Before we begin the call, I would like to inform you that this event is being recorded and all participants are in listen-only mode. Following the company remarks, we will host a Q&A session. All question will need to be submitted in writing through the Q&A chat box. I would also like to remind you that forward-looking statement made during today's video conference do not account for future economic circumstances, industry conditions or company performance and final results. These statements are subject to a number of risks and uncertainties. All figures included herein were prepared in accordance with International Accounting Reporting Standards, IFRS, and stated in constant Argentine pesos as of December 31st, 2025, unless otherwise noted. Joining us today from TGS in Buenos Aires is Alejandro Basso, Chief Financial Officer. I will now turn the video conference over to Mr. Basso. Alejandro, please begin. Thank you, Carlos. Good morning, everyone, thank you for joining us today to discuss TGS's 2025 fourth quarter earnings and highlights. To begin today's call, I'd like to share some of the most recent corporate developments. Back in November, we successfully issued a new $500 million bond with a 10-year tenure at an 8% yield. Demand was very strong, the transaction was oversubscribed, with the total order book reaching $1.3 billion. Proceeds from these issuance are being used to fund approximately $780 million of CapEx related to the expansion of the Perito Moreno pipeline, which will add 14 million cubic meters per day of transportation capacity, as well as the final tranches expansion of our regulated pipeline, adding 12 million cubic meters per day. We also executed bank loan agreements totaling $67 million to finance imports related to this project. Turning to the commercial side, on February 9, we launched the open seasons during which incremental capacity can be contracted on a firm basis. On March 16, we will receive the bids for the capacity, which will be repaid. Bids for the remaining capacity will be received once ENARSA completes the reallocation of the existing 21 million cubic meters per day, which are currently assigned to CAMMESA. Moving to slide four, I will briefly highlight the key financial results for the fourth quarter of 2025. Please keep in mind that all figures presented for this quarter and comparisons made with the previous quarter are expressed in constant Argentine pesos as of December 31, 2025, following the provisions established by the IFRS for financial reporting in hyperinflationary economies. As seen in the slide, we reported a total net income of ARS 124 billion during the fourth quarter of 2025, compared to ARS 170.5 billion reported in the same quarter of 2024. Overall, earnings were lower, mainly due to a few factors. First, we had the reversal of the property plant and equipment impairment provision amounting to ARS 52.1 billion, which was recorded in the fourth quarter of 2024. In addition, our financial results were impacted by a negative variation of ARS 17.9 billion and the liquids EBITDA declined by ARS 18.1 billion. That said, these effects were partially offset by the solid performance of our midstream business, which delivered higher EBITDA totaling ARS 16.2 billion during the period and a slight increase of natural gas transportation EBITDA by ARS 2.7 billion. Moving on to slide 5, EBITDA for the natural gas transportation business in the fourth quarter of 2025 totaled ARS 109.8 billion, which is slightly higher than the almost ARS 107.1 billion recorded in the fourth quarter of 2024. It is worth noting that even when we recorded an increase in revenue tariff adjustment of ARS 31.9 billion, the adjustments were not enough to offset the inflation loss effect of ARS 40.9 billion. The higher transportation services, mainly interruptible transportation of $9.6 billion and lower operating expenses of $540 million, contributed to generate a slight increase of the EBITDA. On slide six, you can see how EBITDA for the liquids segment decreased to $83.9 billion during the fourth quarter of 2025, compared to $102 billion reported in the same quarter of 2024. The decrease in EBITDA was mainly attributed to lower export prices, which fell between 17% and 33% and reduced EBITDA in $31.1 billion. Higher operating costs and insurance reimbursable expenses incurred following the climate event occurred in March 2025 reduced EBITDA by $12.8 billion and $4.9 billion, respectively. These negative effects on EBITDA were partially offset by a few positive factors. First, we recorded a positive monetary effect of ARS 13.7 billion as the exchange rate increased above the inflation rate, 43.5% versus 31.5%. Second, butane prices in the domestic market improved following the deregulation under the Programa VAR starting January 25. This allow us to sell at export parity prices, generating an additional ARS 9.9 billion in revenues. Finally, higher sales volumes also contributed with a 4.4% increase year-over-year from 338,000 metric tons in the fourth quarter of 2024 to 353,000 metric tons in the same period of 2025, resulting in ARS 7 billion of incremental EBITDA. It is worth noting that the average natural gas price, which is the main variable cost for the liquids business segment, remained stable at $1.6 per million BTU year-over-year. Turning to slide seven, EBITDA from midstream and other services rose by 36% to $60.7 billion, compared to $44.5 billion in the fourth quarter of 2024. This increase was mainly driven by higher sales derived from the incremental billion volume of natural gas transported and conditioned in Vaca Muerta, totaling almost $20.3 billion. Transported natural gas billion volume rose from an average of 28 million cubic meters per day in the fourth quarter of 2024 to 33 million cubic meters per day during this quarter. The natural gas conditioning volume also increased from an average of 19 to 27 million of cubic meters per day. In addition, the monetary effect increased EBITDA by $5 billion. These effects were partially offset by a $8.1 billion in higher operating expenses. As seen on slide eight, we recorded a negative variation in the financial results amounting to $17.9 billion. This was mainly due to a $12.3 billion higher interest cost, mostly explained by a higher in debt nets, which increased principally by the issuance of the $500 million dollar bond in last November. In addition, we had an $8.1 billion decrease in income from financial assets, given the lower yields achieved in the domestic financial investment and inflation exposure loss increased by $2.1 billion. These negative effects were partially offset by the pays import tax charge of ARS 5.9 billion recorded in the fourth quarter of 2024. Following the elimination of these tax at the end of 2024, no charge was incurred in the fourth quarter of 2025. In the last quarter of 2024, the tax applied rate was 7.5% for the imports of food and 25% for the imports of services. Finally, turning to the cash flow in slide nine. On slide nine, our cash position in real terms increased by ARS 864 billion during the fourth quarter of 2025 to ARS 1,808 billion, equivalent to approximately $1.25 billion at the official exchange rate. This steep increase in our cash position stems from the $500 million bond issued in last November. EBITDA generation in Q4 reached nearly ARS 259 billion, with 57% generated by the non-regulated business, even after considering the full normalization of the natural gas transportation segment. This performance highlights the increased relevance of non-regulated activities within the company's overall results. CapEx reached almost ARS 96 billion for the period, and working capital rose by ARS 76 billion. We also paid ARS 5.7 billion in interest and ARS 61.6 billion in income taxes, while obtaining ARS 150.3 billion in short-term loans. Lastly, real returns from financial investments declined by ARS 11.8 billion, mainly due to the exchange rate rising less than inflation during Q4. This concludes our presentation. I will now turn it over to Carlos who will open the floor for questions. Thank you. Well, thank you. Thank you, Alejandro. The floor is now open for questions. If you have questions, please send them through our Zoom chat. We will read and answer the question in the order in which they are received. Please make sure to state your name and company so we can introduce you to the audience. Should any participant need assistance, please send us a message in the chat box. Please hold while we poll for questions. Thank you. Well, first question is from Daniel Guardiola from BTG Pactual. Hi, Daniel. He's asking about to give him or give them the audience a more color about the NGL project. If there is something that is delaying in order to reach the FID. Hi, Daniel. How are you doing? Well, the project is moving on. We right now are negotiating with gas producers the terms of the project, we are expecting to have the FID before June, maybe May. We are very confident with the project moving ahead. Second question for him is, we are facing competition from YPF to extend in shale capabilities. Well, competition is always a risk, but nevertheless. Yeah we are working with YPF, another gas producer right now. As I said, we are expecting to move forward in the near future. Well, another question, someone who doesn't introduce himself is regarding how is evolving the tariff in the transportation business? Well, tariff adjustment are moving smoothly. We have obtained all the tariff adjustment that we are due to, which is the inflation calculation. The monthly inflation based on the wholesale price index and the CPI half and half. Everything is going okay. You may see some differences in the dollar revenues or dollar EBITDA from this business because the tariffs are adjusting with inflation. When the appreciation of the peso is higher than inflation, we may have lower revenues in dollars and the other way around. Okay. We have a question from George Gastout from Latin Securities. Hello, how are you? The question is regarding the Surrey insurance reimbursement, if we expect to have it this quarter, or when we expect to have when we will collect this reimbursement. Hi, George. In fact, we have already collected advance payments amounting to almost $10 million. We are expecting right now a final audit from the liquidator of the insurance this month. Well, after that, I don't know exactly the timing, but we are expecting maybe by June or July. Nevertheless, I think that the magnitude of the recovery could be higher than the expenses that we have, expenses and CapEx that we have because we had some other items in the calculation. A question from Matthias Cattaruzzi from AdCap. Hello, how are you, Matthias? First question regarding the initial project that Alejandro answered. His second question is regarding the recent weakness in international energy prices. How do we see the outlook for liquid pricing into 2026? Does the current geopolitical shock positive affect the segment? Well, it's true that international NGL prices are weak last month. Nevertheless, we are having a very good margin altogether in this business. We, our outlook for liquids prices right now is quite similar to the previous year. We are not expecting any significant change. Nevertheless, well, current geopolitical conflicts that we are seeing in these days may affect positively this segment. Um, uh- Especially in the natural gasoline price, which is the. Yes ... the more related to Mm-hmm ... to the Brent prices. Okay? The propane and butane, maybe it's different. It depends on offer and supply and demand. Other question from Daniel Guardiola about the potential dividend payment in 2026. Well, it is my opinion, I am not seeing any potential dividend payments as we are moving forward with the project. Okay? With NGL's project. Obviously, it depends on our shareholders' decision. We have a question from Agustin Pacheco from Banco Mariva. Hi, Agustin. The first question, what is planned strong increase in cash? It was explained by Alejandro that it was regarding the bond that we show in November that added cash for $500 million. This is the main reason. His second question, what% of total CapEx was allocated to the expansion project? I think that he is talking about the GPM, the transportation expansion. total CapEx for that project is around $780 million. The bulk of that amount is going to be invested this year. Yeah ... 2026. Okay? The project has already started last November. We should Putting service the three new compressor stations by May 2027. Now a question from Daniel Guardiola. I think that you answered that the current area adjustment fully preserve the real return. Are we then seeing a regulatory lag eroding the bid in real terms? Okay. It's no. We have a question from Andres Cirnigliaro from Balanz. Hi, Andres. The first question is: We are planning to participate in the dedicated pipeline for the Southern Energy LNG project? No, no, we aren't. His second question is: How much incremental gas production do you estimate is necessary to supply, our NGL project? Not much. We already calculated the production of LNG based on current natural gas supply, plus the additional supply that is going to be injected in the GPM once our expansion is in place. Okay? We are very confident on gas supply for this project. We may face higher supply than expected. We have another question from Daniel Guardiola, about what is the situation of the progress in the construction of the Perito Moreno expansion, and what is the expected CapEx to be deployed 26 and 2027? Okay. The progress is very okay, as expected. The CapEx deployment, I think it's around $100 million in 2025, with the main advances to suppliers. Around more than $500 million this year, and the remainder in 2027. Mattia Castagnino is concerned about the. Yes, it was answered. Well, his second question is regarding the 5 year of the NGL project was answered. Luisa Belem, her question is regarding CapEx outlook for 2026. It was answered. Yeah, maybe. Well, I told about more than $500 million. Yes ... expansion and another $100 million. I mean maintenance. ... maintenance CapEx. Yeah. More than $600 million over this year. What about the working capital and tax payment? Yeah, tax payments. Tax payment. on the cash flow were a very high figure, given that we don't have any advances the previous year. Moving forward, tax payments should be something lower than we see this year. Not in the quarter. In the quarter, I think that, well, yeah, also in the quarter, yeah. Yes. Like higher advances than we are expecting for the second half of 2026. Working lines, I don't know. Working capital. His last question, if I need pipeline, but we don't have any pipeline, just only the expansion of the Perito Moreno and Penal tranches. There is no pipeline project right now. We have a question from Andres Cardona. How much we estimate the CapEx related with the NGL project? Well, we currently we have a more accurate estimation of this of the project, given that we have already ran most of the bids for the construction and also for the equipments. We're estimating this around $2.9 billion, approximately. We have some questions from Juan Ignacio Lopez were answered. Thank you, Juan. Another question from Armando Moretti. Hi, Armando. Well, question regarding dividend that was answered. We have some question that were answered from Guido Bizzozero from Allaria. Very answered. A question from Ignacio Irarrázaval regarding the Perito Moreno expansion. When are the biddings for the capacity happening? Well, as I said in the call, we are expecting biddings for the repaid capacity or prepaid capacity, which, 40% of total capacity for next, 16th, March 16th. Yes, fourteenth March. Once the Secretary of Energy and ENARGAS decided the reallocation of the capacity of the Gasoducto Perito Moreno, after that, we are going to run the open season for the remainder capacity, 60% of capacity. I think that it may occur before May, you know, as a final due date for that. The second Oh. The second question is around the mix of the takers. What, the mix of taker we're expecting and what regions? For the expansion of Perito Moreno. Yeah. Yes ... in power plants and industries. Okay? As the government is reallocation the capacity to the 21 million cubic meters per day capacity of the GPM mainly to distribution companies, we are not expecting significant distribution companies bids for the capacity that we are currently in the open season. The regions, well, a very significant part of the capacity could go to the TGS zone via the Mercedes-Cardales pipeline that was already built. Okay? Because the replacement of the liquids imports for the power plants may occur there mainly. Some part of the capacity obviously going to be to the GBA area also. We have a question from Santiago Herrera from Allaria. Hi, Santiago. How much of the investment in the initial projects would be financed by project finance? Well, maybe it's early to say, right now we are working with a group of banks, so maybe around $1 billion, something like that. This project is going to be divided in two SPVs. 1/3 in the TGS Tratayén processing plant. There we are expecting to finance that project with some bonds in the TGS balance sheet or in the new SPV balance sheet. Also have some finance, import finance from banks or the advances for import, imported equipment. As I said, in $1 billion project finance in the second SPV, which is the SPV that is going to have the polyduct, the fractioning, and the storage and dispatching facilities. Another question from George Gasztowtt. He want to have some color on the decline in firm revenue as% of transportation contract this quarter. It was because the interruptible services revenue increased. This was not because the firm revenues declining. This is the reason. Well, we don't have more questions. Well, this concludes the question and answer section. Now we will turn to Alejandro for the final remarks. Well, thank you all for participating in this year's fourth quarter 2025 conference call. We look forward to speaking with you again when we release our 2026 first quarter results. If you have any questions in the meantime, please do not hesitate to contact our investor relations department. Have a good day.