Pampa Energia S.A.

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 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 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 Lida.

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. 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. We have a small inconvenience without Gustavo, but I think we both can do it, right? Yeah. So, let me go to the slide three, which you can see, last July, our board approved the FID for the construction of Latin America's, so far, Latin America's largest Urea plant, officially marking Pampa's entry into the fertilizer business, Granular, Granular, Granular. Eurea is critical to agricultural production and global food security. And it is primarily used in the production of corn, wheat, sugarcane, and barley. Because natural gas, its main feedstock is the natural gas, urea production is highly concentrated in a few countries. 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's just we aim to monetize the best shale gas reserves that Pemba holds in Vagamorta 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's operating efficiency and long-term profitability. 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. 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. Moving on to the project details, the plant will be located in Bahia Blanca on a proprietary site strategically positioned next to one of Argentina's main export ports, Bahia 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 megawatts of power, again, supplied by Pampa. The plan is scheduled to be completed by the end of 2029. Now that we have reached the FIDE, so 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 clear Fertil Pampa's presentation, so 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 REHEAP framework. You see, we are currently participating in seven projects across oil, gas, mistrain, LNG, fertilizers. NGLs. Last June, following the FID at TGS, our affiliate filed an application for the $3 billion investment in an integrated NGL project. Also, TGS's private initiative, which consists in expanding the Perito Moreno Pipeline, and Tessa Matias dedicated pipeline for the LNG project and Rincón de Aranda. All those RIGI applications got approved. Overall, these projects provide a clear roadmap for Pampa's long-term growth, supporting Argentina's export expansion and enable us to monetize Paca Muerta's resources further. Well, now moving on to the second quarter results, 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, due to the sustained ramp-up of Rincón de Aranda and gas cell supply. The new regulatory framework also had a positive impact on our power generation segment, which benefited from the strong spot margins as high fuel costs impact and grow the marginal costs up the system. So that helped. And also, we have more B2B PPA cells. To the less extent, increasing the national prices also boosts the pet can business, which recorded its highest quarterly EBDA since 2023, three years ago. Quarter on quarter, EBDA grew 28%. Thank you very much. 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 pipeline are both online next year. So moving on to the slide seven, the oil and gas adjusted BDA was $182 million, more than double last year, driven again by Rincón de Aranda production ramp up. The gas cell supply to our power plants are resulting in higher output billing at stronger prices as fuel cost pass-through increase. These factors were partially upset by lower realized crude oil prices due to the hedge. Quarter on quarter, ABDA 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 upset by the divestment at El Tordillo and lower activity at El Mangrucho. 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 costs 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 treatment, the crude oil treatment from 20,000 barrels to 28,000 barrels per day. Gas listing costs also decreased 13% year-on-year to $1 per mil BTU, but slightly decreased 6% sequentially due to the maintenance cost at El Mangrucho. So 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 26. This is very similar year on year and quarter on quarter. Rincón de Aranda contributed one third of oil and gas EPDA up from 6% last year. 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. At Rincón de Aranda, the ramp up continues. As you can see, the performance is comparable to the best blocks in the core half, reaching a new record of 27,000 barrels per day on May 21, actually, specifically. Since March, we have not tied in new wells, just producing from 43 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 bottles, temporarily affected by chokes on certain wells while we completed other neighboring paths, so we avoid the frack hit. These 10 wells in said paths, said two paths, were completed in July and will be tidied in August. Well, now, which will support rebound in production. In Q2, we also drill another 10 wells for two pads. Currently, we have two high spec rigs and one freight fleet operating in the block. For the remainder of the year, we expect to tighten those 10 wells that we drill. 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 Reheat, well, as we said previously, the application was formally approved on July 21 as long-term strategic export project. The application includes the drilling and completion of 259 wells. 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. So the re-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 Thank you very much. which is estimated to generate approximately $17 million 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 cell supply to our CCGTs under the new power market framework, partially financed Thank you very much. During Q2, we tied in four new wells at Sierra Chata, bringing production to a new all-time high. At Del Mangrujo, there were no new development activity with production supported by the existing well base. At Rio Neuquén, four new Thai gas wells were drilled and two were connected. For the second half of the year, 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 Perito Moreno pipeline, in which gas transported through new infrastructure is able to capture the full margin, the full spot margin. In Q2, 56% of our gas was sold under plant gas GSA through Gamesa and retailers, down from the 80% last year following the transfer of these GSAs to our power plants for cell supply. 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 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. Gas prices average $4.6 per million BTU. This is 15% higher than last year. This is reflecting higher fuel pass-through in power generation. Pesos de Evaluación Turning to power generation, we posted an adjusted BDA 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 Energia Plus contracts, the outage of Loma La Lata's gas turbine number 4, that is under a PPA, which is remunerated under a PPA, and the Pepe Wind Farms under performance. As you know, the new guidelines will introduce marginal costs as part of the spot pricing methodology, which 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. So the spot margins widen 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 Thank you very much. that now has security to be transported through this Perito Moreno expansion. So full capture, the FRA equals to one instead of 15%. Pampa was awarded 3.2 million kilometers per day in the Buenos Aires bound trench so it goes to the it will be used to to procure the gas needs of the legacy Genelva CCGT right and we are we also participate in the second tender for the remainder of the If the regulator grants the clearance, we should add another 0.7 million kilometers per day to the Buenos Aires trench, plus another 1.3 million kilometers per day in the Bahia Blanca trench. Total availability fell to 88% during the quarter, mainly due to the ongoing outage in Iwiles, which now is currently, since July 31st, is no longer part of Pampa. And we had some outages also in Güemes and in the mentioned Loma La La Tatichi No. 4. Barragan also has some scheduled maintenance. 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 negative $128 million in Q2, but improved year on year and quarter on quarter. This is mainly due to stronger ABDA 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 Colateral on our Brent hedge as oil prices declined. 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 re-tap of 2037 notes priced at the lowest spread to the U.S. TBLs in PAMPAS debt issuance history. and Corporate History, I've been saying, Argentine Corporate History, net debt rose to $1.3 billion, represented net leverage of 1.4 times to the last 12 months EBITDA. So it 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 seen first, the first receives, first served. Make sure your name and your company is there, otherwise we can, We can just read it and so we can also reintroduce you to the audience. Should any participant have assistance, just send us a chat through the platform. Thank you. Wait for while we poll for questions.

Okay.

Bueno, should we start? With the new expansion projects that Alejandro de Michelis from Jefferies is asking, how do you see CAPEX in the next two to three years? At what level do you expect that to leverage to peak?

Good morning. Thank you for the question. Yeah, evidently we're facing challenging CAPEX deployment, especially with the URIA project. But also bear in mind that EBITDA is looking forward Thank you very much. Thank you very much.

Great. But the capex this year is basically around 1 billion, right?

Yeah, the capex this year is around 1 billion, mainly during Condena Project. Next year, it's lower, separating the Urea Project. It will be around 700 million capex next year. Again, mainly... and after that Pampa will have only maintenance capex of all the business units in around 600. We have to add to that the equity contributions from Pampa to Ferdi Pampa.

Guido Bisocero and Santiago Herrera from Alaria, they're asking after this 23 jump in EPTA for the first half of 26, how do you expect to evolve the second half and 27 power generation? And considering in the 27 that in the second half starts falling Thank you very much.

Mariana De La Fuente, Mariana De La Fuente

So Q3 is going to be high, higher than this one. Well, that's what we expect because winter is... Q4 always is... Yeah, yeah, yeah. So... First half is $299 million of EVDA. We expect $600 million for this year. So it basically jumps up in Q3 if winter allows and then goes down. And it's specifically because the Niño, right? There's more water, so it means lesser water. Thank you very much. Thank you very much. A delta of around $100 million should things, the winter and the liquid fuel consumption, energy consumption remains pretty much similar. But in 2028, as you correctly said, it goes down. So it's a combination that in 2027, the PPAs rollout doesn't much reflect because it's towards the end of the year. But in 2028, you should see that it's a little bit lower. It's $40 million less because... Thank you very much. How do you expect to increase the stake of gas used and sold to power generation since we notice an increase from 3% to 31% year-on-year basis? Well, basically, as I said in the call, the average of this year is around 40%. It will pick up, it should pick up in Q3, and actually picks more, it's highly reliant on self-supply on Q4, even though that demand and gas demand goes down, 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. Pampa consumes, the thermal units consume around 10 million. Only Pampa, not including Ensenada Barragán. 10 million cubic meters per day, of which eight goes to the CCGTs. Eight Loma 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. First question from Alaria Pippo. How do you expect petrochemical business to evolve in the future considering the 5% contribution to the consolidated BDA this quarter when it usually is negative or slightly or break even? What it is, right?

Yeah, we expect to continue contributing marginally to the BDA.

Yeah. It was something like circumstantial.

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, but we don't expect that to hold in the long term. 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?

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. With that in view, we started in February a very thorough due diligence. So 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. 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. 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. There is a big, big spike of... The CAPEX is concentrating mainly on 2028. I would say one third of the CAPEX is on 2028 and the rest is evenly distributed 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, and the big contributions, both of debt and capital, will be on 2028. I think that covers the question. Yeah.

So, how much revenues in EBDA we may expect to come from this urea project on a consolidated basis, considering more electricity and gas will be needed to produce urea?

Yeah, well, the... The revenues, I think we already disclosed that on... Where?

One million, yeah.

So the match is pretty simple. It's depending on the price of urea you take, but you multiply 2.1 million tons of urea per year times the price of urea you like to choose, 400, 450, 500, and that will give you the revenues. A BDA 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, but those are the big numbers that you can easily compute. And what's the rest of the question?

No, how much impact on Pampa's EMP and power?

It's a very good question. Very good question. Yeah. Remember that starting 2028, the GSA starts to mature. Correct. So... If 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, that is something we will have to decide moving forward. But assuming... Assuming it's around... If we increase gas production only for this project, it's around $90 million of VDA additional to the gas segment. But again, it's a decision that we will... Thank you for joining us. The power contribution is marginal. The big contribution here is gas.

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, basically because people are seeing the prices in the spot. Thank you very much. Pay flat at a certain price of around $65 to $70 per megawatt hour, which is what we expect to sell.

Yeah, it's around $60 and the consumption is 77 megawatts per hour. But again, it won't be additional energy capacity rather than replacement of...

I imagine myself using our renewable wind parts.

That's the plan, yeah.

Yeah, and backup with our thermal units. Exactly. Yeah. Well, another question from Alaria People saying, considering the current production levels at Brincon de 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?

Remember that the goal this year is to reach 28,000 barrels of oil per day. This increase is like a CISO. You are tidying up wells, closing, tidying up, closing, so you will see this increase. Picks and Throws of Production

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 UREA project, the self-procurement for power generation? Well, that's flat, actually.

Yeah, so what we foresee, and this is not a... 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 SESA, to Floating Energy Project. 1.5 for exports. 1.5 for exports. If you would add up.

A little bit during the peak is around 20.

So it's around 20 million, between 20 and 22. Peak.

Peak. Peak. Flat is, average is 20 million. Yeah.

So it's around 20 million cubic meters of gas. But they are quite constant because we are selling into a company, so we avoid the seasonability. But yeah, that is what we foresee in the next three to four years when all our projects are online.

So, as you can see here, no retail, assuming no retail. Yeah, assuming no retail. No Camesa versus Constantial during the winter.

Yeah, it's 10 to our plants, 3 to our urea plant, and 6 to our floating energy plant.

Yeah, 10 is assuming all the plants. CCGT only is 8, which is the baseline, right? 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. So assuming 22, well, let's do very conservative. Assuming 20 million kilometers 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, the resources and so on. How much require 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 dollars of capex per year. Okay, can you talk about the funding strategy of Eurea? We talk about it, right? The funding of Eurea project, the strategy, we talk about it.

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 Eurea business per se, which... As Lida explained, the region needs a lot of urea and it's coming from faraway regions, very unstable regions, so it makes total sense to reduce logistics costs and procure ourselves our own urea for the region and don't depend from wars or geopolitical risks. The third opportunity is the REGI 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. 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 are not afraid to use our balance sheet that is very unleveraged and grab these opportunities and profit from them. So these are the four main angles of the project.

Well, actually, it's not a bad timing to say this. It's 100% owned by Pampa, right? Bruno is also asking, well, about the debt, can you share something about the tenor, the interest costs?

Well, I cannot share about the interest costs yet. We are negotiating, but what we can say, which is, Thank you very much. It is not close, but it will be closer to seven years or something like that, give or take.

Well, the last question, Bruno, is about lifting costs of oil, obviously. Can you expect a normalization following the recent increase driven by the new TPF? Well, actually, the TPS are rentals. They cost around $5 million per month. Basically, We commissioned the second TPF, but the production didn't grow up because we choked some wells, so we avoid fracking of other pads. But now that everything is fracked, everything is done, we can connect all the pads and resume the choked ones and connect the new ones. So right now we expect an exit rate of lifting costs of around $10 per barrel with the two TPFs. But once the CPF is online and also considering the fact that the production will ramp up, We're expecting $5 by second quarter of next year because we expect the CPF to be ready by first quarter 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 SESA coming online next year? 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.

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. We'll see. Today, this is it. It's highly seasonal. It's becoming more... We are flattening more the curve, but still highly seasonal. So... And then about following the RIGI 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?

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 RIGI approval, and I want to clarify, this is not the case. The RIGI, only new drill wells will enter the RIGI. So all these wells that we explained, the 10 wells that were Thank you very much. Mariana De La Fuente,

We are going to start more comprehensive seismic studies in that area and do more detailed work there. Horacio didn't join us today because he's on vacation, but the team already let us know that they're working in the North Park. The north-east boundary, the boundaries of Baca Morta, 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? But once that seismic works are done and all the studies detail and through, we think that we could start drilling there in next 28 years. Mariana De La Fuente, On the Perito Moreno expansion, which specific units do you expect to benefit from? For one, we already talked about it, Genelva, but if we get awarded in the second tranche, we can use it for the pickers in Buenos Aires-bound tranche, which is Pilar. Pilar. Ingeniero White is for the Bahia Blanca tranche. Piedra Buena, so the pickers will be used but only seasonally wise, not year flat. The one that is consistent the whole year is the Legacy Generva. How much of their dispatch could cover? The already awarded, the whole Legacy... CCGT on Genelva. And a little bit more, so the rest we can use it for specific days, for trading at CityGate, 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. No, it's just what it is. With plant gas expired at the end of 2028, do you see integration strategies shifting toward transferring gas at lower prices to your plants and declare more competitive CVPs and maximum dispatch? Actually, this quarter is the proof of that transferring the Thank you very much. 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. 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 peakers, and that depends. Bueno, Zafra asks about the potential unlock 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. SESA, FLNG, UREA, right?

In general, you have to expect any project in our core businesses, which are power projects, Agustin Pacheco from Ariba also asked about the financing of URIA, already answered.

Álvaro Leyva from BTG is asking the same, already answered. Capex Diplomina about URIA 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?

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'll have a big portion unhedged. So we keep current production hedged, and whatever comes on top of that will remain unhedged. So that was the original strategy, was to hedge the ramp up until the 45,000 barrels, and this is what we're doing. 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.

Kataruzzi from AdCab, he asked about petrochemicals. We already answered. and he also asked about the target gas production long-term. We already answered. Mileni Carvalho from JP Morgan. Well, all question and answer. From Uria, she asked about the EBDA contribution. From Uria, answer. The gas price for Uria, answer. Three dollars per millimeter. The same as FLNG project, right? How much gas is required? Answer. Incremental capex for EMP for this three and a half, assuming that it's additional. I did a math and it's not much. It's like... Should be under them. It's $100 million of capex EBITDA.

$90 million of EBITDA. $90 million and less than $50 million.

For the 20 million 20 million production, we are calculating a maintenance capex of 250 to 300 million dollars. That's the range. A ver, bueno, Valens, Andres Sirnigliano asking about the capex facing of Uria. Answer. I'm saying this because we want to be clear. Transparent, yeah, transparent, yeah. Puente, Juan Ignacio Lopez. Juan Ignacio Lopez from Puente. He's asking, we are seeing a very pricey environment for natural gas sales in the domestic market beyond the usual seasonality. I would like to ask what you attribute this improvement to, the effects of the resolution 400, the deregulation, or increased pressure in the domestic market for high international prices. How do you expect this dynamic to evolve over the coming quarters? So, yes, it's true. Now, Gamesas, during the winter, passed through They are linked associated with the international prices of LNG. That's why we can pass through higher prices. But also the resolution 400 contemplates this deregulation in the procurement of the gas. Remember that before it was all centralized at Gamesa, and now it's more and more decentralized. Just to give you an idea, Gamesa used to be Thank you very much. The idea of CAMESA is going more and more to an assisted scheme, but when plant gases roll out, the idea is not to re-engage it, it's just all procured by the power generators. Sofia Gran, I don't know who is she, but basically she's asking the CAMESA percentage, 26, what? Ah, gas sales. Gas sales? Have any of these contracts or volume have been transferred to the power company or cell management to supply? I understood that... I don't know, this question is weird to me. Well, this is what we can transfer. We couldn't transfer more of this because the one contract outstanding to transfer is Energia. The last round of Plan GAS, the 4.2 round, the last round of Plan GAS, we watched around 5 million kilometers per day. with peaks during the winter, that one hasn't been transferred yet. So as you can see, as you can see, we still, that's why we still are selling to plant gas, specifically to camisa retailers, 56%. But for example, in Q4, it should go down dramatically because camisa could go, camisa and plant gas retailers won't demand much gas due to seasonal reasons. Matthew Boots from Fidelity. He asked about equity and debt structure for urea plant with a very answer.

Again, we're not trying to 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. So we expect a structure of around 60-40. 60 debt and 40 equity. That will give you around... Still everything is under negotiations, but we're expecting around 1.4 billion of equity in the next 41 months.

Can you... Santander, Walter Chiarvesio, he's asking repeated questions as well, but he's asking about the gas production until 2030 breakdown. We already 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...

I think was answered when I explained our core businesses.

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, and what additional cash collateral settlement cash outflow should we expect under different brand scenarios? So, how much is hedge from our production? That's the first question. Until when?

We hedge all our production until the first quarter of next year.

Until May, until June.

First quarter, no, no, but... First quarter. A little bit less than one year of hedge.

Yeah. Weighted average price?

67. 67. 67 of rent.

Yeah. 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.

And some of the mark-to-mark decisions. Yes.

Ricardo Cabana from Itaú. Impressive investment pipeline, thank you. That expands your business franchise phenomenally. Another thank you. How do you define in one sentence what is Pampa now and its vision? Thank you.

One sentence. In one sentence.

Yeah, because it's 12 p.m., so...

Growth. Yeah, 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, etc. I would say that is the two main headliners. It's an Argentinian company that invests heavily in Argentina. and it's an industrial integrated energy company. That is the...

The tweet, the headline. Augusto Sotobauman from Rosenthal Inversiones, he's asking on the receivables. You mentioned working capital seasonality, but receivables still increases significantly in this quarter, and where are the key drag on 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 Mariana De La Fuente, Mariana De La Fuente 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, 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. So DSO, it's improving specifically from this, our largest clients, which is Camisa and Energia, but at the same time, we are selling more. 12 days delay, so 12 on top of the 42, so it's 54. Matt. Matt. Matt. Then could you please understand, well, what was it, mainly export time? No, export is flat. It's 65 days. There is no increase or decrease. It's very certain. Yes, because you're talking about the receivables. and Kamesa or subsidy-related balances. How about the Kamesa? Kamesa is paying better. Kamesa is paying better. No major delays in Kamesa. 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. So now it's just $15 million 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? Exports, forget it. 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. Winter prices. But Q3 is higher winter prices and higher sales. So you should expect higher receivables. But 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. Liliana Young from HSBC, a quick update on TGS. Gracias.

TGS, well, they have their call already. Yeah, they have a... But 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. And the other is the big 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 approval of that project. I think those are the two main projects. 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. Is there any conflict with the government's RIGI, the Cool Impact, the URIA project?

No, 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... of the approval in the official cassette. And we also applied to the provincial regime and we are awaiting approval. And there is no conflict at all. On the contrary, they are quite... Proactive? Complementary, thank you. They are quite complementary. The additional benefit from the provincial is... A tax break on the gross sales tax. That's the main takeout. So hopefully we'll get that approval as well.

Yeah, we talk about this. RIGI is pre-approved.

Yeah, but there is no conflict between the two. On the contrary.

That's it.

Great.

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?

One hour. Perfect. Perfect. Thank you very much.

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. Bye.