Financial Data and Key Metrics Changes - The total net income for Q4 2025 was ARS 124 billion, down 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, 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 segment [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 financial assets [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, expecting to reach the Final Investment Decision (FID) by May or June [15] - The company plans to invest heavily in the expansion project, with a total CapEx of around $780 million, primarily allocated for 2026 [29][30] 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 remains stable, with no significant changes expected despite recent geopolitical conflicts that may positively affect the segment [22][24] - Management expressed confidence in 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] - The company recorded a negative variation in financial results due to higher interest costs and lower yields from financial assets [10] 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 expected before June [15] Question: Competition from YPF in shale capabilities - Competition is acknowledged as a risk, but the company is working with YPF and other gas producers [17][18] Question: Evolution of tariffs in the transportation business - Tariff adjustments are proceeding smoothly, with inflation-based calculations in place [19] Question: Status of Surrey insurance reimbursement - Advance payments of almost $10 million have been collected, with final audit expected soon [21] Question: Outlook for liquid pricing into 2026 - Current outlook for liquids prices is stable, with potential positive effects from geopolitical conflicts [22][24] Question: Potential dividend payments in 2026 - No potential dividend payments are anticipated as the company focuses on project development [27] Question: CapEx allocation for expansion projects - Total CapEx for the expansion project is around $780 million, with significant investment planned for 2026 [29][30] Question: Progress on 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]