A. Operating Results The following Operating and Financial Review and Prospects should be read in conjunction with our Financial Statements included elsewhere herein. This Operating and Financial Review and Prospects discussion contains forward-looking statements that involve certain risks, uncertainties and assumptions. These forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “will likely result,” “intend,” “projection,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “plan” or other similar words. Our actual results may differ materially from those identified in these forward-looking statements. For more information on forward-looking statements, see “Cautionary Statement Regarding Forward-Looking Statements.” In addition, for a discussion of important factors, including, but not limited to, our tariffs on the Natural Gas Transportation segment and other factors that could cause actual results to differ materially from the results referred to in the forward-looking statements, see “Item 3. Key Information—D. Risk Factors.” For purposes of the following discussion and analysis, unless otherwise specified, references to fiscal years 2025, 2024 and 2023 relate to the fiscal years ended December 31, 2025, 2024 and 2023, respectively. We maintain our accounting books and records in Argentine pesos. Our Financial Statements as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023 have been prepared in accordance with the accounting policies based on IFRS Accounting Standards. Our management concluded that Argentina is a hyperinflationary economy in terms of IAS 29, effective as of July 1, 2018. As a result, (i) our audited consolidated statements of financial position as of December 31, 2025, and our audited consolidated statements of comprehensive income, changes in equity and cash flows, and the related explanatory notes for the year ended December 31, 2025, included elsewhere in this Annual Report have been prepared using hyperinflation accounting in accordance with IAS 29, and (ii) our audited consolidated statements of financial position as of December 31, 2024, and our audited consolidated statements of comprehensive income, changes in equity and cash flows, and the related explanatory notes for the years ended December 31, 2024 and 2023, included elsewhere in this Annual Report have been restated to Current Currency in accordance with IAS 29 for comparative purposes. Thus, the Financial Statements and the financial information included in this Annual Report for all the periods reported are presented on the basis of current pesos as of December 31, 2025. 104 Table of Contents For information relating to the presentation of financial information, see “Presentation of Financial and Other Information.” Critical Accounting Policies Critical accounting policies are those that are most important to the portrayal of our financial condition, results of operations and cash flows, and require management to make difficult, subjective or complex judgments and estimates about matters that are inherently uncertain. In connection with the preparation of our Financial Statements included in this Annual Report, we have relied on assumptions derived from historical experience and various other factors that we deemed reasonable and relevant. Although we review these assumptions in the ordinary course of our business at the end of each reporting period, the presentation of our financial condition and results of operations often requires management to make judgments regarding the effects of matters that are inherently uncertain. Actual results may differ from those estimated as a result of these different assumptions. We have described each of the following critical accounting policies in order to provide an understanding about how our management forms judgments and views with respect to such policies and estimates: • impairment of property, plant and equipment (“PPE”); and • provisions for legal claims and others; For additional information regarding our Critical Accounting policies, see Note 5 to our Financial Statements. Factors Affecting Our Consolidated Results of Operations Year to year fluctuations in our net income are a result of a combination of factors, including primarily: • the volume of Liquids; • changes in international prices of LPG and natural gasoline; • regulation affecting our liquids business; • changes in the input costs related to the Liquids production and commercialization segment, including the Gas Charge Resolutions; • the availability of natural gas and its richness; • fluctuation in the peso/U.S. dollar exchange rate; • the tariffs we are permitted to charge in our Natural Gas Transportation business segment; • local inflation and its impact on costs expressed in pesos; and • other changes in laws or regulations affecting our operations, including tax matters. 105 Table of Contents Sources of revenue Natural gas transportation Our Natural Gas Transportation operations generate revenues from the sale of transportation capacity to customers under a regulated tariff framework. Transportation rates are established and periodically adjusted by ENARGAS in accordance with the applicable regulatory regime and, therefore, our revenues from this segment are predominantly regulated and not freely negotiated. Tariff charts applicable remained unchanged between April 2019 and March 2022. In April 2023, we received a limited tariff increase below the cumulative evolution of inflation and operating costs during that period, which adversely affected the real value of transportation revenues. On March 26, 2024, we entered into the 2024 Transitional Agreement with ENARGAS, which outlined a transitory adjustment of 675% in natural gas transportation tariffs. Subsequently, ENARGAS informed us of the postponement of certain scheduled monthly tariff updates, including the adjustment initially corresponding to July 2024, maintaining the tariff tables in effect as of April 3, 2024. Resolution No. 256 established that the periodic tariff adjustment mechanism would be based on a formula combining the CPI and the WPI, both published by the INDEC. Within the framework of Decree No. 371/2025, the Secretariat of Energy was designated as enforcement authority in matters requiring amendments to contracts or licenses related to tariffs. On June 4, 2025, the Secretariat of Energy issued Resolution No. 241/2025, which introduced a monthly tariff update mechanism (“Periodic Update”), replacing the previous semi‑annual adjustment scheme. On June 5, 2025, we adhered to Resolution No. 241/2025, and ENARGAS, through Resolution No. 350/2025, approved the methodology for calculating the Periodic Update and the tariff tables applicable as of June 6, 2025. These tariff tables incorporated both the Periodic Update and the increase resulting from the five‑year tariff review. Accordingly, during 2024 and the period elapsed in 2025, transportation tariffs were adjusted through a series of increases of 675%, 4.0%, 1.0%, 2.7%, 3.5%, 3.0%, 2.5%, 1.5% and 1.7%, effective as of April 3, August 1, September 2, October 1, November 4 and December 4, 2024, and January 1, February 1 and March 6, 2025, respectively. These adjustments had a direct and material impact on transportation revenues during the period. On June 30, 2025, ENARGAS issued Resolution No. 421/2025 approving new tariff tables applicable to us, which provided for (i) a monthly Periodic Update of 0.62%, calculated in accordance with the formula established by Resolution No. 241/2025 (50% CPI and 50% WPI), and (ii) the application of the five-year tariff review increase. Resolution No. 421/2025 was published on July 1, 2025. Subsequently, additional Periodic Updates were granted effective as of August 1, September 1, October 1, November 1 and December 1, 2025, and January 1 and February 1, 2026, through Resolutions No. 539/2025, 622/2025, 732/2025, 812/2025, 907/2025, 1000/2025 and 32/2026, providing monthly tariff increases of 1.63%, 2.38%, 2.49%, 2.89%, 1.71%, 2.03% and 2.63%, respectively, together with the corresponding five-year tariff review increases. For additional information see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation.” 106 Table of Contents Production and Commercialization of Liquids Our production and commercialization of liquids operations generate revenues from the sale of propane, butane, ethane and natural gasoline, in the local and international markets. Revenues from this segment are influenced by a combination of international reference prices, contractual arrangements, export conditions and domestic regulatory frameworks. Propane and butane sales to the domestic market are primarily carried out under programs and supply schemes established by the Argentine Government, which may affect pricing, volumes and margins. In parallel, we export propane, butane and natural gasoline to international markets, capturing opportunities linked to global price dynamics, logistics availability and contractual structures, including spot and medium‑term arrangements. We also provide certain related services comprising reception, storage and dispatch of the liquids from the facilities located in Puerto Galván. For additional information see “Item 4. Our Information—B. Business Overview—Liquids Production and Commercialization.” Midstream The services included in the Midstream segment consist mainly in: (i) natural gas transportation and conditioning services in Vaca Muerta, (ii) treatment, removal of impurities and natural gas compression, including the collection and transport of natural gas, (iii) inspection and maintenance of pipelines and compressor plants, (iv) services of steam generation for electricity production and management services for expansion works and steam generation to produce electricity. The Midstream segment is closely linked to the development of unconventional oil and natural gas production in the Neuquén Basin and represents a growing source of revenues as production volumes increase and additional infrastructure is required to evacuate and condition natural gas. The chart below shows Midstream revenues breakdown by type of service: 107 Table of Contents Telecommunications Our telecommunications services are derived from the sale of our capacity to customers. Macroeconomic conditions and inflation As we are an Argentine corporation (sociedad anónima) and all our operations and assets are located in Argentina, we are affected by general economic conditions in the country, such as demand for natural gas, inflation and fluctuations in currency exchange rates. Moreover, as a provider of a public service and producer of hydrocarbons, the prices of our services and products are subject to significant intervention by the Government. These factors affect our operating costs and revenues. For the year ended December 31, 2025, 38% and 41% of our revenues were attributable to our Liquids Production and Commercialization segment and our Natural Gas Transportation business segment, respectively. The following table sets forth, for the years indicated, the variation of key macroeconomic indicators in Argentina during the years specified below, as reported by official sources. 2025 2024 2023 WPI (in %) 26.2 67.1 276.4 CPI (in %) 31.5 117.8 211.4 Devaluation of pesos vs. dollar (in %) 41.0 27.7 356.3 Real GDP (pesos of 2004) (% change) 4.4 (1.7 ) (1.6 ) Industrial production (% change) (3.9 ) (9.4 ) (1.8 ) Transportation services tariffs increase 24.0 791.0 95.0 Source: INDEC and Banco Nación. Argentina has experienced, and continues to experience inflationary pressures. During periods of inflation, effective wages and salaries tend to fall and consumers adjust their consumption patterns to eliminate unnecessary expenses. The increase in inflationary risk may erode macroeconomic growth and further limit the availability of financing, causing a negative impact on our operations. Inflation increases also have a negative impact on our cost of sales, selling expenses and administrative expenses. We cannot give any assurance that increased costs as a result of inflation will be offset in whole or in part with increases in prices of our products and services. Over the past several years, inflation in Argentina, as measured by the CPI published by INDEC, has remained at high levels. After the adoption of measures in 2019 aimed at controlling inflation, which contributed to a deep recession, inflationary pressures intensified, particularly from 2020 onward. Considering the CPI, inflation was 31.5 %, 117.8%, 211.4%, 94.8%, and 50.9% in the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 2025 showed a significant slowdown compared to 2024, which is attributed to the economic policies implemented by President Javier Milei since he took office in December 2023. Monthly inflation decreased from approximately 25.5% in December 2023 to levels close to 2.7% and 2.8% by December 2024 and December 2025, respectively. In early 2026, CPI inflation remained volatile, with monthly increases of approximately 3.4%, resulting in year‑on‑year inflation of approximately 32.6%, as published by the INDEC. 108 Table of Contents Unless we can implement measures that allow us to mitigate the impact of inflation on our costs and increasing the efficiency, inflation may have a material adverse effect on our financial condition and results of operations. IAS 29 requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy, regardless of whether they are based on the historical cost method or the current cost method, be expressed in terms of the current unit of measurement at the reporting date of the reporting period. IAS standard lists a series of factors that should be considered in determining whether an economy is hyperinflationary, including whether the cumulative rate of inflation over three years’ approaches or exceeds 100%. In order to evaluate the aforementioned quantitative condition, and also to restate the financial statements, the CNV has established that the series of indexes to be used for the application of IAS 29 is determined by the FACPCE. This series of indexes combines the CPI as of January 2017 (base month: December 2016) with the WPI, both published by the INDEC until that date, computing for the months of November and December 2015, for which there is no information from the INDEC on the evolution of the WPI, the variation in the CPI of the City of Buenos Aires. Since June 2018, the International Practices Task Force of the Center for Quality, which monitors highly inflationary countries, categorized Argentina as a hyperinflationary country. The restatement method of IAS 29 provides that monetary assets and liabilities (those with a fixed nominal value in local currency) must not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. In an inflationary period, maintaining monetary assets generates loss of purchasing power and maintaining monetary liabilities generates a gain in purchasing power; provided that such items are not subject to an adjustment mechanism that compensates to some extent for these effects. The monetary loss or gain is included in the result of the period reported, revealing this information in a separate line item. Assets and liabilities subject to adjustments based on specific inflation agreements must be adjusted in accordance with such agreements. The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be restated. The remaining non-monetary assets and liabilities must be (i) restated by applying a general price index and (ii) expressed in the measuring unit (the hyperinflationary currency) current at the end of the reporting period. Any restated non-monetary asset amount does not exceed its recoverable amount. As of the IAS 29 transition date (January 1, 2016), we applied the following rules to express the shareholders’ equity accounts in the currency unit as of December 31, 2025: • The components of the capital stock were restated from the dates they were contributed; • Reserved earnings were maintained at the date of transition at their nominal value (legal amount without restatement); • The restated unallocated results were determined by the difference between the net assets restated at the transition date and the rest of the initial equity components expressed as indicated in the preceding paragraphs; and • After the restatement at the transition date, all the components of the equity were restated by applying the general price index from the beginning of the period, and each variation of those components was restated from the date of contribution or from the moment in which the variation is added by any other means. 109 Table of Contents Revenues and expenses (including interest and foreign exchange differences) are restated from the date of their booking, except for those income statement items that reflect or include in their determination the consumption of assets measured in purchasing power of a date before the consumption booked, which are restated based on the date of origin of the asset to which the item is related (for example, depreciation and other consumption of assets valued at historical cost); and also those results that arise from comparing two measurements expressed in purchasing power currency of different dates, for which it is necessary to identify the amounts compared, restate them separately, and make the comparison, but with the amounts already restated. Because Natural Gas Transportation business segment revenues represented 41% of our total revenues during the year 2025, and are denominated in pesos, any further increase in the rate of inflation not accompanied by a parallel increase in our tariffs would decrease our revenues in real terms and adversely affect our results of operations. For additional information regarding the impact of the application of IAS 29, see Note 4.d to our Financial Statements included elsewhere in this Annual Report. In addition, inflation may negatively affect income tax payable. For example, under hyperinflationary contexts, the existence of higher monetary liabilities over monetary assets will mean an increase in income tax payable. Act 27,468 substituted the WPI for the CPI for the calculation of the indexation adjustments for tax purposes, and it modified the standards for triggering the tax indexation procedure. Economic situation and outlook We operate in a complex and volatile macroeconomic environment. Since taking office in December 2023, the current administration has implemented a fiscal consolidation program focused on eliminating the fiscal deficit, reducing monetary issuance and stabilizing inflation. In April 2025, the exchange rate system was loosened, allowing the official exchange rate to fluctuate among exchange rate floor and ceiling bands, adjusted to a monthly 1%. A 41% exchange rate annual variation was recorded for the year 2025. As of December 31, 2025, selling price of a U.S. dollar was quoted at Ps. 1,455. The agreement with the IMF for US$20,000 million and the additional financing of multilateral entities backed the following phase of the economic program, focused on stabilization and structural reforms. Among the most relevant measures, the following stand out: ‒ Lifting of currency and exchange controls and restrictions on individuals. ‒ Permission for the distribution of earnings to foreign shareholders as from the fiscal years beginning in 2025. ‒ Flexibilization of the terms for the payment of foreign trade operations. ‒ Implementation of the Foundations Law and the RIGI, which granted fiscal, customs and exchange benefits to strategic projects, particularly in energy and mining sectors. 110 Table of Contents ‒ Inflation: The CPI presented a pronounced deceleration, closing the year around an annual 32%, with monthly rates close to 2%, the lowest level recorded in over three years. ‒ Exchange rate: The official dollar closed at Ps. 1,445, within the foreseen band. ‒ Country risk: The Emerging Markets Bonds Index (EMBI+) index was around 571 at the end of the year 2025, presenting a significant improvement compared to the previous year, in line with compliance with the fiscal program and the agreement with the IMF. ‒ International reserves: The BCRA was unable to accumulate reserves and financial volatility remained high, particularly prior to legislative elections. ‒ Economic activity: During the third quarter of 2025, GDP recorded an estimated 3.3% year-on-year increase. This growth was mainly supported by the energy sector’s performance and the dynamism of exports, within a context of moderate domestic consumption and an activity recovery that continued displaying an uneven performance among the different economic sectors. ‒ Employment and salaries: As of December 31, 2025, the salaries index recorded a year-on-year increase of 38.2%, still below the inflation recorded for the period, which implied a decline in the purchasing power of work revenues. On the other hand, the 6.6% unemployment rate recorded in the third 2025 quarter represented a slight improvement compared to previous periods, although in a context of unwavering pressure on the labor market and high levels of informality. The reporting period was marked by high levels of political and financial volatility associated with midterm elections. The legislative elections held on October 26, 2025 resulted in a significant renewal, shifting the legislative balance and the dynamics for the implementation of reforms. The ruling party increased its representation, although it still lacks its own majority. In view of this context, the Executive Branch stated its intention to drive initiatives aimed at fiscal consolidation, reduction of inflation and economic deregulation. The government kept its focus on fiscal consolidation and the gradual implementation of reforms, in order to strengthen investors’ trust and move forward to a more stable macroeconomic scenario. With the aim of reducing exchange instability and curb financial volatility prior to elections, the Argentine government entered into an assistance agreement with the United States. The agreement included a US$ 20,000 million currency swap mechanism and the intervention of the United States Treasury with the purchase of Argentine pesos in the domestic market. The purpose of such measures was to strengthen international reserves and provide foreseeability in a context of high pre-electoral uncertainty. On April 11, 2025, the Government announced the launch of the next phase of its macroeconomic plan, which includes, among other measures: (i) allowing the exchange rate of the U.S. dollar in the official foreign exchange market (MULC) to fluctuate within a moving band between Ps. 1,000 and Ps. 1,400, with the band limits widening at a monthly rate of 1%; (ii) eliminating the “dollar blend” mechanism, lifting foreign exchange restrictions for individuals, allowing profit distributions to foreign shareholders starting from fiscal years beginning in 2025, and relaxing deadlines for foreign trade payments; and (iii) reinforcing the nominal anchor by enhancing the monetary policy framework, under which the BCRA will not issue pesos to finance the fiscal deficit or to remunerate its monetary liabilities. 111 Table of Contents On September 7, 2025, legislative elections were held in the Province of Buenos Aires, in which the ruling party suffered a significant defeat against the opposition coalition Fuerza Patria, which obtained a lead of more than 13 percentage points. National legislative elections were held on Sunday, October 26, the results of which defined the new composition of the National Congress and could have significant implications for Argentina’s economic and regulatory outlook. The government has clearly expressed its intention to move forward with structural reforms aimed at fiscal consolidation, reducing inflation, and economic deregulation; however, uncertainty remains regarding the legislative support needed to implement them. The lack of legislative consensus could limit the scope of the proposed reforms, influence market expectations, and affect macroeconomic stability. The volatility of the Argentine economy and the measures adopted by the government have had, and are expected to continue having, a significant impact on our result of operations and financial situation. One year after its enactment, the Foundations Law has significantly changed economic and administrative structures in Argentina. Such changes advanced privatization processes, the restructuring of state entities and the execution of RIGI, which started to back investment projects in strategic sectors such as energy and mining, among them Vaca Muerta Sur and Argentina GNL. The implementation of RIGI allowed us to request adherence to our private initiative project for the expansion of the GPM natural gas transportation capacity. For further information, see “3. Our Businesses. Natural gas transportation. Private Initiative.” On December 27, 2025, the National Congress simultaneously passed the 2026 Budget Law as well as the law known as “Fiscal Innocence Law.” The latter establishes a tax payers’ presumption of innocence, updates the thresholds for the classification of tax offences, reduces the statute of limitations for tax offences and enables voluntary enrollment to regularize fiscal matters. These provisions bring about higher legal and fiscal certainty, favoring transparency and compliance in corporate management. The restructuring of the global geopolitical context and order, combined with changes in Argentina’s political and macroeconomic frameworks, creates a dynamic of significant transformations in the overall business climate, particularly in the energy sector. The restructuring of the economy and shifts in the global perception of Argentina, together with the development of Vaca Muerta and the consequent reconfiguration of the oil and gas industry -driven by a focus on unconventional resources with the need to rebuild transportation and energy infrastructure-, create a dynamic environment with abundant opportunities. Our Management is permanently monitoring the evolution of the variables that may have impact on our business, in order to outline business plans and identify the possible impacts on our financial condition. This Annual Report must be read in light of the circumstances above mentioned. While our business continued growing in 2025, our operating results, financial condition and cash flows remain vulnerable to fluctuations in the Argentine economy. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Argentina.” 112 Table of Contents Management review of 2025 and outlook Review Devaluation of the Argentine peso against the U.S. dollar during 2025 —from Ps. 1,032.00 to Ps. 1,455.00— reached 41.0%, compared to a 27.7% devaluation for the year 2024 relative to 2023. Although inflation -measured by the CPI- decreased significantly during 2025 compared to 2024, it has had a negative impact on our costs and profitability. This impact has been mitigated by the tariff increase in the natural gas transportation segment according and the conclusion of the five-year tariff review and the 2024 Transitional Agreement. During 2025, our financial position has remained stable and, as discussed in “—B. Liquidity and capital resources,” cash flow from operations has been sufficient to finance our capital expenditures for 2025. Additionally, with a focus on prudent management of our capital structure and preserving our financial position, we issued on November 20, 2025, the 2035 Notes, with a nominal value of US$500,000,000. During 2025 the exchange restrictions have been gradually relaxed, during 2025 we incurred new indebtedness with well-known financial institutions of Ps. 181,596 million and repaid Ps. 582.1 million in order to cancel goods and services imports. For additional information regarding the new indebtedness incurred during 2025, see “—B. Liquidity and Capital Resources—Description of Indebtedness.” We have allocated our short-term investment in financial instruments to protect our financial position from inflation and devaluation by increasing our position in financial assets at amortized cost and measured at fair value through profit or loss. Notwithstanding the above, we cannot assure that the evolution of inflation and other macroeconomic variables will not have an adverse effect on our financial position and results of operations. For further information, see “Item 3. Key Information—D. Risk Factors.” In addition to the above-mentioned respect of the impact of the devaluation of the Argentine peso on our foreign currency liability position, as of December 31, 2025, there have not been material changes to our Statement of Financial Position compared to December 31, 2024. For further information, see “—Discussion of results of operations for the years ended December 31, 2025 and 2024” below. Outlook and other material events that may impact in our financial condition During 2025 and 2024, our Natural Gas Transportation business experienced a significant normalization of its tariff framework. As from April 3, 2024, we received a transitional tariff increase of 675%, followed by periodic tariff adjustments calculated in accordance with the Transitional Adjustment Index. During 2025, we concluded the five-year tariff review process with ENARGAS, establishing a new regulatory framework applicable for the 2025–2029 period. On June 30, 2025, ENARGAS issued Resolution No. 421/2025 approving new tariff charts applicable to us. These tariff charts include: (i) a monthly tariff adjustment mechanism established by Resolution No. 241/2025 issued by the Secretariat of Energy and approved by ENARGAS through Resolution No. 350/2025, which applies a formula based on the evolution of the CPI (50%) and the WPI (50%) published by INDEC; and (ii) the tariff increase arising from the five-year tariff review. This framework provides increased visibility regarding the evolution of regulated revenues and supports the execution of the approved investment plan. For additional information, see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Regulatory Framework—Tariff situation.” As a result of the tariff adjustments implemented since April 2024, revenues from the Natural Gas Transportation segment increased to Ps. 705,124 million in 2025, compared to Ps. 580,296 million in 2024, representing 41% of total revenues for the year. However, given the hyperinflationary environment in Argentina, the real impact of such increases remains exposed to the evolution of inflation and the timing of regulatory adjustments. With respect to our Liquids Production and Commercialization segment, international market conditions remain volatile. Global inflationary pressures, fluctuations in international reference prices for NGLs and changes in logistics costs, including sea freight rates, may continue to affect margins on export revenues. During 2025, average international reference prices for propane, butane and natural gasoline declined compared to 2024, contributing to a decrease in segment revenues to Ps. 660,573 million from Ps. 732,283 million in 2024. 113 Table of Contents This effect was partially mitigated by improved domestic pricing conditions under local supply programs, higher volumes of ethane commercialized and a lower cost of replacement gas (RTP), which contributed to preserving operating margins. Going forward, the performance of this segment will continue to depend on international price dynamics, logistics costs, domestic regulatory frameworks and the quality and richness of the natural gas processed. On March 7, 2025, unprecedented heavy rains —without any statistical precedent in the last 100 years— fell on the city of Bahía Blanca and surrounding areas, causing widespread flooding across urban and adjacent regions. The Event caused the Saladillo García stream to overflow, flooding the Cerri Complex, which resulted in the paralysis of liquids production and partially affected natural gas transportation services. The external electric distribution system, as well as the electric generation and distribution facilities of the installation, were impacted. On March 24, 2025, the natural gas transportation service was restored with no significant impact in the natural gas transportation revenues. We carried out cleanup efforts and prioritized getting the plant back to full operation. Currently, the Cerri Complex is operating under normal conditions. For the year ended December 31, 2025, we recorded a loss of Ps. 54,281 million related to expenses and asset impairments arising from the Event, which is reflected in Note 8.I) “Other operating results, net” and Note 24 “Climate Event at General Cerri Complex” to our Financial Statements. We maintain insurance coverage for property damage and business interruption, subject to policy terms, deductibles and sub‑limits. The property damage deductible amounts to US$1 million, and business interruption coverage includes a 60‑day waiting period applicable to the Liquids segment. While negotiations with insurance providers are ongoing and the final recovery amount and timing remain uncertain, as of December 31, 2025 we received Ps. 3,307 million as advance payments against the final settlement of the claim. As of December 31, 2025, we maintained a solid financial position, with total assets amounting to Ps. 5,414,210 million, compared to Ps. 4,465,552 million as of December 31, 2024. The increase of Ps. 948,658 million was primarily driven by higher cash and cash equivalents, increased holdings of financial assets and continued investments in property, plant and equipment. Capital expenditures during 2025 were largely focused on maintaining the reliability and integrity of the natural gas transportation system, expanding midstream infrastructure in Vaca Muerta and restoring assets affected by the climatic event at the General Cerri Complex. Total liabilities amounted to Ps. 2,286,345 million as of December 31, 2025, compared to Ps. 1,527,394 million as of December 31, 2024. This increase was mainly attributable to the growth in non‑current financial debt, which reached Ps. 1,460,728 million, reflecting the 2035 Notes issued during 2025 to strengthen our liquidity profile and support our investment plan. 114 Table of Contents Overall, our financial position as of December 31, 2025 reflects a balanced capital structure with a strong equity base and adequate liquidity levels, providing financial flexibility to support ongoing operations, planned capital expenditures and future growth initiatives, while remaining exposed to macroeconomic conditions in Argentina and international financial markets. Argentina continues to operate in a complex macroeconomic and financial environment. Although inflation decelerated significantly during 2025 and certain macroeconomic indicators showed improvement, uncertainty remains regarding inflation dynamics, exchange rate evolution, access to financing and geopolitical developments, all of which could affect the execution of our investment plans and operating costs. New accounting pronouncements adopted after January 1, 2025, and pronouncements not yet effective as of December 31, 2025 For more information, see Note 4.a) “New IFRS accounting standards” to our Financial Statements. Discussion of Results of Operations for the Years Ended December 31, 2025 and 2024 The following table presents a summary of our consolidated results of operations for the years ended December 31, 2025 and 2024, stated in millions of pesos, and the increase or decrease and percentage of change between the periods presented: Year ended December 31, 2025 2024 Variation Percentage of change (In millions of pesos) Revenues 1,720,626 1,604,587 116,039 7.2 Costs of sales (787,388 ) (756,721 ) (30,667 ) 4.1 Gross profit 933,238 847,866 85,372 10.1 Administrative and selling expenses (182,449 ) (163,998 ) (18,451 ) 11.3 Reversal of Impairment of PPE - 52,127 (52,127 ) (100.0 ) Other operating results, net (47,308 ) 1,073 (48,380 ) (4,510 ) Operating profit 703,481 737,067 (33,586 ) (4.6 ) Net financial results (63,166 ) 28,362 (91,527 ) (322.7 ) Share of profit from associates 3,728 321 3,407 1,062.3 Income tax expense (223,183 ) (278,804 ) 55,621 (19.9 ) Total comprehensive income for the year 420,860 486,945 (66,085 ) (13.6 ) Year 2025 Compared to Year 2024 Total comprehensive income For the year ended December 31, 2025, we reported a total net income and a total comprehensive income of Ps. 420,860 million, which represents a Ps. 66,085 million decrease compared to the total comprehensive income of Ps. 486,945 million reported in 2024. 115 Table of Contents The material factors affecting total comprehensive income were as follows: • Revenues to third-parties reached Ps. 1,720,626 million in 2025, which represents a Ps. 116,039 million increase compared to 2024. This increase was mainly due to higher revenues in the Natural Gas Transportation business segments of Ps. 124,828 million. For more information see “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Regulated Natural Gas Transportation Segment” and “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Regulated Natural Gas Transportation Segment—Liquids Production and Commercialization.” • Cost of sales, including depreciation of PPE, reached Ps. 787,388 million in 2025, which represents a Ps. 30,667 million increase compared to 2024. This increase was mainly due to higher labor costs by Ps. 7,040 million, PPE maintenance by Ps. 10,455 million and depreciation of property, plant and equipment by Ps. 31,798 million. These effects were partially offset by a Ps. 28,545 million reduction in the cost of natural gas processed in the Cerri Complex (mainly due a decrease in price, measured in current pesos). • Administrative and selling expenses were Ps. 182,449 million in 2025, which represents a Ps. 18,451 million increase compared to 2024. This increase was mainly due to impairment of financial assets by Ps. 11,079 million, insurance by Ps. 3,728 million and professional services fees by Ps. 4,577 million. • During 2025, subsidies decreased by Ps. 2,968 million, this mainly driven by the increase in international prices. For more information see “Item 4. Our Information—B. Business Overview—Liquids Production and Commercialization.” • Cost of sales for the years ended on December 31, 2025 and 2024, represented 45.8% and 47.2%, respectively, of revenues reported in the corresponding year. Administrative and selling expenses for the years ended on December 31, 2025 and 2024, represented 10.6% and 10.2%, respectively, of net revenues reported in the corresponding year. Share of Profit from Associates For the year ended December 31, 2025, we recorded a profit from our investment in associates of Ps. 3,728 million, compared to Ps. 321 million recorded in 2024. Net Financial Results In accordance with IAS 29 we presented the financial results in gross terms considering the effects of the change in the currency purchasing power in a single separate line titled “loss on monetary position.” Gains and losses from monetary positions represent the effects of inflation on our monetary liabilities and assets, respectively. 116 Table of Contents Net financial results for the years ended December 31, 2025 and 2024, are as follows: Year ended December 31, 2025 2024 (in millions of pesos) Financial income Interest income 32,705 30,578 Foreign exchange gain 185,761 122,276 Subtotal 218,466 152,854 Financial expenses Interest expense (88,653 ) (73,286 ) Foreign exchange loss (297,610 ) (199,651 ) Subtotal (386,263 ) (272,937 ) Other financial results Fair value gain on financial instruments through profit and loss 174,028 236,286 Others (10,510 ) (22,846 ) Subtotal 163,518 213,439 Loss on net monetary position (58,886 ) (64,995 ) Total (63,166 ) 28,362 In accordance with the provisions of IAS 29, we opted to present the gain on the monetary position in a single line included in the financial results. This presentation implies that the nominal values of the financial results have been adjusted for inflation. The real values of financial results are different from the components of financial results presented above. For fiscal year 2025, the net financial loss increased by Ps. 91,527 million compared to the prior year. This negative variation is mainly due to the lower fair value gain on financial instruments through profits and loss of Ps. 62,258 million and higher negative net foreign exchange difference of Ps. 34,474 million. The peso/US dollar exchange rate ended at a value of Ps. 1,455 per US dollar as of December 31, 2025, representing an increase of 41% (or Ps. 423 per US dollar) compared to the exchange observed as of December 31, 2024. As of December 31, 2024, such rate increased by 27.65% (or Ps. 223.55 per US dollar) respect to the exchange rate as of December 31, 2023. Our net liability position in US dollars increase in 2025. Likewise, we recorded a loss on net monetary position of Ps. 58,886 million compared with the loss of Ps. 64,995 million in 2024, represented a positive variation of Ps. 6,108 million as a consequence of the deceleration of inflation and the net liability monetary position. The effects mentioned above were partially offset by the negative variation in results generated by financial assets of Ps. 62,258 million. Income tax expense Income tax for fiscal year 2025 was an expense of Ps. 223,183 million, compared to the expense of Ps. 278,804 million in fiscal year 2024. The lower income tax charge was primarily due to the decrease in taxable income in fiscal year 2025. 117 Table of Contents The following table sets forth revenues and operating income for each of our business segments for the years ended December 31, 2025 and 2024: Year ended December 31, Year ended December 31, 2025 compared to year ended December 31, 2024 2025 2024 Variation Percentage Change (in millions of pesos) Natural Gas Transportation Revenues 705,124 580,296 124,828 21.5 Intersegment revenues 30,425 16,082 14,343 89.2 Cost of sales (312,107 ) (281,658 ) (30,449 ) 10.8 Gross profit 423,443 314,720 108,722 34.6 Administrative and selling expenses (91,320 ) (77,616 ) (13,703 ) 17.7 Other operating (expense) / income (10,441 ) 772 (11,213 ) (1,452.5 ) Reversal of Impairment of PPE - 52,127 (52,127 ) (100.0 ) Operating profit 321,682 290,003 31,679 10.9 Liquids Production and Commercialization Revenues 660,573 732,283 (71,710 ) (9.8 ) Cost of sales (360,168 ) (381,988 ) 21,820 (5.7 ) Gross profit 300,405 350,295 (49,890 ) (14.2 ) Administrative and selling expenses (47,849 ) (55,747 ) 7,897 (14.2 ) Other operating expense (35,560 ) (989 ) (34,571 ) 3,495.6 Operating profit 216,995 293,558 (76,563 ) (26.1 ) Midstream Revenues 347,314 283,797 63,517 22.4 Cost of sales (139,267 ) (102,738 ) (36,529 ) 35.6 Gross profit 208,048 181,059 26,988 14.9 Administrative and selling expenses (41,606 ) (28,943 ) (12,663 ) 43.8 Other operating income (1,267 ) 1,290 (2,557 ) (198.2 ) Operating profit 165,174 153,406 11,768 7.7 Telecommunications Revenues 7,615 8,212 (597 ) (7.3 ) Cost of sales (6,272 ) (6,420 ) 148 (2.3 ) Gross profit 1,343 1,792 (449 ) (25.1 ) Administrative and selling expenses (1,674 ) (1,692 ) 18 (1.1 ) Other operating income (39 ) - (39 ) N/A Operating (loss)/profit (370 ) 100 (470 ) (470 ) 118 Table of Contents Regulated Natural Gas Transportation Segment The Natural Gas Transportation business segment represented 41% and 36% of our total revenues during the years 2025 and 2024, respectively. Natural Gas Transportation revenues are derived mainly from firm contracts, under which pipeline capacity is reserved and paid for regardless of actual usage by the shipper. We also provide interruptible natural gas transportation services subject to availability of the pipeline capacity. In addition, we render operation and maintenance services for the Natural Gas Transportation facilities, which belong to certain gas trusts created by the Government to expand the capacity of the Argentine natural gas transportation pipeline system. This business segment is subject to ENARGAS regulation. For additional information regarding the history of our discussions with various governmental authorities in relation to the adjustment of our gas transportation tariffs see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Regulatory Framework.” During 2025, the Natural Gas Transportation business segment recorded an operating profit of Ps. 321,682 million, compared to the operating profit of Ps. 290,003 million recorded in 2024. The main factors that affected the results of operations of this segment compared to 2024 are the following: • Revenues from the Natural Gas Transportation business segment increased by Ps. 139,171 million for the year 2025 compared to 2024. • During 2025, we received an aggregate nominal tariff increase of 24%. • Revenues related to natural gas firm transportation contracts increased by Ps. 81,584 million for the year 2025 compared to 2024, as we had received a nominal tariff increases of 24%. See “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Regulatory Framework—Regulation of Transportation Rates—Actual Rates” for additional information. • Revenues related to interruptible natural gas transportation service increased by Ps. 36,187 million for the year 2025 compared to 2024. The increase mainly resulted from tariff increase discussed above and higher volumes dispatched. • Revenues relating to the CAU increased by Ps. 7,057 million for the year 2025 compared to 2024 primarily as a result of the same tariff effect. The value of the CAU is much lower than the transportation tariff we are permitted to charge for our natural gas transportation services, because we were not required to make any investment in the construction and expansion of the assets to which the CAU relates. For additional information regarding the CAU see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Pipeline Operations.” • Costs of sales, administrative and selling expenses for the year ended December 31, 2025 increased by Ps. 44,152 million, from Ps. 359,274 million to Ps. 403,426 million, as compared to the year ended December 31, 2024. This increase was mainly attributable to higher: depreciation by Ps. 10,685 million, PPE maintenance of Ps. 10,127 million, impairment of financial assets of Ps. 8,768 million, turnover tax of Ps. 4,302 million, insurance of Ps. 3,099 million and labor costs of Ps. 2,979 million. These effects were partially offset by license fee of Ps. 1,466 million. • During 2024, we recorded a reversal of a previously recorded impairment of PPE by Ps. 52,127 million. • During 2025 we recorded other operating expense of Ps. 10,441 million, compared to the income recorded in 2024. The negative variation was mainly due to charges recorded due to the Event. 119 Table of Contents Current tariffs In December 2023, within the context of a significant deterioration in the real value of regulated tariffs, ENARGAS initiated a process to implement a transitory adjustment to natural gas transportation tariffs. On December 14, 2023, ENARGAS issued Resolution No. 704/2023, convening a Public Hearing held on January 8, 2024, to address a transitory tariff adjustment. Following such hearing, Resolution No. 52/2024, dated February 15, 2024, ratified its validity and established that the resulting transitory tariff charts would be issued within 30 business days. On December 16, 2023, the Argentine Executive Branch issued the Decree No. 55/2023, declaring a state of emergency in the national energy sector through December 31, 2024. Among other matters, this decree: (i) ordered the commencement of the five‑year tariff review process, (ii) provided for the intervention of ENARGAS as from January 1, 2024, and (iii) instructed the Secretariat of Energy to issue the regulations and procedures required to determine tariff conditions for natural gas transportation services. The energy emergency was subsequently extended through July 9, 2026 by Decree No. 370/2025. On March 26, 2024, we entered into the 2024 Transitional Agreement with ENARGAS, which provided for a transitory tariff increase of 675% in natural gas transportation tariffs. This increase became effective on April 3, 2024, following the issuance of Resolution No. 112/2024. Under the terms of Resolution No. 112/2024, and until the completion of the five-year tariff review process, tariffs were initially intended to be adjusted on a monthly basis in accordance with a composite index, the Transitory Composite Index, comprised of: (i) the Registered Private Sector Salary Index published by INDEC (47%), (ii) the WPI (27.2%), and (iii) the Construction Cost Index for Greater Buenos Aires – materials component (25.8%). The Transitional Agreement also eliminated prior restrictions on dividend distributions. However, during the period from May to July 2024, ENARGAS informed us that the implementation of the monthly tariff adjustments would be postponed. In addition, ENARGAS notified that, for the remainder of 2024, the adjustment methodology initially contemplated under the Transitional Composite Index would be replaced by adjustments based on expected inflation estimates issued by the Ministry of Economy. As a result, tariff charts in effect as of April 3, 2024, remained unchanged during certain months of 2024. Accordingly, during 2024 and 2025, we received a series of tariff increases of 675%, 4.0%, 1.0%, 2.7%, 3.5%, 3.0%, 2.5%, 1.5% and 1.7%, effective as of April 3, August 1, September 2, October 1, November 4 and December 4, 2024, and January 1, February 1 and March 6, 2025, respectively. These adjustments had a material impact on the year‑on‑year increase in revenues from the Natural Gas Transportation segment. Pursuant to the five‑year tariff process, on January 14, 2025, ENARGAS, through Resolution No. 16/2025, called for a public hearing held on February 6, 2025, to consider, among other matters, the five‑year tariff review applicable to natural gas transportation and distribution services, as well as the methodology for periodic tariff adjustments. At such hearing, we submitted our proposal, which included our Five‑Year Opex and CaPex Plan for the 2025–2029 period, our regulatory capital base, and a proposed weighted average cost of capital (“WACC”) of 9.98% in real terms after tax. During the same process, ENARGAS indicated that it would apply a WACC of 7.18% in real terms after tax. Subsequently, through Resolution No. 256/2025, ENARGAS approved the five‑year tariff review based on the parameters determined by the regulator. 120 Table of Contents Subsequently, Decree No. 371/2025 designated the Secretariat of Energy as the enforcement authority for matters requiring amendments to contracts or licenses related to tariffs. In this context, Resolution No. 241/2025 established a monthly tariff adjustment mechanism, replacing the previous semi‑annual adjustment scheme. On June 5, 2025, we consented to such resolution and ENARGAS approved the methodology for calculating transportation tariffs based on a formula combining CPI and WPI through Resolution No. 350/2025. On July 1, 2025, ENARGAS published Resolution No. 421/2025, granting a periodic tariff update of 0.62% together with the corresponding five‑year tariff review increase. Additional periodic updates were subsequently granted effective August 1, September 1, October 1, November 1 and December 1, 2025, and January 1 and February 1, 2026, through Resolutions No. 539/2025, 622/2025, 732/2025, 812/2025, 907/2025, 1000/2025 and 32/2026, providing monthly adjustments of 1.63%, 2.38%, 2.49%, 2.89%, 1.71%, 2.03% and 2.63%, respectively, together with the applicable five‑year tariff review increases. On June 13, 2024, ENARGAS issued a technical and legal report concluding that we had fully complied with our obligations under the License. Following the non‑binding public hearing held on October 21, 2024, such report enabled ENARGAS to issue a recommendation to the Executive Branch regarding the extension of the License. By means of Decree No. 495/2025, the Executive Branch ratified the Memorandum of Agreement entered into between the Ministry of Economy and us on July 11, 2025, extending the License originally granted by Decree No. 2458/1992 for an additional 20‑year term as from December 28, 2027. Liquids Production and Commercialization Segment Unlike the Natural Gas Transportation segment, revenues of the Liquids Production and Commercialization segment are not subject to full regulation by ENARGAS and the Ministry of Energy. However, in recent years, the Government has enacted a number of laws and regulations that have limited our ability to receive the full international market prices for all of the liquids that the Cerri Complex produces. In addition, ENARGAS has the ability to redirect the volumes of natural gas in the system to cover certain uses and that may result in lower volumes of natural gas to be processed in the Cerri Complex. See “Item 4. Our Information—B. Business Overview—Liquids Production and Commercialization—Regulation” for more information. The Liquids Production and Commercialization segment represented 38% and 46% of our total revenues during the years ended December 31, 2025, and 2024, respectively. Liquids Production and Commercialization activities are conducted at the Cerri Complex, which is located near Bahía Blanca and is connected to each of our main pipelines. At the Cerri Complex, we recover ethane, LPG and natural gasoline for our own account, on behalf of our customers and on a fee basis, collecting a commission for the extracted Liquids delivered to our customers. For the fiscal years 2025 and 2024, all of our sales were made for our own account. All ethane produced by our Liquids segment in the years ended December 31, 2025 and 2024 was sold locally to PBB. Our ethane sales for the years 2025 and 2024 represented 27.5% and 24.6% of our Liquids Production and Commercialization net revenues. In 2025, we sold 54.8% of our production of LPG in the local market to LPG marketers, compared to 48.5% in 2024, with the remainder exported to LPG traders. In addition, all-natural gasoline produced during 2025 and 2024 was exported. For more information about these contracts, see “Item 4. Our Information—B. Business Overview—Liquids Production and Commercialization.” 121 Table of Contents The total annual sales for the Cerri Complex for 2025 and 2024 in tons were as follows: Years ended December 31, Year ended December 31, 2025 compared to year ended December 31, 2024 (volumes in tons) (volumes in tons) 2025 2024 Increase/ (Decrease) Percentage Change Local Market Ethane 334,596 309,894 24,702 8.0 Propane 191,020 201,257 (10,237 ) (5.1 ) Butane 112,786 154,760 (41,974 ) (27.1 ) Subtotal 638,402 665,911 (27,509 ) (4.1 ) Exports Propane 192,602 192,412 190 0.1 Butane 147,265 111,363 35,902 32.2 Natural Gasoline 98,460 107,664 (9,204 ) (8.5 ) Subtotal 438,327 411,440 26,887 6.5 Total Liquids 1,076,729 1,077,350 (621 ) (0.1 ) The Liquids segment was impacted during 2025 by a large‑scale climatic event that tested both our facilities and operational capabilities. Despite the temporary shutdown of the General Cerri Complex, the rapid response of our teams and the operational resilience of our assets enabled a swift recovery. Supported by the quality of the natural gas processed —particularly volumes sourced from Vaca Muerta— and the operational efficiency of our facilities, total liquids sales reached 1,076,729 tons, while production levels remained above 1,000,000 tons. During 2025, the segment operated with efficiency and reliability ratios of 98.4% and 98.8%, respectively, reinforcing our leading position in the sector. Export revenues from our Liquids Production and Commercialization segment command a price premium, as compared to our domestic market sales, primarily as a result of regulation of domestic prices See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Exports.” For the years ended December 31, 2025 and 2024, the total accrued withholding taxes on exports amounted to Ps. 22,287 million and Ps. 30,423 million, respectively. In the domestic market, the Secretariat of Energy continued to implement measures aimed at reducing the fiscal impact of energy subsidies and mitigating the adverse effects that participation in the Households with Bottles Program and the Propane for Networks Agreement has historically had on the operating results of natural gas liquids producers. These measures included increases in the regulated sales prices applicable under such programs. Historically, participation in these programs required the commercialization of LPG volumes at prices below market levels and, under certain circumstances, below processing costs. However, as from January 24, 2025, following the enactment of Resolution No. 15/2025 issued by the Secretariat of Energy, the maximum sale price applicable to products supplied under the Households with Bottles Program was eliminated. While the obligation to supply the domestic market remains in force, the resolution removed the mandatory product supply contributions previously applicable under this program. With respect to the Propane for Networks Agreement, the applicable framework provides for compensation payable by the Argentine Government, calculated as the difference between the regulated propane price and the export parity published monthly by the Secretariat of Energy. Nevertheless, significant delays have been experienced in the compensation collection. As of December 31, 2025, the outstanding balance amounted to Ps. 12,720 million. Under the terms of the agreement, such compensation is to be settled through fiscal credit certificates to be used for the payment of hydrocarbon export duties. 122 Table of Contents Additionally, Decree No. 446/2025, entered into force on July 3, 2025, introduced amendments to Law No. 26,020, including greater flexibility in producer pricing, while maintaining the obligation to supply the domestic market. During 2025, not taking into account the aforementioned supply programs, domestic propane sales totaled 152,901 tons and domestic butane sales totaled 2,279 tons, primarily to the fractionating market and, to a lesser extent, to industrial, propellant and automotive segments. In 2025, we continued commercializing ethane, under a long-term agreement entered with PBB. This agreement contemplates similar terms to the ones agreed in the previous agreement, but includes improvements in the take or pay clause of annual compliance, which ensures us an increase in our sales volume to be implemented gradually over the first five years of the agreement. In 2025, ethane tons sold to PBB slightly went up to 334,596 tons, from the 309,894 tons recorded in 2024. See “Item 4. Our Information—B. Business Overview—Competition—Liquids Production and Commercialization—Regulation—International Market” for additional information. During 2025 the Liquids Production and Commercialization business segment recorded operating profits of Ps. 216,995 million, compared to Ps. 293,558 million in 2024. The main factors that influenced the results of operations for this segment in 2025, compared to 2024, were the following: • Revenues decreased by Ps. 71,710 million for the year 2025 compared to 2024. This negative effect was mainly due to lower international benchmark prices by Ps. 76,617 million, the negative real exchange rate variation by Ps. 35,678 million, lower volumes of trading and propane and butane and natural gasoline of Ps. 13,962 million and Ps. 12,903 million, respectively. These effects were partially offset by higher domestic butane prices of Ps, 56,179 million and higher volumes of ethane dispatched by Ps. 13,408 million. • Subsidies decreased by Ps. 2,968 million in the year 2025 compared with 2024. • In 2025 propane, butane and natural gasoline average export prices recorded decreases of 4%, 10% and 14%, respectively, compared to 2024. • During 2025, the production of Liquids reached 1,076,729 tons, 621 tons lower than in 2024, despite of the occurrence of the Event. • There were no production restrictions during the winter period, as a result of a greater supply of local gas due to non-conventional gas developments. • Cost of sales, administrative and selling expenses for the year ended December 31, 2025, decreased by Ps. 29,718 million, to Ps. 408,017 million from Ps. 437,735 million, as compared to the year ended December 31, 2024. This decrease was mainly due to lower cost of natural gas purchased as RTP of Ps. 14,202 million (mainly as a consequence of the decrease in the price of natural gas), taxes on exports of Ps. 8,136 million and property, plant and equipment maintenance of Ps. 4,311 million. • Other operating expenses increased by Ps. 34,571 million, principally as a consequence of charges made by the Event. 123 Table of Contents In 2025, export revenues from the Liquids Production and Commercialization segment were Ps. 292,674 million and accounted for 17% of total revenues and 44% of total Liquids Production and Commercialization revenues, as compared to 23% and 51%, respectively, in 2024 In 2025, we exported propane and butane at spot prices, which allowed us to capture opportunities associated with different market niches, allowing us to considerably increase the individual fixed prices of each operation. In 2025, we continued commercializing LPG by land, dispatching roughly 11,402 trucks (303,106 tons) loaded with our own product, in comparison to 14,389 trucks (331,751 tons) dispatched in 2024. Trucks dispatches are basically carried out to meet our domestic demand and allow us to export our products to neighboring countries. Although these volumes are substantially lower than exports by sea, they capitalize a higher operative margin and increase our clients’ portfolio. We continued rendering logistic services at Puerto Galván facilities in a successful manner in spite of the partial impairment of the facilities after the Event. In 2025, propane and butane deliveries overseas were conducted in a spot modality, seizing opportunities related to different markets’ niches, which allowed us to increase considerably the fixed premiums of each transaction. We also keep strengthening our positioning in the Brazilian market, maintaining our sea exports in a direct modality (with no go-betweens) to Brazilian LPG distributors. In connection with natural gasoline, in 2024 and 2025 exports were conducted pursuant to an agreement entered with Trafigura Pte Ltd at an international price less a discount, for a term of 2 years from February 2024 to February 2026. As of the date this Annual Report, we have been able to enter an agreement with ATMI Total Energies (subsidiary of Total Energies) for the period between March 2026 to February 2028, improving the conditions of the agreement in effect in 2025. As previously mentioned, international prices showed a downward trend in 2024, declining steadily throughout the year with only minor monthly fluctuations. Midstream This segment includes midstream services. Midstream services include natural gas treatment, separation and removal of impurities from the natural gas stream and compression services, which are generally rendered to the natural gas producers at the wellhead, transportation and conditioning services in Vaca Muerta, as well as activities, related to construction, operation and maintenance of pipelines and compressor plants. 124 Table of Contents During 2025, the Midstream business segment recorded an operating profit of Ps. 165,174 million, which represents a Ps. 11,768 million increase compared to Ps. 153,406 million in 2024. In 2025, the main factors that affected the results of operations of this segment were the following: • Revenues increased by Ps. 63,517 million primarily due to: (i) higher natural gas transportation and conditioning services in Vaca Muerta for Ps. 79,488 million. These effects were partially offset by a decrease in the real exchange rate on revenues denominated in U.S. dollars for Ps. 15,592 million, compression of natural gas services by Ps. 642 million and lower operation and maintenance services rendered by Ps. 355 million. • Costs of sales, administrative and selling expenses increased by Ps. 49,192 million, mainly due to increases in: (i) depreciation of PPE by Ps. 19,818 million, (ii) third-party services by Ps. 5,293 million, (iii) repair and maintenance expenses by Ps. 4,865 million and (iv) labor costs by Ps. 3,790 million. Telecommunications Telecommunication services are rendered by our subsidiary Telcosur. During 2025, the Telecommunications business segment recorded operating losses of Ps. 370 million, compared to profits of Ps. 100 million in 2024. The main factors that affected the results of operations of this segment during 2025 are the following: • Revenues decreased by Ps. 597 million in the year ended December 31, 2025, in comparison to 2024. • Costs of sales, administrative and selling expenses decreased by Ps. 166 million in the year ended December 31, 2025, in comparison to 2024, mainly due to lower third-party services and telecommunications and post expenses. Year 2024 Compared to Year 2023 Year ended December 31, 2024 2023 Variation Percentage of change (in millions of pesos) Revenues 1,604,587 1,297,140 307,447 23.7 Costs of sales (756,721 ) (815,698 ) 58,977 (7.2 ) Gross profit 847,866 481,442 366,424 76.1 Administrative and selling expenses (163,998 ) (145,717 ) (18,282 ) 12.5 Reversal of Impairment of PPE 52,127 - 52,127 100.0 Other operating results, net 1,073 (2,174 ) 3,246 (149.4 ) Operating profit 737,067 333,552 403,515 121.0 Net financial results 28,362 (208,492 ) 236,853 (113.6 ) Share of profit / (loss) from associates 321 (87 ) 408 (468.6 ) Income tax expense (278,804 ) (57,602 ) (221,202 ) 384.0 Total comprehensive income for the year 486,945 67,371 419,574 622.8 125 Table of Contents Total comprehensive income For the year ended December 31, 2024, we reported a total net income and a total comprehensive income of Ps. 486,945 million, which represents a Ps. 419,574 million increase compared to the total comprehensive income of Ps. 67,371 million reported in 2023. The material factors affecting total comprehensive income were as follows: • Revenues to third parties reached Ps. 1,604,587 million in 2024, which represents a Ps. 307,447 million increase compared to 2023. This increase was mainly due to higher revenue in the Natural Gas Transportation business segments of Ps. 296,545 million. For more information see “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Regulated Natural Gas Transportation Segment” and “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Regulated Natural Gas Transportation Segment—Liquids Production and Commercialization.” • Cost of sales, including depreciation of PPE, reached Ps. 756,721 million in 2024, which represents a Ps. 58,977 million decrease compared to 2023. This decrease was mainly due to Ps. 96,337 million reduction in the cost of natural gas processed in the Cerri Complex, mainly due a decrease in price, measured in current pesos. These effects were partially offset by an increase in the labor cost of Ps. 6,552 million, PPE maintenance of Ps. 14,751 million and technical operator assistance fee of Ps. 17,324 million. • Administrative and selling expenses were Ps. 163,998 million in 2024, which represents a Ps. 18,282 million increase compared to 2023. This increase was mainly due to higher tax on exports and turnover tax by Ps. 15,347 million, and professional services fees by Ps. 4,726 million. These effects were partially offset, principally, by a decrease in depreciation of PPE of Ps. 3,667 million. During 2024, subsidies decreased by Ps. 7,105 million, mainly driven by the increase in international prices. For more information see “Item 4. Our Information—B. Business Overview—Liquids Production and Commercialization.” Cost of sales for the years ended on December 31, 2024 and 2023, represented 47.2% and 62.9%, respectively, of revenues reported in the corresponding year. Administrative and selling expenses for the years ended on December 31, 2024 and 2023, represented 10.2% and 11.2%, respectively, of net revenues reported in the corresponding year. Share of profit / loss from associates For the year ended December 31, 2024, we recorded a profit from our investment in associates of Ps. 321 million, compared to a loss of Ps. 87 million recorded in 2023. Net Financial Results In accordance with IAS 29 we presented the financial results in gross terms considering the effects of the change in the currency purchasing power in a single separate line. Gains and losses from monetary positions represent the effects of inflation on our monetary liabilities and assets, respectively. 126 Table of Contents Net financial results for the years ended December 31, 2024 and 2023 are as follows: Year ended December 31, 2024 2023 (in millions of pesos) Financial income Interest income 30,578 69,295 Foreign exchange gain 122,276 774,075 Subtotal 152,854 843,370 Financial expenses Interest expense (73,286 ) (70,550 ) Foreign exchange loss (199,651 ) (1,372,385 ) Subtotal (272,937 ) (1,442,935 ) Other financial results Fair value gain on financial instruments through profit and loss 236,286 560,925 Others (22,846 ) (7,939 ) Subtotal 213,439 552,986 Loss on net monetary position (64,995 ) (161,912 ) Total 28,362 (208,492 ) In accordance with the provisions of IAS 29, we opted to present the gain on the monetary position in a single line included in the financial results. This presentation implies that the nominal values of the financial results have been adjusted for inflation. The real values of financial results are different from the components of financial results presented above. For fiscal year 2024, the net financial gain increased by Ps. 236,853 million compared to 2023. This positive variation is mainly due to higher positive net foreign exchange difference of Ps. 520,935 million. The peso/U.S. dollar exchange rate ended at a value of Ps. 1,032.00 per U.S. dollar as of December 31, 2024, representing an increase of 27.65% (or Ps. 223.55 per U.S. dollar) compared to the exchange observed as of December 31, 2023. As of December 31, 2023, such rate increased by 356% (or Ps. 631.29 per U.S. dollar) respect to the exchange rate as of December 31, 2022. Our net liability position in U.S. dollars decreased in 2024. Likewise, we recorded a loss on net monetary position of Ps. 64,995 million in 2024, compared with the loss of Ps. 161,912 million in 2023. This represented a positive variation of Ps. 96,917 million as a consequence of the deceleration of inflation and the net liability monetary position. The effects mentioned above were partially offset by the negative variation in results generated by financial assets of Ps. 324,639 million. Income tax expense Income tax for fiscal year 2024 was an expense of Ps. 278,804 million, compared to the expense of Ps. 57,602 million in fiscal year 2023. The higher income tax charge was primarily due to the increase in taxable income in fiscal year 2024. 127 Table of Contents The following table sets forth revenues and operating income for each of our business segments for the years ended December 31, 2024 and 2023: Year ended December 31, Year ended December 31, 2024 compared to year ended December 31, 2023 2024 2023 Variation Percentage Change Natural Gas Transportation Revenues 580,296 283,751 296,545 104.5 Intersegment revenues 16,082 8,047 8,035 99.9 Cost of sales (281,658 ) (260,017 ) (21,641 ) 8.3 Gross profit 314,720 31,781 282,940 890.3 Administrative and selling expenses (77,616 ) (64,495 ) (13,121 ) 20.3 Other operating income / (expense) 772 (2,330 ) 3,102 (133.1 ) Reversal of Impairment of PPE 52,127 - 52,127 100.0 Operating profit / (loss) 290,003 (35,044 ) 325,047 (927.5 ) Liquids Production and Commercialization Revenues 732,283 760,316 (28,034 ) (3.7 ) Cost of sales (381,988 ) (463,910 ) 81,922 (17.7 ) Gross profit 350,295 296,406 53,888 18.2 Administrative and selling expenses (55,747 ) (50,501 ) (5,246 ) 10.4 Other operating (expense) / income (989 ) (222 ) (767 ) 345.5 Operating profit 293,558 245,683 47,875 19.5 Midstream Revenues 283,797 245,256 38,541 15.7 Cost of sales (102,738 ) (93,403 ) (9,334 ) 10.0 Gross profit 181,059 151,853 29,206 19.2 Administrative and selling expenses (28,943 ) (29,092 ) 149 (0.5 ) Other operating income 1,290 378 912 241.3 Operating profit 153,406 123,139 30,267 24.6 Telecommunications Revenues 8,212 7,817 395 5.1 Cost of sales (6,420 ) (6,415 ) (5 ) 0.1 Gross profit 1,792 1,402 390 27.8 Administrative and selling expenses (1,692 ) (1,628 ) (64 ) 3.9 Operating profit / (loss) 100 (226 ) 326 (144.3 ) Regulated Natural Gas Transportation Segment The Natural Gas Transportation business segment represented 36% and 22% of our total revenues during the years 2024 and 2023, respectively. For additional information regarding the history of our discussions with various governmental authorities in relation to the adjustment of our gas transportation tariffs see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Regulatory Framework.” 128 Table of Contents During 2024, the Natural Gas Transportation business segment recorded an operating profit of Ps. 290,003 million, compared to the operating loss of Ps. 35,044 million recorded in 2023. The main factors that affected the results of operations of this segment compared to 2024 are the following: • Revenues from the Natural Gas Transportation business segment increased by Ps. 304,580 million for the year 2024 compared to 2023. • During 2024, we received a nominal tariff increase of 791%. • Revenues related to natural gas firm transportation contracts for the year ended December 31, 2024, increased by Ps. 254,362 million for the year 2024 compared to 2023, as we had received a nominal tariff increase of 791%. For additional information, see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Regulatory Framework—Regulation of Transportation Rates—Actual Rates.” • Revenues related to interruptible natural gas transportation service increased by Ps. 30,998 million for the year 2024 compared to 2023. The increase mainly resulted from tariff increase discussed above and higher volumes dispatched. • Revenues relating to the CAU increased by Ps. 11,185 million for the year 2024 compared to 2023 primarily as a result of the same tariff effect. For additional information regarding the CAU, see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Pipeline Operations.” • Costs of sales, administrative and selling expenses for the year ended December 31, 2024 increased by Ps. 34,761 million, from Ps. 324,512 million to Ps. 359,274 million, as compared to the year ended December 31, 2023. This increase was mainly attributable to higher labor costs of Ps. 4,053 million, third parties’ services received of Ps. 2,896 million, technical operator assistance fees of Ps. 12,507 million, taxes and contributions of Ps. 12,330 million and PPE maintenance of Ps. 12,258 million. These effects were partially offset by lower depreciations of Ps. 3,727 million and license fee of Ps. 3,934 million. • During 2024, we recorded a reversal of a previously recorded impairment of PPE of Ps. 52,127 million. In 2024, we recorded other operating income of Ps. 772 million, compared to the losses recorded of Ps. 2,330 million in 2023. The positive variation was mainly due to the reversal of provision for contingencies. Liquids Production and Commercialization Segment The Liquids Production and Commercialization segment represented 46% and 59% of our total revenues during the years ended December 31, 2024, and 2023, respectively. For the fiscal years 2024 and 2023, all of our sales were made for our own account. All ethane produced by our Liquids segment in the years ended December 31, 2024 and 2023 was sold locally to PBB. Our ethane sales for the years 2024 and 2023 represented 24.6% and 38.1% of our Liquids Production and Commercialization net revenues. In 2024, we sold 48.5% of our production of LPG in the local market to LPG marketers, compared to 60.6% in 2023, with the remainder exported to LPG traders. In addition, all natural gasoline produced during 2024 and 2023 was exported. For more information about these contracts, see “Item 4. Our Information—B. Business Overview—Liquids Production and Commercialization.” The total annual sales for the Cerri Complex for 2024 and 2023 in tons were as follows: 129 Table of Contents Years ended December 31, Year ended December 31, 2024 compared to year ended December 31, 2023 (volumes in tons) (volumes in tons) 2024 2023 Increase/ (Decrease) Percentage Change Local Market Ethane 309,894 394,370 (84,476 ) (21.4 ) Propane 201,257 209,058 (7,801 ) (3.7 ) Butane 154,760 165,377 (10,617 ) (6.4 ) Subtotal 665,911 768,805 (102,894 ) (13.4 ) Exports Propane 192,412 160,625 31,787 19.8 Butane 111,363 70,484 40,879 58.0 Natural Gasoline 107,664 129,272 (21,608 ) (16.7 ) Subtotal 411,440 360,381 51,058 14.2 Total Liquids 1,077,350 1,129,186 (51,836 ) (4.6 ) For the years ended December 31, 2024 and 2023, the total accrued withholding taxes on exports amounted to Ps. 30,423 million and Ps. 23,592 million, respectively. The sales prices under the program for fiscal years 2024 and 2023 were as follows: Resolution No. Period Ps. per ton (at values determined by each resolution) 762/23 September 2023 to January 2024 Ps. 50,938 11/24 February 2024 to August 2024 Ps. 137,838 216/24 September 2024 to November 2024 Ps. 240,000 394/24 As from December 2024 Ps. 420,000 The terms of Propane for Networks Agreement outlined compensations to be paid by the Argentine Government to the participants, calculated as the difference between the price at which propane is commercialized under the Propane for Networks Agreement and the export parity issued monthly by the Secretariat of Energy. However, there have been significant delays in the compensation collection. The overdue balance as of December 31, 2024 totaled Ps. 14,315 million. The Propane for Networks Agreement stipulates those payments will be conducted through fiscal credit certificates to be used by the producers for the payment of hydrocarbon export rights. As the date of this Annual Report, the certificates corresponding to the deliveries conducted in 2024 have not yet been issued. Not considering the supply programs above mentioned, we sold in the local market 164,384 tons of propane and 2,601 tons of butane mainly to the fractionating market and to a lesser extent to the industrial, propellant and automobile segments. In 2024, we continued commercializing ethane, under a long-term agreement entered with PBB. This agreement contemplates similar terms to the ones agreed in the previous one, but involves improvements in the take or pay clause of annual compliance, which ensures us an increase in our sales volume to be implemented gradually over the first five years of the agreement. In 2024, ethane tons sold to PBB slightly went up to 309,894 tons, from the 394,370 tons in 2023. 130 Table of Contents In 2024, the Liquids Production and Commercialization business segment recorded operating profit of Ps. 293,558 million, compared to Ps. 245,683 million in 2023. The main factors that affected the results of operations for this segment compared to 2023 were the following: • Revenues decreased by Ps. 28,034 million for the year 2024 compared to 2023. This negative effect was mainly due to the negative real exchange rate variation by Ps. 2,959 million, lower volumes of natural gasoline and ethane shipped by Ps. 69,628 million, lower ethane price by Ps. 59,072 million. These effects were partially offset by higher volumes of propane and butane dispatched of Ps. 52,795 million and international benchmark prices of Ps. 44,180 million. • Subsidies decreased by Ps. 7,105 million in the year 2024 compared with 2023. • In 2024, propane, butane and natural gasoline average export prices recorded increases of 8%, 10% and 3%, respectively, compared to 2023. • In 2024, the production of Liquids reached 1,077,350 tons, a decrease of 51,836 tons compared to 2023. • There were no production restrictions during the winter period, as a result of a greater supply of local gas due to non-conventional gas developments. • Notwithstanding the changes made to the Households with Bottles Program to supply LPG to the domestic market, for most of the year 2024, we sold this product to a lower price negatively affecting our result of operations. • Cost of sales, administrative and selling expenses for the year ended December 31, 2024, decreased by Ps. 76,676 million, to Ps. 437,735 million from Ps. 514,411 million, as compared to the year ended December 31, 2023. This decrease was mainly due to a lower cost of natural gas purchased as RTP of Ps. 96,337 million, mainly as a consequence of a decrease in the natural gas price— and labor costs of Ps. 1,173 million. These effects were partially offset by: (i) taxes on exports of Ps. 6,831 million, and (ii) third parties’ services received of Ps. 5,866 million. • Other operating expenses increased by Ps. 767 million. In 2024, export revenues from the Liquids Production and Commercialization segment were Ps. 374,370 million and accounted for 23% of total revenues and 51% of total Liquids Production and Commercialization revenues, compared to 21% and 36%, respectively, in 2023. In 2024, we exported propane and butane at spot prices, which allowed us to capture opportunities associated with different market niches, allowing us to considerably increase the individual fixed prices of each operation. We sold our LPG exports at spot prices and to the date of this Annual Report, we are negotiating new agreements. In 2024, we continued commercializing LPG by truck, dispatching roughly 14,389 trucks (331,751 tons) loaded with our own product, compared to the approximately 15,518 trucks (379,544 tons) of our own product dispatched in 2023. Trucks dispatches are basically carried out to meet our domestic demand and to export our products to neighboring countries. Although their volumes are substantially lower than the exports conducted by sea, they capitalize on a higher operative margin and increase our clients’ portfolio. 131 Table of Contents We continued rendering logistic services at Puerto Galván facilities successfully. Thanks to the high level of commitment of our employees and our operative efficiency of our facilities, we registered a new record of the number of trucks dispatched daily from the Galván Plant in the month of July 2024. In 2024, propane and butane deliveries overseas were conducted in a spot modality, seizing opportunities related to different markets’ niches, which allowed us to increase considerably the fixed premiums of each transaction. We also keep strengthening our positioning in the Brazilian market, maintaining our sea exports in a direct modality (with no go-betweens) to Brazilian LPG distributors. Natural gasoline exports in 2024 were conducted pursuant an agreement entered with Trafigura Pte Ltd at an international price less a discount, for a term of 2 years from February 2024 to February 2026. International prices presented a stable trend in 2024, rising in the first quarter with some slight month-over-month contractions and then returning to a rising trend in the last quarter. In the short term, international prices are expected to show a rising trend. Midstream During 2024, the Midstream business segment recorded an operating profit of Ps. 153,406 million, which represents a Ps. 30,267 million increase compared to Ps. 123,139 million in 2023. The main factors that affected the results of operations of this segment during 2024 are the following: • Revenues increased by Ps. 38,541 million primarily due to: (i) higher natural gas transportation and conditioning services in Vaca Muerta for Ps. 41,796 million. These effects were partially offset by the decrease in the real exchange rate on revenues denominated in U.S. dollars for Ps. 1,021 million, compression of natural gas services by Ps. 1,990 million and lower operation and maintenance services rendered by Ps. 751 million. • Costs of sales, administrative and selling expenses increased by Ps. 9,186 million, mainly due to the increase in: (i) labor costs by Ps. 2,609 million, (ii) repair and maintenance expenses by Ps. 3,950 million and (iii) Technical operator assistance fees by Ps. 2,344 million. Telecommunications Telecommunication services are rendered by our subsidiary Telcosur. During 2024, the Telecommunications business segment recorded an operating profit of Ps. 100 million, compared to a loss of Ps. 226 million in 2023. The main factors that affected the results of operations of this segment during 2024 are the following: • Revenues increased by Ps. 395 million in the year ended December 31, 2024, when compared to 2023. • Costs of sales, administrative and selling expenses increased by Ps. 69 million in the year ended December 31, 2024, when compared to 2023, mainly due to lower labor costs and third-party services. 132 Table of Contents B. Liquidity and Capital Resources In 2025, we maintained a solid liquidity position, supported primarily by cash flows generated from operations, our return to international capital markets through the issuance of the 2035 Notes, together with the outstanding 2031 Notes issued in 2024, and access to credit lines from top‑tier financial institutions, within the constraints imposed by prevailing macroeconomic and financial conditions in Argentina. As of December 31, 2025, cash and cash equivalents and financial investments amounted to Ps. 1,808,174 million, reflecting strong cash generation and disciplined financial management. Net financial debt remained at manageable levels, providing adequate flexibility to meet operating needs, debt service requirements and planned capital expenditures. During 2025, cash flows from operations allowed us to fully fund our operating expenses, maintenance capital expenditures related to the natural gas transportation system and other operating assets, as well as investments associated with new projects. Our principal uses of cash are capital expenditures, operating expenses, dividend payments to shareholders, servicing of financial debt and general corporate purposes. We believe that working capital, funds generated from operations and, to a lesser extent, financing from third parties will be sufficient to meet our short‑term liquidity needs. We continuously monitor our liquidity position in order to ensure compliance with our financial obligations and the execution of our strategic objectives, with financial solvency remaining a guiding principle of our capital management. To preserve cash surpluses and mitigate financial risks, we invest excess liquidity primarily in low‑risk, highly liquid financial instruments, including private debt securities issued by top‑tier Argentine companies, and maintain deposits with high‑quality financial institutions located in Argentina and the United States. Our investment policy is designed to diversify credit risk and preserve capital. Given that a significant portion of our financial indebtedness is denominated in currencies other than the Argentine peso, we prioritize placements in U.S. dollar‑denominated or U.S. dollar‑linked instruments. In 2025, we further diversified our investment portfolio through the acquisition of public and private bonds linked to the U.S. dollar and to the Stabilization Reference Coefficient published by the BCRA (Coeficiente de Estabilización de Referencia or CER), with the objective of mitigating exchange rate exposure on U.S. dollar‑denominated liabilities and reducing the impact of inflation on peso‑denominated cash balances. As of December 31, 2025, approximately 83%, or US$1,034 million, of our fund placements were denominated in or linked to U.S. dollars. During the year ended December 31, 2025, approximately 52% of our consolidated revenues were denominated in U.S. dollars. This natural hedge, combined with our investment strategy, allowed us to limit the impact of exchange rate volatility on our ability to service financial indebtedness. Cash flows from operating activities remain sensitive to a number of factors, including: (i) fluctuations in international prices for LPG products, (ii) changes in production levels and demand for our products and services, (iii) regulatory developments, including taxes, export duties, price controls and tariffs applicable to our regulated transportation business, (iv) fluctuations in the natural gas price used as replacement gas (RTP), (v) exchange rate movements, and (vi) inflation‑driven increases in operating costs. Historically, cash generation from our natural gas transportation business was adversely affected by delays in tariff adjustments relative to inflation and capital expenditure requirements. The tariff normalization process implemented since April 2024 has improved cash flow visibility and predictability. However, a further depreciation of the Argentine peso or renewed inflationary pressures not accompanied by corresponding tariff adjustments, or a sustained decline in liquids prices, could adversely affect our cash‑generating capacity, our ability to carry out mandatory capital investments and our ability to service financial debt. 133 Table of Contents In the Liquids Production and Commercialization segment, despite volatility in commodity prices and the impact of the Event, we were able to maintain a positive operating cash flow. While participation in domestic supply programs has historically affected margins and cash generation, regulatory measures implemented during 2025 improved pricing conditions. Nevertheless, delays in the collection of compensations under certain programs and continued regulatory intervention may continue to affect liquidity in this segment. Our financial position is, and will continue to be, significantly dependent on operating performance, access to capital markets, regulatory developments, exchange rate dynamics and the execution of our capital expenditure program. Actual results may materially differ from our expectations due to changes in the Argentine macroeconomic environment and international financial markets. Our primary sources and uses of cash during the years ended December 31, 2025, 2024 and 2023 are shown in the table below: Years ended December 31, 2025 2024 2023 (in millions of pesos) Cash and cash equivalents at the beginning of the year 78,895 18,904 26,664 Cash flows provided by operating activities 551,667 636,915 543,056 Cash flows used in investing activities (454,494 ) (506,328 ) (591,346 ) Cash flows provided by / (used in) financing activities 654,694 (41,239 ) 70,622 Net increase in cash and cash equivalents 751,867 89,348 22,332 Foreign exchange gains on cash and cash equivalents 16,198 225 4,157 Monetary results effect on Cash and cash equivalents (42,852 ) (29,583 ) (34,248 ) Cash and cash equivalents at the end of the year 804,107 78,895 18,904 Based on our cash generation, existing liquidity and committed facilities, we believe that our working capital is sufficient to meet our present requirements, including operating expenses, working capital needs, debt service and maintenance capital expenditures. Cash Flows Provided by Operating Activities Cash flows provided by operating activities for the year ended December 31, 2025 amounted to Ps. 551,667 million, representing a decrease of Ps. 85,248 million compared to Ps. 636,915 million generated in 2024. This decrease was mainly attributable to higher income tax payments, which increased by Ps. 180,863 million. This effect was partially offset by higher comprehensive income, adjusted for non‑cash items, which increased by Ps. 105,443 million year‑on‑year, as well as by favorable variations in certain working capital components. The cash flow provided by operating activities for the year ended December 31, 2024, increased by Ps. 93,859 million, mainly due to higher comprehensive income, adjusted for non-cash income and expense by Ps. 204,252 million and lower income tax payments by Ps. 26,777 million, partially offset by the increase in cash outflows by Ps. 137,170 million in connection with changes in assets and liabilities. The increase in cash outflows was mainly due to lower contract liabilities, trade receivables and other receivables, and an increase in trade payables payments. 134 Table of Contents Cash Flows Used in Investing Activities Cash flows used in investing activities for the year ended December 31, 2025 amounted to Ps. 454,494 million, representing a decrease of Ps. 51,834 million compared to Ps. 506,328 million used in 2024. This decrease was mainly driven by lower capital expenditures in property, plant and equipment, primarily related to Midstream projects, amounting to Ps. 60,780 million, partially offset by higher acquisitions of financial assets not considered cash equivalents under IFRS Accounting Standards, which increased by Ps. 8,945 million. The cash flow used in investment activities for the year ended December 31, 2024, decreased by Ps. 85,017 million, mainly driven by lower acquisitions of PPE within the framework of Midstream projects by Ps. 5,723 million and financial assets not considered cash equivalents according to IFRS Accounting Standards by Ps. 79,294 million. Cash Flows Provided by / (Used in) Financing Activities Cash flows provided by financing activities for the year ended December 31, 2025 amounted to Ps. 654,694 million, compared to cash flows used in financing activities of Ps. 41,239 million in 2024. This variation was mainly attributed to net proceeds from financial indebtedness during 2025, which amounted to Ps. 927,085 million, partially offset by dividend payments of Ps. 231,152 million. Cash flow used in financing activities in 2024, amounted to Ps. 41,239 million compared to the cash flow provided by financing activities for Ps. 70,622 million for 2023. This effect was due to net payments of financial debt during 2024 by Ps. 111,860 million. Description of Indebtedness As of December 31, 2025, 100% of our total indebtedness was entirely denominated in U.S. dollars. The following table shows our total indebtedness as of 2025 and 2024: 2025 2025 2024 (in millions of U.S. dollars) (2) (in millions of pesos) Current loans: 2031 Notes Interest 18 26,260 24,502 2035 Notes Interest 4 6,265 - Bank loans 140 203,790 68,356 Leases liabilities 6 8,563 10,272 Total current loans 168 244,878 103,129 Non-current loans: 2031 Notes 480 699,078 651,882 2035 Notes 486 707,571 - Bank loans 33 47,857 - Leases liabilities 1 1,232 8,115 Other loans 3 4,991 - Total non-current loans 1,004 1,460,728 659,998 Total loans(1) 1,172 1,705,606 763,127 (1) Issuance expenses net. (2) Converted at the exchange rate of Ps. 1,455.00 per US$1.00, which was the selling exchange rate as of December 31, 2025. On October 11, 2023, CNV approved the extension of the maximum amount of the Global Notes Program from US$1,200 million to US$2,000 million and the extension of the validity period of the Program for an additional 5 years from the expiration of the term, with the new expiration of the Program being January 3, 2029. 135 Table of Contents Class 3 Notes (“2031 Notes”) On July 24, 2024, within the framework of the 2024 Program, the Company issued the 2031 Notes in accordance with the following characteristics: 2031 Notes Amount in US$ 490,000,000 Interest Rate 8.50% annual Pricing 98.712% Date of Payment Percentage on the Principal Amount to be Paid Amortization July 24 2031 100% Frequency of Interest Payment Semi-annual, payable on January 24 and July 24 of each year. Guarantor None. The proceeds from the issuance of the 2031 Notes amounted to US$ 483,688,800, net of issuance discount. The Company used the net proceeds received to make a purchase and redemption of the 2018 Notes. Class 4 Notes (“2035 Notes”) On November 20, 2025, within the framework of the 2024 Program, the Company proceeded to issue the 2035 Notes in accordance with the following characteristics: 2035 Notes Amount in US$ 500,000,000 Interest Rate 7.75% annual Pricing 98.301% Date of Payment Percentage on the Principal Amount to be Paid Amortization November 20, 2035 100% Frequency of Interest Payment Semi-annual, payable on May 20 and November 20 of each year. Guarantor None. The proceeds from the issuance of the 2035 Notes amounted to US$491,505,000, net of issuance discount. The funds will be used for general purposes, including the expansion of the GPM and the final sections of our transportation system. Covenants As of December 31, 2025, we have complied with a series of restrictions derived from its current financial agreements, which include, among others, those related to obtaining new loans, payment of dividends, granting of guarantees, disposal of certain assets and transactions with related parties. We may contract new debts under the following conditions, among others: a. To the extent that after contracting the new debt (i) the consolidated coverage ratio (ratio between consolidated EBITDA (consolidated income before financial results, income tax, depreciation and amortization) and consolidated interest) is equal to or greater than 2.0:1; and (ii) the consolidated debt ratio (ratio between consolidated debts and consolidated EBITDA) is equal to or less than 3.50:1.b.For the refinancing of outstanding financial debt.c.Originated by customer advances. 136 Table of Contents We may pay dividends under the following conditions: (i) we are not in default under 2031 Notes, and (ii) immediately after any dividend payment, we may incur new debts according to the provisions in point a. of the preceding paragraph. As of December 31, 2025, the Company and its subsidiary are in compliance with the covenants established in all of their financial debt. As of the date of this Annual Report, the application of the funds obtained from the issuance of 2035 Notes is still pending. Future Capital Requirements As of December 31, 2025, our estimated material short-term and long-term contractual cash obligations consist of our borrowings, purchases of natural gas used in our Liquids Production and Commercialization business segment, and lease commitments and are detailed by maturity in Note 22 to our Financial Statements. As previously stated, we are engaged in increasing our transportation capacity of the GPM and final tranches of our Natural Gas Transportation business segment. We expect to invest approximately US$780 million to complete these projects. For additional information see “Item 4. Our Information—B. Business Overview—Natural Gas Transportation—Expansion of the system.” Operation of our assets implies that we must incur in capital expenditures to comply with the safety and maintenance of our natural gas pipeline system and other facilities of our business segments. We expect to continue to rely on cash flow from operations and short-term borrowings and other additional financing activities to finance capital expenditures in the near term. Our level of investment will depend on several factors, many of which are beyond our control. Among these factors are (i) changes in current regulations, including tax regulation, (ii) the development of the Vaca Muerta area and the increase in natural gas supply, and (iii) changes in the political, economic and social situation prevailing in Argentina. Currency and Exchange Rates Due to the fact that our entire financial indebtedness is denominated in U.S. dollars, any significant devaluation of the peso would result in an increase in the cost of paying our debt, and therefore, may have a material adverse effect on our results of operations. Our results of operations and financial condition are also sensitive to changes in the peso-U.S. dollar exchange rate because most of our capital expenditures, and the cost of natural gas used in our Liquids business are denominated in U.S. dollars. Therefore, our primary market risk exposure is associated with changes in the foreign currency exchange rates because our debt obligations are denominated in U.S. dollars and 48% of our consolidated revenues were peso-denominated for the fiscal year ended December 31, 2025. Contributing to this exposure are the measures taken by the Government since the repeal of the Argentine Convertibility Act and the pesification of our regulated tariffs described elsewhere in this Annual Report. This exposure is mitigated in part by our revenues from our Liquids Production and Commercialization business segment, 86% of which are denominated in U.S. dollars for the year ended December 31, 2025. Likewise, 74% of the operating costs of this business segment for that period were denominated in U.S. dollars. For more information, see “Presentation of Financial and Other Information—Currency.” 137 Table of Contents We place our cash and current investments in high quality financial institutions in Argentina and the United States. Our policy is to limit exposure with any financial institution. Our temporary investments primarily consist of money market mutual funds and Government bonds. Our strategy will remain focused on mitigating both the exchange rate risk arising from our liabilities in dollars and the effect of inflation on our liquidity. In a hyperinflationary accounting environment, maintaining monetary assets generates loss of purchasing power and maintaining monetary liabilities generates a gain in purchasing power; provided that such items are not subject to an adjustment mechanism that compensates to some extent for these effects. The monetary loss or gain is booked in the statement of comprehensive income. As of December 31, 2025 and 2024, we maintained a net asset monetary position. C. Research and Development, Patents and Licenses, etc. Not applicable. D. Trend Information See “—A. Operating Results” and “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal and Regulatory Proceedings.” E. Critical Accounting Estimates See Note 5 (Critical Accounting Estimates) to our consolidated financial statements for a description of our critical accounting estimates.