Financial Data and Key Metrics Changes - The total net income for Q4 2025 was ARS 124 billion, a decrease from ARS 170.5 billion in Q4 2024, primarily due to the reversal of a property plant and equipment impairment provision of ARS 52.1 billion recorded in Q4 2024 [4] - EBITDA for natural gas transportation increased slightly to ARS 109.8 billion from ARS 107.1 billion year-over-year, despite an inflation loss effect of ARS 40.9 billion [5][6] - Liquids segment EBITDA decreased to ARS 83.9 billion from ARS 102 billion, attributed to lower export prices and increased operating costs [6][7] Business Line Data and Key Metrics Changes - The midstream business delivered higher EBITDA of ARS 16.2 billion, contributing positively to overall performance [5] - Liquids segment EBITDA was negatively impacted by lower export prices, which fell between 17% and 33%, and higher operating costs [6][7] - EBITDA from midstream and other services rose by 36% to ARS 60.7 billion, driven by increased natural gas volumes transported and conditioned [8] Market Data and Key Metrics Changes - The average natural gas price remained stable at $1.6 per million BTU year-over-year, impacting the liquids business segment [7] - The company experienced a negative variation in financial results amounting to ARS 17.9 billion, primarily due to higher interest costs and decreased income from financial assets [9] Company Strategy and Development Direction - The company successfully issued a $500 million bond to fund approximately $780 million of CapEx for the expansion of the Perito Moreno pipeline, which will add significant transportation capacity [2] - The company is negotiating terms with gas producers for the NGL project, expecting to reach the Final Investment Decision (FID) by May or June [14] - The company plans to invest heavily in the expansion project, with a total CapEx of around $780 million allocated for 2026 [26][32] Management's Comments on Operating Environment and Future Outlook - Management noted that tariff adjustments in the transportation business are moving smoothly, with adjustments based on inflation calculations [18] - The outlook for liquids prices is expected to remain stable, with potential positive impacts from current geopolitical conflicts [21] - Management expressed confidence in gas supply for the NGL project, anticipating higher supply than expected [31] Other Important Information - The cash position increased significantly to ARS 1,808 billion, equivalent to approximately $1.25 billion, primarily due to the bond issuance [10] - The company recorded a significant increase in cash flow generation, with nearly ARS 259 billion in EBITDA for Q4 [11] Q&A Session Summary Question: Update on the NGL project and potential delays for FID - Management confirmed that negotiations with gas producers are ongoing and expects to reach FID by May [14] Question: Competition from YPF in shale capabilities - Management acknowledged competition but emphasized ongoing collaboration with YPF and other gas producers [16] Question: Evolution of tariffs in the transportation business - Management stated that tariff adjustments are proceeding as planned, based on inflation calculations [18] Question: Status of insurance reimbursement from the Surrey incident - Management reported advance payments of almost $10 million received and expects final audit results by June or July [20] Question: Outlook for liquid pricing into 2026 amid international energy price weakness - Management indicated that while international NGL prices are currently weak, margins remain good, and geopolitical conflicts may positively affect pricing [21] Question: Potential dividend payments in 2026 - Management does not foresee potential dividend payments as focus remains on project development [25] Question: CapEx allocation for the expansion project - Management confirmed that total CapEx for the expansion project is around $780 million, with significant investments planned for 2026 [26][32] Question: Progress on the Perito Moreno expansion and expected CapEx for 2026 and 2027 - Management reported that progress is on track, with expected CapEx of around $100 million in 2025 and over $500 million in 2026 [32]