Raquel Cardasz

We would like to welcome everyone to Pampa Energia's First Quarter of 2026 Results Video Conference. We would like to inform you that this event is being recorded. [Operator Instructions].

Before continuing, please read the disclaimer on the second page of our presentation. Let me mention that forward-looking statements are based on Pampa Energia's management beliefs and assumptions and information currently available to the company. They involve risks, uncertainties and assumptions because they are related to future events that may or may not occur.

Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energia and could cause results to differ materially from those expressed in such forward-looking statements.

Now I will turn to Lida. Thank you, Lida.

Lida Wang
Head of Investor Relations & Sustainability

Thank you, Raquel. Hello, everyone, and thank you for joining us. I will make a quick summary, so we can spend more time on the Q&A with the senior management. Today, we have our CEO, Mr. Gustavo Mariani; our Head of Oil and Gas, Mr. Horacio Turri; and our CFO, Mr. Adolfo Zuberbuhler.

In Q1, production exceeded 100,000 barrels of oil equivalent per day, reaching a new quarterly all-time high, driven by the sustained ramp-up at Rincon de Aranda and higher gas output under the new power generation framework. Rincon de Aranda, which began ramping up a year ago, is now producing approximately 25,000 barrels of oil