Transportadora de Gas del Sur SA (TGS) 2025 Q1 法說會逐字稿

Good morning, everyone. I'm Carlos Almagro, Head of Investor Relations. I would like to welcome everyone to TGS first quarter 2025 earnings video conference. TGS issued its earnings release yesterday. If you didn't receive a copy of this release, please contact us at inversores@tgs.com.ar.

大家早安。我是投資者關係主管卡洛斯·阿爾瑪格羅 (Carlos Almagro)。歡迎大家參加 TGS 2025 年第一季財報視訊會議。TGS 昨天發布了其收益報告。如果您沒有收到此新聞稿的副本，請透過 inversores@tgs.com.ar 與我們聯繫。

Before we begin the call, I would like to inform you that this event is being recorded. (Operator Instructions) I would also like to remind you that forward-looking statements may be made during today's video conference do not account for future economic circumstances, industry conditions, our company performance and financial results. These statements are subject to a number of risks and uncertainties.

在我們開始通話之前，我想通知您，該事件正在記錄。（操作員指示）我還想提醒您，今天的視訊會議期間可能做出的前瞻性陳述並未考慮到未來的經濟狀況、行業狀況、我們公司的業績和財務結果。這些聲明受到許多風險和不確定性的影響。

All figures included herein were prepared in accordance with the International Accounting Reporting Standards, IFRS, and are stated in constant Argentine pesos as of March 31, 2025, unless otherwise noted. Joining us today from TGS in Buenos Aires is Alejandro Basso, Chief Financial Officer.

除非另有說明，本文中包含的所有數字均按照國際會計報告準則 (IFRS) 編制，並以 2025 年 3 月 31 日的阿根廷比索不變價表示。今天，來自布宜諾斯艾利斯 TGS 的財務長 Alejandro Basso 也來到我們這裡。

I will now turn the video conference over to Mr. Basso. Alejandro, please begin.

現在我將視訊會議交給巴索先生。請亞歷杭德羅開始。

Thank you, Carlos. In the call today, we will start the call by sharing some of the news about the company. In terms of our Natural Gas Transportation business, as we disclosed this week, the ENARGAS finalized the 5-year tariff revision and granted us a weighted average tariff increase of 3.67%, which will be reflected in 31-monthly adjustments.

謝謝你，卡洛斯。在今天的電話會議中，我們將首先分享一些有關公司的消息。就我們的天然氣運輸業務而言，正如我們本週披露的那樣，ENARGAS 完成了 5 年關稅修訂，並給予我們 3.67% 的加權平均關稅增長，這將反映在 31 個月的調整中。

Regarding the inflation tariff adjustment scheme, given that the license rules state to be every 6-months, ENARGAS submitted to the Secretary of Energy to change the terms to a monthly inflation tariff adjustment. In addition, ENARGAS considers that wholesale price and consumer price indexes should be used for inflation tariff adjustments.

關於通貨膨脹關稅調整方案，鑑於許可規則規定每 6 個月調整一次，ENARGAS 已向能源部長提交申請，將條款改為每月調整一次通貨膨脹關稅。此外，ENARGAS認為批發價格和消費者物價指數應用於通貨膨脹關稅調整。

Talking about the severe storm that flooded the Cerri Complex last March 7, the flood caused a reduction in the Natural Gas Transportation capacity and the Liquids production to halt. We can probably say that after great work done by TGS employees and our suppliers, the Natural Gas Transportation services was gradually restored by the end of March without any relevant impact on revenues. And by mid of April, the processing plant operations were partially resumed at the low production level, which has subsequently been increased.

談到去年 3 月 7 日淹沒 Cerri 綜合設施的嚴重風暴，洪水導致天然氣運輸能力下降和液體生產停止。可以說，在TGS員工和供應商的辛勤努力下，天然氣運輸服務已於3月底逐步恢復，且對收入沒有任何相關影響。到 4 月中旬，加工廠已部分恢復低產量運營，隨後產量有所提高。

Meanwhile, we have been implementing the recovery tasks of damaged equipment, aiming to have the processing plant back to normal probably this month. Finally, the Annual Shareholders Meeting held on April 30, a week ago, approved a capital reduction through the cancellation of 41,734,225 ordinary shares representing a 5.25% of the capital stock.

同時，我們也實施受損設備的恢復任務，目標大概在本月讓加工廠恢復正常。最終，一週前4月30日召開的年度股東大會批准了減資方案，註銷41,734,225股普通股，佔總股本的5.25%。

Such shares were repurchased by the company in the market during 2019 and 2020. Turning now to Slide 4. I will briefly address some of the key highlights for the first quarter of 2025. Please keep in mind that all figures presented for this quarter and comparisons made with the previous quarters are expressed in constant Argentine pesos as of March 31, 2025, following the provisions established by IFRS for financial reporting in hyperinflationary economies. As seen in the slide, we reported a total net income of ARS107.3 billion during the first quarter of 2025 compared to ARS87.2 billion reported in the same quarter of '24.

該等股份已於2019年及2020年由本公司在市場上回購。現在翻到幻燈片 4。我將簡要介紹 2025 年第一季的一些主要亮點。請記住，本季度的所有數據以及與前幾季的比較均以 2025 年 3 月 31 日的阿根廷比索不變價表示，符合國際財務報告準則 (IFRS) 為惡性通貨膨脹經濟體的財務報告製定的規定。如投影片所示，我們報告 2025 年第一季的總淨收入為 1,073 億阿根廷比索，而 24 年同期報告的總淨收入為 872 億阿根廷比索。

This positive variation was mostly driven by the Natural Gas Transportation EBITDA increase of ARS116 billion and was partially offset by liquids EBITDA decline of [ARS32 billion] and the ARS17.7 billion negative variation of the financial results. During the quarter of '25, we registered the property plant and equipment impairment amounting to ARS10.9 billion related to the damage caused by the flood at the Cerri Complex.

這一正向變化主要是由於天然氣運輸 EBITDA 增加 1,160 億阿根廷比索，而部分被液體 EBITDA 下降 [320 億阿根廷比索] 和財務結果的 177 億阿根廷比索負向變化所抵消。在 2025 年季度，我們記錄了因 Cerri 綜合設施洪水造成的損失而產生的財產、廠房和設備減值，金額達 109 億阿根廷比索。

Moving on to Slide 5. EBITDA for the Natural Gas Transportation business in the first quarter of '25 totaled ARS104.8 billion, which compares to a negative EBITDA of ARS11 billion recorded in the first quarter of '24. The EBITDA variation of ARS116 billion in the regulated business segment was mainly explained by the 675% transitional tariff increase that became effective at the beginning of April '24 and has contributed to recording a ARS116 billion higher revenue.

轉到投影片 5。25 年第一季天然氣運輸業務的 EBITDA 總計 1,048 億阿根廷比索，而 24 年第一季的 EBITDA 為負 110 億阿根廷比索。受監管業務部門的 EBITDA 變化為 1,160 億阿根廷比索，主要原因是 24 年 4 月初生效的 675% 的過渡性關稅上調，並導致收入增加了 1,160 億阿根廷比索。

In addition, transportation tariffs were adjusted on a monthly basis from August '24 to March '25. The smaller monthly adjustment contributed with additional revenues totaling ARS26 billion. These positive effects were partially offset by the negative monetary effect on revenues amounting to ARS8.6 billion.

此外，從2024年8月至2025年3月，運輸關稅每月進行調整。較小的月度調整貢獻了總計 260 億阿根廷比索的額外收入。這些正面影響被 86 億阿根廷比索的負面貨幣影響部分抵消。

In addition, structural and other transportation services revenues decreased by ARS12 billion, and we recorded a higher ARS4.7 billion turnover tax, mainly due to the incremental revenues mentioned before. On Slide 6, you can see that the EBITDA for the Liquids business decreased 50% to ARS51.4 billion during the first quarter of '25 compared to ARS103.4 billion reported in the same quarter of '24.

此外，結構性和其他運輸服務收入減少了 120 億阿根廷比索，而我們錄得更高的 47 億阿根廷比索營業稅，這主要歸因於前面提到的增量收入。在第 6 張投影片上，您可以看到 2025 年第一季液體業務的 EBITDA 下降了 50%，至 514 億阿根廷比索，而 2024 年同期為 1034 億阿根廷比索。

Most of EBITDA decrease was explained by lower liquids volume sales, which declined by 80,000 metric tons, dropping from 290,000 metric tons sold in the first quarter of '24 to 210,000 metric tons in the '25 first quarter. This 27% increase was mainly related to the flood occurred in March 7, which completely halted operations of the processing plant for the rest of the quarter. This effect was reflected in a lower EBITDA of ARS35.3 million. In addition, the monetary effects contributed to reduce EBITDA in ARS8 million, while the variable cost increased by ARS6.8 million and lower sales prices resulted in a revenue decline of ARS4.5 billion.

EBITDA 的下降主要是因為液體銷售量下降，減少了 80,000 公噸，從 24 年第一季的 290,000 公噸下降到 210,000 公噸。27% 的成長主要與 3 月 7 日發生的洪水有關，洪水導致加工廠在本季度剩餘時間內完全停止運作。這一影響反映在 EBITDA 下降至 3530 萬阿根廷比索。此外，貨幣效應導致 EBITDA 減少 800 萬阿根廷比索，而變動成本增加 680 萬阿根廷比索以及銷售價格下降導致收入下降 45 億阿根廷比索。

Turning to Slide 7. EBITDA from Midstream and Other Services decreased to ARS36 billion compared to ARS45 million. This decrease was mostly attributed to a ARS17 billion negative monetary effect as inflation was much higher than the foreign exchange rate increase. This effect was partially offset by higher sales derived from the incremental billed volume of Natural Gas Transported and conditioned in Vaca Muerta in the amount of ARS9.8 billion. Transported Natural Gas billed volume rose from an average of 22 million cubic meters per day in the first quarter of '24 to 28 million cubic meters per day in the '25 first quarter. The natural gas conditioning volume also increased from an average of 16 million cubic meters per day to 21 million cubic meters per day.

翻到幻燈片 7。中游和其他服務的 EBITDA 從 4,500 萬阿根廷比索下降至 360 億阿根廷比索。這一下降主要歸因於 170 億阿根廷比索的負面貨幣效應，因為通貨膨脹率遠高於外匯匯率的上漲。這一影響被瓦卡穆埃爾塔運輸和調節的天然氣增量計費量（98億阿根廷比索）帶來的銷售成長部分抵消。運輸天然氣計費量從 24 年第一季的平均每天 2,200 萬立方公尺上升至 25 年第一季的每天 2,800 萬立方公尺。天然氣調節量也由平均每天1600萬立方公尺增加到每天2100萬立方公尺。

As seen on Slide 8, we recorded a negative variation in the financial results amounting to ARS17.7 billion. This negative variation was mostly explained by a lower financial asset income totaling ARS20 billion, which was mainly associated to the lower yield of the financial investment denominated in pesos. Both interest rates and increase of the foreign exchange rate were much lower during the first quarter of '25 than in the same quarter of '24.

如投影片 8 所示，我們的財務表現出現了 177 億阿根廷比索的負變化。這種負面變化主要是因為金融資產收入減少（總計 200 億阿根廷比索），這主要與以比索計價的金融投資收益率較低有關。2025年第一季的利率和外匯匯率漲幅都遠低於2024年同期。

In addition, we recorded a high inflation exposure loss of ARS6.7 billion. These negative effects were partially offset by a lower foreign exchange rate loss amounting to ARS5.4 billion in the first quarter of '25, given the reduction of the mostly [crawl] impact from 2% to 1% beginning last February.

此外，我們還記錄了 67 億阿根廷比索的高通膨風險損失。由於自去年 2 月起主要 [爬行] 影響已從 2% 降至 1%，這些負面影響被 25 年第一季較低的外匯損失（54 億阿根廷比索）部分抵消。

Finally, turning to the cash flow on Slide 9. Our cash position in real terms increased 10% or ARS91 million during the first quarter of '25 to ARS956 billion, which is roughly the equivalent to $882 million at the official exchange rate. EBITDA generation during the first quarter amounted to ARS192 million, of which 55% was generated by the Transportation business and the additional 45% came from the non-regulated businesses. CapEx for the period amounted to ARS55 billion. Working capital increased by ARS24 billion.

最後，我們來看看幻燈片 9 上的現金流。2025 年第一季度，我們的實際現金狀況增加了 10%，即 9,100 萬阿根廷比索，達到 9,560 億阿根廷比索，以官方匯率計算，大約相當於 8.82 億美元。第一季的 EBITDA 達到 1.92 億阿根廷比索，其中 55% 來自運輸業務，另外 45% 來自非監管業務。該期間的資本支出達 550 億阿根廷比索。營運資本增加240億阿根廷比索。

We paid interest amounting to ARS23 billion, and we canceled debt by ARS654 million. No income tax payment was made in the first quarter of '25.

我們支付了總計 230 億阿根廷比索的利息，並取消了 6.54 億阿根廷比索的債務。25 年第一季未繳所得稅。

This concludes our presentation. I will now turn it over to Carlos. We will open the floor for questions.

我們的演講到此結束。現在我將把發言權交給卡洛斯。我們將開放提問環節。

Thank you.

謝謝。

Thank you. The floor is now open for questions. (Operator Instructions) If the first question comes from Julian Casas from Latin Securities. When do you expect the government to launch the bidding process for the expansion of the Perito Moreno pipeline? Given these delays, when should we expect it to be operational?

謝謝。現在開始接受提問。（操作員指示）如果第一個問題來自拉丁證券的朱利安·卡薩斯。您預計政府何時啟動佩里托莫雷諾輸油管擴建工程的招標程序？考慮到這些延遲，我們什麼時候可以預期它能夠投入營運？

We are waiting for the launch of the bidding process. We -- hopefully, we can have some news next week -- on the next 2-weeks. And to be operational, well, it should be 18-months after the bid of the -- after the award of the bid. So hopefully, in '27, we are going to have some new volumes thanks to this expansion.

我們正在等待競標程式的啟動。我們希望下週能夠獲得有關接下來兩週的一些消息。而要投入運營，嗯，應該是在投標之後——在中標之後 18 個月。因此，希望在 27 年，我們能夠透過這次擴展推出一些新書。

Second question, given our strong cash position, if we are considering paying dividends this year or we will allocate cash mainly to the project and mandatory investment plan in the Transportation segment?

第二個問題，鑑於我們強大的現金狀況，我們是否考慮今年支付股息，或者我們將主要將現金分配給運輸部門的項目和強制性投資計劃？

Well, we cannot give any advice on that. It's going to be our shareholders decision. So I cannot anticipate anything about this.

嗯，我們無法對此提供任何建議。這將由我們的股東決定。所以我對此無法做出任何預期。

A new question from [Mateus Catarusi] from (inaudible). His question regarding the CPM, if we expect some partial commissioning by winter 2026?

來自 [Mateus Catarusi] 的新問題（聽不清楚）。他的問題是關於 CPM 的，我們是否預計到 2026 年冬季將進行部分調試？

Well, I already answered that question to Julian that we are not expecting very spongy, it's going to be very complex to have some partial commissioning by winter '26.

好吧，我已經回答了朱利安的問題，我們並不期望有太多海綿，到 26 年冬天進行部分調試將會非常複雜。

His second question is regarding the flooding at the Cerri Complex. How is the recovery progressing? I think that he explained through the presentation. If we expect any material operational or financial impact to continue into the second quarter of 2025?

他的第二個問題是關於塞里綜合設施的洪水問題。恢復進展如何？我認為他已經通過演示解釋了。我們是否預計任何重大營運或財務影響將持續到 2025 年第二季？

Well, as we said in the call, we started partial operations by mid-April, we have been increasing the output of the plant. And today and 2-days before today, we are at full operational production. Nevertheless, we can expect to have some problems in the plant because it's not stable. The reliability of the plant, we are working on. So we are going to have an impact in the second quarter very soon -- Very important in April and additional impact, hopefully a small one in May.

嗯，正如我們在電話中所說的那樣，我們在 4 月中旬開始部分運營，我們一直在提高工廠的產量。今天以及前兩天，我們已全面投入生產。儘管如此，由於工廠不穩定，我們預計會出現一些問題。我們正在努力提高工廠的可靠性。因此，我們很快就會在第二季產生影響——四月的影響非常重要，而且還有額外的影響，希望在五月的影響會比較小。

Daniel Guardiola from BTG. One of his question is regarding that considering the new tariff framework online for the next 5-years, what is the expected annual EBITDA and free cash flow generation in this business segment?

來自 BTG 的丹尼爾瓜迪奧拉。他的一個問題是，考慮到未來 5 年上線的新關稅框架，該業務部門預計的年度 EBITDA 和自由現金流是多少？

Hi, Daniel. Well, EBITDA established by around $300 million or more than that. It will depend on inflation and (inaudible) variation.

你好，丹尼爾。嗯，EBITDA 約為 3 億美元或更多。這將取決於通貨膨脹和（聽不清楚）變化。

Second question is regarding what is needed for the company to stop applying the hyperinflation adjustment to your financial statement?

第二個問題是，公司需要做什麼才能停止在財務報表中應用惡性通貨膨脹調整？

Well, we need 3-years with inflation lower than 100%. So we are not so close to that, maybe in the next 3-years, (inaudible) 4-year counting since then.

嗯，我們需要三年的通貨膨脹率低於 100%。所以我們離這個目標還很遠，也許在未來 3 年，（聽不清楚）4 年後。

Another question from Daniel. What is the outlook for 2025 in terms of volumes sold of the Liquids business, if this risk covered with insurance?

丹尼爾的另一個問題。如果該風險得到保險承保，那麼 2025 年液體業務的銷售量前景如何？

Well, we are going to have an impact -- estimated impact of 2-months, okay, from March 7, up to March -- May 7, with something lower than this 2-months and the liquids volumes. And about insurance, we are covered. We have a deductible of 2-months. So the first 2-months of without operations, we are going to suffer in our financials. And regarding expenses, the deduction is just $1 million. So all of the expenses over this $1 million should be recovered.

嗯，我們會產生影響——預計影響將持續 2 個月，好的，從 3 月 7 日到 3 月——5 月 7 日，影響會低於這兩個月的液體量。至於保險，我們有保險。我們有兩個月的免賠額。因此，在沒有營運的頭兩個月裡，我們的財務狀況將遭受損失。至於費用，扣除額僅 100 萬美元。所以這100萬美元以上的支出應該全部收回來。

Last question from Daniel. We are considering to enter into the LNG infrastructure business either via new export pipelines or via LNG facilities.

丹尼爾的最後一個問題。我們正在考慮透過新的出口管道或液化天然氣設施進入液化天然氣基礎設施業務。

Well, we are working with the LNG projects, providing some services to the partners there. And we may consider entering in new export pipelines, not in the LNG facilities but in the pipelines. But that's not -- we don't have any decision on that now.

嗯，我們正在與液化天然氣計畫合作，為那裡的合作夥伴提供一些服務。我們可能會考慮建造新的出口管道，不是液化天然氣設施，而是管道。但事實並非如此——我們現在還沒有對此做出任何決定。

Andreas from [Balance], he made the same question regarding the CPM project. It was answered. Andres Cardona from Citi. Yes. Well, the question is regarding with the LNG project. Regarding the Liquid expansion project or the NGL project, how it is evolving and what we expect to reach the FID?

[Balance] 的 Andreas 就 CPM 專案提出了同樣的問題。得到了答案。花旗銀行的 Andres Cardona。是的。嗯，問題是關於液化天然氣計畫的。關於 Liquid 擴建項目或 NGL 項目，它的發展如何？我們期望它能達到 FID 嗎？

And regarding the NGL project, expansion (inaudible) we are working with the gas producers with our offtakers to have agreements with them to ahead with the project. So we have to reach agreements with them before reaching the FID. I cannot give an exact timing for that. We are working hard.

關於 NGL 項目，擴建（聽不清楚）我們正在與天然氣生產商和承購商合作，與他們達成協議以推進該項目。因此，我們必須在達成最終決定之前與他們達成協議。我無法給出確切的時間。我們正在努力工作。

A question from [Augustini Cedro] from BBVA Asset Management regarding the Liquids event, what is the situation after the flooding for those clients that are located in Bahia Blanca? And if we -- may this generate further impact?

BBVA 資產管理公司的 [Augustini Cedro] 就 Liquids 事件提出了一個問題，洪水過後，位於 Bahia Blanca 的客戶情況如何？如果我們—這會產生進一步的影響嗎？

Well, our clients (inaudible) mainly down, they have some impact. In fact, they cannot take all during the last days. But right now, they are taking all the volumes. About other impacts, well, I cannot give any assurance because we have put all the plant in process right now in operations, but we are -- the reliability of the plant, we are working on that right now. So we may have some small impact in the next month and 2-months.

嗯，我們的客戶（聽不清楚）主要處於癱瘓狀態，他們產生了一些影響。事實上，他們不可能在最後的日子裡奪走一切。但現在，他們正在拿走所有的捲。至於其他影響，我無法給出任何保證，因為我們現在已經將所有工廠投入運營，但我們正在努力確保工廠的可靠性。因此，我們可能會在接下來的一個月和兩個月內產生一些小的影響。

Another question from Augustina, which is the tariff increase granted for May? Is this 3.67% divided by 31-months. And the latter will be adjusted by 50 (inaudible) and 50% by IPC of consumer by index for each of the preceding months?

奧古斯蒂娜的另一個問題是，五月批准的關稅上調幅度是多少？這是 3.67% 除以 31 個月。後者是否會根據前幾個月消費者指數的 IPC 進行 50（聽不清楚）和 50％的調整？

Regarding the tariff increase, it was calculated 3.67% as it were effective in May. As it was calculated in 31-months, we are going to have more than this 3.67% because of the financial effect, okay? Obviously, it's not going to be a lot more because 3.77% is very low. Regarding the adjustment, the monthly adjustment, well, as we said, we are expecting the decision of the Secretary of Energy and Executive Power. The ENARGAS proposes 50-50 increase monthly increase.

至於關稅上調，則以5月生效的3.67%計算。由於是按 31 個月計算的，因此由於財務影響，我們的收入將超過 3.67%，好嗎？顯然，這個數字不會太多，因為 3.77% 非常低。關於調整，每月的調整，正如我們所說，我們期待能源和行政權力部長的決定。ENARGAS 提議每月增加 50-50。

So we are waiting for maybe May. Hopefully, June 1, could be effective. And it's not going to be retroactive because the tariff were in place in May. So we have this adjustment in June. It's going to be calculated with the inflation of the previous 2-months. So in June, we are going to have the inflation of April. We should have the inflation adjustment in place.

所以我們也許在等待五月。希望 6 月 1 日能有效。而且它不會具有追溯力，因為該關稅是在五月實施的。所以我們在六月進行了這項調整。它將根據前兩個月的通貨膨脹率來計算。因此，六月我們將遭遇四月的通貨膨脹。我們應該實施通貨膨脹調整。

Valentino Caramutti from Criteria. Are we planning on raising more debt through bonds in the short term?

Criteria 的 Valentino Caramutti。我們是否計劃在短期內透過債券籌集更多債務？

Well, it will depend on the projects, the GPM and the NGL projects.

嗯，這取決於專案、GPM 和 NGL 專案。

Guido Bizzozero from Allaria. Do we expect to continue this firm capacity in Transportation segment increase to 89.4% remain for the future? This level will remain in the future?

來自 Allaria 的 Guido Bizzozero。我們是否預期未來運輸領域的運力將持續維持穩定成長至 89.4%？未來還會維持這個水準嗎？

No, not other (inaudible) capacity related to the final tranches, which is part of the expansion of the GPM from Salliquelo to (inaudible) that would be capacity increase in 2-years time.

不，不是與最後一批款項相關的其他（聽不清楚）容量，這是 GPM 從 Salliquelo 擴展到（聽不清楚）的一部分，這將是 2 年內的容量增加。

Diego Portela. TGS was granted a 5-year tariff review, but not sure if the concession was already extended. Is extension a key factor that delayed dividend distribution for 2025, '26 -- okay. It's another question.

迭戈·波特拉。TGS 獲得了 5 年關稅審查資格，但不確定優惠是否已延長。延期是導致 2025 年、2026 年股利分配延遲的關鍵因素嗎？好的。這是另一個問題。

Okay. We are waiting right now for the final decision of the extension of the license. And -- but I would say that it has nothing to do with the decision. The expansion process is okay. Secretary of Power needs the opinion of -- legal opinion of the lawyers and the audit body also. But they are working on that process.

好的。我們現在正在等待許可證延期的最終決定。但我想說的是，這跟決定無關。擴展過程還好。電力部長也需要律師和審計機構的法律意見。但他們正在努力實現這一目標。

Another question from Diego is regarding the CapEx plan for 2025 and 2026.

Diego 提出的另一個問題是關於 2025 年和 2026 年的資本支出計畫。

Well, our maintenance CapEx projected for this year is around $90 million, more than $60 million, $67 million from the regulated business. And then you have to add to that the projects. It depends on the project, okay? GPM project and NGL project. In that case, CapEx plan could be increased.

嗯，我們今年的維護資本支出預計約為 9,000 萬美元，其中超過 6,000 萬美元，受監管業務的資本支出為 6,700 萬美元。然後你必須添加項目。這取決於項目，好嗎？GPM專案和NGL專案。在這種情況下，資本支出計劃可能會增加。

Another question from Augustini Cedro. What was the main driver of the increase in firm contracted capacity?

另一個問題來自 Augustini Cedro。合約約定產能增加的主要驅動力是什麼？

It is related to the new GPM pipeline as we provide services in the final tranches, we have increased our capacity for the expansion that was built by and paid by ENARSA, but we have this additional capacity for the O&M of the new facilities in the tranche from to Salliquelo to GBI.

它與新的 GPM 管道有關，因為我們在最後幾期提供服務，我們增加了由 ENARSA 建造和支付的擴建能力，但我們還有額外的能力用於從 Salliquelo 到 GBI 的新設施的運作和維護。

Juan Ignacio from (inaudible) made a question that we have seen -- we have answered. Matthews from Citibank. His question is that this incremental (inaudible) capacity offer upside to the full year EBITDA expectation for Transportation.

來自（聽不清楚）的胡安·伊格納西奧 (Juan Ignacio) 提出了一個問題，我們已經看到了——我們已經回答了。花旗銀行的馬修斯。他的問題是，這種增量（聽不清楚）容量是否會為交通運輸業全年 EBITDA 預期帶來上行空間。

Incremental capacity I already talked about is a small root. So it's very, very -- it's actually very non-material effect on EBITDA (technical difficulty). And it's just an O&M --

我已經談到的增量容量是小根。所以它對 EBITDA 的影響非常小（技術難度）。這只是一個操作和維護——

Well, there is no more questions. This concludes the question-and-answer section. Now we'll turn to Alejandro for final remarks.

好了，沒有其他問題了。問答部分到此結束。現在我們請亞歷杭德羅做最後的演講。

Thank you. Thank you all for participating in TGS's first quarter 2025 conference call. We look forward to speaking with you again when we release our 2025 second quarter results. If you have any questions in the meantime, please do not hesitate to contact our Investor Relations department.

謝謝。感謝大家參加 TGS 2025 年第一季電話會議。我們期待在發布 2025 年第二季業績時再次與您交談。如果您有任何疑問，請隨時聯絡我們的投資者關係部門。

Have a good day.

祝你有美好的一天。