This report does not constitute a rating action. The company's expansion plan there consists of two conditioning plants with an installed capacity of 28 million cubic meters per day, which we expect will propel growth despite the temporary closure of the Cerri plant after a climatic event in Bahía Blanca in March. Under our base-case scenario, we anticipate EBITDA of around $675 million in 2025, up from $580 million in 2024, even considering reduced generation from the liquid segment, which we expect improving tariffs in the regulated segment will compensate for. This generation should be more than sufficient to fund capital expenditure around $300 million and debt service of $45 million. This change underpins cash flow predictability and leads us
