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 in Q4 2025 from ARS 107.1 billion in Q4 2024, despite an inflation loss effect of ARS 40.9 billion [5][6] - Liquids segment EBITDA decreased to ARS 83.9 billion in Q4 2025 from ARS 102 billion in Q4 2024, attributed to lower export prices and increased operating costs [6][8] Business Line Data and Key Metrics Changes - The midstream business delivered higher EBITDA of ARS 16.2 billion during the period, 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][8] - EBITDA from midstream and other services rose by 36% to ARS 60.7 billion, driven by increased natural gas transportation and conditioning volumes [9] Market Data and Key Metrics Changes - The average natural gas price remained stable at $1.6 per million BTU year-over-year, which is a key variable cost for the liquids business [8] - The company experienced a negative variation in financial results amounting to ARS 17.9 billion, primarily due to higher interest costs and lower yields from domestic financial investments [10] 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, with expectations to reach the Final Investment Decision (FID) by May or June [15] - The company is focusing on expanding its midstream capabilities while managing competition from other producers [17] 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 [19] - The outlook for liquids prices is expected to remain stable, with potential positive impacts from current geopolitical conflicts [22] - Management expressed confidence in the gas supply for the NGL project, indicating that they may face higher supply than expected [32] 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 [12] - CapEx for the expansion project is expected to be around $780 million, with significant investments planned for 2026 [29][30] Q&A Session Summary Question: Update on the NGL project and potential delays for FID - The project is progressing well, with negotiations ongoing, and FID is expected before June [15] Question: Competition from YPF in shale capabilities - Competition is acknowledged as a risk, but collaboration with YPF and other gas producers is ongoing [17] Question: Evolution of tariffs in the transportation business - Tariff adjustments are proceeding as planned, based on inflation calculations [19] Question: Status of Surrey insurance reimbursement - Advance payments of nearly $10 million have been collected, with final audit expected soon [21] Question: Outlook for liquid pricing into 2026 - Current international NGL prices are weak, but margins remain good; geopolitical conflicts may positively affect pricing [22] Question: Potential dividend payments in 2026 - No potential dividend payments are anticipated as the focus remains on project development [27] Question: CapEx allocation for the expansion project - Total CapEx for the expansion project is around $780 million, with most investments planned for 2026 [29] Question: Progress on the Perito Moreno expansion and expected CapEx - Progress is on track, with expected CapEx of around $100 million in 2025 and over $500 million in 2026 [33]

Financial Performance - TGS's revenue for Q2 2025 was Ar$163,878 million[26], with an EBITDA of Ar$85,662 million[26] - Natural Gas Transportation revenue reached Ar$145,615 million[30], while EBITDA was Ar$52,631 million[30] - Liquids revenue amounted to Ar$59,772 million[35], with an EBITDA of Ar$25,355 million[34] - Midstream and Other Services generated revenue of Ar$76,320 million[39], and an EBITDA of Ar$51,929 million[39] - Net financial results showed a loss of Ar$59,400 million in Q2 2025 compared to a gain of Ar$17,260 million in Q2 2024, representing a variation of Ar$(76,660) million[40] Key Events and Developments - The company was granted a 20-year license extension (2027-2047) by the National Executive Power[17] - A dividend payment of Ar$200 billion was approved by the Board of Directors[20] - The Perito Moreno pipeline (PMP) is undergoing a 14MMm3/d capacity expansion[12] - TGS was the only bidder in a call tender by ENARSA for a 90,000 HP compression capacity expansion, expected to be commissioned by April 2027[19]

Earnings Report - The Williams Companies, Inc. is set to release its first-quarter earnings results on May 5, with analysts expecting earnings of 55 cents per share, a decrease from 59 cents per share in the same period last year [1] - The company is projected to report quarterly revenue of $2.94 billion, an increase from $2.77 billion a year earlier [1] Dividend Information - Williams has raised its quarterly dividend by 5.3% to 50 cents per share, resulting in an annual dividend yield of 3.33% [1][2] - To achieve a monthly income of $500 from dividends, an investment of approximately $180,000 or around 3,000 shares is required, while a more modest $100 per month would need an investment of $36,000 or about 600 shares [2] Dividend Yield Calculation - The dividend yield is calculated by dividing the annual dividend payment by the stock's current price, with examples illustrating how changes in stock price affect the yield [3] - An increase in the dividend payment will raise the yield if the stock price remains constant, while a decrease in the dividend will lower the yield [4] Stock Performance - Shares of Williams gained 2% to close at $60.00 on the previous Friday [4]