Transportadora de Gas del Sur SA (TGS) 2025 Q4 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's fourth-quarter 2025 earnings video conference. TGS issued its earnings release last Friday. If you didn't receive a copy of the release, please contact us at investor.tgs.com.ar.

各位早安。我是 Carlos Almagro，投資人關係主管。歡迎各位參加 TGS 2025 年第四季財報視訊會議。TGS 已於上週五發布財報新聞稿。若您尚未收到新聞稿副本，請透過 investor.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. (Event Instructions)

在我們開始之前，我想告知各位，本活動將進行錄音。(活動說明)

I would also like to remind you that forward-looking statements 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.

我也想提醒各位，今日視訊會議中所作的前瞻性陳述並未涵蓋未來的經濟情勢、產業狀況或公司營運表現與最終結果。這些陳述可能受到多項風險與不確定性影響。

All figures included herein were prepared in accordance with International Accounting Reporting Standards, IFRS, and are stated in constant Argentine pesos as of December 31, 2025, unless otherwise noted.

本文所載所有數據均依據國際財務報導準則（IFRS）編製，除另有註明外，均以截至 2025 年 12 月 31 日之不變阿根廷披索表示。

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.

今日在布宜諾斯艾利斯與我們一同出席的 TGS 代表為財務長 Alejandro Basso。接下來我將把視訊會議交給 Basso 先生。Alejandro，請開始。

Thank you, Carlos. Good morning, everyone, and 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 ARS500 million bond with a 10-year tenure at an 8% yield. Demand was very strong, and the transaction was oversubscribed with the total order book reaching $1.3 billion.

謝謝你，Carlos。各位早安，感謝各位今天加入我們，一同討論 TGS 2025 年第四季的財報與重點。在今天的會議開始時，我想先分享一些最新的公司發展。回到 11 月，我們成功發行一筆新的 5 億阿根廷披索（ARS500 million）債券，期限 10 年，殖利率 8%。需求非常強勁，本次交易超額認購，總認購簿達到 13 億美元。

Proceeds from this issuance are being used to fund approximately $780 million of capital expenditures related to the expansion of the Perito Moreno pipeline which would add 14 million cubic per day of transportation capacity as well as the final tranches expansion of our regulated pipeline, adding 12 million cubic per day. In addition, we also executed bank loan agreements totaling $67 million to finance imports related to this project.

本次發行所得款項將用於資助約 7.8 億美元的資本支出，主要與 Perito Moreno 管線擴建相關，該擴建將新增每日 1,400 萬立方的運輸能力；以及我們受監管管線的最後幾個擴建批次，新增每日 1,200 萬立方。此外，我們也簽署總額 6,700 萬美元的銀行貸款協議，以融資本專案相關的進口。

Finally, 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 per day, which are currently assigned to CAMMESA.

最後，在商務面方面，2 月 9 日我們啟動 open season，在此期間可就新增容量以確定性（firm）方式簽約。3 月 16 日我們將收到容量投標，並將予以回覆。其餘容量的投標將在 ENARSA 完成既有每日 2,100 萬立方容量的重新分配後再行收取；該等容量目前分配給 CAMMESA。

Moving to slide 4, 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 quarters are expressed in constant Argentine pesos as of December 31, 2025, following the provisions established by the IFRS for financial reporting in hyperinflationary economies.

接著看第 4 頁投影片，我將簡要說明 2025 年第四季的主要財務結果。請注意，本季所呈現的所有數據以及與前幾季的比較，均依據 IFRS 對高通膨經濟體財務報導之規定，以截至 2025 年 12 月 31 日之不變阿根廷披索表示。

As seen in the slide, we reported a total net income of ARS124 billion during the fourth quarter of 2025 compared to ARS170.5 billion reported in the same quarter of '24. Overall, earnings were lower mainly due to a few factors. First, we had the reversal of the property plan and equipment impairment provision amounting to ARS52.1 billion, which was recorded in the fourth quarter of '24.

如投影片所示，我們在 2025 年第四季的合併淨利為 1,240 億阿根廷披索（ARS124 billion），相較於 2024 年同季的 1,705 億阿根廷披索（ARS170.5 billion）。整體而言，獲利下降主要由幾項因素所致。首先，2024 年第四季認列的固定資產、廠房及設備減損準備回轉金額為 521 億阿根廷披索（ARS52.1 billion）。

In addition, our financial results were impacted by a negative variation of ARS17.9 billion and the liquids EBITDA declined by ARS18.1 billion. That said, these effects were partially offset by the solid performance of our midstream business which delivered higher EBITDA totaling ARS16.2 billion during the period and a slight increase of natural gas transportation EBITDA by ARS2.7 billion.

此外，我們的財務結果受到 179 億阿根廷披索（ARS17.9 billion）的負向變動影響，液體業務 EBITDA 亦減少 181 億阿根廷披索（ARS18.1 billion）。不過，這些影響部分被我們中游業務的穩健表現所抵銷；該業務在本期間帶來較高的 EBITDA，合計 162 億阿根廷披索（ARS16.2 billion），以及天然氣運輸 EBITDA 小幅增加 27 億阿根廷披索（ARS2.7 billion）。

Moving on to slide 5, EBITDA for Natural Gas Transportation business in the fourth quarter of '25 totaled ARS109.8 billion, which is slightly higher than the almost ARS107.1 billion recorded in the fourth quarter of '24. It is worth noting that even when we recorded an increase in revenue with tariff adjustment of ARS31.9 billion, the adjustments were not enough to offset the inflation loss effect of ARS40.9 billion. However, the higher transportation services, mainly interrupted transportation of ARS9.6 billion and lower operating expenses of ARS540 million contributed to generate a slight increase of the EBITDA.

接著看第 5 頁投影片，2025 年第四季天然氣運輸業務 EBITDA 合計 1,098 億阿根廷披索（ARS109.8 billion），略高於 2024 年第四季的約 1,071 億阿根廷披索（ARS107.1 billion）。值得注意的是，即使我們因費率調整而使營收增加 319 億阿根廷披索（ARS31.9 billion），該調整仍不足以抵銷 409 億阿根廷披索（ARS40.9 billion）的通膨損失影響。然而，較高的運輸服務收入（主要為可中斷運輸）達 96 億阿根廷披索（ARS9.6 billion），以及營運費用減少 5.4 億阿根廷披索（ARS540 million），共同促成 EBITDA 小幅增加。

On slide 6, you can see how EBITDA for the Liquids segment decreased to ARS83.9 billion during the fourth quarter of 2025 compared to ARS102 billion reported in the same quarter of '24. The decrease in EBITDA was mainly attributed to lower export prices, which fell between 17% and 33% and reduced EBITDA in ARS31.1 billion. In addition, higher operating costs and insurance reimbursable expenses incurred following the climate event occurred in March '25 reduced EBITDA by ARS12.8 billion and ARS4.9 billion, respectively.

在第 6 頁投影片中，您可以看到液體事業部門 EBITDA 於 2025 年第四季降至 839 億阿根廷披索（ARS83.9 billion），相較於 2024 年同季的 1,020 億阿根廷披索（ARS102 billion）。EBITDA 下滑主要歸因於出口價格走低，跌幅介於 17% 至 33%，使 EBITDA 減少 311 億阿根廷披索（ARS31.1 billion）。此外，2025 年 3 月發生氣候事件後所產生的較高營運成本與可由保險補償的費用，分別使 EBITDA 減少 128 億阿根廷披索（ARS12.8 billion）與 49 億阿根廷披索（ARS4.9 billion）。

These negative effects on EBITDA were partially offset by a few positive factors. First, we recorded a positive monetary effect of ARS13.7 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 Hogar starting January '25. This allowed us to sell at export parity prices, generating an additional ARS9.9 billion in revenues.

上述對 EBITDA 的負面影響，部分被幾項正面因素所抵銷。首先，因匯率升幅高於通膨率（43.5% 對 31.5%），我們認列 137 億阿根廷披索（ARS13.7 billion）的正向貨幣效果。其次，自 2025 年 1 月起在 Programa Hogar 架構下解除管制後，國內市場丁烷價格改善。這使我們得以按出口平價價格銷售，額外帶來 99 億阿根廷披索（ARS9.9 billion）的營收。

And finally, higher sales volumes also contributed with a 4.4% increase year over year from 338,000 metric tons in the fourth quarter of '24 to 353,000 metric tons in the same year period of '25, resulting in a ARS7 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.

最後，較高的銷售量亦有所貢獻，年增 4.4%，由 2024 年第四季的 338,000 公噸增至 2025 年同期間的 353,000 公噸，帶來 70 億阿根廷披索（ARS7 billion）的增量 EBITDA。值得注意的是，作為液體業務部門主要變動成本的平均天然氣價格，年對年維持在每百萬 BTU 1.6 美元的水準。

Turning to slide 7, EBITDA for midstream and other services rose by 36% to ARS60.7 billion compared to ARS44.5 billion in the fourth quarter of '24. This increase was mainly driven by higher sales derived from the incremental billed volume of natural gas transported and conditioned in Vaca Muerta totaling almost ARS20.3 billion.

接著看第 7 頁投影片，中游及其他服務的 EBITDA 年增 36%，由 2024 年第四季的 445 億阿根廷披索（ARS44.5 billion）上升至 607 億阿根廷披索（ARS60.7 billion）。此增長主要由更高銷售所帶動，來源為在 Vaca Muerta 運輸並進行調質的天然氣計費量增加，合計接近 203 億阿根廷披索（ARS20.3 billion）。

Transported natural gas billed volume rose from an average of 28 million cubic per day in the fourth quarter of '24 to 33 million cubic per day during this quarter. The natural gas conditioning volume also increased from an average of 19 million to 27 million cubic per day. In addition, the monetary effect increased EBITDA by ARS5 billion. These effects were partially offset by a ARS8.1 billion in higher operating expenses.

天然氣運輸的計費量由 2024 年第四季平均每日 2,800 萬立方，上升至本季平均每日 3,300 萬立方。天然氣調質量亦由平均每日 1,900 萬立方增加至每日 2,700 萬立方。此外，貨幣效果使 EBITDA 增加 50 億阿根廷披索（ARS5 billion）。上述影響部分被營運費用增加 81 億阿根廷披索（ARS8.1 billion）所抵銷。

As seen on slide 8, we recorded a negative variation in the financial results amounting to ARS17.9 billion. This was mainly due to a ARS12.3 billion higher interest cost, mostly explained by a higher indebtedness, which increased principally by the issuance of the $500 million bond in last November.

如投影片 8 所示，我們的財務結果出現負向變動，金額為 179 億阿根廷披索（ARS）。這主要是因利息成本增加 123 億 ARS，主要可歸因於負債水準提高，而負債增加主要來自去年 11 月發行的 5 億美元債券。

In addition, we had an ARS8.1 billion decrease in income from financial assets, given the lower yields achieved in the domestic financial investment and inflation exposure loss increased by ARS2.1 billion. These negative effects were partially offset by the price import tax charge of ARS5.9 billion recorded in the fourth quarter of '24.

此外，由於國內金融投資取得的收益率較低，我們來自金融資產的收益減少 81 億 ARS，且通膨曝險損失增加 21 億 ARS。這些負面影響部分被 2024 年第四季認列的 59 億 ARS 進口價格稅費用所抵銷。

Following the elimination of this tax at the end of '24, no charge was incurred in the fourth quarter of '25. In the last quarter of '24, the tax applied rate was 7.5% for the imports of food and 25% for the imports of services.

隨著該稅於 2024 年底取消，2025 年第四季未再產生任何相關費用。在 2024 年第四季，該稅適用稅率為：食品進口 7.5%，服務進口 25%。

Finally, turning to the cash flow in slide 9 -- on slide 9. Our cash position in real terms increased by ARS864 billion during the fourth quarter of '25 to ARS1,808 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.

最後，轉到投影片 9 的現金流——在投影片 9。以實質計算，我們的現金部位在 2025 年第四季增加 8,640 億 ARS，達到 18,080 億 ARS，按官方匯率約相當於 12.5 億美元。現金部位大幅增加主要來自去年 11 月發行的 5 億美元債券。

EBITDA generation in the fourth quarter reached nearly ARS259 billion, which with 57% generated by the nonregulated business even after considering the full normalization of the Natural Gas Transportation segment. This performance highlights the increased relevance of nonregulated activities within the company's overall results.

2025 年第四季 EBITDA 產生接近 2,590 億 ARS，其中 57% 由非管制業務貢獻，即使在考量天然氣運輸事業部門全面正常化之後亦然。此表現凸顯非管制活動在公司整體成果中的重要性提升。

CapEx reached almost ARS96 billion for the period and working capital rose by ARS76 billion. We also paid ARS5.7 billion in interest and ARS61.6 billion in income taxes while obtaining ARS150.3 billion in short-term loans. Lastly, real returns from financial investments declined by ARS11.8 billion, mainly due to the exchange rate rising less than inflation during the fourth quarter.

本期資本支出（CapEx）接近 960 億 ARS，營運資金增加 760 億 ARS。我們亦支付利息 57 億 ARS 與所得稅 616 億 ARS，同時取得 1,503 億 ARS 的短期借款。最後，金融投資的實質報酬下降 118 億 ARS，主要因第四季匯率升幅低於通膨。

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

以上為本次簡報內容。接下來我將交給 Carlos，由他開放提問。謝謝。

(Event Instructions) Well, first question is from Daniel Guardiola from BTG Pactual. He's asking about to give him or give them, the audience a more color about the NGL projects, if there is something that is delaying in order to reach the FID.

(活動說明) 好的，第一個問題來自 BTG Pactual 的 Daniel Guardiola。他想請我們提供更多關於 NGL 專案的細節，是否有任何因素導致無法如期達成 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, and we are expecting to have the FID before June, maybe in May. So we are very confident with the project moving ahead.

嗨，Daniel，你好嗎？這個專案正在推進中。我們目前正與天然氣生產商就專案條款進行協商，並預期在 6 月前、可能在 5 月完成 FID。因此我們對專案持續推進非常有信心。

Second question for him is, we are facing competition from YPF to extend in shale capabilities.

他的第二個問題是：我們正面臨來自 YPF 在頁岩能力擴張方面的競爭。

Well, competition is always a risk. But nevertheless, we are working with YPF, another gas producers right now. So we -- as I said, we are expecting to move forward in the near future.

競爭一向是風險。但即便如此，我們目前也正與 YPF 以及其他天然氣生產商合作。所以——如我所說，我們預期在不久的將來會繼續向前推進。

Well, another question, someone who doesn't introduce himself is, regarding how is evolving the tariff in the transportation business?

另外一個問題，提問者未自我介紹：關於運輸業務的費率（tariff）目前如何演變？

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 on half. So everything is going okay.

費率調整進展順利。我們已取得所有應得的費率調整，也就是依通膨計算的調整。每月通膨係以批發物價指數（WPI）與消費者物價指數（CPI）各半計算。所以一切都很正常。

You may see some differences in the dollar revenues or dollar EBITDA from this business because the tariffs are adjusting with inflation. So when the depreciation of the peso is higher than inflation, we may have lower revenues in dollars and the other way around.

你可能會在該業務的美元收入或美元 EBITDA 上看到一些差異，因為費率是隨通膨調整。因此當披索貶值幅度高於通膨時，我們的美元收入可能較低；反之亦然。

We have a question from George Gasztowtt from Latin Securities. The question is regarding the Surrey insurance divestment, if we expect to have it this quarter, or when we expect to have the -- when we will collect this investment?

我們收到來自 Latin Securities 的 George Gasztowtt 的提問。問題是關於 Surrey 保險的撤資（divestment）：我們是否預期本季完成，或預計何時能——何時會收回這筆投資款項？

Hi, George. In fact, we have already collected advance payments amounting to almost to $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 had because we had some other items in the calculation.

嗨，George。事實上，我們已收取將近 1,000 萬美元的預付款。我們目前正等待本月由該保險清算人出具的最終審計。之後我不確定確切時點，但我們預期可能在 6 月或 7 月。不過，我認為回收金額的規模可能會高於我們已發生的費用、費用與資本支出（CapEx），因為在計算中還有其他項目。

A question from Matías Cattaruzzi from Adcap. First question regarding the initial project that Alejandro answered. And his second question is regarding the recent weakness in international NGL prices. How do we see the outlook for liquid pricing into 2026? Does the current geopolitical shock positive affect this segment?

來自 Adcap 的 Matías Cattaruzzi 的提問。第一個問題是關於 Alejandro 已回答的初始專案。第二個問題是關於近期國際 NGL 價格走弱。我們如何看待到 2026 年液體產品價格的展望？目前的地緣政治衝擊是否會對此部門帶來正面影響？

Okay. Well, it's true that international NGL prices are weak last month. Nevertheless, we are having a very good margin altogether in this business. So we -- our outlook for liquids prices right now is quite similar to the previous year. So we are not expecting any significant change.

好的。確實，國際 NGL 價格上個月偏弱。不過，我們在這項業務的整體利潤率仍然非常好。因此——我們目前對液體產品價格的展望與前一年相當接近。所以我們不預期會有任何重大變化。

Nevertheless, well, current geopolitical conflicts that we are seeing in these days may affect positively this segment, especially in the natural gasoline price, which is the more related to the Brent prices. The propane and butane maybe it's different. It depends on offer and supply and demand.

不過，這幾天我們看到的當前地緣政治衝突，可能會對此部門帶來正面影響，特別是天然汽油（natural gasoline）價格，因為它與布蘭特（Brent）價格的關聯度較高。丙烷與丁烷可能不同。這取決於供給與需求。

Other question from Daniel Guardiola regarding the -- about the potential dividend payment in 2026.

Daniel Guardiola 的另一個問題是關於——2026 年可能的股利發放。

Well, it is my opinion, I am not seeing any potential dividend payments as we are moving forward with the project -- with NGL's project. Obviously, it depends on our shareholders' decision.

就我個人看法，隨著我們推進該專案——NGL 專案，我看不到任何可能的股利發放。當然，這取決於我們股東的決定。

Then we have a question from Agustin Pacheco from Banco Mariva. The first question, what is planned strong increase in cash? It was explained by Alejandro that it was regarding the bond that we issued in November that added cash for $500 million. This is the main reason.

接著是來自 Banco Mariva 的 Agustin Pacheco 的提問。第一個問題：現金大幅增加的規劃是什麼？Alejandro 已解釋，這與我們在 11 月發行的債券有關，該債券帶來 5 億美元的現金。這是主要原因。

His second question, what percentage of total CapEx was allocated to the expansion project? I think that he is talking about the GPM, the transportation expansion.

他的第二個問題：總資本支出（CapEx）中有多少比例配置到擴建專案？我想他指的是 GPM，也就是運輸擴建。

Well, total CapEx for that project is around $780 million. So the bulk of that amount is going to be invested this year, '26. The project has already started last November, and we should put in service, the three new compressor stations by May '27.

該專案的總資本支出約為 7.8 億美元。因此其中大部分金額將在今年，也就是 2026 年投入。專案已於去年 11 月啟動，我們應在 2027 年 5 月前讓三座新的壓縮站投入服務。

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 relatively lag eroding EBITDA in real terms. It's no.

現在是 Daniel Guardiola 的提問。我想你已回答目前的費率調整可完全維持實質報酬。那麼我們是否看到相對的落後（lag）正在以實質角度侵蝕 EBITDA？不是。

We have a question from Andres Cirnigliaro from Balanz. The first question is we are planning to participate in the dedicated pipeline for the Southern Energy LNG project?

我們收到來自 Balanz 的 Andres Cirnigliaro 的提問。第一個問題是：我們是否計劃參與 Southern Energy LNG 專案的專用管線？

No, no, we aren't.

不，不，我們不會。

His second question is how much incremental gas production do you estimate is necessary to supply our NGL project?

他的第二個問題是：你們估計為供應我們的 NGL 專案，需要增加多少天然氣產量？

Not much. We already calculated the production of LNG based on current natural gas supplied plus the additional supply that is going to be injected in the GPM once our expansion is in place. We are very confident on gas supply for this project. We may face higher supply than expected.

不需要太多。我們已經根據目前供應的天然氣產量，加上擴建完成後將注入 GPM 的額外供應，計算了 LNG 的產量。我們對此專案的天然氣供應非常有信心。我們可能會面臨高於預期的供應。

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 in 2026 and 2027?

我們還有一個來自 Daniel Guardiola 的問題：Perito Moreno 擴建工程的施工進度目前情況如何？以及 2026 年與 2027 年預計將投入多少資本支出（CapEx）？

Okay. The progress is very, very okay as expected. And well, the CapEx deployment, I think it's around $100 million in '25, with the main advances to suppliers, then around more than $500 million this year, and the remainder in '27.

好的。進度非常、非常順利，符合預期。至於資本支出投入，我認為 2025 年大約是 1 億美元，主要是對供應商的預付款；接著今年大約超過 5 億美元，剩餘部分在 2027 年。

[Mattia Castagnino] is concerned about the -- yes, it was answered. And his second question is regarding the FID of NGL project was answered. Luisa Belem, her question is regarding CapEx outlook for 2026. It was answered.

[Mattia Castagnino] 對於——是的，這已經回答了。他的第二個問題關於 NGL 專案的 FID 也已回答。Luisa Belem 的問題是關於 2026 年的資本支出展望。也已回答。

Yes. Well, I told about more than $500 million in the expansion and another $100 million in our maintenance CapEx, so more than $600 million over this year.

是的。嗯，我提到擴建部分超過 5 億美元，另外我們的維護性資本支出約 1 億美元，所以今年合計超過 6 億美元。

What about the working capital and tax payment?

那營運資金和稅款支付呢？

Yes, tax payment -- on the cash flow, we -- 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, the quarter, I think that -- well, also in the quarter high advances than we are expecting for the second half of '26. And working lines, I don't know. Working capital --

是的，稅款支付——在現金流方面，我們——數字非常高，因為前一年沒有任何預繳。往後看，稅款支付應該會比今年看到的水準更低。不是在單一季度——我認為——嗯，季度內也有較高的預付款，超出我們對 2026 年下半年的預期。至於營運額度，我不確定。營運資金--

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. So 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.

他最後一個問題是是否需要管線，但我們沒有任何管線，只是 Perito Moreno 與 Penal 段的擴建。所以目前沒有管線專案。我們有一個來自 Andres Cardona 的問題。我們估計與 NGL 專案相關的資本支出是多少？

Well, we -- currently, we have a more accurate estimation of this -- of the project, given that we have already run most of the bids for the construction and also for the equipment. So we're estimating this around $2.9 billion approximately.

嗯，我們——目前對該專案有更精確的估算，因為我們已經完成了大部分施工與設備的招標。因此我們估計大約是 29 億美元左右。

We have some questions from Juan Ignacio Lopez were answered. Thank you, Juan. Another question from Armando Moretti. Well, question regarding dividend that was answered. We have some questions that were answered from Guido Vissacero from Allaria.

我們收到 Juan Ignacio Lopez 的一些問題，已經回答。謝謝你，Juan。另一個問題來自 Armando Moretti。嗯，關於股利的問題已回答。我們也有來自 Allaria 的 Guido Vissacero 的一些問題，已回答。

Very answered. A question from Ignacio Irarr zaval regarding the Perito Moreno expansion. When are the biddings for the capacity happening?

都已回答得很完整。一個來自 Ignacio Irarr zaval 的問題，關於 Perito Moreno 擴建。容量的招標何時進行？

Well, as I said in the call, we are expecting bidding for the repaid capacity or prepaid capacity, which 40% of total capacity for next 16th, March 16. And once the Security of Energy and ENARGAS decided the reallocation of the capacity of 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, as a final due date for that.

嗯，正如我在電話會議中所說，我們預計在 3 月 16 日就已付費容量或預付容量（占總容量 40%）進行招標。而在能源安全部與 ENARGAS 決定 Gasoducto Perito Moreno 的容量重新分配之後，我們將對剩餘容量（60%）進行 open season。我認為最晚可能在 5 月之前發生。

The second question is --

第二個問題是--

And the second question is around the mix of the takers --

第二個問題是關於承購方（takers）的組合--

What the mix of taker, we are expecting and what regions?

我們預期的承購方組合是什麼？以及會來自哪些地區？

For the expansion to Perito Moreno. Yes, mainly 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 bid for the capacity that we are currently in the open season.

針對 Perito Moreno 的擴建。是的，主要是發電廠與工業用戶，好嗎？由於政府正在將 GPM 每日 2,100 萬立方公尺的容量主要重新分配給配氣公司，我們不預期配氣公司會在我們目前的 open season 中對容量進行大量投標。

On the regions, well, a very significant part of the capacity could go to the TCS zone via the Mercedes-Cardales pipeline that was already built because the replacement of the liquids imports for the power plants may occur there mainly, and some part of the capacity, obviously going to be to the GBA area also.

至於地區方面，容量中相當大的一部分可能會透過已建成的 Mercedes-Cardales 管線流向 TCS 區域，因為那裡的發電廠可能主要會以此替代液體燃料進口；另外一部分容量，當然也會流向 GBA 地區。

We have a question from Santiago Herrera from Allaria. How much of the investment in the initial projects will be financed by project finance?

我們有一個來自 Allaria 的 Santiago Herrera 的問題。初期專案的投資中，有多少將以專案融資（project finance）方式籌措？

Well, maybe it's early to say, but 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 TGS Tratayen processing plant. There, we are expecting to finance that project with some bonds in the TCS balance sheet or in the new SPV balance sheet, also have some finance -- import finance from banks or the advances for imported equipment. And then as I said, 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.

嗯，或許現在說還太早，但目前我們正與一組銀行合作，所以可能大約是 10 億美元，類似這樣的規模。這個專案將分成兩個 SPV，其中 1/3 在 TGS Tratayen 處理廠。在那裡，我們預期透過在 TCS 資產負債表或新 SPV 的資產負債表上發行一些債券來融資，也可能會有一些融資——來自銀行的進口融資或針對進口設備的預付款。然後如我所說，第二個 SPV 會有約 10 億美元的專案融資；該 SPV 將包含多產品管線（polyduct）、分餾、儲存與裝運設施。

Another question from Jorgasto. He want to have some color on the decline from revenue as percentage of transportation contract this quarter. It was because the interruptible services revenue increased. This was not because the firm revenue is declining. So this is the reason.

另一個問題來自 Jorgasto。他想了解本季運輸合約收入占比下降的一些原因。這是因為可中斷服務（interruptible services）收入增加。並不是因為固定（firm）收入在下降。所以原因在此。

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.

好的，我們沒有更多問題了。那麼問答環節到此結束。接下來我們交給 Alejandro 做最後結語。

Well, thank you all for participating in TGS'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.

好的，感謝各位參與 TGS 2025 年第四季電話會議。我們期待在發布 2026 年第一季業績時再次與各位交流。若期間有任何問題，請隨時聯繫我們的投資人關係部門。祝各位有美好的一天。