Promigas S.A. E.S.P. ($PROMIGAS)

[Audio Gap] So now I would like to give the floor to Manuel Roja CEO of Promigas.

Thank you very much, Juliana. Good afternoon to each and every one of you. As usually, special greetings and special thanks for joining this quarterly call. This year, we are starting with good news as usual. And we would like to start informing about the main achievements that we have had as a corporate group in 2025. Without any doubt, 2025 was a very challenging year. which forced us to be resilient and also capacity and reaction management when facing adverse circumstances volume, but even with important adjustments that we conducted in our business model and in the growth model that we have been implementing, we have attained outstanding results. I would like to start the presentation with the first one we announced on September 7 last year, where we confirmed the appreciation or the agreement that was entered into in order to acquire the operations of Zelestra in Latin America, thus promoting our purpose of being the protagonist of energy aggregation. At present, we have made a special call to explain the transaction -- and later on, we're going to tell you where are we in that process that is going very well in order to have that close in coming months. But with that acquisition, -- we are integrating 1,400 megawatts of contracted capacity to Promigas portfolio, mainly solar and batteries. And project portfolio and development solar, energy and storage of 2,100 gigawatts. So this is a transaction that implies a very important milestone in the history of Promigas because as we are going to see later on, we become a multi-energy player in the region. The second standing element is that of our commitment with energy security in the areas in which we operate. And here, I would like to highlight that we have anticipated our operation 20 million cubic feet per day above what we had announced to the market, we had announced that the directionality in the Caribbean region that connects the Promigas pipeline with that of PGI that goes to interior part of the country is going to go from 66 to 100 million cubic feet per day, but we even attained 120 million cubic feet, thanks to our technical team and to the way in which they have commissioned this development project. So we are talking about 20 million above what we had promised the market. And let's remember that for August 2027, that bidirectionality has to achieve 170 million. So -- we are doing great in time and form actually. We are advanced and that represented additional revenues. Thirdly, I want to highlight what we have attained with our industrial customers, you have seen many news where, for example, in November last year, we were able to have a solar park in Colombia, and it's [indiscernible] it's called Lamitec. We have many projects like that one. And you'll see that we are moving forward in an important way with customers to which we are providing services with natural gases from biomethane Thermal District and also this type of projects, even storage. It's like an overall service supply, and this is to make more sustainable the operation of our customers. So we are moving in a very positive manner -- I would like to say that the governance system of the company is strengthening, we were certified with ISO 70,000 and this is to mitigate the risk of bribery and this way, we have strengthened our governance program. We are 22 companies -- and we will add those sales in Latin America, we're going to be in 1 organization. So that should be ruled by a governance structure. . This -- it's live first, the Vision 0 accidents. And I would like to highlight the result where we reduce in 25% accident rate. And if we add up what we have in 5 years, we have dropped in more than 50% our accident rate, mainly those with disabilities. So we are committed to that. And we always take that into account, and it is a priority, not only energy security and also the safety of our assets and our projects. Six, excellent services. And here, I'm talking about the integrity of our operations. We have our continuity indicators above 99.99% in our transfer and distribution assets above what is required by the regulation. And this is the result of the investments in integrity every single year, which we're going to drill long later on. At last and not less important, we have reached 7.5 million customers, more than 25 million people that we touch every single day and we were able to place credits to 518,000 families that benefited from the bridge credit of those 7,500,000 customers in 2025, we connected 195,000 -- of which, as we will see later, 280,000 in gas and 13,000 in energy -- in electric power. We are a machine that connects customers thus reducing energy property in those areas in which we operate. If we move on to the next slide, I want to show you how have we migrated in 5 years from being a company, if we take a look at the left-hand side of the slide, we have on the screen. A company that was in traditional energy sectors where molecules and electrons went in 1 direction from generation, production, transportation -- and we had presence with Promigas and its gas pipelines and then downstream in distribution, where we found that in 2021, we had presence with our distributors tight gas distributors or electric power distributor, and we reached the last mile in household customers with Bega. We were in the part of upstream regasification -- we didn't buy the gas. We've regassified it, and we put it available for the market in midstream. We were in gas transportation and in distribution in Calcatelectric power and in different regions of Colombia and Peru with 8 gas distributors and in downstream last mile only with rig. Where are we today, 5 years after that and acknowledging this and anticipating the world for molecules and electrons do not go in one direction, but they move in every single direction through neural networks. Today, with the acquisition of Zelestra as to generation and production, we are not only in regasification, but we have added with Zelestra solar large scale production, large-scale storage, we've got you see in yellow, our green hydrogen pilot, which is still working in the city of Cartagena, where we inject green hydrogen molecules to the [indiscernible]. So commercial and industrial customers and households will receive a more decarbonized molecule. It's in yellow because it's a pilot project. It's not yet commercial. But we believe that in 10 years, this is going to be competitive. One, we have lower cost. If we go to midstream, we continue in transportation but we are not only transporting methane. We are starting to participate in the area of biomethane. And we'll see that because we have customers in the last link of the chain in the last mile that are producing biomethane together with us. Weibo ski in the department of [indiscernible] -- we have agreements without ways to produce biomethane. We also have agreements with sugar mills in order to use their byproducts and produce methane. So in our transportation network, we are not only having the methane molecule. We are also going to transport biomethane and that biomethane dose income from those generators up there? But from household producers, customers, that's why we say that the molecule goes in every direction possible. in downstream with Electric Power and our cash distributors. And then in the last mile, -- we have an important presence because we have started connecting household solar customers, solar commercial customers, the large grocery stores plans, we have storage in residential households. Also in grocery stores and our supermarkets, industrial customers. We have alternative for all these customers. And now we are generating not only solar energy in the last mile, but also through different types of waste. So this is not a minor change, the 1 we have obtained in the past 5 years. And I always like to underscore that these are not steps that take place overnight. We have accomplished this with much effort in 2021, we had in 18 megawatts, then in 2022 36, then in 2023, 80, then 105 and this year with Zelestra we are going to have more than 1,400 megawatts. So we have started with small steps, but we are positioning ourselves in a more important way supplementing our infrastructure, gas infrastructure, service portfolio with renewable energy. So what are we hoping to get with this? We are in the process becoming a multi energy holding of multiple services when we reach our customers. For example, today, we are not only of 1 million cubic feet per day, but also a kilowatt hour. And also tons of hydrogen. We can also offer storage and all that based on the customers' needs. It could be reliability, accessibility of the carbonized molecule or just a better well-being. That's why we say that our supply is focused on the customers' needs. The second thing is that we have become an ecosystem and platform player which means that we are not only in the ecosystem or the platform of the natural gas market or transportation or distribution. Today, industrial and commercial customers can go and sell energy to the grid of electric power distribution in those cities in which they are located, they can use the batteries of their vehicles or the batteries that we connect in their household and sell that energy to the grid into local ecosystems. That is why we're saying that we are platform players. And also, we are starting to operate with artificial intelligence and with detailed technology in order to become orchestrators of energy assets. And we find intelligent supply. We can help each customer creating low-carbon products based on design given the versatility that we have in the multiple energy offers that we can provide. So we are systems integrators, electrons molecule storage and also financing offering many flexibilities. This will not be possible. We do it in a resilient manner and with a capital discipline that will help us in this process. That's why 2025 shows the resilience that we have in our performance. As to the results of 2025, I would like to highlight the following: profit. We grew 2% with respect to the profit of 2024. And we met our budget COP 1.7 trillion. We exceeded that. This profit, as you see, is well distributed among upstream, midstream and downstream and the last mile, 59% between upstream and midstream and then between midstream and the last mile. The second thing I would like to highlight is that even though EBITDA with respect to last year reduced 0.5% in that EBITDA is distributed to 55% between upstream and midstream 45% between down and the last mile. . The third thing that I would like to say is that in a rainy year, revenues dropped mainly because of transportation, but we were resilient and capable of controlling our cost in a very important way. Within the budget, we executed 93% of the budget, and that made the results easier in terms of profit. So we went beyond the goal and we increased it compared to the previous year. Today, that profit, as I mentioned, is 41% in downstream. And the last and 60% in the upstream and midstream. Let's move on to the next slide. So if we want to gather the business in gas infrastructure and low emissions, the way you see it on the slide, we are going to see that we are progressing in every single front. And here, I want to say something about the results call the first quarter. My apologies to Ulyana and to Achilles -- but this week, we are starting to operate from the northern part of Peru to the southern part of Ecuador. So most likely in the March and -- in the call of May, correction of the speaker, where we will present the results of the first quarter. We're going to show a new map on this slide, where we are going to have Ecuador with Promigas operations serving customers in Goenka with natural gas services commercial and industrial customers. So it's not a mine or data. We have been working on it since last year, and we already have a new geography. And if we close the Zelestra deal before March 31, I don't -- not perhaps even we will have Chile on the map. That is how we are moving on. It is just to give you an idea of our progress in our growth in an organized manner. So -- if we take a look at infrastructure business and low emission businesses, we realize that low emission businesses are contributing with 25% of the EBITDA between 20% and 25% of EBITDA of the company, which is not a minor data 48% comes from transportation and 31% from regasification and added value service is 31% from natural gas distribution, while low emission businesses they contribute with an important part of that total EBITDA COP 100 billion. So we are going well in these fronts. And now let's dwell on gas infrastructure businesses. Here, 4 things to highlight. The first one, I already mentioned it upfront, but we to expect from 450 to 475 -- when Colombia needs imported gas because of the problem we have taken our regasification plan from 450 to 475. We added 25 million cubic feet per day. This started September 1, 2025. So with those 25 million to distribution customers started with it. So we not only have the Grupo Termicoas as a customer, but also those 25 million which is between Peromil and Surtigas, -- so we have distribution customers using that capacity. That's not a manor data and our promised value is to even increase this figure before August next year. The second thing I would like to highlight, in 2025, we received 42 methane tankers. We have received 161 since 2016. And -- but it is important to mention this last year, as in 2024, spec was regasi 359 of the 365 days. If the 42 methane tankers, we add the 59 that we correction of the speaker, the 56 we received in 2025. We realized that we had 98 tankers that were received in 2 years of 161 became a permanent importer of natural gas to such an extent that regasified gas in this accounts for 20% of the natural gas supply in Colombia. We were there given energy security to the country and using our assets to its maximum additional capacity. If we move on to natural gas transportation, I would like to highlight 3 things. The first one, operational continuity index, that's a result of investments that we make every year in order to maintain our asset is operating with that safety and reliability for our customers. And for the Colombian market. In transportation, the second thing is at 53%. It's not a minor data even in a [indiscernible] year, we continue moving 53% of the volumes in Colombia through our system. Last year, during [indiscernible] No phenomenon, we were able to mobilize 59% that was in El Nino 2024. And in 2025, we moved at 53%. The third data, I would like to share with you is that 77% of the maximum capacity of 1.2 million cubic feet per day is contract. How is it contracted? We'll see that in average, we have a 5-year contract. And as part of those averages of 5-year contracts, we see that the industry are the most important offtakers because they have contracted 7.5 years of capacity when one looks at the entire system. So Grupo Termico they have contracts up to 6 years. The industry 7.5 years in average. And these are data that you're constantly asking for to see how are we doing in the long term? If to this, we add the Zelestra portfolio and the portfolio that we have today in the emission business with a contract between 8 to 15 years with a first level of taker customers. We see that the bid for the Promigas group, whether gas infrastructure business or low-emission businesses. It is a very constant and profitable bet in the long term. So we are contracting in a balanced manner with a resilient portfolio. Now let's take a look at distribution. As to natural gas distribution, we have reached almost 7 million customers, 6. 9 million or something customers we needed 1,000 customers to reach 7 million, but that's very important to us. Four years ago, we had 4,500 million customers in natural gas, so the capacity of this group to connect people is just awesome. And that is something that we see every year, 290,000 this year between gas and electric power and 279,000 customers connected in 2025. More than 25 million people are benefiting from this. So we continue with our deployment capacity -- and that's something we feel very proud of because this is a tool to reduce energy property in the areas in which we work. If we take a look at CO -- this operation takes place in a very complicated territory with a lot of social complex and violence, ut we continue operating in a very resilient manner. Many elements to highlight here. At CO, we have added 24,000 customers last year. Last year, we connected 12,459 in for electric power in an area which is Cauca,which is very complex, where we serve 28 populations or balance and villages. How are we moving forward with smart meters -- we have 164,000 customers with advanced meters so that the territorial deployment is better to expose lesser workers and contractors. So this is something that we have found to maintain the resilience of that portfolio and to maintain the -- our collection up to date in order to continue providing the service in constant and profitable manner. Let's move on now to Promisol, another business that we have as to gas infrastructure. In the case of Promisol, I would like to highlight the strategic change we've given to that company. Promisol is no longer an operational maintenance contractor for Promigas, it is a builder of gas pipelines, industrial plants, solar plants or solar parts for different customers. Among those Promigas, and this has enabled us to increase its EBITDA in an important manner. Promisol in 2025, started exporting its services and know-how to Peru. And in May this year, we are inagaurating a thermal plant that was built by Promisol for a customer. It's in the northern part of Peru of Colombian talent, exported to Peru, Promisol capacity exported to Peru in what we call engineering and talent that we are deploying throughout the territory. So Promisol is not only an operator and maintenance of gas pipelines. It has -- it's a protagonist now. Now low emission businesses without lease -- last year, total capacity 161 megawatts in solar. It was 105 in 2024, and we move on to 122 megawatts. These are all small customers from 105 to 122, industrial, commercial and household customers, we're growing well there. And we completed with in in auto and cogeneration and it's going to be supplemented with those that are going to be contributed by Zelestra, so we are well positioned. Another important element to highlight the overall supplies that we are providing our customers with mainly industrial customers. We have a customer that is being served. Well, it's a work in progress with 13 solar megawatts. But this customer has a 30-megawatt hour of storage in batteries, and also biomethane, and we are capable of supplying volume ethane, we cannot give the name of the customer, but we are already building the project -- and hopefully, it will be completed before year-end. So this is a group to offer multiple energy services, and it is in that front where we are. And also -- we had a progress of 71% of the gas project in and it's going to be inaugurated in May this year. As part of the low emission business, we have Brega. -- correction of the speaker. We have Zelestra. We have talked about Zelestra strategy. The strategic accelerator of the new strategy. We spoke about it on December 7 last year, and we would like to mention that we are moving on in a very sustainable manner. And we are under the authorization process with seeking Colombia and also with Peruvian and Chilean authorities we are up to date now and to give you peace of mind. This operation is 100% funded already. So it's a guarantee for the acquisition the contracted capacity, 1,400 megawatts 1.4 gigawatts and a project portfolio of 2.1 gigawatts. So the idea is not only to contribute to the vision of multi-energy holding Latin America, but integrating natural gas and renewable energies in the Chilean geography. We have a high percent of this in Chile and Peru and Colombia are better risk -- Chile are better risk rated than Colombia, and that should enable to improve our risk rating. That regarding low emission business related to Energy Solutions. Now moving on to [indiscernible] and a very important project that you know very well and it's our nonbanking financial mechanism to -- I mean we lend to 7 million customers. And I would like to highlight two things. Last year, 1.7 trillion in credit. So we are good at connecting households but also placing loans between $100 and $400. That is COP 400,000 to COP 2 million. So we had 518,000 households that receive those loans. Sometimes in the household, they take more than 2 loans and 94% on are taken by income bracket 1, 2 and 3 we reached a net profit of 110 billion in 2025, 10% of Promigas profit and an execution of 112% of the budget. We had for the year, 2 businesses that grow simultaneously with the Brilla Insurance, Brilla it has more than 1.9 million beneficiaries and more than 460,000 insurance policies. And in 2025, the growth was 15% and in placements of companies controlled by us. And it's Galaries sustainable mobility. This is another important bet. And let's see how are we increasingly contributing to this? We have 174 vehicles converted last year, only 4,000 vehicles were added to this fleet of those 334 dedicated vehicles -- this is not a minor data. Each truck dedicated to gas is the consumption of more than 300 households. So it is very convenient to have dedicated trucks. And this has implied a significant environmental impact because each truck converted into diesel, avoid tons of CO2 into the atmosphere. And in this case, the 344 dedicated vehicles -- and those converted vehicles avoided 14,800 tons of CO2 into the atmosphere. We're going to continue betting on this because it makes important contributions to the organization. I had mentioned CapEx I want to dwell on this because a historical milestone we see the execution of CapEx in 2025, 99% of the CapEx that we had announced was executed. And if we see that 744 billion, that's 100% of CapEx went into gas infrastructure and in transportation, COP 983 billion. That's for the integrity of our pipelines. And we have more than 79,000 kilometers network of distribution -- and also, you can see there the regasification, COP 106 billion. And then we also have a Promisol with what's doing in Patin Peru. If we take a look at energy aggregation low emission, -- we have invested almost 240 billion electric power. It took 109 billion and Energy Solutions, 129 billion. . Take a look at the evolution of the CapEx per year. You see 2020 to 85%, 2023, 91%, 2024, 97% and 2025, 99%. So we have a very important discipline -- so we are executing every single month in February this year. We are executing 93% of what was executed -- what was budgeted up to February. So we keep on measuring this all the time. Before moving on to financial statements, I would like to stress our capacity to innovate. I would like to highlight several things because at the end of the day, this is what has enabled us in that multi-energy scenario to have some progress in the different links. In new business energy, thanks to our innovative capacity, we commercially launch 4 business lines in Bioenergy. Biomethane in the grid biomethane for self-consumption, biogas for heat and electricity and combustion of biomass for industrial heat. That's thanks to the innovation group that we have. And today, we have projects that are work in progress or are under assessment in those 4 lines of business. Digital Solutions, I want to highlight that more than COP 4 billion in benefits by means of advanced analytics solutions on artificial intelligence apply to business unit processes. So we are speaking of AI, generative AI in 5 products like our own digital ones like commercial insight fraudetection, operational assistance and training with virtual reality. As to research and development, we have made significant progress. We have developed a model that is being implemented in our solar panel systems to clean photovoltaic projects with the potential of increasing energy generation in 802 megawatts hour per year. This is an in-house development that we are going to get our licensor patents. So these are multiple bids that we carry out in these 3 lines and they are leading us to create new business lines to produce savings, synergies. So I'm going to stop here. And now I'm giving the floor to our CFO, Aquiles Mercado whome you know already.

Thank you very much, Emmanuel. As you mentioned upfront, the results for the year were very good. Our growth in net profit is something that we must highlight even though the figure looks more taking into account that '24 was a year of extensive drought in the new phenomenon extensive and intense. So because of this thermal system were dispatched and our revenues in transportation were very high. So that is worth outstanding. And also, we see there 0.2% in EBITDA in these results, we include the revenues, 97% of the budget, mainly because of less transportation revenues, recovery of the water dams plus the strong by the end of 2024 and early 2025 with respect to 2024, we had higher revenues mainly because of these 3 beauty companies such as Ortigas. And here, we highlight resilience with a multi-energy holding when we have transportation problems, we also have other important factors in many companies that support us in our results in Surtigas, -- there was an increase in the supply price of the gas molecule -- so we have had increases mainly because of imports likewise, the higher distribution and transportation rate, higher consumption and higher revenue because of energy distribution contributed to these results. The revenues because of construction projects that they decreased. I mean we have been meeting our construction obligations mainly concessions in Peru, reaching the saturation levels we were committed with. As to our expenses and cost, that's another front totally control, taking into account what could happen with our revenues, what happened with rainfall it was a compliance of 93% of the budget in spite of the fact that we were decreasing our cost and expenses with a very strict discipline and the growth versus 2024 0.4%, and we have that in proportional increases in distribution cost given an increase in supply and transportation cost because of the restrictions in some areas that we're providing as an [indiscernible] which had problems in their deliveries. In our operation in the Department of Cauca in electric power, we had higher costs related to distribution and other businesses as well as increasing management, operational and maintenance costs related to the operation and maintenance of the activities. As Juan Manuel was saying, this is a department that has gone through very difficult social difficulties and that forces us to adopt more security measures. And many times, we encounter difficulties when moving from 1 place to other Promigas higher fuel prices, more use of compressor stations or compressors where we've cast but the result of new transportation contracts represent an increase in the commitments regarding the directionality that was mentioned by and this contributes to the country's energy soundness in El Cala and spec. This was offset by accumulated savings in cost and expenses lower cost because of evaporated gas, we do not buy or sell gas, but we do store for our customers. And in the reposition versus the professional price versus 2024 and higher income because of availability of the plant given the expansion we have previously mentioned. As to the EBITDA result of revenues and cost behavior we had a 95% budget because of lower transportation and gas revenues and the reduction is because of higher costs and expenses recorded which were partially offset because of better results in natural gas distribution business because of a higher rate and growth in consumption, volume and higher income because of distribution of energy -- so reaching the last line of a profit and loss statement, the net profit complying with 100% of the budget, an increase of 2%. We highlight and an execution of 100% in order to gather best performance in costs and expenses, the best result of affiliated copies with respect to the same period 2024. And we were also managing financial expenses, which is part of the capital discipline mentioned by Manuela upfront in this presentation. And with this, we've reduced financial costs because of better rates in the fourth quarter 2024. As to financial statements, individual financial statements, they present the same profit the behavior gathers what we have been mentioning up to now better income because of more thermal volume transported lower than 2024, cost and expenses under control and a participation method -- and here, we highlight the results of all the companies that consolidate with Promigas or they do not consolidate, but they contribute with the distribution method 104% of the budget, and that's COP 925 trillion, which reflects the importance of the activity of all the companies in which we have investments and we control their activities through a strategic agenda. As to EBITDA, we had a compliance of 98% as a result of the factors that we have mentioned. And net profit, 100% of the budget -- and at the individual level, we had an increase of 3%, reaching the figure of COP 107 billion as to the balance sheet, we have to mention the growth of our long-term assets. Specifically, in this case, as a result of the treatment of concessions, we have reclassified property, plant and equipment, mainly related to Ballena Cartagena section an important movements in the nonbank in financing portfolio right was mentioned by Pomona, we have had an important activity in [indiscernible] as to liabilities, a drop because amortization of intercompany credit since 2025, we have with an active refinancing programs or financial obligations avoiding to concentrate this in years. It's like guidance in the future. We have refinanced that in 2026 and almost 57% and avoiding that marketing liquidity, we can go through a complex situation in that front. So with this, we finish the details of our financial statements. And now we are opening the Q&A session.

We have 2 questions from [indiscernible] related to the import of natural gas. How do you see the scenario for spec given all the regasification projects and vision? And how do you see the possibility of importing gas from Venezuela. Thank you, Katherine. I think that an important thought here as a country. And then I move on to regasification projects. As a country, we must acknowledge that we lost energy self-sufficiency or we were importing natural gas only in times of Nino phenomenon since 2016. Today, -- as we showcased in the spec slide, Colombia is importing natural gas on an ongoing basis, 359 of the 365 days of the year. So we lost self-sufficiency and that imported natural gas is not only for thermal use -- it is also for other uses, that 2 new customers served by spec around regasification as of September is a gas distributor and Petromila fuel distributor. The most likely uses it for natural gas vehicles. So the loss of self-sufficiency leads us to ask ourselves what should we do as a country? And that is that everything should be available the leverage to recover resource exploration expectation in Colombia because we do have natural gas. Yesterday, Copetro announced a new finding together with [indiscernible] on the North Coast, we should continue with that not only offshore, but also ground exploration in the mid-madgadina valley in the basin has seemed to recover that self-sufficiency as a country would be something great, but we also have to apply the other leverages. We need to avoid the dependence on an important LNG. I mean the price increased 42% because of the attack of Iran in Qatar facilities. I'm sorry, 24%. And if we are importing 90% of the Colombian demand we are very vulnerable to those price volatilities. Another way to avoid that volatility, vulnerability is bringing gas from Venezuela. And we have to see if we can start importing gas from Venezuela. -- through different mechanisms. That's not something that happens overnight as the media is saying, the Antonoricaarte gas pipeline is missing one part. We have to invest on the Venezuela side -- they have many integrity problems so that could take a long time, 1 or 2 years. So the possibilities to do business with authorized by the U.S. So that possibility is indeed there. I think it's more likely now after January 3, and hopefully, we'll have that leverage ready as the one-off imported gas of LNG because we are missing molecules until 2030 when we have Cyrus in the offshore regasification projects. Well, we have -- we know that we have more than 10 around and which ones are going to be made, others not. I think there has been a lot of speculation. But today, we have 2 projects that are work in progress or with some progress gasification bio Ecopetrol with an operator, which will be commissioned by the end of this year. and it is to bring gas in trucks from Manavendra to regasify in Caribou. It's for 16 million cubic feet per day. It's not that big, but they could take it to 90%, perhaps and the other project is related to the auction launched BioEcopetrol with Frontera, which was closed in February, and it was awarded to bring an to bar very close to spec and to have it available there and that we use of part of the demand. There is demand for many other projects. The reality is that we see that somewhat difficult. And that's why many of those projects are losing momentum. We continue with our project. And fortunately, it is almost fully contracted. That's the expansion of spec until 2031, we have contracts with the thermal until 2035 with distributors and other cash traders. For those 533 that we are expanding -- and today, we have the Ecopetrol regasification project in Colombia one-off of the Pacific and perhaps another one through the Atlantic will supplement in the short and medium term that capacity needed. . We have different questions about Zelestra Luis Alejandro Sierra from BBVA is asking, what do we think about the negative rating of which of the purchase of LatAm of Zelestra you see too much leverage on that side. Thank you, Luis Alejandro. Now I'm going to give the floor to our CFO, Aquiles.

I'm not concerned about that negative note, when you have those inorganic operations, indicators will be almost in the boundary purchase of that site. But if you see what it is that our offers on the table, mid-long-term vision, I mean, it strengthens from gas portfolio. We have the discipline of contacting rating agencies. So we consult with them this type of transaction. And for a short period of time, it could exercise some stress on the indicators, but we are not worry about because we recovered that because we bring many Zelestra projects to this level. And what we are going to see is an explosion from Migas EBITDA, thanks to EBITDA brought by Zelestra's projects. And the truth is that I know that this is a clear pathway of financial soundness and stability. And I'm sure that we are not going to have any problems -- thank you, -- as you mentioned, upfront, we had mapped an increase in leverage and a stress and indicators. -- we have discipline with our investment degree. We have talked to Moody's and to Fitch. They all knew about the transaction. They knew what was coming up. This is not the first time this happens. In the past, it was gas pipelines now with our new strategic pathways. In the case of solar platforms, in the case of Zelestra we are anticipating an EBITDA that is already contracted. As Juan Manuel said in 2028, we hope an important leverage. In the meantime, we are having a smart deleveraging strategy which you will hear about in the first call of 2026 in order to take this to a more adequate level. But as I said upfront, we had that measure. We knew that could happen but we shortened the time in order to reach the kilowatt hours that we had stated in the strategy 2040. We have that pathway almost -- so it's a very strategic move. In order to supplement what Giles has said, -- in terms of functional currency, the transaction of Zelestra it has assets in Colombia in pesos and the Peruvian assets and those of Chile are in dollars. So the indebtedness it reflects how the revenues are structured by functional currency. And we have guaranteed that for Colombia and for the operations in Chile and Peru so parties in dollars, supported by dollar investment and in pesos with investment in pesos. There is a question if we have the deployment capacity of CapEx to execute lockup sets. So I'm going to give the floor to Diego, so he will say something about it.

Thank you, Juan Manuel. On the question, if we have the capacity to deploy that CapEx to develop the Zelestra projects and what is the related amount -- we cannot give guidance now because we have not closed the transaction, but we are positive that with the acquisition of the platform -- and with the equipment coming, the idea is that we're going to protect operations but also the know-how and the equipment, we are capable of deploying between 2026 and 2027 total megas that we have in the backlog to have a twofold increase in the bed we have today. . Okay, we can entertain one last question. It is from Banco De and Hebron. Promic, as has a vision to participate in gas pipeline projects with Venezuela, what could be the impact on Promigas given it's a cheaper gas -- and have you considered organic role to expand the gas pipeline network I will divide the question in 2 different components. First is Venezuela of our interest we could see many opportunities in Venezuela, let -- right now, we are distracted with Zelestra -- and from the financial standpoint, we have less financial capacity than the 1 we had in December. So we are going to go and see things in detail because we cannot have overexposure. We need to be very prudent -- we need to take into account the financial part. There are opportunities, yes, indeed, but it's not that we're going to jump in and deploy that if the gas of Venezuela is going to be cheaper or not, if he's going to jeopardize Promigas operations. I don't know why could it reach a cheaper price because of the price of the molecule. Why are they going to sell Venezuela and gas below the market price of the imported molecule. It could cause perhaps $1 less -- but as a country, is, it's a benefit for the country. If it's obviously a long-term contract, but it's not going to be that cheaper because the gas has to travel a long distance reach Colombia. And there is an international reference price. So I mean the 1 selling it. I don't know why will they sell it for a lower price. The second thing if it could affect well that gas could go to the interior part of the country or could go to the thermal plants of the Atlantic Coast. And fortunately, we have our bidirectionality projects with an important capacity. So it could be part of our gas pipelines. So I think it's -- that's the story. Okay. We do not have more time for questions. we have received other questions that are going to be answered by e-mail. So I'll give you the floor now. Well, once again, thank you very much. Today, we wanted to share in the first part of fiscal the vision or the outlook that we have and what we have become as a serve is a multi-energy a company and how have we complied with different milestones that were part of our strategy. And in addition to this, we wanted to share with you the positive results we had in 2025 where we over met our profit budget and obviously, taking into account the adverse conditions like weather from problems in Colombia and the regulatory scenario. So thank you for joining the call and hope to see you again in May with very good news. [Statements in English on this transcript were spoken by an interpreter present on the live call.]