Pampa Energia S.A.

And we would like to welcome everyone to BAMPA Energías first 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. 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 message in the Zoom chat. 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. 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 to Lidia. Thank you, Lidia.

Hi, thank you, Raquel. Hello, everyone, and thank you for joining us. I will make a quick summary so we can spend more time on the Q&A with the senior management today. We have our CEO, Mr. Gustavo Mariani, our head of oil and gas, Mr. Horacio Turri, and our CFO, Mr. Adolfo Zuberbühler. So, in Q1, production seeded 100,000 barrels of oil equivalent per day, reaching a new quarterly all-time high, driven by the sustained ramp-up at Rincón de Aranda and higher gas outputs under the new power generation framework. Rinconeranda, which began ramping up a year ago, is now producing approximately 25,000 barrels, 1,000 barrels of oil per day today. With the new regulatory framework, we also had a positive impact on our power generation segment as our non-PPA CCGTs benefited from stronger spot margins dispatch margins. Also, leveraging our solid balance sheet, in April, we successfully issued $200 million in three-year bullet notes at a highly competitive rate of 5.49 fixed rate. Adjusted BDA amounted to $325 million. This is 48% up year-on-year. As mentioned before, Rincón de Aranda, gas operations, and power generation were the main contributors. Rincón de Aranda alone represented 17% of the quarter's total EBDA, increasing eight times versus Q1 last year. Quarter-on-quarter, EBDA grew 41%, supported by synergies between gas and power businesses. self-supply gas for thermal dispatch, enhancing spot margins. The CAPEX rose 36% year-on-year to $242 million during the quarter, of which $163 million were invested in the development of Rincón de Arana. Moving on to the slide four, The oil and gas adjusted BDA was $104 million in Q1, two and a half times last year, driven by Lincoln de Aranda, higher gas production for self-supply to our thermal power plants, exports, and industrial demand. These factors were partially upset by lower realized crude oil prices and higher royalties, transport, and treatment costs associated with with the production growth. Rincón de Aranas contributed 54% of the segment's ABDA in this quarter, up from the 15% last year. Quarter on quarter, ABDA increased by 36%, mainly due to higher gas demand for CCGT self-supply and exports to Chile. As we mentioned before, total production averaged more than 100,000 barrels equivalent per day, primarily contributed by Rincón de Aranda and Sierra Chata, partially offset by lower output from our non-operated locks and in Mangrush. The production mix continued to diversify, with oil accounting for 19% of total production entirely driven by Rincón de Aranda. Lift-in costs averaged $6.1 per BOE. This is down 11% last year and 23% sequentially, explained by higher oil and gas output, outpacing a stable cost base, and the divestment of mature non-operated oil assets. Gas lift-in costs decreased 10% year-on-year to $0.90 per million BTU, and 23% quarter-on-quarter lower. This is supported by higher gas output. Oil lifting costs equate sharply to below $10 per barrel from $41 in Q1 last year. Thanks again to Rincon Yeranda's ramp-up and the divestment of mature fields. Focusing on crude oil, output multiplied by 6 year-on-year, to 19,500 barrels per day. As Rincón de Aranda ramped up following the commissioning of the Duplicar Trump pipeline last April, last year's April, realized prices averaged $58 per barrel in Q1. This is 15% lower than last year due to the old hedge. Without the hedge, realized prices will have been more than $69 per barrel resulting in approximately $21 million of additional revenue. Exports accounted for 55% of total volume sold in Q1. So, at Rincón de Aranda, the ramp-up continues to progress as planned. Average production during Q1 reached 18.2 thousand barrels per day across the 43 producing wells, up 7% quarter-on-quarter. In Q1 last year, production was below 1,000 barrels per day. During Q1 this year, 6 wells were drilled and 15 wells were tied in, of which 7 came online last March, bringing the quarter's exit rate to more than 21,000 barrels per day. For the remainder of the year, we expect to tighten an additional 20 wells and reach 28,000 barrels per day milestone by mid-this year, mid-2026, supported by the second temporary facility that was commissioned in late March. We target a production plateau of 45,000 barrels per day once the central processing facility and the Vaca Muerta oil sewer pipeline are online. It is worth noting that Rincón de Aranda completed its first full year of operations with clear efficiency gains already visible. Drilling performance improved from 200 meters per day on the first pad last year to nearly 330 meters per day on the most recent pad. This is more than a 50% improvement. Completion activity also improved from almost seven to nine stages per day an increase of over 30%. This improvement reflects the team's consistent execution and shorter cycle times across the development program. Also, on March 9, we submitted the project's application to the REHE incentive program, which is expected to accelerate the development in the northern area of Rincón de Aranda. support a fast ramp-up, and sustain plateau production for a longer period. The estimated investment under the project amounts to $4.5 billion, including new shale oil wells and associated infrastructure. Approval remains pending. Okay, moving on to the gas, production grew 17% year-on-year and 28% from Q4 to almost 14 million cubic meters per day, driven by gas cell supply to our CCGTs under the new power market framework, higher exports to Chile, and stronger industrial demand. Exported volumes increased 65% year-on-year from 900,000 900,000 bottle, 1,000 cubic meters per day to 1.5 million, yeah. And we expect these levels to continue for all the remainder of the year. El Mangrush and Sierra Chata, our two operated blocks, accounted for 88% of the total gas production. No new wells were connected during the Q1, although a new path tied in During the Q4, Sierra Chata explains the 70% year-on-year growth, while Mangrusha just dropped slightly, 7%. During the quarter, Sierra Chata drilled three new wells, so completed the four-well DUC path. For the second half of the year, the plan includes drilling two additional paths and tying in one pad before the winter, in line with the seasonal gas demand from our power generation business. At El Mangrucho, the plan is just to drill a six-well pad, which will remain as a DUC inventory. Gas prices average $2.9 per million BTU, flat year-on-year, due to the export. Lower export prices, offset by higher retail costs, prices as tariffs increased above peso valuation. In Q1, 47% of our gas was sold under planned gas GSAs through commercial retailers, down from the 82% exposure last year, following the transfer of said GSAs to our CZGPs. As a result, interco consumption, actually intersegment consumption, increased to 32% of total sales compared to just the marginal 2% last year. Under the new framework, we expect approximately 40% this year's production to supply our own power generation assets. So for power generation, in the slide seven, we posted a adjusted PDA of $144 million in Q1, This is 11% year-on-year and 30% quarter-on-quarter increase, mainly driven by stronger spot margins at our CCGTs under the new guidelines in the wholesale electricity market, which operates under a marginal pricing system that benefits efficient units. So total availability fell, though, to 90%. mainly due to the ongoing outages in Iwiles since January last year, and the outage that we had in the gas turbine number four in Loma de Alata, this is not a CTGT, which is expected to return in service next month, in June, and is scheduled maintenance at Barragán. However, Pampa's thermal availability continues to outperform the peers in the national grid, as you can see in the charts. In addition, 32% of our result capacity was contracted in the B2B market, whereas PPAs were in the maps, covering the levels before the implementation of the framework. Regarding the expansion of the Perito Moreno gas pipeline and its final sections toward Buenos Aires metro area, on April 15, PGS awarded the tender's first trench correspondent to 4.8 million kilometers per day out of the 12 meters per day of expansion in the transportation capacity. This is 40% of the expansion. Pampa Secure, 3.2 million kilometers per day, representing 27% of the expansion capacity and two-thirds of the first transgender. The transportation contract is for 35 years, undertake or pay, or in this context is cheaper pay, and requires prepayment of the first 15 years of tariffs, which in our case amounted to approximately $340 million, BAT included, payable in four installments with final maturity in next year, April, The expansion is expected to begin operations during the winter of 2027. Participation in this gas pipeline expansion is underpinned by a clear economic rationale. Under the new power market framework, electricity generated using gas transported through new infrastructure, such as the Perito Moreno and its final sections expansion, captures the full dispatch, margin when sold in the spot market with a FRA or FRA equal to one. Therefore, a new deregulation guidelines creates two key drivers of profitability for Pampa. They secure additional transportation capacity for additional gas produced from our upstream operations for self-supply, enable further modernization of our reserves, Second, it enhances the profitability of our power generation assets, particularly our CCGTs. So, turning on to the cash flow on page 8, we show the parent company figures aligned with the bond parameter. Free cash flow was negative $404 million in the Q1 period. explained by collateral requirements related to the oil hedge, extensive, intensive capex at Rincon de Aranda, and on top of that, we have the payments associated with last year's capex, and a slightly higher base of sales outstanding, offset by strong EBITDA generation. As a result, cash and cash equivalents stood at $677 million at the quarter end, $414 million less than Q4. Finally, on the balance sheet, gross debt as of March was nearly $1.9 billion, similar to the end of 2025, but the net debt rose to $1.2 billion, representing a net leverage of 1.5 times to the last 12 months APDA. Well, so this concludes our presentation. Now the floor is open for questions. If you have a question, please send it through Zoom chat. We will read it and answer in the order received. Make sure your name and your company's display correctly to introduce yourself to the audience. Should any participant need help, please send us a chat message. Please hold while we poll for questions. Thank you. Okay, so Guido Bisocero from Alaria. Considering the awarded 3.2 million kilometers of gas capacity in the Perito Moreno pipeline expected for May, well, yeah, in winter 2027, how much annual revenue and EBTA contribution do you expect from this? Can we forecast a similar award? First, how much do you expect?

Fair enough.