Pampa Energia S.A.

Good afternoon, everyone, and thank you for waiting. I'm Raquel Cardaz from IR, and we would like to welcome everyone to Pampa Energías' 4Quality of 2025 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. Questions can only be sent in written through Zoom. Should any participants need assistance, please send us a chat message. Before continuing, please read the disclaimer on the second page of our presentation. Let me mention that four looking statements are based on Pampa Energia'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. Investors should understand that general economic and industry conditions and other operation factors could also affect the future results of Pampanergia and could cause results to differ materially from those expressed in such forward-looking statements. Now I will turn the video conference over to Lida. Please go ahead.

Hello, Raquel. Thank you very much. And hello, everyone. Good afternoon. Thank you for joining our call. I will make a really quick summary so we can spend more time on questions with the management today. Q&A, we have our CEO, Mr. Mariani, our CFO, Mr. Zuberbuehler, and our head of oil and gas, Mr. Turri. So, let's go ahead with the first slide where we make a quick summary of 2025. November 25, 2025 marked our 20th anniversary of Wampa and the creation of Wampa. Back in 2005, we did not produce any oil or gas. or did not generate any single megawatt hour of generation electricity. So 20 years later, Pampa accounts for 9% of the country's total natural gas production and reached a record daily production of 104,000 barrels of oil equivalent during the winter of 2025. This year also marked a steep change in our upstream profile. Our Black Flagship shallow development at Fincón de Aranda began the year producing less than 1,000 barrels of oil per day, and now reached a 20,000 barrel goal by December of last year. As a result, total annual average production exceeded 84,000 barrels of oil equivalent per day. This is 8% higher than last year and 73% up since 2017, the year after we acquired Petrobras Argentina, reflecting the sustained organic growth and disciplined capital allocation. In the power segment, we consolidated a 15% share of Argentina's net electricity output, achieving an outstanding 94% thermal availability rate in 2025. reaffirming our position as the country's leading IPP and demonstrating a reliable, efficient fleet cooperating under a gradually normalizing market framework. At a consolidated level, EBITDA grew 8% year-on-year, surpassing the $1 billion mark. mostly driven by power, gas, and Rincón de Aranda. While oil and gas and power each represent half of the EVDA, we expect that ongoing growth at Rincón de Aranda will further expand oil and gas footprint in the EVDA. So Canva and its series are deeply committed to the country's energy development. In 2025, we hit a new record high of $1.4 billion in capex, of which roughly half was destined to Rincón de Arana, the largest single project development investment in our 20-year history. In 2026, we expect to set a new record price, allocating $717 million in Rincón de Aranda, very similar to last year, to reach production total, plus another $400 million for maintenance across our operations, and around $600 million for TGS Revit Initiative project. So, moving on to the Q4 results, the quarters adjusted EBITDA amounted to $240 million. This is a 26% year-on-year increase. Power generation was the main contributor, where since November, the new guidelines for the wholesale electricity market have allowed power producers to operate under a more decentralized scheme. improving price signals and enabling us to capture operational efficiencies and synergies with our EMP gas. Rincón de Aranda was the second key driver with this production ramp up, accounting for 23% of the quarters at ETA, supported by 10 active paths as of today. Our capital structure continues to strengthen following the issuance of our 12-year international bond. We closed the year with a net debt to EBITDA ratio of 1.1 times and averaged that life of almost eight years. Quora on Quora EBITDA decreased due to the gas seasonality offset by Rincón de Arana and the steady contributions from our utilities TGS and Transenat. CAPEX surged 81% year-on-year to $371 million in the quarter, of which $249 million were invested in the development of Rincon de Aranda. Okay, so moving on, on the slide six, the oil and gas segment adjusted BDA was $77 million in Q4, more than doubling. last year, driven by Rincón de Aranda, increased gas exports and industrial demand. Higher transport and treatment costs partially upset this case. Compared to Q3, the PDA declined due to the gas seasonality, but was smooth by Rincón de Aranda. Lifting costs averaged $8 per barrel. of oil equivalent slightly below last year due to higher crude oil output and stronger gas demand, offset by increasing gas treatment costs and the lease of temporary facilities in Congaranga. Quarter on quarter, lifting costs for BOE increased due to this gas seasonality, Gas listing costs remained flat year-on-year at $1.2 per mil BTU, an average of $1 during 2025, but rose quarter-on-quarter again because of the gas seasonality, while oil declined sharply to below $11 per barrel from $36 last year's Q4. This is mainly because of Rincón de Aranda's ramp-up and the divestment of mature conventional blocks. I remind you all that last year, Q4 Rincón de Aranda was really a green field, produced only from one well. On top of that, we were recording trucking expenses, testing expenses, and we also found a lot of mature blocks that today are divested. Total production average more than 81,000 barrels of oil equivalent per day, up 32% year-on-year. This is led by Rincón de Aranda and Sierra Chata, partially offset by decreases at El Mangrucho and in non-operated blocks, as well as the divestment in Torrillo. Quarter-on-quarter, production dropped 18%, again explained by the gas seasonality. The production mix continues to evolve. with oil rising to 22% of total outputs, driven entirely by Rincón de Aranda. Cruel prices averaged nearly $61 per barrel on Q4. This is 10% lower than last year due to the weaker rent prices. Without the hedging at Rincón de Aranda, our realized price would have been $53 per barrel. So focusing now exclusively on Rincón de Aranda, the ramp-up stays on track. In Q4, we reached the first goal of 20,000 barrels per day after tying two paths, two new paths, with an average quarterly production of 17.1 thousand barrels per day. This is at 19% increase quarter on quarter. As of today, 10 paths are online, of which three of them are currently undergoing testing, well testing, and Plus, we have another two paths, DUC paths, and two other paths are under fracking. In 2025, Rincón de Aranda contributed $126 million of KBDA. Infrastructure build-out, thanks to the WIHI incentive regime, continues in parallel with the field development. Next month, we are installing an additional temporary processing facility with a focus on reaching 28,000 barrels by mid-2026. a key milestone toward the final production target of 45,000 barrels expected in 2027. So moving to gas. Sales grew 10% year-on-year, but dropped 23% from 53%. This is, again, explained by seasonality. El Mangrullo continued to lead the output, though its share shrank to 46%, while Sierra Chata grew to 38% share, with production up 39% year-on-year, supported by a new cap that we tied in during the quarter. Together, they accounted for 84% of the total gas production. Gas prices averaged $3 per millimetre, flat year-on-year. Industry sales supported the pricing, offset by lower export prices due to the brand's underperformance, and a drop in residential due to the lagged tariff pass-through of the devaluation. In Q4 this year, 72% of our gas was sold under the plant gas GSA, a methane retail, down from the 81% Q4 last year, due to the transfer of certain rounds of the plant gas volumes to fuel cell procurement in power, which represented 4% of the total sales in Q4 25. Now, In December, we started to formally be doing the self-procurement of gas in Generva and Loma La Lata. The self-procurement increased to 41% on average in January 2026. So as a result, plant gas, you say, exposure shrunk to 37%. With the new guidelines in place, we expect 40% of this year's production to supply our own gas, our own power generation, capturing margins and leveraging synergies between these two core businesses. Before moving from EMP, I want to just do a quick update on reserves. Total proven reserves rose 28% to 296 million VOE, driven by our increased activity in Sierra Chata and specifically in Rincon de Aranda. Shell reserves grew by 65% year-on-year to 204 million barrels, and with shale oil now accounting for 19% of total reserves. The reserve replacement ratio was 3.2 times, extending the average life to 10.2 years. Since 2019, proven reserves have increased 118% with the most significant expansion coming from Shell since 2023, one of the year when we started to actively develop Vagamorta formation. Okay, so moving to power generations, we posted an EBDA of $111 million in Q4, up 28% year-on-year, mainly driven by stronger stock prices under the new guidelines, especially partially upset by power dispatch at Genelva's new CCGT due to the program maintenance. Total availability declined to 91% due to this scheduled maintenance and the ongoing outage that we are experiencing in Enisa since January. However, campus thermal availability continues to outpace The national grid, under the new framework, also, inertia plus B2B contracts were discontinued, though we managed to recontract in the B2B market. So, contract capacity remained stable year on year. With the new framework, also, performance balances between contracted capacity and this thought margin. So value creation also can be driven by efficiency and fuel management. Those units with high-low factors and self-procured fuel will achieve higher margins. Turning to cash flow on slide 11, we show the parent company figures because this is aligned with our bond perimeter. Despite the higher cap rates, at Rincón de Aranda, we posted a limited $20 million three-hour cash outflow in Q4, offset by strong EBITDA and working capital inflows, mostly from winter collections. As a result, cash and cash equivalents stood at $1.1 billion at the quarter end. This is $210 million more than September close. Finally, on the balance sheet, gross debt was nearly $1.9 billion, down 9% since 2024 December. In November last year, we issued a $450 million international bond maturity in 2037 with a record 20-year tenure. This is the first loan-dated issuance by an Argentine corporate over a decade. and extending our average life to almost eight years. The proceeds from decisions and the 2,034 notes that we issued in May were used to redeem all the outstanding international bonds, the 26, the 27, the 29 notes, and some of the local dollar bonds. As a result, net debt reached to $801 million. This is 1.1 net leverage, maintaining a conservative capital structure while funding growth. Well, so this concludes the presentation. Thank you for hearing me. Now the floor is open for questions. If you have a question, please send it through Zoom chat. We will read it and answer them in the order received. Make sure your name and your company is displayed so we can correctly introduce you to the audience. Should any participant need assistance, please send us a chat message. Please hold while we pull the questions. Thank you. All right, so we start. Alejandro de Michelis from Jefferies. How do you see the evolution of production, please split between oil and gas, and of drilling and completion and lifting costs in 2026? Production, drilling, D&C, lifting costs.

Good afternoon and thank you everybody for joining. Regarding production, let's go first to oil. We are As Lida mentioned, currently in around 19,000 barrels per day. Our target is to reach 25,000 barrels per day by the end of March, beginning of April, and then keep on ramping up to 27,000, even 28,000 barrels per day as of the half of the year. All of this is coming out of Rincón de Aranda. In terms of natural gas, we just closed February around 14 million cubic meters per day. We will probably be reaching a peak of around 18 million cubic meters per day during the winter and an average of approximately 13.5 million cubic meters per day compared to 12.5 million cubic meters per day in 2025. In terms of drilling and completion, In Rincón de Aranda, we drilled 20 wells. We're going to be drilling 20 wells and completing 35. And in Sierra Chata, we will be drilling and completing eight wells each. And I'm missing lifting costs, which are in the range of, will be in the range of $10 per barrel. Yeah, until we get the CPF, but we're talking about 2026. Yeah. And a little bit less than $1 per million BTU in our gas operations.

Great. So, let's go to the next question. Next question comes from Guido Bisocero from Alaria about the hedging. How are the royalties settled? Are they including the hedge or is that independent and settled at the market?

No, royalties do not have any connection to the hedging. They are settled at the market price. All right.

Next question. Alejandro Christensen from Latin Securities. How much impact have you seen so far from resolution 425-25? And how much additional impact do you expect in 2026, which will provide some color in the ABDA growth outlook for this segment next year? Next year, I guess, 27, right?

This year. Hi. Good afternoon, everybody. Thank you for We're joining in. The impact of the resolution so far, it's, I think what we have been saying in previous courses, between 10 and 15% vis-a-vis the EVDA generation that we had in 2025.

Yeah.

More or less. And that is what we expect for the segment as a whole when you compare 2026 vis-a-vis the previous year.

I guess 2027 is too early to say, right? Say again? 2027 is too early to say.

2027, yes. Yeah. And what these are... resolution brings is also an improvement in our EMP business. And that is thanks to the fact that now we are self-procured. We are selling the gas and our thermal power use is provided by our EMP segment. So that also brings, and again, we are expecting here, but it's so far what we have seen in January and February. a 10% increase in quantity in the natural gas produced by the segment, and that is thanks to the fact that we are self-procuring in our thermal plants.

And we cannot not put in much number of that profit, right? So the number you said is only for power generation, but the fact that we are self-procuring this vertical integration, we are not putting a number, so far. An effect, right? An impact.

Yeah, that's correct. In our projections, we expect on the power generation segment, And around 10 to 15% increase in EPPA. And another increase coming from the fact that the total gas produced by the EMP segment will also go up by around 10%.

That's right. All right. Next question coming from Alejandro. Alejandro Sueli says, have you signed EPPAs with private counterparties for energy or capacity?

yes we have been very active since november that this new resolution is our commercial team has been extremely active if i remember correctly i think that we have sold like uh 70 now you can sell energy and capacity we've been active in both design more than a hundred and something contract for a total of around 70 megawatts. So, yes, we have been very active there.

All right. And then how are you seeing natural gas demand and price in the industrial sector, industrial, evolving during Q1 26th?

We see the industrial demand is stable. It accounts for less than around 10% of our overall production. And given the changes and the self-procurement, it's not a segment that we are very interested in. We are not that interested. So it wouldn't have an effect in Pampa.

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

Throughout 2027 means until or until the end of 2027?

Throughout it means until 2027 in English, right?

But I don't know. Basically, we are fully hedged one year going forward. So until first quarter of next year, we are fully hedged.

All right, next question coming from wool market Felipe Colasso. Following the regulation, has Pampa been able to start acquiring gas from its own wells? I think it's all self-answered. Can you give a guidance of what the savings in fuel costs will amount to in 2026? Savings in fuel costs. I don't see savings. I see.

We're making profit out of it.

We are vertically integrated. Exactly. Yeah. So we are producing more than before, right? That's right.

So January we produce... So we will be particularly producing more during 2026 in the winter time.

Yeah, it will be more like... We will have a flat curve. Yeah. But Q1 is already higher than Q1.

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

Well, last year's first quarter, it was a little bit different because Q4, it was very bad, and they took, Camisa took more gas, but even that...

The production is taking into account that the overall average of 25 was 12.5. And we're saying that only February is around 14 million cubic meters per day. So we will definitely be, our estimation is that we will be producing around 13.5 to 14 million in 2026.

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

Yes. I don't recall when We filed the REDI for upstream, but it was definitely fourth quarter of last year. We haven't been approved yet, but recently they have a new decree adding upstream of oil to the REDI, so we are studying to file for a An official, yeah, an overall REGI for the full development of the CONARAN.

All right. Do you plan to fund the CAPEX via new debt issues?

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

This question comes from Juan Ignacio Lopez from Puente. I think we haven't answered this yet, but what's the guidance about CAPEX for 2026?

Around total CAPEX?

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

As Irina says, the restricted group only, so it's basically around $1.1 billion, basically $1 billion, the EMP segment is less than $100 million. on power generation because it's only maintenance capex. So we don't have any project, any new project going on on that, on the power generation segment.

That answers? Oil?

No, no.

Awesome. So next question, he says specifically how much of that is maintenance and how much is the schedule or formal plans this year?

It's pretty much all. Yeah, it's around $80 million and it's all maintenance costs.

And second, guidance regarding free cash flow, which again, we don't do guidance, but we can share with you what is provided by the budget. And what cruel realized price are you assuming for your base case scenario?

So, we expect total capex, including maintenance capex, investment capex, and the equity that we will deploy to our joint ventures. All that will improve apply more or less $500 million negative cash flow after all investments. So that is what will bring the cash position from $1.2 million to $700 million, roughly.

All right. What else? And price of oil. The price of oil assumed for the budget. I think it was less than $68.

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

Yeah, that's correct. A little bit above $66, right? So, the hedge is Brent, right? And then after discounts and export duty, which is 8%, it's roughly a little bit lower than, it's roughly a little bit above $58, depending on the discount. What hedge do you mean? The world hedge is realized, FOB. Okay. Because world hedge, you have to account the transport. Transportation. Yes. Okay. Next question. I'm never doing this 6.30. You're never doing this 6.30 again. So, it's... Cateruzzi, Matias, from ASCA. How should we think the quarterly production ramp up through 2026, particularly toward the around 24,000 barrels per day level by second quarter of 2026 and around 28,000 by third quarter?

We've been through that.

Mm-hmm.

That is exactly, he's answering the question.

Yeah, he's answering. But then after, so the 828, in the chart, we put like it's like 28 and then sharply goes up to the plateau.

No, that's not going to happen. What do you think? Vertically, no. And it's not financially efficient. So it's probably going to be a ramp-up curve. going from 28,000 to 45,000 in around five to six months.

Okay, Matias is asking. Given that Tampa has more gas reserves that it can currently monetize, would you consider monetizing part of your gas aggregate portfolio for farm out or farm downs or asset sales?

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

Could you update us on solar energy FLNG project, specifically timing, expected volumes, and potentially BTA CapEx contribution from Pampa, and what the LNG FOP price assumption is basically the Coca-Cola. There you think.

In terms of timing, we are expecting the first boat by the second half of 2027 and the second one by the second half of 2028 for a total demand of 6 million tons per year. That's roughly around 25 to 26 million cubic meters per day. We have 20% out of that. And the biggest capital or the biggest capex involved in the project now is the construction of the dedicated gas pipeline from Tratagen to San Antonio Este, which will account for probably around $1.5 billion. Hopefully less than that. Hopefully less than that. From 1.3 to 1.5. and out of which we could consider that 60% will be financed, and maybe 30% to 40% is going to be equity, and out of that we have 20%. So that's a major cap exit we'll be facing.

Francisco Cascaron from DonCap is asking, what new opportunities do you foresee in the generation segment, if any?

Do you expect... I'm sorry. Just to add something that's relevant, we signed our first long-term contract with CEFE, the German agency, for 2 million tons per year.

It's binding? Is it binding?

It's binding. More than binding.

Great. Awesome.

Binding for both. Great.

Great. All right. Shifting to power generation, Francisco Castarón from Doncap is asking, do you foresee any opportunities there? Do you expect to increase install capacity this year or in the near term?

Increase this year? Impossible, because these projects take several years to be installed. What could be done in the short term could be something like batteries. And today, the Secretary of Energy announced new options of batteries, similar to the one that was done last year. the one that last year was within the Buenos Aires area, and this one is all around the country, but has been published today. Honestly, I didn't have time to take a look at it. Usually, these are small projects, very competitive. We have colleagues very aggressive on pricing, so Not sure whether we are going to be actively in this option.

Right. Well, that's it. Okay. So, Agustin Pachico from Mariba, he's asking, given the improvement in power prices under the new pulse electricity market framework, are you now seeing higher returns in power generation relative to Shell and

What a question.

Relative to shale oil.

We are seeing higher returns on the 4th generation, the previous year, relative to shale oil. the power generation margins have improved, I still think that shale oil provides a higher expected returns than power generation.

There are two animals, right?

Yeah, two different animals. Exactly. But despite these changes, we are very comfortable with the development of that we are doing in Rincón de Aranda and adding the oil segment to pump. That is where the question is about.

Well, with the recent extension of the rigging, are you thinking to apply? I think we answered that.

Yes, we are starting to apply for the upstream part of Rincon Island.

He's asking, I think it's sort of to answer about the expected impact on project economics and timing. So we can give him a quick summary of the relief, if I may. So it's basically after the third year, you get export duties abolished, removed, right, for the third year. The tax rate goes down from 35% to 25%. Accelerated depreciation, so the imposable amount is smaller as well, so that helps through the first years of the operation. BAT credits can be monetized. What else, if I can remember? I think it's pretty much that, right? But it's a 30-year time that they give you, right? And then, of course, free disposal of all the proceeds abroad. If you export, you can keep it. And I think that's the key takeaway from Reiki. Sorry. That's not AI who produced that. I have to think about it. So he said, well, congratulations from Dario Zapata, from Proficio. He's asking the Rigi Upstream, how broadens the scope of the Rincón de Arana project and how could it accelerate the development?

He's asking...

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

He's asking, should we expect any updated production guidance and timing, meaning adding rigs or draining capacity or having more capacity contracted?

It will probably happen. It's not going to change the short-term curve, but it's going to have impact in the medium term, something we're still analyzing and obviously is contingent to the re-application.

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

No, we're not planning to distribute dividends in the near future. As Vito explained, we have a negative free cash flow this year, and we expect still to all to save. That's something that probably even so slightly positive in 2027. But we still see a lot of opportunities to continue growing. So because of this situation, we're not planning dividends in 2026.

From Moneda Patria, Ignacio Irrazaba asking, she wants a double take on the CAPEX estimates. From Rincón de Aranda, $770 million budget for this year. How much is wealth versus infrastructure?

Yeah, it's approximately $500 million in wealth, and the difference will be facilities. Great.

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

Ah, this year.

No, no, no. Totally over $700 million.

But we haven't talked about TGS CapEx.

Very briefly in the Evolving chart. Evolution chart. I miss it. Maintenance on TGS, like $90 million per year, more or less. Total, right? The trunk, the regulated trunk, the liquids, and what is left from the stream. That's $90 million per year. What should we expect for next year? Whoa. For Rincón de Aranda, we reach plateau. It's just maintenance.

Yeah. I mean, it's just drilling and completing to fill up the decline. Gas, we already... Gas, we already reached our peak, our plateau. But when we have CESA, we will... When we have CESA, we need to decide whether we're going to be supplying all of the demand above CESA, or we will be replacing some of our demand with CESA.

It's something that we need to... In Power Generation, we don't have any projects in the pipeline, so that's it. Next question from Ignacio is, what are the conditions of the B2B PPA that you sign? Which is very, very broad.

Like, you have some in INISA, some in... Yeah, you for example, information, but I think the volume is around 70 megas, prices for energy in the mid-50s.

Yeah, we are doing summer, winter. We are doing peak of peak.

Yeah, basically. They are one-year contracts.

Yeah, one-year contracts. We have a first-year, mostly of that 70 megabytes is first-year, which is mandatory, but we have some second-year. That's it.

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

Yeah.

Well, Andres Inigliano from Balance. The liberalization of the power market contemplates the procurement of energy by distributors. When do you consider this will be fully implemented and how do you expect to impact your power segment? I guess the B2C conference is what he's asking. That we haven't done any.

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

Another question comes from Andres Cardona from Citi. Regarding power generation, we already answered this. The second question, is there any short to midterm M&A opportunity? Is there more likely to be for upstream or for power generation?

There's nothing in the short term. So, there's nothing in the pipeline. That is the question that we are studying. neither in in emp or power generation harder to see how that is going to evolve going forward but we are not actively engaged in any in any money opportunity

This question was answered in previous calls, but well, the Publico Sereno and others are always a new audience. So, do you have any information about Rincón de Aranda, specifically in the type curve, like, for example, estimated URs, IP flurry, DNC cost per borrow?

We don't give any guidance.

Very good. I don't know, it's like around 1.3.

Okay, it's probably around 1.1 million barrels of EUR. And in terms of cost, we should be hitting $15 million per well, approximately.

Your well is fully considered, the whole thing? All of it, all of it. Okay.

All the way to the collecting pipeline.

Correct. Which sometimes is different from the measure from other players.

Yeah, of course, of course.

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

No, we are not involved.

um can you give us from santiago can you give us some color from the next maintenances in power plants program in power with the power plants usually we do it when it's austin right no obviously we do it either in autumn or in fall if i think there are plans and this year i don't have anything in my mind for this fall probably during

Sorry, for spring or fall. But I don't recall at this moment which plan has a significant maintenance. Most probably would be Genelva and Roman Agata, those are the two relevant ones.

The legacies, right?

The legacies.

All right. Is there any change in 2026 CAPEX considering the old prices? This is a recent preso appreciation. No, nothing at all. Guido Bisocero, his boss, he's asking, is there any fair information to share about this project?

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

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

Well, I would say that last year we realized like an average of $7 profit from... Per barrel, right? $7 per barrel. profit from our hedge strategy this year and since today we are probably losing four or five dollars per barrel in our hedge strategy but we will see how prices evolve throughout the remaining of the year

Gustavo is also asking, are you open for new investments outside power and gas, oil and gas, within Pampa structure?

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

Okay, so Jonathan's work from that bar is asking, why did you retire production from plant gas round one and round three?

To reallocate our power generation.

To vertically integrate.

To vertically integrate.

We still have some from the last round, the 4.2, right?

Yeah, we still have that.

Which we don't have.

We're still negotiating eventually the handing over of that gas back to Pampa to be able to, again, decide what to do with that gas rather than send it to NASA.

Well, he's asking also, could you explain about the $55 million positive impairment, so recovery of impairment in generation? Yeah, so Central Piedra Buena, over 620 megawatts in Bahia Blanca, it's a two steam turbine that Load factor is very low. Last year was high because it was a dry year, but usually it's low. So under the legacy scenario, under the old regulated remuneration, they have an impairment. Now that we have this a new scheme that also recognizes a big, like a big, it's a 30% boost in the capacity because Central Viragüena can also operate under alternative fuels. This is way better than anybody can pay. Just because of that flexibility, it's cashing more money and cashing more cash flow. That's why we reversed that impairment. I hope that was clear. Okay, next. Use on the fertilizer plan. Does the sale of profertil to EcoAgro affect your decision?

No, it does not.

Okay. The one of the agreement mentioned by CESA, you know, the Germans. The price maturity.

Okay, it's an eight-year contract until 2036, and the pricing has to do with a formula that takes into account TTF and rent.

Henry Calvin rent.

Sorry, Henry Calvin rent. Not 50. No. 50-50. But certain percentages of discount.

I think we did it all. And it's 7.26. I can't believe it. So, let me check. She's pulling for my questions. But we are doing this because we have agenda constraints. All the people that asked why the stop was halted in NYC, because Argentina closed, and we were not allowed to file after 6 p.m. Argentina, and that's 4 p.m. New York, and we are not allowed. So it's trading hours in New York. That's why we were halted. No speculations here, because people ask me a lot of things. No questions? No more questions. So, Bruce, Horacio, Fito, would you like to add something else that we didn't talk about?

We covered it all. Thank you all for joining. I hope it was useful.

All right. Thank you very much. See you next May. Bye.