Transportadora de Gas del Sur SA (TGS) 2026 Q2 法說會逐字稿

Good morning.

早安。

Good morning everyone.

各位早安。

I am Carlos Almagro, Head of Investor Relations.

我是 Carlos Almagro，投資人關係主管。

I would like to welcome everyone to TGS second quarter 2026 earning video conference.

歡迎各位參加 TGS 2026 年第二季財報視訊會議。

TGS issue is earning release yesterday. If you did not receive a copy of the release, please contact us at inversores@tgs.com.ar.

TGS 已於昨日發布財報新聞稿。若您尚未收到新聞稿副本，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 and all participants are in listen-only mode.

在開始之前，我想提醒各位，本活動將被錄音，且所有與會者目前皆為僅收聽模式。

Following the company remarks, we will host a Q&A session. All questions will need to be submitted in writing through the Q&A chat box.

公司說明結束後，我們將進行問答環節。所有問題都需要透過 Q&A 聊天框以文字方式提交。

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 financial 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 and are stated in constant Argentine pesos as of June 30, 2026, unless otherwise noted.

我也想提醒各位，今日視訊會議中的前瞻性陳述並未涵蓋未來的經濟情勢、產業狀況。或公司營運表現與財務結果。這些陳述可能受到多項風險與不確定性影響。本文所載之所有數據均依國際會計報導準則編製，並以 2026 年 6 月 30 日之阿根廷披索不變幣值（constant Argentine pesos）表達，除非另有說明。

Joining us today from TGS in Alejandro Mario Basso. Chief Financial Officer.

今天與會的 TGS 代表是 Alejandro Mario Basso。財務長。

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

接下來我將把視訊會議交給 Basso 先生。Alejandro Basso。請開始。

Thank you, Carlos. Good morning, everyone, and thank you for joining us today to discuss GCS's 2026 second quarter earnings and highlights.

謝謝你，Carlos。各位早安，感謝各位今天加入我們，一同討論 GCS 2026 年第二季的財報與重點。

To begin the call today, I would like to share some of the most recent corporate developments. First of all, the most relevant news is the FID for the NGL project. Announced a few weeks ago, with key commercial agreements representing more than 90% of the project's total capacity already executed as of today.

在今天的會議開始時，我想先分享一些最新的公司發展。首先，最重要的消息是 NGL 專案的 FID（最終投資決策）。該消息於數週前宣布，截至目前，代表專案總產能 90% 以上的關鍵商業協議已完成簽署。

This is a $3 billion CapEx project, and the construction is expected to take about 45-month period, with the COD expected in March 2030.

這是一項 30 億美元的資本支出（CapEx）專案，預計建設期約 45 個月，商轉日（COD）預計為 2030 年 3 月。

In addition, we have also requested that this project be approved under the REE.

此外，我們也已申請將此專案納入 REE 核准。

The project consists of a new gardening pipeline in Vaca Muerta, a processing plant to be built in Tratayen, and a 475 kilometers per unit, a fraction in planting survey and storage facilities in Porto de Lon. In terms of the natural gas transportation expansion, which is currently under construction and following the open season launch last February.

該專案包含：在 Vaca Muerta 新建一條集輸管線、在 Tratayen 興建一座處理廠，以及在 Porto de Lon 建置 475 公里（每單位）的分餾、裝載與儲存設施。就天然氣運輸擴建而言，目前正在施工中，並延續今年 2 月啟動的 open season。

And after the allocation of 5 million km/day under a fully prepaid basis in the first round, last June we received bids for over 100 million km/day capacity in order to allocate the remainder capacity of 9 million km/day.

在第一輪以全額預付方式分配 500 萬立方公尺/日後，去年 6 月我們收到超過 1 億立方公尺/日的投標量，以分配剩餘的 900 萬立方公尺/日產能。

We submitted our capacity allocation to our regulators some weeks ago and are waiting for its approval. It is important to highlight that last May the Brito-Moreno pipeline expansion was approved by the Ministry of Economy to be included in the rig, which will result in tax benefits for the project.

我們已於數週前將產能分配結果提交監管機關，正等待核准。值得強調的是，去年 5 月 Brito-Moreno 管線擴建已獲經濟部核准納入 RIG，將使該專案享有稅務優惠。

Finally in June, S&P upgraded the long-term local and foreign currency debt ratings from B to B, following the revision for Argentina's transfer and convertibility risk assessment. Similarly, in July Moody's upgraded rating of our notes from B2 to B1 as a consequence of the Argentina's sovereign rating upgrade.

最後，在 6 月，S&P 在重新評估阿根廷的資金移轉與可兌換風險後，將本公司本地與外幣長期債務評等由 B 上調至 B。類似地，7 月 Moody's 也因阿根廷主權評等上調，將我們票據評等由 B2 上調至 B1。

Moving to slide 4, I will briefly highlight the key financial results for the second quarter of 2026.

接著看第 4 張投影片，我將簡要說明 2026 年第二季的主要財務結果。

Please keep in mind that all theories presented for this quarter and comparisons made with the previous quarter. Are expressed in constant ancient time pesos as of June 30, 2026, following the provisions established by the FRS for the financial reporting in hyperinflationary economies.

請注意，本季所呈現的所有數據與與前一季的比較。皆依據 FRS 對高通膨經濟體財務報導的規定，以 2026 年 6 月 30 日之不變幣值阿根廷披索表達。

As seen in the slide, reported total net income of $133 billion during the second quarter of 2026, compared to $53.8 billion reported in the same quarter of 2025. This relevant net income increase is mainly explained by the $60.2 billion positive variation in our financial results, as well as the important liquids EBITDA growth of $48.4 billion and to a lesser extent to the $12.3 billion increase related to the natural gas transportation EBITDA.

如投影片所示，2026 年第二季報告之淨利為 1,330 億披索，較 2025 年同季的 538 億披索增加。淨利大幅成長主要來自財務結果的正向變動 602 億披索，以及液體業務 EBITDA 顯著成長 484 億披索；此外，天然氣運輸 EBITDA 增加 123 億披索亦有部分貢獻。

Moving on to slide 5, EBITDA for natural gas translation businesses second quarter of '26 totaled 132 billion, which is about the almost 120 billion recorded in the second quarter of '25. It is worth noting that tariff increases generating higher revenues like 50.2 billion, which was more than the 48.6 billion negative effect of inflation.

接著看第 5 張投影片，2026 年第二季天然氣運輸業務 EBITDA 合計 1,320 億披索，較 2025 年第二季約 1,200 億披索增加。值得注意的是，費率調升帶來較高收入約 502 億披索，超過通膨造成的 486 億披索負面影響。

In addition, two negative events in the second quarter of '25 also explained partially the higher EBITDA in the second quarter of '26 of 19.2 billion. The first event was related to a trade receivable write-off of 11.2 billion and the second one was the climate event occurred in March '25, which damaged some natural gas transportation assets and generated a positive revaluation of 8 billion of 8 billion.

此外，2025 年第二季的兩項負面事件，也部分解釋了 2026 年第二季 EBITDA 較高（增加 192 億披索）。第一項與應收帳款沖銷 112 億披索有關；第二項為 2025 年 3 月發生的氣候事件，損壞部分天然氣運輸資產，並產生 80 億披索的正向重估（8 billion of 8 billion）。

Finally, the revenues generated by film transportation contracts decreased by 9.3 million following the natural gas transportation system reconfiguration, which became effective starting as of May 26, whose initial negative effect will be partially offset by future small monthly tariff adjustments.

最後，因天然氣運輸系統重新配置（自 5 月 26 日起生效），由「firm transportation」合約所產生的收入減少 930 萬披索；其初期負面影響將由未來每月小幅費率調整部分抵銷。

On slide 6, you can see how EBITDA for the liquid segment increased to 82.3 billion during the second quarter of '26, compared to a low 33.9 billion reported in the same quarter of '25.

在第 6 張投影片中，您可以看到液體事業部 EBITDA 於 2026 年第二季增加至 823 億披索，相較 2025 年同季僅 339 億披索。

The increase in EBITDA was mainly attributed to higher volume sales, which flows from 211,000 metric tons to 330,000 metric tons and was mainly explained. By the low volume sales in the 2025 quarter, due to the processing plant shutdown caused by the flooding suffered on March 7, 2025.

EBITDA 的增加主要歸因於銷售量提升，從 211,000 公噸增至 330,000 公噸，且主要原因是。2025 年同季因 2025 年 3 月 7 日洪水導致處理廠停工，使銷售量偏低。

The plant started to operate by mid-April with low level of production and increased its production to reach normal levels in the beginning of May.

該工廠於 4 月中旬以較低產量恢復運轉，並在 5 月初將產量提升至正常水準。

The higher volume sales generated a higher VIDDA of 46.7 billion.

較高的銷售量帶來較高的 VIDDA，增加 467 億披索。

Moreover, high international reference prices as a consequence of the geopolitical conflict in the Middle East raised the big doubt by 23.2 billion. These positive effects were partially offset by the ethane take-or-pay annual compensation collected in the second quarter of 2025 of 8.5 billion, together with the negative monetary effect of 7.4 billion. The lower ethane price which generated lower revenues of 5.8 billion and a higher average natural gas price which increased to $3.4 per million of ETU from 3.3 and generated higher cost by 2.5 billion.

此外，由於中東地緣政治衝突導致國際參考價格走高，使「big doubt」增加 232 億披索。這些正面影響部分被以下因素抵銷：2025 年第二季收取的乙烷 take-or-pay 年度補償 85 億披索、以及 74 億披索的負面貨幣影響；乙烷價格較低導致收入減少 58 億披索；以及平均天然氣價格由 3.3 升至每百萬 ETU 3.4 美元，使成本增加 25 億披索。

Turning to slide 7, EBITDA from Midstream and other services decreased slightly to $64.1 billion, compared to $69.3 billion in the second quarter of 2025.

接著看第 7 張投影片，中游（Midstream）及其他服務的 EBITDA 小幅下降至 641 億披索，較 2025 年第二季的 693 億披索為低。

Revenues generated administering services rendered in Vaca Muerta increased by $13.2 billion.

在 Vaca Muerta 提供之管理服務所產生的收入增加 132 億披索。

Transported natural gas billed volume rose from an average of 30 million kilometers per day in the second quarter of '25 to 35 million kilometers per day during this quarter. The natural gas conditioning volume also increased from an average of 27million to 30 million cubits per day. However, this higher revenue was more than offset by the negative monetary effect of 10.5 billion as inflation was higher than the foreign exchange rate increase along with higher operating expenses of 5.6 billion.

計費之天然氣輸送量由 2025 年第二季平均每日 3,000 萬公里上升至本季平均每日 3,500 萬公里。天然氣調質量亦由平均每日 2,700 萬增至 3,000 萬立方英尺。然而，這些較高收入被 105 億披索的負面貨幣影響（通膨高於匯率升幅）以及 56 億披索較高營運費用所抵銷。

As seen on slide 8, we recorded a positive variation in the financial results amounting to 60.2 billion. This was mainly due to 130.1 billion increasing income from financial assets given the higher yields recorded for the domestic financial investment and to a lesser extent to a higher level of financial investments.

如投影片第8頁所示，我們的財務結果錄得正向變動，金額達602億。這主要是因為金融資產收益增加1,301億，係由於國內金融投資的收益率上升所致，此外亦部分來自金融投資水位提高。

This positive effect was partially offset by $46.7 billion higher foreign exchange loss, $15.2 billion in higher interest expenses, both of which are mainly attributed to the $300 million bond issued in November of '25, as well as the $7.6 billion higher inflation exposure loss.

此一正面效果部分被較高的外匯損失467億與較高的利息費用152億所抵銷；兩者主要歸因於25年11月發行的3億美元債券，另有較高的通膨曝險損失76億。

Finally, turning to the cash flow on slide 9.

最後，接著看投影片第9頁的現金流。

Our cash position increased by $274 billion in real terms during the second quarter of '26 to $2,206 billion, equivalent to approximately $1.5 billion at the official exchange rate.

在26年第二季，我們的現金部位以實質計增加2,740億，達到2,2060億；按官方匯率約相當於15億美元。

EBITDA generation in the second quarter was $78.4 million, of which 53% was generated by non-regulated businesses, even after considering the full normalization of the natural gas transportation segment. This result highlights the increased relevance of the non-regulated activities within the company's overall preserve.

第二季EBITDA為7,840萬美元，其中53%來自非管制業務，即使已考量天然氣運輸事業部門的全面正常化亦然。此結果凸顯非管制活動在公司整體組合中的重要性提升。

Capels amounted to $165 billion, latched in. By investments in the pipeline expansion project.

資本支出（CapEx）為1,650億，主要投入於。管線擴建專案的投資。

Working capital decreased by $186 billion, primarily due to the collection of the first prepayment installment of approximately $140 billion from customers that contracted $5 million credits per day of incremental foreign transportation capacity.

營運資金減少1,860億，主要因為向簽約每日新增500萬立方公尺外運輸容量的客戶，收取約1,400億的第一期預付款。

We also paid $31.3 billion in income taxes and $30.8 billion in interest.

我們亦支付所得稅313億及利息308億。

And we incurred in new debts amounting to $20.8 billion.

同時新增借款金額為208億。

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

以上為本次簡報內容。接下來我將交給Carlos，由他開放提問。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Well, first question is from Bruno Montanari from Morgan Stanley. Hello, how are you, Bruno?

第一個問題來自摩根士丹利（Morgan Stanley）的Bruno Montanari。你好，Bruno，近來如何？

The first question is regarding the GPN expansion, how much capital is still left to execute in the coming quarters?

第一個問題關於GPN擴建：未來幾季還剩多少資本支出需要執行？

Hi, Bruno. Well, as of June 30, 2026, we have already invested around $180 million, so we have $600 million left for the remainder quarters until May 1st, so until May next year.

嗨，Bruno。截至2026年6月30日，我們已投資約1.8億美元，因此在剩餘季度到5月1日之前，也就是到明年5月之前，還剩6億美元。

The second question is regarding the new liquidity projects.

第二個問題是關於新的液體（液化品）專案。

How should we think about the CapEx distributions over the years?

我們應該如何看待各年度的資本支出（CapEx）分配？

Well, we have for this year around $500 million, $800 million for '27, $1 billion in '28, and $600 million in '29, approximately. And the reminder... In the first quarter of 2030.

好的，今年約5億美元，27年8億美元，28年10億美元，29年約6億美元。其餘部分……在2030年第一季。

If you have a question regarding the financing of the project.

如果你有關於專案融資的問題。

If TGS already secured all the funding requirements.

也就是TGS是否已確保所有資金需求。

We have signed agreements with banks for the import financing for around approximately $300 million for the 1st year, and we are working with a group of banks for the financing of the remainder of the MGS.

我們已與銀行簽署進口融資協議，第一年金額約3億美元；同時也正與一組銀行合作，為MGS其餘部分安排融資。

MGS is the the second BPU with a total investment of $2 billion. And we are working with this group of funds to finance 60% of the total investment of this $2 billion.

MGS是第二個BPU，總投資額為20億美元。我們正與這一組資金合作，為這20億美元總投資中的60%提供融資。

The tenure of the import facilities, finance facilities is three years.

該等進口融資／融資額度的期限為三年。

The cost is approximately 8.5% holding.

成本約為8.5%的持有成本。

And now we have a question from Matthews.

接下來是Matthews的提問。

Hi, Matthews.

嗨，Matthews。

His question is regarding the transportation segment, the revenues of EBITDA, how the EBITDA of this second quarter, why it was weaker in dollars times compared to the first Q, even as we have a real gain in tariffs?

他的問題關於運輸事業部門：EBITDA的收入，為何本季第二季的EBITDA以美元計較第一季疲弱，即使我們的費率在實質上有所上升？

Hi, Matthews. As you may know, we have a reconfiguration, a regulation, a new regulation of the capacity in the whole transportation system in Argentina, as the natural gas currently is coming from the west, from Patamuerta, from La Uquen. Replacing the gas that used to come from the north, from the Bolivian basin, from the northern basin, and also from the south.

嗨，Matthews。如你所知，阿根廷整個運輸系統的容量正在重新配置並有新的監管規則，因為目前天然氣是從西部、從Patamuerta、從La Uquen輸送而來，取代了過去從北部、玻利維亞盆地、北部盆地，以及南部輸送的天然氣。

So some contracts were transferred from one system to the other. So, TCS has an impact there because of the important position that we have in the southern contract, the transportation contracts coming from Tierra del Puego. So, you are going to see this loss of volumes or lower volumes in the future.

因此部分合約從一個系統移轉到另一個系統。由於我們在南部合約、亦即來自Tierra del Puego的運輸合約上具有重要部位，TCS在此會受到影響。所以未來你會看到運量流失或運量降低。

Also, this reconfiguration has made more efficient the system. So, lower IT services, interruptible services are rendered by TCS and TCN. At the same time, we have a compensation tariffs. But the compensation of tariffs is calculated in the future. So, you may see a small compensation for this weakness in the transportation revenues, but it is not significant.

此外，這次重新配置也讓系統更有效率，因此TCS與TCN提供的IT服務、可中斷服務量更少。同時我們有補償性費率。但補償性費率是在未來計算，因此你可能會看到對運輸收入疲弱有些微補償，但並不顯著。

The second question is regarding the liquid business, which are the drivers of higher costs versus the first two. Just explain why Margin and EBITDA were weaker with five good energy prices.

第二個問題關於液體業務：相較第一季，成本上升的驅動因素是什麼？請說明為何在能源價格不錯的情況下，毛利與EBITDA反而較弱。

Well, that has to do with the cost of natural gas.

這與天然氣成本有關。

In the winter season that starts on May every year, you may see higher natural gas prices than obviously in the summer season, the first Q.

每年5月開始進入冬季，你會看到天然氣價格高於夏季，也就是第一季。

At the same time, the cost of gas is higher than the previous year, especially in the spot market.

同時，天然氣成本也高於去年，尤其是在現貨市場。

That is compared with the same quarter of last year, 25.

這是與去年25年同一季度相比。

Now we have a question from Gasztowtt from Lagin Securities, but the question that was answered in the first.

接下來是Lagin Securities的Gasztowtt提問，但該問題已在第一個問題中回答。

In the previous one.

在前一個問題中。

In the previous one, regarding the transportation revenues compared with the first Q26.

在前一個問題中，關於運輸收入相較於26年第一季。

His second question is also one that was explained regarding the financing of the initial project that Alejandro explains specifically.

他的第二個問題也已被說明，關於初始專案的融資，Alejandro已具體解釋。

Well, now we have a question from Juan Ignacio Lopez.

接下來是Juan Ignacio Lopez的提問。

Hi, Juan.

嗨，Juan。

His first question is regarding the CapEx deployment for the second-half of 2026, regarding the GPM, the Periton Marino pipeline and the initial project.

他的第一個問題關於2026年下半年的資本支出（CapEx）投放，涉及GPM、Periton Marino管線以及初始專案。

Okay, regarding the Preto Molino expansion, we are estimating for the remainder of this year around $400 million and a similar amount or a bit higher than that for the initial project for this year.

好的，關於Preto Molino擴建，我們估計今年剩餘期間約4億美元；而初始專案今年的金額也大致相當或略高一些。

The second question is regarding the strong cash flow print supported.

第二個問題是關於強勁的現金流表現所支撐。

By positive working capital when his question regarding what is the reason of this strong cash flow?

由正向營運資金所支撐；他的問題是，這麼強的現金流原因是什麼？

Okay, Juan Ignacio, as I said in the call, we 5 million out of 14 kilometers per day or out of 12 kilometers per day from the.

好的，Juan Ignacio，如我在電話會議中所說，我們在每日14公里或每日12公里中的500萬（容量）來自。

Expansion or for the transportation TCS transportation system expansion were collected as prepaid.

擴建，或TCS運輸系統擴建的部分，是以預付款方式收取。

They were prepaid by the clients. It is an option that we have in the clients also have in the open season.

這些是由客戶預付的。這是我們提供的一個選項，客戶在open season中也可選擇。

40% of the total capacity may be offered and. And sold at TGS under prepaying scheme.

總容量的40%可以被提供，並且。並以預付方案由TGS出售。

So they prepaid the capacity for the 15-year contracts.

因此，他們為期15年的合約預付了運輸容量。

And so that is $100 million almost that we collected in the second quarter, which is the important impact, favorable impact in our working capital.

因此，我們在第二季幾乎收到了1億美元，這是對我們營運資金的重要影響，屬於正面影響。

Now we have a question from Andres Sinigliaro from Balance.

現在我們有一個來自 Balance 的 Andres Sinigliaro 的問題。

It is the same question that was answered before regarding the deployment of the $3 billion in years.

這是先前已回答過的同一個問題，關於在數年內部署30億美元的規劃。

Now, another question from George Gasztowtt.

現在，另一個問題來自 George Gasztowtt。

Regarding the Pampa project, the Uria project, which will require an additional 3.5 million cubic meters per day of transportation capacity out of Aga Morta, if we expect to exercise the Perito Moreno 6 million cubic meters per day additional expansion option to meet this demand.

關於 Pampa 專案、Uria 專案，該專案將需要從 Aga Morta 額外每天350萬立方公尺的運輸容量；我們是否預期會行使 Perito Moreno 每天額外600萬立方公尺的擴建選擇權，以滿足這項需求。

Yes, George, we are analyzing the business opportunity to further expand the Perito Moreno up to 6 million committees per day. It may be less than that, but it could happen.

是的，George，我們正在分析進一步將 Perito Moreno 擴建至每天600萬（原文：committees）立方公尺的商機。可能會少於這個數字，但也有可能發生。

Now we have a question from Melina Einar from PPI.

現在我們有一個來自 PPI 的 Melina Einar 的問題。

The question is regarding the 3 billion CapEx. At what level do we expect the net debt to EBITDA ratio to peak during the investment phase and in which moment we think this will occur?

問題是關於30億美元的資本支出（CapEx）。在投資階段，我們預期淨負債對 EBITDA 比率最高會到什麼水準？以及我們認為會在何時出現？

Overlooking thing. We obviously, Melina, we expect to increase our net debt to EBITDA ratio maybe in the year 29 or 28.

整體來看。Melina，很明顯地，我們預期淨負債對 EBITDA 比率可能會在2029年或2028年上升。

We could be around three times.

我們可能會在約3倍左右。

Below three times.

低於3倍。

Or below three times. Obviously much below the maximum.

或低於3倍。顯然遠低於上限。

Russia have under the order of our bond contents.

（原文不清）Russia have under the order of our bond contents。

That is 3.5.

也就是3.5。

Now we have a question from Alvaro Leiva from BTG Actual, Alvaro.

現在我們有一個來自 BTG Actual 的 Alvaro Leiva 的問題，Alvaro。

Well, your question was answered regarding the financing of the project.

嗯，你的問題已就專案融資部分回答過了。

And the leverage also.

以及槓桿水準也是。

And also the leverage, yes.

槓桿也是，是的。

A question from Santiago Arrela from Alaria regarding a shared project, what is the new maintenance CapEx once the project is finished?

來自 Alaria 的 Santiago Arrela 有一個關於共享專案的問題：專案完成後，新的維護性資本支出（maintenance CapEx）是多少？

I think that is around total project $10 million per year in addition to what we have, what we currently have. But it is $90 million plus another trend that could be added.

我認為整體專案每年大約是1,000萬美元，另外再加上我們既有、目前的支出。但那是9,000萬美元再加上另一個可能會加入的趨勢（原文不清）。

Yes.

是的。

Now, we have a question from Ramiro Barrero. Hi, Ramiro, from Bull Market.

現在，我們有一個來自 Ramiro Barrero 的問題。嗨，Ramiro，來自 Bull Market。

His question regarding the integrated energy project. What portion of the $3 billion investment do we expect to finance through project finance at the SPV level? And what portion will require contribution from TCS?

他的問題是關於整合能源專案。在30億美元投資中，我們預期有多少比例會在 SPV 層級透過專案融資（project finance）來籌措？又有多少比例需要由 TCS 出資？

Hi, Ramiro. I would say that half of the total investment.

嗨，Ramiro。我會說大約是一半的總投資。

Because we are going to finance with 60% of leverage the second BPU, which is a $2 billion investment and at least $300 billion of finance of import finance in the first BPU, which is $1 billion. So, a total of 1.5 out of 3 billion. that is our expectation. We are working on that.

因為我們將以60%的槓桿為第二個 BPU 融資，這是一項20億美元的投資；而第一個 BPU（10億美元）至少會有3億美元的融資（原文：import finance）。因此，總計在30億美元中約有15億美元。這是我們的預期。我們正在推進這件事。

We have another question from Ignacio Valdez, one regarding another one regarding the engine project, if we consider adding a partner to participate in the project.

我們還有一個來自 Ignacio Valdez 的問題，另一個是關於引擎專案：我們是否考慮加入合作夥伴參與該專案。

Hi, Ignacio. Well, we may consider adding a partner. It will depend on new opportunities, business opportunities and the concept. Context for reason.

嗨，Ignacio。嗯，我們可能會考慮加入合作夥伴。這將取決於新的機會、商業機會以及相關概念。以及當時的情境與原因。

Now we have a question from Augustin Pacheco from Grupo Mariba.

現在我們有一個來自 Grupo Mariba 的 Augustin Pacheco 的問題。

Hi, Augustin.

嗨，Augustin。

Well, his first question was answered regarding in the 1st year of how much we expect to invest. And his second question.

嗯，他的第一個問題已回答過，關於第一年我們預期投資多少。以及他的第二個問題。

Is rigging approval a prerequisite for starting construction and committing the main expenditures?

是否必須先取得 rigging 核准，才能開始施工並承諾主要支出？

Or could some early stage investment begin before approval?

或者在核准之前就能開始一些早期階段的投資？

Hi, Augustin. In fact, we have already started investing in the project.

嗨，Augustin。事實上，我們已經開始對該專案進行投資。

So the rigging approval is not a prerequisite. Nevertheless, we are quite confident that the rigging is going to be approved soon.

因此，rigging 核准並不是先決條件。不過，我們相當有信心 rigging 很快就會獲得核准。

We already filed the re in June the 5th, so we are expecting to have the approval in a few months I would say. And that is all.

我們已在6月5日提交了 re（原文不清），因此我會說我們預期在幾個月內取得核准。以上就是全部。

Another question from Federico Ravelli that were answered previously.

另一個來自 Federico Ravelli 的問題先前已回答。

Another question from Alan Feldman from Criteria. How, Alan, your question was answered regarding the working capital defariation.

另一個問題來自 Criteria 的 Alan Feldman。嗨，Alan，你的問題已就營運資金變動（原文：defariation）部分回答過了。

As when Alejandro explained that. We expect for the following quarters to receive another $300 million, 200 remaining in 2026 and 100 more in the third quarter of 227 or before in April or 200 in 2027.

正如 Alejandro 解釋的那樣。我們預期在接下來幾季再收到3億美元，其中2億將在2026年剩餘期間收到，另外1億在227年第三季（原文年份不清）或更早於4月收到，或在2027年收到2億。

Another question from Alan Feldman regarding the working capital, what underlying free cash flow would use as a run rate and how should the market think about the sustainable conversion of EBITDA into cash, considering this repayment?

Alan Feldman 另有一個關於營運資金的問題：作為常態（run rate），你們會以哪個基礎自由現金流（underlying free cash flow）來衡量？並且考量這筆回收款項，市場應如何看待 EBITDA 轉換為現金的可持續性？

Okay, hi Alan, as we already, as we are being paid 40% of the new volumes of the expansion volumes of the GPM expansion and the transportation, TGS transportation system expansion.

好的，嗨 Alan，如同我們先前提到的，由於我們已就 GPM 擴建與 TGS 運輸系統擴建的新增運量（擴建運量）收取了其中40%的款項。

So we are not going to have those revenues after those 40% of the revenues collected after the project COD next May. So, approximately, I would say, 40 million dollars of the revenues per year are not going to be collected because we have already, for that time, we will have already collected them.

因此，在明年5月專案 COD（商轉日）之後，我們將不會再收取那40%已提前收取的收入。也就是說，我估計每年約4,000萬美元的收入將不會再收取，因為到那時我們已經先收到了。

We have another question regarding financing the project. So, it was answered.

我們還有另一個關於專案融資的問題，已經回答過了。

Another question from Jorge Mauro, Hi Jorge, your question was answered regarding the PIC leverage in the next three years.

另一個問題來自 Jorge Mauro。嗨 Jorge，你的問題已就未來三年的 PIC 槓桿回答過了。

Jorge has a question regarding the Pampa project that it was answered.

Jorge 有一個關於 Pampa 專案的問題，也已回答。

Well, we think that that is all. That is all.

好的，我們認為以上就是全部。以上就是全部。

Well, this concludes the questions and answer sections.

好的，問答環節到此結束。

Now we will turn to Alejandro for final remarks.

現在我們將交給 Alejandro 做最後結語。

Thank you all for participating in this year's second quarter 2026 conference call. We look forward to speaking with you again when we release our 2026 third quarter results. If you have any questions in the meantime, please do not hesitate to contact our investor relations department. Have a good day.

感謝各位參與本年度2026年第二季電話法說會。我們期待在發布2026年第三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。