarter, when it usually is negative or breakeven? What it is, right?

Speaker #2: 8 Loma de la Lata CCGT and the two CCGTs are Genelva. So the CCGTs are the flat consumption of gas for self-supply. That's what you should expect going forward.

Speaker #2: First question from Alaria people: How do you expect the petrochemical business to evolve in the future, considering the 5% contribution to the consolidated EBITDA in this quarter?

Lida Wang: How do you expect petrochemical business to evolve in the future, considering the 5% contribution to the consolidated EBITDA this quarter, when it usually is negative or breakeven? What it is, right?

Speaker #2: When you usually is negative, it's slightly or break even. What it is, right?

Speaker #1: Yeah. We expect to continue contributing marginally to the EBITDA.

Adolfo Zuberbuhler: We expect to continue contributing marginally to the EBITDA.

Adolfo Zuberbühler: We expect to continue contributing marginally to the EBITDA.

Speaker #2: Yeah. It was something like circumstantial.

Lida Wang: It was something circumstantial.

Speaker #1: Yeah. Due to the war and the high prices and bigger margins that we have this quarter in some of the products that we export.

Adolfo Zuberbuhler: Due to the war and the high prices and bigger margins that we have this quarter in some of the products that we export. We don't expect that to hold in the long term.

Adolfo Zuberbühler: Due to the war and the high prices and bigger margins that we have this quarter in some of the products that we export. We don't expect that to hold in the long term.

Speaker #1: But we don't expect that to hold in the long term.

Speaker #2: Correct. Can you give any color on how do you plan to finance the $3 billion capex that you reapproject and the deployment along the 41-month work?

Lida Wang: Correct. Can you give any color on how do you plan to finance the $3 billion capital urea project and the deployment along the 41 months work?

Speaker #1: Yeah. Sure. So since the beginning of the year, we've been working intensively in the financing. The idea is to finance the project through a project finance loan with limited recourse on Pampa.

Adolfo Zuberbuhler: Yeah, sure. Since the beginning of the year, we've been working intensively in the financing. The idea is to finance the projects through a project finance loan with limited recourse on Pampa. With that in view, we started in February, a very thorough due diligence. We've been working in six open fronts with different independent consultants to complete that due diligence and make the deal bankable. We are close to finalizing the due diligence process. We hope to end the process in August. We are negotiating the terms of the loan. I cannot disclose much more today, but I will tell you that we are well advanced. We are discussing the terms, and we expect to finance a proportion around 60/40 equity loan ratio. The deployment of the equity is more or less even, except 2028.

Adolfo Zuberbühler: Yeah, sure. Since the beginning of the year, we've been working intensively in the financing. The idea is to finance the projects through a project finance loan with limited recourse on Pampa. With that in view, we started in February, a very thorough due diligence. We've been working in six open fronts with different independent consultants to complete that due diligence and make the deal bankable. We are close to finalizing the due diligence process. We hope to end the process in August. We are negotiating the terms of the loan. I cannot disclose much more today, but I will tell you that we are well advanced. We are discussing the terms, and we expect to finance a proportion around 60/40 equity loan ratio.

Speaker #1: In that with that in view, we started in February the a very thorough due diligence. So we've been working in six open fronts with different independent consultants.

Speaker #1: To complete that due diligence and make the deal bankable, we are close to finalizing the due diligence process. We hope to end the process in August.

Speaker #1: And we are negotiating the terms of the loan. So I cannot disclose much more today. But I will tell you that we are well advanced.

Speaker #1: We are discussing the terms. And we expect to finance a proportion around $60, $40 equity loan ratio. The deployment of the equity is more or less even, except 2028.

Adolfo Zuberbühler: The deployment of the equity is more or less even, except 2028. There's a big spike of the CapEx is concentrated mainly on 2028. I would say one third of the CapEx is on 2028, and the rest is evenly distributed on the remaining years. I will think that we start contributing capital to the project this year. The financing will be closed by Q4 of the year, probably. The big contributions, both of debt and capital, will be on 2028. I think that covers the question.

Speaker #1: There is a big, big spike of the capex is concentrating mainly on 2028. I will say one-third of the capex is on 2028 and the rest is evenly distributed.

Adolfo Zuberbuhler: There's a big spike of the CapEx is concentrated mainly on 2028. I would say one third of the CapEx is on 2028, and the rest is evenly distributed on the remaining years. I will think that we start contributing capital to the project this year. The financing will be closed by Q4 of the year, probably. The big contributions, both of debt and capital, will be on 2028. I think that covers the question.

Speaker #1: On the remaining years. So I will think that we start contributing capital to the project this year. The financing will be closed by the last quarter of the year, probably.

Speaker #1: And the big contributions, both of debt and capital, will be in 2028. I think that covers the question.

Lida Wang: Yeah. How much revenues and EBITDA we may expect to come from this urea project on a consolidated basis, considering more electricity and gas will be needed to produce urea?

Speaker #2: Yeah. So how much revenues and EBITDA we may expect to come from this Urea project? And on a consolidated basis, considering more electricity and gas will be needed to produce Urea.

Speaker #1: Yeah. Well, the revenues, I think we already disclosed that on.

Adolfo Zuberbuhler: Yeah. Well, the revenues, I think we already disclosed that on-

Adolfo Zuberbühler: Yeah. Well, the revenues, I think we already disclosed that on-

Lida Wang: Where? 1 million. Yeah, yeah.

Speaker #2: Where? 1 billion. Yeah. 1 billion.

Adolfo Zuberbuhler: Yeah. 1 million.

Adolfo Zuberbühler: Yeah. 1 million.

Lida Wang: 1 million.

Adolfo Zuberbuhler: The math is pretty simple, is depending on the price of urea you take, you multiply 2.1 million tons of urea per year times the price of urea you would like to choose, $400, $450, $500, and that will give you the revenues. EBITDA will be around 65% of that. Again, you have to factor in the price and the netbacks, whether you sell to Brazil or to Argentina, or what combination. Those are the big numbers that you can easily compute. What's the rest of the question?

Adolfo Zuberbühler: The math is pretty simple, is depending on the price of urea you take, you multiply 2.1 million tons of urea per year times the price of urea you would like to choose, $400, $450, $500, and that will give you the revenues. EBITDA will be around 65% of that. Again, you have to factor in the price and the netbacks, whether you sell to Brazil or to Argentina, or what combination. Those are the big numbers that you can easily compute. What's the rest of the question?

Speaker #1: So, the amount is pretty simple. Depending on the price of urea you take, you multiply 2.1 million tons of urea per year times the price of urea you like to choose—$400, $450, $500.

Speaker #1: And that will give you the revenues. EBITDA will be around 65% of that. Again, you have two-factor in the price and the net backs, whether you sell to Brazil or to Argentina or what combination.

Speaker #1: But those are the big numbers that you can easily compute. And what's the rest of the question?

Speaker #2: No. How much impact on Pampa's EMP and power? It's a very good question.

Lida Wang: No, how much impact on Pampa's E&P and power? It's a very good question.

Adolfo Zuberbuhler: Very good question. Yeah. Remember that starting 2028, the GSA starts to mature.

Adolfo Zuberbühler: Very good question. Yeah. Remember that starting 2028, the GSA starts to mature.

Speaker #1: Very good question. Yeah. Remember that starting 2028, the GSA starts to mature.

Lida Wang: Correct.

Speaker #2: Correct.

Adolfo Zuberbuhler: It's not clear that we are going to increase gas production for the project or substitute current production from one market to the project. Okay? That is something we will have to decide moving forward.

Speaker #1: So, it's not clear whether we are going to increase gas production for the project, or substitute current production from one market to the project, okay?

Adolfo Zuberbühler: It's not clear that we are going to increase gas production for the project or substitute current production from one market to the project. Okay? That is something we will have to decide moving forward.

Speaker #1: That is something we will have to decide moving forward.

Speaker #2: But assuming?

Lida Wang: Assuming.

Adolfo Zuberbuhler: Assuming it's around. If we increase gas production only for this project, it's around $90 million.

Adolfo Zuberbühler: Assuming it's around. If we increase gas production only for this project, it's around $90 million.

Speaker #1: Assuming it's around if we increase gas production, only for this project, it's around 90 million dollars of EBITDA additional to the gas segment. But again, it's a decision that we will have to make in the next three years, okay?

Lida Wang: See, 90.

Adolfo Zuberbuhler: of EBITDA additional to the gas segment. Again, it's a decision that we will have to make in the next 3 years. Okay.

Adolfo Zuberbühler: of EBITDA additional to the gas segment. Again, it's a decision that we will have to make in the next 3 years. Okay.

Speaker #2: The price is around $3.

Lida Wang: The price is around $3.

Adolfo Zuberbuhler: The price is $3.

Adolfo Zuberbühler: The price is $3.

Speaker #1: The price is $3.

Lida Wang: $3 is the internal GSA.

Speaker #2: $3 is an internal GSA.

Adolfo Zuberbuhler: Internal GSA. Yeah.

Adolfo Zuberbühler: Internal GSA. Yeah.

Speaker #1: Internal GSA. Yeah. The consumption is 3.3 on average, year average.

Lida Wang: Yeah.

Adolfo Zuberbuhler: Consumption is 3.3 on average, year average.

Adolfo Zuberbühler: Consumption is 3.3 on average, year average.

Lida Wang: Yeah. It picks up.

Speaker #2: Yeah. It picks up and.

Speaker #1: In winter, but on average, it's 3.3 million cubic meters of gas per day.

Adolfo Zuberbuhler: In winter.

Adolfo Zuberbühler: In winter.

Lida Wang: Winter

Adolfo Zuberbuhler: On average, it's 3.3 million cubic meters of gas per day.

Adolfo Zuberbühler: On average, it's 3.3 million cubic meters of gas per day.

Lida Wang: In power, we are not planning to build new power facilities for this.

Speaker #2: And then in power, we are not planning to build new power facilities for this. Well, we don't. Not for this.

Lida Wang: In power, we are not planning to build new power facilities for this.

Adolfo Zuberbuhler: Not for this.

Adolfo Zuberbühler: Not for this.

Speaker #1: Not for this. Not for this. We will see.

Lida Wang: Not for this.

Adolfo Zuberbuhler: We will see.

Adolfo Zuberbühler: We will see.

Speaker #2: We will.

Lida Wang: We will-

Adolfo Zuberbuhler: Again, the power contribution is marginal.

Adolfo Zuberbühler: Again, the power contribution is marginal.

Speaker #1: Again, the power contribution is marginal.

Lida Wang: Marginal.

Speaker #2: It's marginal.

Adolfo Zuberbuhler: The big contribution here is gas.

Adolfo Zuberbühler: The big contribution here is gas.

Speaker #1: The big contribution here is gas.

Speaker #2: Yeah. But imagine like well, today we are selling B2B PPAs. At 65, monomic price, right? This is considering capacity. 65 to 70. Well, we were talking about the B2B PPAs boost in this quarter.

Lida Wang: Yeah. Well, today we are selling B2B PPAs at $65 PPA price, right? This is consuming capacity, $65 to $70. Well, we were talking about the B2B PPAs boost in this quarter, basically because people are seeing the prices in the spot. If you go to the spot, the prices are really high. That's why when this deregulation started, the industrials didn't start to get into the B2B market, and now they are getting into because they seem highly seasonal, better pay more flat than pay flat at a certain price of around $65 to $70 per megawatt hour, which is, this is what we expect to sell.

Speaker #2: Basically because people are seeing the prices in the spot. If you go to the spot, the prices are really high. That's why when this deregulation started, the industrials didn't start to get into the B2B market.

Speaker #2: And now they're getting into because they see highly seasonal, better pay more flat than pay flat at a certain price of around 65 to 70 dollars per million hour, which is this is what we expect to sell in this.

Adolfo Zuberbuhler: Yeah, it's around $68, the consumption is 77 megawatt-hours. Again, it will be additional energy capacity rather than replacement of.

Adolfo Zuberbühler: Yeah, it's around $68, the consumption is 77 megawatt-hours. Again, it will be additional energy capacity rather than replacement of.

Speaker #1: Yeah. It's around 68 dollars and the consumption is 77 megawatts hour. So but again, it won't be of.

Speaker #2: I imagine myself using our renewable wind power.

Lida Wang: I imagine myself using our renewable wind power.

Adolfo Zuberbuhler: That's the plan. Yeah.

Adolfo Zuberbühler: That's the plan. Yeah.

Speaker #1: That's the plan. Yeah.

Lida Wang: Yeah. Back up with our thermal.

Speaker #2: Yeah. And backup with our thermal.

Adolfo Zuberbuhler: Exactly.

Adolfo Zuberbühler: Exactly.

Speaker #1: Exactly.

Lida Wang: Well, another question from Allaria people, saying, considering the current production levels at Rincón de Aranda, and the 10 wells are scheduled to be connected in August, what kind of production ramp up can we expect between now and the end of the year?

Speaker #2: Yeah. Well, another question from Alaria. People saying considering the current production levels at bring on the Aranda and the 10 wells scheduled to be connected in August, what kind of production ramp-up can we expect between now and the end of the year?

Speaker #1: Okay. Remember that the goal this year is to reach the 28,000 barrels of water per day. This increase is like a CISO, okay? You are tidying up wells, closing, tidying up, closing.

Adolfo Zuberbuhler: Remember that the goal this year is to reach the 28,000 barrels of oil per day. This increase is like a seesaw. You are tying up wells, closing, tying up, closing. You will see these peaks and troughs of production. The goal is to achieve the 28,000 barrels of oil per day by the end of the quarter. Again, it's not constant. The same will happen next year when you try to reach the 45,000 barrels of oil per day, the increase will be like a seesaw, and a ramp up until the 45.

Adolfo Zuberbühler: Remember that the goal this year is to reach the 28,000 barrels of oil per day. This increase is like a seesaw. You are tying up wells, closing, tying up, closing. You will see these peaks and troughs of production. The goal is to achieve the 28,000 barrels of oil per day by the end of the quarter. Again, it's not constant. The same will happen next year when you try to reach the 45,000 barrels of oil per day, the increase will be like a seesaw, and a ramp up until the 45.

Speaker #1: So you will see this peaks and throws of production. But the goal is to achieve the 28,000 barrels of water per day by the end of the quarter.

Speaker #1: Again, it's not constant. The same will happen next year when we reach when you try to reach the 45,000 barrels of water per day, the increase will be like a CISO and ramp-up until the 45.

Lida Wang: Who else? Bruno Montanari from Morgan Stanley, he asks, How can we think about Pampa's long-term big gas production, considering the volumes to SACDE, to the urea project, the sole procurement for power generation? Well, Si, si.

Lida Wang: Who else? Bruno Montanari from Morgan Stanley, he asks,

Speaker #2: What else? Bruno Montanari from Morgan Stanley. He asks, how can we think about Pampa's long-term big gas production, considering the volumes to CESA, to the urea project, and to self-procurement for power generation?

Bruno Montanari: How can we think about Pampa's long-term big gas production, considering the volumes to SACDE, to the urea project, the sole procurement for power generation?

Speaker #2: Well, it's easy.

Lida Wang: Well, Si, si.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Speaker #1: Yeah. So what.

Lida Wang: Well, that's flat, actually.

Speaker #2: Well, that's flat, actually.

Speaker #1: Yeah. So what we foresee, and this is not a projection, it's not a projection. It's a budget, if you like. Imagine that we can procure to our own power business around 10, 10.5 million cubic meters of gas per day.

Adolfo Zuberbuhler: Yeah. What we foresee, and this is not a projection. It's not a projection. It's a budget, if you like. Imagine that we can procure to our own power business around 10.5 million cubic meters of gas per day, another three and a half to our urea plant, another six to the Floating LNG, to SACDE, to Floating LNG project

Adolfo Zuberbühler: Yeah. What we foresee, and this is not a projection. It's not a projection. It's a budget, if you like. Imagine that we can procure to our own power business around 10.5 million cubic meters of gas per day, another three and a half to our urea plant, another six to the Floating LNG, to SACDE, to Floating LNG project

Speaker #1: Another 3 and a half to our Urea plant. Another 6 to the floating LNG to CESA, to floating LNG project.

Speaker #2: 1.5 or extra?

Lida Wang: 1.5 for exports.

Adolfo Zuberbuhler: 1.5 for exports. If you would add up.

Adolfo Zuberbühler: 1.5 for exports. If you would add up.

Speaker #1: 1.5 for exports. If you would add up.

Lida Wang: A little bit during the peak is around 20.

Speaker #2: A little bit during the peak is around 20.

Adolfo Zuberbuhler: It's around $20 million, between 20 to 22.

Speaker #1: So it's around 20 million. Between 20 and 22.

Adolfo Zuberbühler: It's around $20 million, between 20 to 22.

Lida Wang: Peak.

Speaker #2: Peak, peak. Flat is average, is 20.

Adolfo Zuberbuhler: Peak.

Adolfo Zuberbühler: Peak.

Lida Wang: Peak. Flat is, average is 20.

Adolfo Zuberbuhler: It's around $20 million cubic meters of gas per day. Quite constant because we are selling intercompany, so we avoid the seasonality. That is what we foresee in the next 3 to 4 years when all our projects are online.

Speaker #1: Yeah. So it's around 20 million cubic meters of gas per day. Quite constant because we are selling intercompany. So we avoid the seasonability. But yeah, that is what we foresee for the next in the next three to four years when all our projects are online.

Adolfo Zuberbühler: It's around $20 million cubic meters of gas per day. Quite constant because we are selling intercompany, so we avoid the seasonality. That is what we foresee in the next 3 to 4 years when all our projects are online.

Speaker #2: So as you can see here, no retail. Assuming no retail.

Lida Wang: As you can see here, no retail. Assuming no retail.

Adolfo Zuberbuhler: Yeah. Assuming no retail.

Adolfo Zuberbühler: Yeah. Assuming no retail.

Speaker #1: Yeah. Assuming no retail, assuming.

Lida Wang: No CAMMESA or circumstantial during the winter.

Speaker #2: No Camesa or circumstantial during the winter.

Adolfo Zuberbuhler: Yes. 10 to our plants, three to our urea plant, and six to our Floating LNG plant.

Adolfo Zuberbühler: Yes. 10 to our plants, three to our urea plant, and six to our Floating LNG plant.

Speaker #1: Yeah. It's 10 to our plants, 3 to our Urea plant, 6 to our floating LNG plant.

Speaker #2: Yeah. 10 is assuming all the plants. CCGT is only 8, which is the baseline, right?

Lida Wang: Yeah. 10 is assuming all the plants.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: Since it is only eight.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: Which is the baseline.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Speaker #1: Yeah.

Lida Wang: Bruno also asked a very good question, once we reach this peak, how long can we sustain it at the plateau? What will be required CapEx to sustain at that level? It's a very good question because we have a lot of gas. Assuming 22 Well, let's do very conservative, assuming 20 million cubic meters per day of annual production, and with the current, not saying resources, but 2P reserves is around securely 25 years of average life. This is only 2P, not even including the 3P-

Speaker #2: Bruno also asked a very good question. How much once we reach this peak, how can we how long can we sustain it at the plateau?

Speaker #2: And what will be the required capex to sustain at that level? It's a very good question because we have a lot of gas.

Speaker #2: And so assuming 22 well, let's do very conservative. Assuming 20 million cubic meters per day of annual production, and with the current not saying resources, but 2P reserves is around securely 25 years of average life.

Speaker #2: This is only 2P. Not even including the 3P, yeah, the resources and so on. How much required capex? Well, if we're doing the math and assuming the average well type of our shale gas blocks is around 250 to 300 million and obviously consume considering also the capex to maintain the treatment plants is around 250 to 300 million dollars of capex per year.

Adolfo Zuberbuhler: Resources

Adolfo Zuberbühler: Resources

Lida Wang: Yeah, the resources and so on. How much required CapEx? Well, if we're doing the math and assuming the average well type of our shale gas blocks is around 250 to 300 million, and obviously considering also the CapEx to maintain the treatment plants, is around $250 to 300 million of CapEx per year. Okay. Can you talk about the funding strategy of Urea? We talk about it, right? The funding of Urea project, the strategy. We talk about it.

Speaker #2: Okay. Can you talk about the funding strategy for Urea? We talked about it, right? The funding of the Urea project—the strategy we talked about.

Speaker #1: Yeah. The future.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: The question. Yeah.

Speaker #2: Yeah.

Adolfo Zuberbuhler: Yeah. Well, it's what Lida presented. On the one side is to monetize our gas reserves, which is a perfect fit. On the other hand, urea business per se, which as Lida explained, the region needs a lot of urea, and it's coming from far away regions, very unstable regions, so it makes total sense to reduce logistics cost and procure ourselves our own urea for the region and don't depend from wars or geopolitical risks. The third opportunity is the RIGI framework, which makes this project possible. The fourth, I will say opportunity is our balance sheet. We have a lot of cash and low leverage. We've always been asked why we have so much cash, and one of the reasons is for this. We were waiting for opportunities like these ones to show, and we are ready to deploy the cash.

Adolfo Zuberbühler: Yeah. Well, it's what Lida presented. On the one side is to monetize our gas reserves, which is a perfect fit. On the other hand, urea business per se, which as Lida explained, the region needs a lot of urea, and it's coming from far away regions, very unstable regions, so it makes total sense to reduce logistics cost and procure ourselves our own urea for the region and don't depend from wars or geopolitical risks.

Speaker #1: Yeah. Well, it's what Lida presented. On the one side is to monetize our gas reserves, which is a perfect fit. On the other hand, the Urea business per se, which as Lida explained, the region needs a lot of Urea and is coming far out from far away regions very unstable regions.

Speaker #1: So, it makes total sense to reduce logistics costs and procure our own urea for the region, and not depend on wars or geopolitical risks.

Adolfo Zuberbühler: The third opportunity is the RIGI framework, which makes this project possible. The fourth, I will say opportunity is our balance sheet. We have a lot of cash and low leverage. We've always been asked why we have so much cash, and one of the reasons is for this. We were waiting for opportunities like these ones to show, and we are ready to deploy the cash. We're not afraid to use our balance sheet that is very unleveraged and grab these opportunities and profit from them. These are the four main angles of the project.

Speaker #1: The third opportunity is the regie framework, which makes this project possible. And the fourth, I will say, opportunity is our balance sheet. We have a lot of cash and low leverage.

Speaker #1: We've always been asked why we have so much cash and one of the reasons is for this. We were waiting for opportunities like these ones to show and we are ready to deploy the cash.

Speaker #1: We are not afraid to use our balance sheet that is very unleveraged and take this grab this opportunities and profit from them. So these are the four main angles of the project.

Adolfo Zuberbuhler: We're not afraid to use our balance sheet that is very unleveraged and grab these opportunities and profit from them. These are the four main angles of the project.

Speaker #2: Well, actually, it's not bad to it's not a bad time to say this. It's 100% owned by Pampa.

Lida Wang: Well, actually, it's not a bad timing to just say this, it's 100% owned by Pampa.

Speaker #1: Yeah.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Speaker #2: Right? Bruno is also asking, well, about the debt. Can you share something about the tenor, the interest cost?

Lida Wang: Right? Bruno is also asking, well, about the debt. Can you share something about the tenor, the interest cost?

Lida Wang: Right? Bruno is also asking, well, about the debt.

Bruno Montanari: Can you share something about the tenor, the interest cost?

Speaker #1: Well, I cannot share about the interest cost yet. We are negotiating. But what we can say, which is obvious, is given there is a project finance, we have a spread over our bonds, for example.

Adolfo Zuberbuhler: Well, I cannot share about the interest cost yet. We are negotiating. What we can say, which it is obvious, is given there is a project finance.

Adolfo Zuberbühler: Well, I cannot share about the interest cost yet. We are negotiating. What we can say, which it is obvious, is given there is a project finance. We have a spread over our bonds, for example. Okay? We will see finally where we land the cost, but we cannot foresee that. For sure, most likely, the profile will be 4 years grace period while we build the plant. The maturity, it is not closed, but it will be closer to 7 years or something like that, give or take.

Adolfo Zuberbuhler: we have a spread over our bonds, for example. Okay? We will see finally where we land the cost, but we cannot foresee that. For sure, most likely, the profile will be 4 years grace period while we build the plant. The maturity, it is not closed, but it will be closer to 7 years or something like that, give or take.

Speaker #1: Okay? So we will see what finally where we land the cost. But we cannot foresee that. For sure, most likely, the profile will be four years grace period where we build the plant.

Speaker #1: And the maturity, I cannot—it is not close, but it will be closer to seven, eight, seven years or something like that, give or take.

Speaker #2: Well, the last question from Bruno is about lifting costs of oil, obviously. Can you expect a normalization following the recent increase driven by the new TPF?

Lida Wang: Well, the last question from Bruno is about lifting costs of oil, obviously. Can you expect a normalization following the recent increase driven by the new TPF? Well, actually, well, the TPFs are rentals. They cost around $5 million per month. Basically, we commissioned a second TPF, but the production didn't go up because we choked some wells, so we avoid frac hit in the fracking of other pads. Now that everything is fracked, everything it's done, we can connect all the pads and resume the choke ones and connect the new ones. Right? Right now we expect an exit rate of lifting costs of around $10 per barrel with the two TPFs.

Lida Wang: Well, the last question from Bruno is about lifting costs of oil, obviously.

Bruno Montanari: Can you expect a normalization following the recent increase driven by the new TPF?

Speaker #2: Well, actually, well, the TPFs are rentals. They cost around 5 million dollars per month. Basically, we commissioned the second TPF, but the production didn't grow up because we choked some wells.

Lida Wang: Well, actually, well, the TPFs are rentals. They cost around $5 million per month. Basically, we commissioned a second TPF, but the production didn't go up because we choked some wells, so we avoid frac hit in the fracking of other pads. Now that everything is fracked, everything it's done, we can connect all the pads and resume the choke ones and connect the new ones. Right? Right now we expect an exit rate of lifting costs of around $10 per barrel with the two TPFs.

Speaker #2: So we avoid frack hit in the fracking of other paths. But now that everything is fracked, everything it's done, we can connect all the paths and resume the choke ones and connect the new ones.

Speaker #2: Right? So right now, we expect our exit rate of lifting costs to be around $10 per barrel, with the tube TPFs. But once the CPF is online, and also considering the fact that production will ramp up, we expect $5 by the second quarter of next year, because we expect the CPF to be ready by the first quarter.

Lida Wang: Once the TPF it's online, and also considering the fact that the production will ramp up, we expecting $5 by Q2 of next year because we expect the TPF to be ready by Q1 of next year. Alejandro Christensen from Latin Securities. He's asking, how should we think about the shell gas lifting costs over the next year and with Cesar coming online next year? This is a very real question because it's all about, are we going to be highly seasonal or not? Today, it's difficult to think going lower than where we are right now, around $0.80. We are now on an average year of $0.80 to 0.90 per MMBtu. If we are only producing flat volumes, it could go a little bit lower, but not more than $0.60, $0.70. We'll see. Today, this asset is highly seasonal.

Speaker #2: Of next year. Alejandro Christensen from Latin Securities, he's asking how should we think about the shale gas lifting costs over the next year and with CESAC coming online next year.

Speaker #2: This is a very good question because it's all about are we going to be highly seasonal or not? Today, it's difficult to think going lower than what we are right now, around 80 cents.

Speaker #2: We are on an average year of 80 to 90 cents per million BTU. But if we are only producing flat volumes, it could go a little bit lower, but not more than 60 cents, 70 cents.

Lida Wang: We are now on an average year of $0.80 to 0.90 per MMBtu. If we are only producing flat volumes, it could go a little bit lower, but not more than $0.60, $0.70. We'll see. Today, this asset is highly seasonal. It's becoming more. We are flattening more the curve, still highly seasonal. About following the rehi approval, when do you expect to begin drilling acreage in the north of Rincón de Aranda, and what are your initial expectations for the productivity there?

Speaker #2: We'll see. Today, this is it. It's highly seasonal. It's becoming more we are flooding more the curve, but still highly seasonal. So and then about following the regie approval, when do you expect to begin drilling acreage in the north of Rincón de Aranda?

Lida Wang: It's becoming more. We are flattening more the curve, still highly seasonal. About following the rehi approval, when do you expect to begin drilling acreage in the north of Rincón de Aranda, and what are your initial expectations for the productivity there?

Speaker #2: And what are you initial expectations for the productivity there?

Adolfo Zuberbuhler: It's a good point. I would like to clarify something because we read a report stating that we were closing wells and holding back the completion of wells for the rehi approval, and I want to clarify, this is not the case. Okay. Only new drill wells will enter the rehi. All these wells that Lida explained, the 10 wells that we were fracking and are completing now, they are not in the rehi project. They are from before. Okay. We didn't do that because that does not apply to the rehi. It has nothing to do with that. It's more of a.

Adolfo Zuberbühler: It's a good point. I would like to clarify something because we read a report stating that we were closing wells and holding back the completion of wells for the rehi approval, and I want to clarify, this is not the case. Okay. Only new drill wells will enter the rehi. All these wells that Lida explained, the 10 wells that we were fracking and are completing now, they are not in the rehi project. They are from before. Okay. We didn't do that because that does not apply to the rehi. It has nothing to do with that. It's more of a.

Speaker #1: It's a good point. I would like to clarify something because we read a report stating that we were closing wells and holding back the completion of wells for the regie approval.

Speaker #1: And I want to clarify this is not the case. Okay? The will enter the regie. So all these wells that we were that Lida explained, the 10 wells that we were fracking and are completing now, they are not in the regie project.

Speaker #1: They are from before. Okay? So we didn't do that because that does not apply to the regie. It has nothing to do with that.

Speaker #1: It's more of a.

Lida Wang: Not to complicate

Speaker #2: Not to complete.

Adolfo Zuberbuhler: technical. Yeah.

Adolfo Zuberbühler: technical. Yeah.

Speaker #1: Yeah, it's a technical thing that not to parent-child effect. So we close some wells to frack anothers, and they don't destroy each other. That was the reason.

Lida Wang: Yeah.

Adolfo Zuberbuhler: It's a technical thing that not to jeopardize the effect, so we close some wells to frack others, and they don't destroy each other. That's what's the reason. It has nothing to do, as that report stated, that we hold back the completion of the wells.

Adolfo Zuberbühler: It's a technical thing that not to jeopardize the effect, so we close some wells to frack others, and they don't destroy each other. That's what's the reason. It has nothing to do, as that report stated, that we hold back the completion of the wells.

Speaker #1: It has nothing to do as that report stated that we hold back the completion of the wells.

Lida Wang: Having said that, the North Part.

Speaker #2: Having said that, the north part.

Speaker #1: Having said that, the north part.

Adolfo Zuberbuhler: Having said that, the North Part.

Adolfo Zuberbühler: Having said that, the North Part.

Speaker #2: Yeah. We have some seismic works before when we started with Rincón de Aranda, but now we are going in September. Yeah. Next month, actually.

Lida Wang: Yeah, we have some seismic works before when we started with Rincón de Aranda, but now we are going in September, next month, actually. We are going to start a more comprehensive seismic studies in that area, and do a more detailed work there according to Well, Horacio didn't join us today because he's in vacations, but the team already let us know that they're working in the North Part. The North is boundary, the boundaries of Vaca Muerta. Productivity rates, we expect to be lower than the parts that we are developing right now. That is the south strip of the block, right? Once that seismic works are done, and all the studies detail and through, we think that we could start drilling there in next 2028, end of 2027.

Speaker #2: We are going to start a more comprehensive seismic studies in that area. And do a more detailed work there, according to well, Horacio didn't join us today because he's in vacation, but the team already let us know that they're working in the north part.

Speaker #2: The boundary. The boundaries of Bacamorta. So productivity rates we expect to be lower than the parts that we are developing right now. That is the south strip of the block, right?

Lida Wang: That is the south strip of the block, right? Once that seismic works are done, and all the studies detail and through, we think that we could start drilling there in next 2028, end of 2027. So far, we're concentrating the south strip where most of the well inventory is located. On the Perito Moreno expansion, which specific units do you expect to benefit from FRA1? We already talked about it, Genelba. If we get awarded in the second trench, we can use it for the peakers in Buenos Aires bound trench, which is Pilar. No, you need a way for the Bahía Blanca.

Speaker #2: But once that seismic works are done, and we and all the studies detail, and through, we think that we could start drilling there in next '28, 2028.

Speaker #2: End of '27. But so far, we're concentrating the south strip where most of the well inventory is located. On the Perito Moreno expansion, which specific units do you expect to benefit from FRA 1?

Lida Wang: So far, we're concentrating the south strip where most of the well inventory is located. On the Perito Moreno expansion, which specific units do you expect to benefit from FRA1? We already talked about it, Genelba. If we get awarded in the second trench, we can use it for the peakers in Buenos Aires bound trench, which is Pilar. No, you need a way for the Bahía Blanca.

Speaker #2: We already talked about it—Geneva. But if we get awarded in the second tranche, we can use it for the pickers in the Buenos Aires-bound tranche, which is Pilar, for the Bahía Blanca.

Speaker #2: Piedra Buena. Piedra Buena. So, the pickers will be used, but only seasonally, not year-round. The one that is consistent the whole year is the legacy Geneva.

Lida Wang: Piedra Buena. The peakers will be used, but only seasonally wise, not year flat. The one that is consistent the whole year is the Legacy Genelba. How much of their dispatch could cover? The already awarded, the whole Legacy CCGT on Genelba, and a little bit more. The rest, we can use it for specific days, for trading at City Gate, for trading of gas at Buenos Aires or a little bit to be used in the peakers. We'll see, specifically in the winter season. Beyond the transportation prepayment, will any additional CapEx be required for the plants? No. It's just what it is. With Plan Gas expire at the end of 2028, do you see integration strategy shifting toward transferring gas at lower prices to your plants and declare more competitive CVPs and maximize dispatch?

Speaker #2: How much of their dispatch could cover the already awarded, the whole legacy CCGT on Geneva? And a little bit more so the rest we can use it for specific days for trading at City Gate, for trading of gas at Buenos Aires.

Speaker #2: Or a little bit to be used in the pickers. We'll see. Specifically in the winter season. Beyond the transportation prepayment, will any additional capex be required for the plants?

Speaker #2: No. No. It's just what it is. With plant gas expire at the end of 2028, do you see integration strategy shifting toward transferring gas to lower prices to your plants and declare more competitive CVPs and maximize dispatch?

Speaker #2: Actually, the plant gas now it's this quarter is the proof of that transferring the plant gas volumes to ourselves is better, right? Because should we if we didn't transfer the plant gas we will be billing at four and a half.

Lida Wang: Actually, this quarter is the proof of that transferring the Plan Gas volumes to ourselves is better, right? Because if we didn't transfer the Plan Gas, we will be billing at four and a half. Now, we are billing at higher price because CAMMESA allows a higher pass-through. I would say average-wise, it must be better than the Plan Gas's average price. We'll see. I think the CCGTs have the most competitive advantage against all other units, right? All other in the peers and in our own portfolio. They will pass through whatever CAMMESA is allowing. That's how they are going to maximize the dispatch. I think what your question is referring to is to the peakers, and that depends. Bueno. Safra asked about the potential unlock in Rincón de Aranda with the North Part. We already answered it.

Speaker #2: Now, we are billing at a higher price because Camesa allows a higher pass-through. So, I will say, on average, it must be better than the plant gas's average price.

Speaker #2: And then we'll see. I think the CCGTs have the most competitive advantage against all other units, right? All other in the peers and in our own portfolio.

Lida Wang: All other in the peers and in our own portfolio. They will pass through whatever CAMMESA is allowing. That's how they are going to maximize the dispatch. I think what your question is referring to is to the peakers, and that depends. Bueno. Safra asked about the potential unlock in Rincón de Aranda with the North Part. We already answered it. Expectation for another project this year and next year, we already answered it. SESA, FLNG.

Speaker #2: They will pass through whatever Camesa is allowing. So that's how they are going to maximize the dispatch. I think what your question is referring to is to the pickers and that depends.

Speaker #2: Bueno. Safra asks about the potential lock in Rincón de Aranda with the north park. We already answered it. Expectation for another project this year and next year, we already answered it.

Lida Wang: Expectation for another project this year and next year, we already answered it. SESA, FLNG.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: Urea. Right?

Speaker #2: Right?

Speaker #1: Yeah. In general, you have to expect any project in our core businesses which are power, gas, oil, and now fertilizers, we will participate and we will look at them and look forward to increase if there is the right opportunity.

Adolfo Zuberbuhler: In general, you have to expect any project in our core businesses, which are power, gas, oil, and now fertilizers. We will participate, and we will look at them, and look forward to increase if there is the right opportunity.

Adolfo Zuberbühler: In general, you have to expect any project in our core businesses, which are power, gas, oil, and now fertilizers. We will participate, and we will look at them, and look forward to increase if there is the right opportunity.

Lida Wang: Austin Pacheco from Maria also asked about the financing of urea. Already answered. Alvaro Leyva from BTG is asking the same, already answered. CapEx deployment about urea project, we already answered. Given the still favorable oil market outlook, at the fact that it generated 64 revenue losses in Q2, would you consider unwinding the hedging position?

Speaker #2: Austin Pacheco from Mario also asked about the financing of Urea already answered. Álvaro Leiva from BTG is asking the same. Already answered. Capex deployment about Urea project, we already answered.

Speaker #2: Given the still favorable oil market outlook at the fact that it generated 64 revenue losses in Q2, would you considering would you consider unwinding the hedging position?

Speaker #1: No, no, we won't. I think we answered this in the previous call—that the idea is not to keep this level of hedge, and, naturally, as production increases, we have a big portion unhedged.

Adolfo Zuberbuhler: No. No, we won't. I think we answered this in the previous call, that the idea is to keep this level of hedge, and naturally, as production increases, we have a big portion unhedged. We keep current production hedged, and whatever comes on top of that will remain unhedged. That was the original strategy, was to hedge the ramp-up until the 45,000 barrels, and this is what we're doing. Once we reach that plateau, we still have to define, but in general, what we would foresee is that the percentage of hedging will be reduced.

Adolfo Zuberbühler: No. No, we won't. I think we answered this in the previous call, that the idea is to keep this level of hedge, and naturally, as production increases, we have a big portion unhedged. We keep current production hedged, and whatever comes on top of that will remain unhedged. That was the original strategy, was to hedge the ramp-up until the 45,000 barrels, and this is what we're doing. Once we reach that plateau, we still have to define, but in general, what we would foresee is that the percentage of hedging will be reduced.

Speaker #1: So we keep current production hedged and whatever comes on top of that, we remain unhedged. So that was the original strategy. It was to hedge the ramp up until the 45,000 barrels and this is what we are doing.

Speaker #1: So once we reach that plateau, we still have to define, but in general, what we will foresee is that the percentage of hedging will be reduced.

Lida Wang: Scott Zoldi from Upcap, he asked about petrochemicals. We already answered.

Speaker #2: Cataruzzi from ADCAP, he asked about petrochemicals. We already answered. And he also asked about the target gas production long-term. We already answered. Mileni from Carvalho from JP Morgan.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: He also asked about the target gas production long term.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: We already answered. Mileni Carvalho from JP Morgan. All question and answer. From urea, she asked about the EBITDA contribution from urea. Answered.

Speaker #2: Well, all question and answer. Hey, from Urea, she asked about the EBITDA contribution from Urea. Answered. Price the gas price or Urea. Answered. $3 per million TU.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: The gas price for urea. Answered. $3 per MMBtu. The same as FLNG project, right? How much gas is required? Answered. Incremental CapEx for E&P for this three and a half, assuming that it's additional. I did the math, and it's not much.

Speaker #2: The same as FLNG project, right? How much gas is required? Answered. Incremental capex for EMP. For this three and a half. Assuming that it's additional.

Speaker #2: I did the math, and it's not much. It's like...

Adolfo Zuberbuhler: Should be under than

Adolfo Zuberbühler: Should be under than

Speaker #1: Should we fund them?

Speaker #2: It's 100 million dollars of capex. EBITDA and.

Lida Wang: It's $100 million of CapEx, EBITDA.

Adolfo Zuberbuhler: $90 million of EBITDA.

Adolfo Zuberbühler: $90 million of EBITDA.

Speaker #1: 90 million dollars of EBITDA.

Lida Wang: $90 million, less than $50 of additional CapEx. For the 20 million production, we are calculating a maintenance CapEx of $250 to $300 million. That's the range. A ver. Bueno. Balance, Andres Irigiano asking about the CapEx facing of urea. Answered. I'm saying this because we want to be clear.

Speaker #2: 90 million dollars and less than 50. Of additional. Capex. For the 20 million, 20 million production, we are calculating a maintenance capex of 250 to 300 million dollars.

Speaker #2: That's the range. Javier. Bueno. Balance. Andrés Irineano asking about the capex phasing of Urea. Answered. I'm saying this because we want to be clear.

Adolfo Zuberbuhler: Cover all the questions.

Adolfo Zuberbühler: Cover all the questions.

Speaker #1: Transfer.

Lida Wang: Yeah, transparent, yeah. Puente, Juan Ignacio Lopez. Okay.

Speaker #2: Yeah, transfer. Transparent, yeah. Puente. Juan Ignacio López. Okay. Sí. Juan Ignacio López from seeing a better pricing environment for natural gas sales in the domestic markets beyond the usual seasonality.

Adolfo Zuberbuhler: Si.

Adolfo Zuberbühler: Si.

Lida Wang: Juan Ignacio Lopez from Puente. He is asking, "We are seeing a very impressive environment for natural gas sales in the domestic markets beyond the usual seasonality. I would like to ask what you attribute this improvement to: effects of the Resolution 400, to deregulation, or increased pressure in the domestic market for high international prices? How do you expect this dynamic to evolve over the coming quarters?" Yes, it is true. CAMMESA, during the winter pass-through, they are associated with the international prices of LNG. That is why we can pass through higher prices. Also, the Resolution 400 contemplates this deregulation in the procurement of the gas. Remember that before, it was all centralized at CAMMESA, and now it is more and more decentralized. Just to give you an idea, CAMMESA used to be procuring the whole gas in the whole grid. Now it is doing it one-third actively.

Speaker #2: I would like to ask, what do you attribute this improvement to? Effects of the Resolution 400, the deregulation, or increased pressure in the domestic market from high international prices?

Speaker #2: How do you expect this dynamic to evolve over the coming quarters? So yes, it's true. Now, Camesa during the winter passed through. They are linking it or associated with the international prices of LNG.

Speaker #2: That's why we can pass through a higher prices. But also the resolution 400 contemplates this deregulation and the procurement of the gas. Remember that before it was all centralized at Camesa and now it's more and more decentralized.

Speaker #2: Just to give you an idea, Camesa used to be procuring the whole gas in the whole grid. Now it's doing it one third actively.

Speaker #2: Roughly, numbers: another one third, they say, okay, I'm using my plant gas and giving it to you, and you pay me back the price, which is called the assisted by CAMMESA gas acuerdo.

Lida Wang: Roughly numbers. Another one-third, they say, "Okay, I am using my plant gas and I am giving it to you, and you pay me back the price," which is called the assisted by CAMMESA, Plan Gas.Ar. The one-third, which mostly is ours, it is self-procure gas from power plants, which is our case. The idea of CAMMESA, it is going more and more to an assisted scheme, but when plant gas is rolled out, the idea is not to reengage it. It is just all procured by the power generators. Sofia Gran. I do not know who is she, but basically, she is asking, "The CAMMESA percentage, 26" Que?

Speaker #2: And then the one third, which mostly is ours, it's self-procure gas from power users power plants, which is our case. The idea of Camesa, it's going more and more to assisted scheme and when plant gas is rolled out and the idea is not to re-engage it.

Speaker #2: It's just all procured by the power generators. Sofia Grant, I don't know who is she, but basically she's asking the Camesa percentage 26, okay, gas sales.

[Company Representative] (Pampa): Sales.

Lida Wang: Gas sales. Gas sales? Si. "Have any of these contracts or volume been transferred to the power company or self-management to supply?" I understood that No sé, esta pregunta me es rara. Well, this is what we can transfer. We could not transfer more of this because the one contract outstanding to transfer is Enarsa. The last round of Plan Gas.Ar, okay? The 4.2 round. Why did I say that? The last round of Plan Gas.Ar, which is around 5 million cubic meters per day, with peaks during the winter, that one has not been transferred yet. As you can see, that is why we still are selling to Plan Gas.Ar, specifically to CAMMESA and retailers, 56%. For example, in Q4, it should go down dramatically because CAMMESA and Plan Gas.Ar retailers will not demand much gas due to seasonal reasons. Matthew Ordway from Fidelity.

Speaker #2: Gas sales. Have any of these contracts or volumes been transferred to the power company or self-management to supply? I understood that.

Speaker #2: No sé, esta pregunta me es rara. well, this is what we can transfer. We couldn't transfer more of this because the one contract outstanding to transfer is Enarsa.

Speaker #2: The last round of plant gas, the 4.2 round—the last round of plant gas—with around 5 million cubic meters per day, with peaks during the winter, that one hasn't been transferred yet.

Speaker #2: So as you can see, as you can see, we still that's why we still are selling to plant gas, specifically to Camesa and retailers, 56%.

Speaker #2: But for example, in Q4, it should go down dramatically because CAMMESA could go to CAMMESA, and retailers won't demand much gas due to seasonal reasons.

Speaker #2: Matthew Boots from Fidelity. He asked about the equity and debt structure for Urea Plant. We already answered.

Lida Wang: He asked about the equity and debt structure for urea plant.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: We already answered.

Speaker #1: Again, we are not trying to maximize the leverage on the project because the idea is to deploy our cash and future cash flows into this.

Adolfo Zuberbuhler: We are not trying to maximize the leverage on the project, because the idea is to deploy our cash and future cash flows into this. That's why we're not having any partners, and that's why we're not maximizing leverage. We expect a structure of around 60-40, 60 debt and 40 equity. Still everything is under negotiations, but we are expecting around $1.4 billion of equity in the next 41 months.

Adolfo Zuberbühler: We are not trying to maximize the leverage on the project, because the idea is to deploy our cash and future cash flows into this. That's why we're not having any partners, and that's why we're not maximizing leverage. We expect a structure of around 60-40, 60 debt and 40 equity. Still everything is under negotiations, but we are expecting around $1.4 billion of equity in the next 41 months.

Speaker #1: That's why we are not having any partners, and that's why we're not maximizing leverage. So, we expect a structure of around 60/40—60% debt and 40% equity.

Speaker #1: Giving you that will give you around it's still everything is under negotiations, but we are expecting around 1.4 billion of equity in the next 41 months.

Speaker #2: Can you, Santander, Walter Carbesio—he's asking repeated questions as well. But he's asking about the gas production breakdown until 2030. We already discussed that.

Lida Wang: Santander, Walter Carvesio, he's asking repeated questions as well, but he's asking about the gas production until 2030 breakdown. We already-

Adolfo Zuberbuhler: Discussed that

Adolfo Zuberbühler: Discussed that

Lida Wang: discussed that. Andres Cardona from Citi, actually, he's asking, When looking at the diversified portfolio, is there any asset you consider non-core and could be eventually divested? This question

Speaker #2: Andrés Cardona from Citi. Actually, he's asking when looking at the diversified portfolio, is there any asset you consider non-core and could be eventually divested?

Speaker #2: This question?

Speaker #1: I think was answered when I explained our core business is.

Adolfo Zuberbuhler: I think was answered when I explained our core businesses.

Adolfo Zuberbühler: I think was answered when I explained our core businesses.

Lida Wang: That's self-explanatory, which is petrochemicals. Ramiro Guerrero, Bull Market, How much volume of Rincón de Aranda remains hedged through May 2027? At what weighted average price, and what additional cash collateral settlement and cash outflow should we expect under different Brent scenarios? How much is hedged from our production? That's the first question. Until when?

Speaker #2: So the self-explanatory, which is petrochemicals. Ramiro Guerrero, Bull Market. How much volume of Rincón de Aranda remains hedged through May 2027 at what weighted average price?

Speaker #2: And what additional cash collateral settlement cash outflow should we expect under different brand scenarios? So how much is hedged from our production? That's the first question.

Speaker #2: Until when?

Speaker #1: We hedge all our production until next first quarter of next year.

Adolfo Zuberbuhler: We hedged oil production until Q1 of next year.

Adolfo Zuberbühler: We hedged oil production until Q1 of next year.

Lida Wang: Okay, until May, until June.

Speaker #2: We could get until May, until June. okay.

Adolfo Zuberbuhler: First quarter. No, no, but-

Adolfo Zuberbühler: First quarter. No, no, but-

Lida Wang: Sorry.

Speaker #1: First quarter of. A little bit less than one year of hedge.

Adolfo Zuberbuhler: Q1.

Adolfo Zuberbühler: Q1.

Lida Wang: Q1.

Adolfo Zuberbuhler: Little bit less than one year of hedge.

Adolfo Zuberbühler: Little bit less than one year of hedge.

Lida Wang: Yeah. Weighted average price?

Speaker #2: Yeah. Weighted average price?

Adolfo Zuberbuhler: 67.

Adolfo Zuberbühler: 67.

Speaker #1: 67.

Speaker #2: 66.

Lida Wang: 66.

Adolfo Zuberbuhler: 67.

Adolfo Zuberbühler: 67.

Speaker #1: 67.

Speaker #2: 67. Of rent?

Lida Wang: 67 of Brent.

Speaker #1: Yeah, rent.

Adolfo Zuberbuhler: Yeah. Go ahead.

Adolfo Zuberbühler: Yeah. Go ahead.

Speaker #2: What additional cash collateral should we expect if, I don't know, different brand scenarios, right? Today is 80, so well, with the price, you can see how much it is.

Lida Wang: What additional cash collateral should we expect if, I don't know, different Brent scenarios, right? Today it is 80. Well, with the price, you can see how much it is.

Speaker #1: Depends on the back-to-market. Decisions.

Adolfo Zuberbuhler: Depends on the mark to market decisions.

Adolfo Zuberbühler: Depends on the mark to market decisions.

Lida Wang: Ricardo Chacana from Itaú, Impressive investment pipeline. Thank you. That expands your business franchise phenomenally. Another thank you.

Speaker #2: Ricardo Cabana from Itaú. Impressive pipeline investment pipeline, thank you. The expense your business franchise phenomenally. Another thank you. How do you define in one sentence what is Pampa now and its vision?

Speaker #2: Thank you. In one sentence. Yeah, because it's 12:00 PM, so. Growth.

Adolfo Zuberbuhler: One sentence.

Adolfo Zuberbühler: One sentence.

Lida Wang: In one sentence.

Adolfo Zuberbuhler: Tough.

Adolfo Zuberbühler: Tough.

Lida Wang: Yeah, because it's 12:00 PM, so

Adolfo Zuberbuhler: One sentence.

Adolfo Zuberbühler: One sentence.

Lida Wang: Growth.

Speaker #1: Yeah, we are. We are an urgent company that invests heavily in Argentina and tries to monetize the reserves in Vacamuerta through all our industrial segments.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Lida Wang: Growth.

Adolfo Zuberbuhler: We are an Argentine company that invests heavily in Argentina and tries to monetize the reserves in Vaca Muerta through all our industrial segments. That is power, urea, LNG, et cetera. I would say the two main-

Adolfo Zuberbühler: We are an Argentine company that invests heavily in Argentina and tries to monetize the reserves in Vaca Muerta through all our industrial segments. That is power, urea, LNG, et cetera. I would say the two main-

Speaker #1: That is power, urea, LNG, etc. I will say that is the two main headliners that is an Argentinian company that invests heavily in Argentina and is an industrial energy company integrated energy company.

Lida Wang: Headliner

Adolfo Zuberbuhler: headliners, that is an Argentine company that invests heavily in Argentina, and it's an industrial integrated energy company. That is the

Adolfo Zuberbühler: headliners, that is an Argentine company that invests heavily in Argentina, and it's an industrial integrated energy company. That is the

Speaker #1: That is the.

Lida Wang: The tweet. The headline. Augusto Soto-Braumann from Rosenthal Inversiones, he's asking on the receivables. "You mentioned working capital seasonality, but receivables still increases significantly in this quarter, where are the key drive on operating cash flow?" Very good question. Why increase? Because we are selling more gas. Compared to last year, Q2, we are selling 2 million more of gas.

Speaker #2: The tweet. The headline. Augusto Soto Bauman from Rosenthal Inversiones. He's asking on the receivables. You mentioned working capital seasonality, but receivables is still increasing significantly in this quarter.

Speaker #2: And where are the key drag on the operating cash flow? Very good question. Wide increase because we are selling more gas. Compared to last year, Q2, we are selling 2 million more of gas, a higher prices.

Adolfo Zuberbuhler: Prices.

Adolfo Zuberbühler: Prices.

Lida Wang: At higher prices, here you have it. We are selling more oil, three times more oil than last year, and 22% more than last quarter.

Speaker #2: So here you have it. We are selling more oil. Three times more oil than last year. And 22% more than last quarter.

Adolfo Zuberbuhler: Part of the gas of this working capital will revert on the following quarters.

Speaker #1: And part of the gas will of this working capital will revert on the following quarters.

Adolfo Zuberbühler: Part of the gas of this working capital will revert on the following quarters.

Lida Wang: Yeah. Correct. We sell it now, we collect it 45 days later. This is very important. Previous quarter and previous year, the days of sales outstanding was way higher than now. Now we are at five days of delay, it means 47 days of total collection days, while last quarter was 50 something, and previous year was way higher because it was accommodating. DSO, it's improving, specifically from our largest clients, which is CAMMESA and Enarsa, at the same time, we are selling more. 12 days delay. 12 on top of the 42, it's 54. Math. Could you please understand Well Was it mainly export timing? No, export is flat. It's 65 days. There is no increase or decrease. It's very certain. As a of all the receivables. CAMMESA or subsidy-related balances, how about the CAMMESA? CAMMESA is paying better.

Speaker #2: Yeah, correct. And we sell it now. We collect 45 days later. This is very important. In previous quarters and in the previous year, the days of sales outstanding were much higher than now.

Speaker #2: Now we are at five days of delay, so it means 47 days of total collection days, while last quarter was 50-something. And previous year was way higher because it was accommodating.

Speaker #2: So DSO, it's improving. Specifically from this, our largest clients, which is Camesa and Enarsa. But at the same time, we are selling more. 12 days.

Speaker #2: Delay. So, 12 on top of the 42, so it's 54. Matt? Matt, then could you please clarify—what was it mainly, export time?

Speaker #2: No, export is flat. It's 65 days. It's there is no increase or decrease. It's very certain. Así, porque está diciendo about the receivables. And Camesa or subsidy related balances, how about the Camesa?

Speaker #2: Camesa is paying better.

Adolfo Zuberbuhler: CAMMESA is paying.

Adolfo Zuberbühler: CAMMESA is paying.

Speaker #1: Camesa is paying, yeah. No major delays in Camesa.

Lida Wang: Better?

Adolfo Zuberbuhler: No major regulation coming.

Adolfo Zuberbühler: No major regulation coming.

Lida Wang: Yeah. The subsidy, it's very important to say that it's getting smaller in money terms, because something very important is that retail prices are increasing. If the retail prices are increasing, the subsidy part is smaller. Now it's just $15 million per year or something. Should we expect this to normalize in H2, or is it new structural level as exports continue to grow? Exports, forget it. It's a-

Speaker #2: Yeah. Subsidy, it's the subsidy, it's very important to say that it's getting smaller something very important is that price retail prices are increasing. If the retail prices are increasing, the subsidy part is smaller.

Speaker #2: So now it's just 15 million dollars per year or something. And should we expect this to normalize in the second half, or is it new structural level as exports continue to grow?

Speaker #2: Exports—forget it. It's the receivables of exports; it's the same. We are exploring the same. But wait—Q3, we are going to collect what we sell in Q2, obviously, but Q3 is higher winter prices and higher sales.

Adolfo Zuberbuhler: They-

Adolfo Zuberbühler: They-

Lida Wang: The receivables of exports. It's the same. We are exporting the same. Wait. Q3, we are going to collect what we sell in Q2, obviously.

Adolfo Zuberbuhler: Winter prices.

Adolfo Zuberbühler: Winter prices.

Lida Wang: Q3 is higher winter prices and higher sales. You should expect higher receivables. In Q4, usually, we collect the receivables. It's a surplus. It's an inflow, no outflow. That's how you should think about it. Lilyanna Yang from HSBC, a quick update on TGS. Gracias.

Speaker #2: So you should expect higher receivables. But in Q4, usually we collect the receivables as surplus. It's an inflow, not an outflow. That's how you should think about it.

Speaker #2: Liliana Yang from HSBC, a quick update. On TGS. Gracias.

Speaker #1: TGS, well, they have their call already. But I think that the two main takeouts are the two big projects TGS is performing. One is the Iniciativa Privada that should winter.

Adolfo Zuberbuhler: TGS, well, they have their call already.

Adolfo Zuberbühler: TGS, well, they have their call already.

Lida Wang: Yeah.

Adolfo Zuberbuhler: I think that the two main takeouts are the two big projects TGS is performing. One is the Iniciativa Privada. That should be commissioned by next winter. The other is the big.

Adolfo Zuberbühler: I think that the two main takeouts are the two big projects TGS is performing. One is the Iniciativa Privada. That should be commissioned by next winter. The other is the big.

Speaker #1: And the other is the big LNG. NGL, sorry. NGL project, as you know, that they are already announced the FID and they're working heavily in the financing and they're awaiting the rigid approval of that project.

Lida Wang: NGL

Adolfo Zuberbuhler: NGL, sorry, NGL, project, as you know. They already announced the FID, and they are working heavily in the financing, and they are awaiting the RIGI approval of that project. I think those are the two main

Adolfo Zuberbühler: NGL, sorry, NGL, project, as you know. They already announced the FID, and they are working heavily in the financing, and they are awaiting the RIGI approval of that project. I think those are the two main

Speaker #1: I think those are the two main drivers. Yeah, main news about TGS. And if you look at the results, they were outstanding. They improved every line of business.

Lida Wang: Drivers.

Adolfo Zuberbuhler: Yeah, main news about TGS. If you look at the results, they are outstanding. They improve every line of business.

Adolfo Zuberbühler: Yeah, main news about TGS. If you look at the results, they are outstanding. They improve every line of business.

Lida Wang: Yeah, the utility, the price, the tariff.

Speaker #2: Now, utilities, the price of the tariff.

Adolfo Zuberbuhler: Looking forward, it's a very encouraging company. I mean, doing well.

Adolfo Zuberbühler: Looking forward, it's a very encouraging company. I mean, doing well.

Speaker #1: Power, it's a very encouraging company. I mean, doing very well.

Lida Wang: Bueno. The last question so far, and that's it. It's Pedro Letelier. I don't know where he is, but I know him. The province of Buenos Aires has its own investment regime, the RPIE.

Speaker #2: Well, the last question so far, and that's it. It's Pedro Letelier. I don't know where. He is, but I know him. The province of Buenos Aires has its own investment regime, the REPIE.

Speaker #2: Is there any conflict with the government's regie that could impact the real project?

Lida Wang: Is there any conflict with the government's RIGI that could impact-

Adolfo Zuberbuhler: No

Adolfo Zuberbühler: No

Lida Wang: the RIO project?

Adolfo Zuberbuhler: Not at all. We filed for both. We filed for the RIGI, that we have been approved by the committee, RIGI committee. We're waiting for the publication of the approval in the official gazette. We also applied to the provincial regime, and we're awaiting approval. There is no conflict at all. On the contrary, they're quite, What is it?

Adolfo Zuberbühler: Not at all. We filed for both. We filed for the RIGI, that we have been approved by the committee, RIGI committee. We're waiting for the publication of the approval in the official gazette. We also applied to the provincial regime, and we're awaiting approval. There is no conflict at all. On the contrary, they're quite, What is it?

Speaker #1: No, not at all. We filed for both. We filed for the regie that we have been approved by the committee, regie committee. We're waiting for the publication of the approval in the official cassette.

Speaker #1: And we also applied to the provincial regime and we are waiting approval. And there is no conflict at all. On the contrary, they're quite what is it?

Lida Wang: Proactive?

Speaker #2: Proactive.

Adolfo Zuberbuhler: Yes. Yeah.

Adolfo Zuberbühler: Yes. Yeah.

Speaker #1: Yeah, yeah.

Speaker #3: Complement.

Speaker #1: Complementary. Thank you. They're quite complementary. The additional benefit from the provincial is a tax break on the. Gross sales tax, yeah. That's the main takeout.

Lida Wang: Complementary?

Adolfo Zuberbuhler: Complimentary. Thank you. They are quite complimentary. The additional benefit from the provincial is a tax break.

Adolfo Zuberbühler: Complimentary. Thank you. They are quite complimentary. The additional benefit from the provincial is a tax break.

Lida Wang: Gross sales tax

Adolfo Zuberbuhler: gross sales tax. Yeah. That was the main takeout. Hopefully we'll get that approval as well.

Adolfo Zuberbühler: gross sales tax. Yeah. That was the main takeout. Hopefully we'll get that approval as well.

Speaker #1: So hopefully we'll get that approval as well.

Speaker #2: Yeah, we talk about this. Regie is pre-approved.

Lida Wang: Yeah, we talk about this. RIGI's pre-approved.

Adolfo Zuberbuhler: Yeah.

Adolfo Zuberbühler: Yeah.

Speaker #1: Yeah, yeah, yeah. Yeah, but there's no conflict between the two, on the contrary.

Lida Wang: Yeah.

Adolfo Zuberbuhler: There is no conflict between the two.

Adolfo Zuberbühler: There is no conflict between the two.

Adolfo Zuberbuhler: On the contrary.

Adolfo Zuberbühler: On the contrary.

Lida Wang: That's it.

Speaker #2: That's it. All right. Thank you, everybody, for joining us this call. Thank you, Fito, for taking all the questions. Fito, would you like something more?

Adolfo Zuberbuhler: Great.

Adolfo Zuberbühler: Great.

Lida Wang: All right. Thank you everybody for joining us this call. Thank you, Fito, for taking all the questions. Fito, would you like something more? Say something more?

Speaker #2: Say something more?

Speaker #1: One hour. Perfect. Thank you very much.

Adolfo Zuberbuhler: One hour. Perfect.

Adolfo Zuberbühler: One hour. Perfect.

Lida Wang: Perfect.

Speaker #2: Perfect. Thank you very much. Any question you may have, just let us know. Email us. We are more than available to help you. The next call is due on November.

Adolfo Zuberbuhler: Thank you very much.

Adolfo Zuberbühler: Thank you very much.

Lida Wang: Thank you very much. Any questions you may have, just let us know. Email us. We are more than available to help you. The next call is due on November. Hope to see you then. Bye. Thank you.

Speaker #2: Hope to see you then. Bye. Thank you.

Adolfo Zuberbuhler: Bye.

Adolfo Zuberbühler: Bye.

Speaker #1: Bye.

Lida Wang: Goodbye

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Q2 2026 Pampa Energia SA Earnings Call

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