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

Welcome to the quarterly reserve results March 2026. [Operator Instructions] Please take into account this session is being recorded. [indiscernible] CEO Promigas Aquiles Mercado, CFO of Promigas, we also have the Directors of Promigas. I would like to get the floor to Juan Manuel will be starting the presentation.

Thank you very much, Juliana. Good morning to each and every 1 of you. As usually, we really thank you for being here in this quarterly results call to bring new good news about Promigas and its group of companies. . Today, we are going to start this call with the characteristics of the multi-energy and service holding, we started talking about this in the call of the fourth quarter 2025 in which we reported about the acquisition of Celestra and why was that so strategic in order to become a service and multi energy holding. This weekend when I saw what happened in the U.S. with -- next was merging with Dominion Energy, I was looking at what we are doing here in our geography in Latin America. Because it shows how natural gas markets are being consolidated and emerging with renewable energy markets, and that's exactly what we are looking for with Celestra, as I said that it's taking the red the right pathway, and we hope to conclude before May 30, which are the characteristics of a service, a multi-energy holding. We have defined them in 6 first. We are customer focused, and service colo, which means that we stop selling a commodity to sell reliability, accessible, services while being resilient which means that we are not only focused on kilowatt hour cubic meter of gas in nonbanking financing, but a comprehensive service. Another element that will underscore is that we become an ecosystem platform player, which is something that we saw last time. But here, we are orchestrating energy services in our networks, whether gas pipelines, electric grids and we have 7.6 million customers that we reached the first quarter this year. And this under a resilient finance, and capital system and the operation is leveraging operational models that we are reinventing with AI optimizing the use of network, smart systems, our control centers, et cetera. and looking for a low carbon designed. So we can give our customers what they're asking for decarbonized electronic molecule. So we are trying to optimize the use of these platforms, orchestrating the electrons molecules, financing storage capabilities in order to offer the carbonized molecule. So we are focused on the customer. We are a player of ecosystem labor under our approach of resilient finance and also capital and always using IA with low carbon designs, systems integrators which is the orchestration of electrons, molecules so if we see how are we becoming that multi-energy holding, we see that during the past 5 years, we have gone through a transformation and exclusive transportation distribution player to being part of all the links of the chain in the geographies in which we operate. We saw that last time, but we want for you to see the progress in this discussion. As to generation or smart energy production unlike we showed last quarter, we have added a green icon, which has to do with gas thermal generation. Why did we add it? Because this week, on Thursday, May 21, we are going to be curating the thermal generation plant in bypass in the northern part of Peru 20 megawatts that are going to be available for the urea market, we've had an offtake or distribution company to see how we becoming an orchestrator of [indiscernible] molecules in order to provide an integral service with the customer and a platform player. We are not in a platform only in transportation and distribution. But in that also of generation. And now we have thermal generation which is that green item that you see in the upper part, which is being slated with what we are going to add as of next week with [indiscernible] with solar energy storage at a large scale as we mentioned since December, we've said a -- so this is what we refer to when we say that we are a multi-energy player. If we have to think about what we quarter -- after this introduction, I will highlight the following. The first thing and it's something that we're going to dwell on later on is to see that this is aligned with the expected profit, 98%. comply with the profit that we had in our budget to we continue with the diversification and that is what we are [indiscernible] which we are inaugurating this Thursday, and we continue guaranteeing energy security in the geographies in which we operate. Peru, Colombia, and as of next week, we'll be consolidating the Chilean market strategic expansion milestones that we need to highlight during the first quarter, first and foremost, you'll see next week with all the coming announcements. We attained legal authorization and of compliance of president and conditions at the regulatory level as to formalize the acquisition of Celestra, this will speed up the process. So next, we will be complying with this milestone. Today, we are in next week, we're closing it cool. And that's for May 27. Secondly, in expansion, business expansion milestones, we were able to connect 60,000 new customers during the quarter. So now we have 7.6 million customers in the Promigas portfolio accumulated users between Colombia and Peru that's not including the Celeste customers. And we were able to expand the activity of distributed solar energy without Celesta, may point during the first quarter. We'll see that it's almost 17 megawatts of distributed solar energy, B2B. And we have expanded storage capacity in 7.5 megawatts this regarding the expansion -- and the good news, as I mentioned, the inauguration is Thursday of the 20-megawatt plant in Macao and the obtaining the commercial licenses in order to start selling gas as of my 15th in Ecuador. So we have added a new geography, which means that we continue growing in our geographic diversification. We're not only going to be in Colombia and Peru, but as of May 15 in Ecuador, we have the authorization to start marketing this energy. And as of next week, we'll have this in our map as to energy security and operations, we continue preparing our operations for El Niño phenomenon, many announcements have been made that this is going to be a very strong El Niño phenomenon. It is I mean, it's very strong. We do not know how much it is going to last. There is speculation around it, but we need to be prepared for that scenario what are we having available for the country to very important elements. The first one has to do with the commissioning before anticipated of 533 million cubic feet per day of reclassification of SPIC. This is subject to the authorization of environmental licenses. We have found the formula to take it before August 2027 to September this year, that capacity, but we are waiting for environmental licenses in order to have this available for the country. So hopefully, the environmental licenses will take in the coming months. So when we started [indiscernible] a phenomenon in the country have a reclassification of [indiscernible] of 433 million, which means that we are expanding in 58 million cubic feet per day before the date we had announced, which was August 2027, that's the first milestone where we are aiming at the energy security of our customers in Colombia. And also before the end of the year, we are expanding the bidirectional [indiscernible] of 120, which was the expansion in December 2025 to 170 million cubic fee per day. So this way, we will have that by directionality capacity when the country needs the most with El Niño phenomenon. I wanted to highlight that milestone with and security index above 99% so we continue with the diversification with the geographic expansion, and we continue giving good news to the country because we have expanded the capacity and we are preparing for a El Niño phenomenon which will be ready for the end of the year. We continue strengthening an exceptional first quarter, it increased the place that at the consolidated level in 20% almost 20% if we compare it to the first quarter 2020 and the nonbanking financing complied by 1% and also Financial inclusion is being promoted in Colombia with the campaign, the media campaign launched [indiscernible] and we have now a top of my indicator that went from 11% to 22%. This means that in income brackets 1, 2 and 3, there is a population that has not used our product. So the idea is to reach them, so they'll use our products. And with that, we'll start seeing the results, mainly if we see that increase during the first quarter of the year. And all that is done based on the budget and on the financial -- because of that, we have a multi solution portfolio for customers. The customers are in blue industry commerce, household transportation, but logistics, the wholesalers before [indiscernible],we didn't have them here. Mainly because of the sales of solar farms. We've said are going to be part of the wholesale market and with offtakers in the market a milestone emission business. It's not on the solar panels, but also system [indiscernible] bringing into the Promigas portfolio, large storage capacity at the Aurora plant was energized on April 31, and that's going to be part of our portfolio. So what is worth highlighting we continue with the gas business and low emission business serving those for I mean, important customers and also I mean for electricity, energy solutions, financing and sustainable mobility. So now we are adding Ecuador and of next week, the Gilian geography. So because that -- I mean, we become a holding with a presence throughout South America and mainly in the end, the region of South America. So because of that, we feel very proud and we continue growing in a reliable manner with abundant an accessible. Now let's move on to the relevant figures of the first quarter 2026. This is nothing new in January and February. These were months with more rainfall than expected, and that's prices and mainly in Colombia, there was a co-front during the first week of February with a strong rainfall. So this decrease the transported volumes thermal and industrial volumes that we mobilize. So this was translated into a reduction in the budgeted revenues where we reached 91% in the consolidated figure at an individual level, 92%, that is that if we compare this to last year's results of revenues dropped. In the case of Promigas and 1% in the 3%. If we double-click that, why that drop with respect to last year, or the low revenues compliance, lower transport volumes that 3% drop is the result of a drop in industrial volumes of 8% compared to the first quarter of 2025, 2% in the regulated market and also another drop in the thermal sector. And from ore, the volumes dropped 8% Transmetano, 13% so that explains the drop in the revenues we had when compared to the first quarter last year, but this was partially offset fortunately because we put in practice by directionality, we expanded and the volumes of bidirectional, it increased 17% of these volumes offset part of the drum that we had in transport volumes or that period in the first quarter of the year. We know that we are going to reverse this with an El Niño phenomenon are seeing things, for example, Selas week was regasifying 3 million cubic feet per day. Some days, we start seeing a change in the trend. We hope to offset this towards the third and fourth quarter of this year. Well, now we must highlight this that the drop in revenues went hand in hand through Promigas management with a drop in costs and expenses. We were very strict in controlling costs and expenses, and this enabled to maintain the EBITDA so will not drop that much. The execution of the budget at the consolidated levels. If you take a look at this, this implies a drop of 2% in cost and expenses compared to 2025. That's a huge adjustment making a firm gas. And that adjustment is even more severe at Promigas the individual level, not only the consolidated corporate figure. If you take a look at this compared to the same period in 2025 because an expense adjustment was a drop of 21% in cost and expenses at the individual level in Promigas so this shows the word our effort to maintain our EBITDA to comply with the profit target that we had. So in spite of that slight drop that we had in the EBITDA and in the severe adjustment, we attained 98% at the profit level and also through many benefits in distribution with less financial expenses. What I also want to highlight, let's see how EBITDA has like a breakdown between Peru and Colombia, and we participated with 11% Colombia with 89%. If we see the participation of regulator, we have not regulated business. This is of paramount importance. They are increasingly having more participation in nonregulated business in Promigas EBITD -- and we see that as a diversification mechanism of nonregulated business with top level of takers multinational companies, distributors, investments with a high investment degree, which are the offtakers of transportation as well as the contracts that we have in Energy Solutions. We feel very proud of that, attaining that geographic diversification and also among the different type of customers with Celestra, we're going to have a formal image that is going to show how that geographic diversification will continue, including Chile and including nonregulated users in our system. Well, now if we take a look at the figures. If you take the breakdown, we see that 23% of the EBITDA comes from low emission business was 77% -- they come from gas businesses. Within the gas businesses, we have on transportation participation with 52% of that EBITDA, while distribution with 25%. And in low emission business, I would like to highlight the excellent performance of Brea, which contributes with COP 30 billion in the EBITDA under low emissions, which had a very important performance during the first quarter of this year. So we are increasingly diversified. We have transportation, distribution, regulated nonregular non-banking financing business, which plays a very important role in profits and in the market share of low emission business and very soon also the energy ones that enhances Promigas portfolio because of this, we have a very diversified comp. Now if we speak about specific business , would like to highlight a couple of things. First, the increase of 20% in reclassified volumes compared to the first quarter 2025 4 million cubic per day for the first quarter of this year compared million cubic feet of last year. That means that Pega is increasingly more relevant. This figure last year was 19%. Big as a provider of natural gas in Colombia now it has jumped 23% regarding the energy mix in Colombia with a more protagonic role within [indiscernible] gas system. The second thing that I would like to underscore are the tankers that were received during the first quarter, which corresponds to 27% above those we received during that same last year. So the reclassification activity is becoming more important in the Colombia market. And we account for 60% of thermal gas production or supply in the code. Now in the natural gas chain, I've talked about how revenue dropped mainly because we had wet January and February. It's like we didn't have a dry season. We had an important rainfall season. And because of that, we had a drop in revenues regarding volumes in the industrial in the break on later in the thermal sector. So transported volumes in the sector was n 552 million cubic feet per day. Those volumes include those bidirectionality which are very important, and we have that directionality available to the country. Our contracted capacity is in 5.9 years, average years, mainly in transportation. This gives us a very important resilience. And it goes from 1 billion. We have some of them already contracted. Here, I would like to highlight something importation in transportation. And it has to do with the conical energy situation. You've been seen how the situation of [indiscernible] is very critical, mainly at the financial level they have applied a protection system in the Canadian word. So it's -- they went bankrupt, and they have asked to amend some of the existing contracts of distribution and transportation. We had anticipated the Cannacord situation, and we were following up this for some time now. Had anticipated Cannacord situation, and that's why we had followed it up all the time, and it was no surprise at all. So we are aware of the reserves left in the field, which are audited by different systems. In the case of Canacol, the reserves have been audited by Buy Global Energy Consultants others about Colombia and Data and it's 1P resource in 239 Bcf to in 35 Bcf. So there's still gas there. There is gas that can continue for a long period of time regardless of having [indiscernible] or not as the operator, and that gives us peace of mind because that infrastructure that we have built is going to be moved. And at the level of commercial mitigation, we are talking to other important producers, undid those volumes are going to be offset by volumes of other suppliers that are coming out test in their fields and they can have available new volumes in adjacent fields very close to the base in San Jacinto where Canacol is so we are going to continue counting on volumes flowing to our system. Up to now, we have only executed the guarantee of our take-or-pay contract of 41 million cubic feet per day. We have Conoco because they stopped paying it while the take or pay contract of COP 100 million, we are still paying for it. And in all the publications, they shared in their systems and in the Canadian courts. That transportation contract is still effective. And it's been consider for the future. So that gives us peace of mind, but we are ready with additional volumes to introduce in the pipeline in case the volumes of Canacol will drop. That regarding [indiscernible] as to natural gas distribution, we have completed 7.1 million users of natural gas. We have sales of gas of 580 million cubic feet 1.83 population served, and we have connected 79,381 customers during the quarter of 2026, natural gas, if we multiply the number of files year to 4 people saying that 200,000 people have benefited from natural gas during the first quarter of this year, accumulating more than 500 million people connected. If we move on to electric power distribution with our company around we have new connections during the first quarter of the year and accumulating 477,268 customers connected to centricity in an area which is very difficult to operate. I want to highlight the number of customers with advanced meters some with smart meters. And we have 25, 465. We prepaid meters of 144,000 with smart meters in the Department of Cauca, which is very complex. So we have them with advanced smart leaders. And we have some with prepaid, which makes easier the operation of this way. revenues will not drop and we will continue measuring this at a distance, these are innovations of Promigas through CEO which is worth highlighting. Let's move on to Energy Solutions. I was mentioning how we have increased in 8.7 megawatts, this was hardware compared to the fourth quarter 2025 increase in 9 megawatt, we distributed solar energy B2B reaching 169.7 megawatts, and we increased in 7.5 storage capacity. And so now we have 23.1 megawatt hour -- and this is a world trend, but we are the first and leaders in Colombia when it comes to storage. And now let's include Celestra the portfolio. and this is going to become very important within the Promigas portfolio. we continue growing in B2B in solar energy 130.5 megawatts operational 65.6% and under construction 64.9% operations, 0.9 megawatt hour and construction, 22.2 megawatt hour. So with what's going to happen in Thursday, we're going to increase it in megawatt as operational ones. Projects under evaluation [indiscernible] size of the pipeline -- we have more than 185 megawatts in solar and self and core generation more than 118-megawatt hour in storage and in bio energy, which is an area being explored opportunities that are in menses and more than 20 million cubic feet with the sugarcane industry young with landfills. Let's see Celecstra to [indiscernible] happen with the acquisition of list. This year, without we will expect to close with 191 megawatts and an EBITDA of Promigas but you see everybody if we include Celestra, we will close with an EBITDA of COP 2.7 billion. [indiscernible] one 64 megawatts look at this leap. And that's a guidance of what it is that we'll offer now. It's not a minor topic in 2030. We will close without with 3.8 trillion of EBITDA with Celeste closed with COP 5 trillion, and we may move on from 31 to 3,756 mega. This is what Celestra is bringing in. This is the growth it represents to become a multi-energy holding as to diversification, see how 19% of our users, nonregulated users something very important at the geographic level distributed. I mean, we went from 19% to 42% nonregulated users. And 14% of our EBITDA produced in Peru to 16%. Correction of the speaker, 22% in [indiscernible] and the one of Colombia was reduced to 62% and taking into account the Chile. One that participates with 16%. That's geographic diversification. So that is what Celesta represents nonbanking financing, we had excellent results, as I mentioned upfront, increasing 26% of the loans to people with our credit history. That's the result of the campaign that was launched and now we start seeing the results of 45% of the placement was in mid and small size. Municipalities 376.8 million placement in credit and 153,000 credits granted during this period. which is an increase of 23% more compared to 2025. as to sustain the ability, this is a business that continues growing in spite of the difficulties in Colombia, we have cast production, mainly the imported gas, which has a very important impact. But we are talking about an EBITDA of COP 20 billion, mainly in Peru where we continue having a dedicated vehicles. We have new vehicles in Peru. It's like if we will have connected 156,000 households so those 560 dedicated vehicles, it's in be an important figure, and that's why the EBITDA that this business is offering. Okay. If we go to CapEx, we have a high CapEx execution, 86% executed in the first quarter of this year. Tekata the evolution of the figures compared to 2022. We are being more efficient and effective when executing the -- in the case of gas business, the accumulative execution 96%; and intimation business, 68%. Part of the CapEx, 71% goes to business and 9% to low-emission businesses. As you see there, the CapEx in gas business is equitable distributed between transportation, distribution and the value services and regasification. Mainly in transportation reclassification. Why reclassification because of the expansion of [indiscernible] and also the project that is being completed. That's why we have a CapEx and the expansion of SPEC and in distribution of electric power. There is an important CapEx with CEO commitment, but the CapEx is growing in Energy Solutions, almost COP 12 billion during the first quarter, and it's going to continue growing in order to attain the megawatts that were previously mentioned in [indiscernible] to wrap up this first part before given the floor to Aquilles. This is what we are attaining at the innovation level during the first quarter in 2026. We have our new energy businesses, 15 opportunities in the pipeline for the production of volume ethane. We entered into an agreement with MDC and Energia Brazil in order to improve the technologies that we need to use in the land fields as well in the production of biomethane, Brazil is a world leader when it comes to this technology. Hence, this agreement was an important [indiscernible] of the energy solutions and new business to technology, the investment in research and development, more than 25% of the generation potential in what we call the framework [indiscernible] with our storage, mainly with residential customers and an innovation culture COP 7 billion savings, which is the result of the innovation ecosystem that we have within the Promigas. So I stop here and now I would like to give the floor to Aquilles.

You very much, Manuel. Good morning to each and everyone of you to all those that are present in the dissemination of the results, loss profit statement consolidated accrue to March 2020, 6 versus 2025. We see that our revenues -- we have met the budget in 91%. We have talked about our portfolio with a planned diversification. We still have not read the stages in which transportation is not that important. Manuel mentioned why the transportation companies Promigas is a [indiscernible] didn't meet the budget, and it is the minor there thermo dispatch into account the hydro according to the historical means which reduced the demand for thermal energy and it was based more on hyrdo. And as to ordinary activities, we had an increase in the operational revenues in spite of the reduction in transport volume, mainly in the thermal sector, given the normalization of the hydro of the [indiscernible] we have more revenues in distribution and commercialization. In Surtigas which has had opportunities to carry out some transactions and that contributed to these results. When we take a look at cost and expenses. Part of our discipline as to fast reacting when the revenues do not behave as expected we executed 89% of the budget. And what we had there is that even though we didn't transfer the expected volumes, not because of that are compressing stations, work less and they consume less fuel our compressors you use gas as we had less consumption in [ Palomino, Caracoli ] and also a decrease in the gas price in 2026 versus 2025. Thanks to the negotiation of agreements an important amount, but we reduced compression cost for Promigas in Transmetano, there was less gas use, there was a mismatch in some payments that was in April. And in Surtigas, less expenses mainly related to lower activity execution, as efficiencies, optimization of costs without putting at stake the reliability and security of our operations. So the EBITDA reached the amount of COP 546 billion, 9% versus 2025, which was a year with a very intense El Niño in April executing 5% on the budget, almost in line with cost and expenses, financial expenses, we can highlight one side the decrease of our debt when we take a look at what's happening in March 2026 versus margin 2025, it's around COP 576 billion what Manuel was demonstrated how CapEx was almost the same between transportation, distribution and [indiscernible] and it is investment in reliability and security in the case of transportation in distribution, more expansion towards sectors in which we still do not have the expected penetration mainly in Peru and in SPEC, we must highlight that is the new capacity that is going to serve in a relevant manner in order to help a country regarding what it could face during the second half of the year. As to financial expenses, in addition to the growth in that we have a macroeconomic indicator that shows that our debt participates in 40%. It has increased in 20% syndicate between January and March and over that 40% of the debt we've had this increase of 110% net profit in spite of all this and even having the planned diversification of the portfolio. It reaches COP 240 million, 98% of what we were expecting as to the budget as to financial statements, individual ones, which have which is driven because of the results of Promigas, but an important weight of all the portfolio, mainly in distribution is second in importance in our management, 92% % of the budget because of what was mentioned gas transportation below what we expected cost and expenses which is extended not only to Promigas but to all the consolidate control that -- so it's 91% the participation method, which is the contribution of all the companies in which Promigas participates with 5% which is controlling on an execution of 90%, mainly in gas transportation sector. The EBITDA reached COP 325 billion and 9% of what we expected in the budget. We are doing whatever is possible to offset these drops for the next of the year. It's a mismatch between what we expected. It's not easy to forecast rainfall but as it is being announced, we are going to have a lean phenomenon that will offset what didn't happen in transportation as well in specimen to has had a very important activity but it should be higher in the second half of the year, where we will have available the transportation infrastructure and the regasification infrastructure to the service of the country's energy mix. Financial expenses, 107% on the budget mainly -- well, in addition to the growth because of organic movements, nothing that has to do with the acquisition of Celestra because in March it was not yet in the budget. They've reached 107% because of the macroeconomic variable, which have an incident on our debt, net profit. In spite of the execution that we previously showed, it's been 99% of the budget. As to the balance sheet of Promigas, it is worth mentioning the growth of current assets, 114%. This is an increase mainly because of the dividends decreased by the companies in their general shareholder meeting of March and the financial asset because of the increase because of the economic variables, long-term asset because of the dividends decreed in March and as to liabilities an increase that was presented in the shareholders meeting, and they are going to be paid throughout the year. Based on what's decided by the respond the general shareholders -- we have an increase in credit disbursements. Here, you see the different increases, nothing out of what we have expected throughout the year. And as money, we still have 53% in loans and 47% concentrated in bonds. The debt is relevant in pesos 65% in dollars. It's due to the bond issue in 2019 and the reopening of the [indiscernible] 2024 million, $500 million. We haven't had important changes in the debt structure except for what was previously mentioned. Well having said this, we start the Q&A session, and I would like to give the floor to our CEO, Manuel Rojas.

Thank you very much, Aquilles. Juliana, we have a question in English.

I have translated it already. The question is [indiscernible] asking questions related to the same question, and it's -- it's related to the Celestra transaction. They want to have more idea on how is it going to be financed between debt and equity which are our leverage expectations and the issuer and the mix and the headquarters want to maintain the credit ratings.

I'm going to answer in English and then in Spanish. First of all, I think it's very important for you to know that preserving our credit rating and investment-grade status is 1 of our strategic objectives, and we will do everything at our reach to preserve the grade rating that we have. Having said that, Promigas has been implementing a smart deleveraging strategy. This includes the sale of nonproductive assets, minority stakes in nonstrategic companies and the sale securitization of Brega's receivables portfolio. We will hold a specific call once the transaction is finalized next week. It will be we will not go into the detail today because we need to finalize the transaction, and this will be finalized. We hope on May 27. Therefore, you will be listening from us where we'll be citing a specific call with not only the credit agencies, but with the investing community, where we will inform this in detail about this strategy that we call smart the leveraging that we have been implementing and that we will implement until during 2026 and 2027. But apologies, we give apologies because I think it's too early to provide that information. And I think it should be provided once we close the transaction next week. Having said that, I will move to Spanish. [Foreign Language] The announcement of the coming meeting most likely, it is going to be during the first week of June where we will have the call to provide you with a detailed information about transaction.

The next question, [indiscernible] With respect to the recent regulation regarding El Niño phenomenon what are the aspects that could have an impact on Promigas and specs operations.

Yes, the regulation has no impact on transportation or on space. So the recent regulation has no impact on our operations.

Another question from Catherine and my apologies. Regarding what's happening, we anticipate a greater use of our infrastructure. What's the opinion on the high number of reclassification projects in the country. Do you think we can face oversupply scenario. I don't know that's a question or a statement.

Well, let's start with the fact that Colombia is going to be a gas important country for the next 5 years until the serious project is commissioned. Its production is anticipated at the end of 2030 and in an intense manner in 3, those are the agreements that have been signed by Petrobras, which is the upper [indiscernible] of the field together with Ecopetrol one [ CDU ] is commission. We are going to have a period in which we will have less regasification, but all the scenarios show that unless we find new wells in Colombia, in 2033, we will need to import once again, gas in the country. What does it mean? It means that Colombia needs other reclassification plans Besides from the spec plant, we have been complying with our supply with the country in the past, they went from 400 to 450 Colombia needed more gas. Last year, we increased it to 475 [indiscernible] I announced that for El Niño phenomenon, we're going to bring the capacity before anticipated just guaranteeing Colombia's Energy Security. So 533 in August 2027. Since El Niño phenomena starting with -- we are almost ready to start with 533 million. So we are at to get a license approved Colombia requires or regasification and Promigas has been needed that, and we think that, that capacity is going to be fully most renew phenomenon. So that implies that our transportation system is going to be used even more because the gas will need to flow from back to [indiscernible] is by direction, [indiscernible] to the interconnection that was put available by Promigas. And this way, we go to the Central Parona country. We have a project on the Pacific model [indiscernible] cubic feet per day, which was announced for August. I don't think it will be commissioned in August, but maybe towards the end of the year. It is to be a very important project. Mainly for the Southwestern part of Colombia. It is a project led by Ecopetrol with a private operator SaaS. Hopefully, it will be commissioned in the midst of El Niño in December, and that will not have any delays on the Caribbean. There are many projects that are being studied, sadly enough, enough of them with a concrete decision. There's a lot of like false deployment regarding those projects. It started with [indiscernible] that was not successful in another incubator projects in Covenas. It was -- I mean nothing happened. I will see Frontera with Ecopetrol in the area of Paru will take place or not. We still do not know that. So the country is waiting for those projects to be commissioned on a timely manner because we need them. The only thing I can say that the only one that has met its promise is Promigas. So we are complying -- yes, in a timely manner. We need for other projects to be commissioned mainly now that they are required for El Niño phenomenon. We have -- it is worth time lighting the capacity of the 533 [indiscernible] was asking that question. That's already hired. We need to award 11 million cubic feet per day and once El Niño starts, that's going to be [indiscernible] So it's contracted until 2031. A part of that capacity is also higher to 2035.

The next question from Ricardo Sandoval from Bancolombia.

Could you please give us a regulatory update around the processes with mainly the claim on the calculation of the fees with estimated and not real figures.

Ricardo, that's a very good question indeed. We went to a we included their course of first week of September 2025. As a result of what filed. We understand that other operators filed something regarding transportation. [indiscernible] show evidence as of March this year, they started requesting detailed evidence or the transportation rates and all of our affiliates have presented the evidence as requested, Promigas also submitted to Craig. So we believe that the those evidences are giving good fruits showing that the volumes demand volumes considered in the Craig forecast, we're not right ones. We have also submitted that inform on time. I don't know if we have time for 1 additional and what was not answered, we can schedule a call with you or we can just answer in writing.

Well, the last question from Ricardo Sandor from Bancolombia. I would like to know if you are participating in the business of renewing the Kalida concession in Peru together with is -- we are working hand in hand with GB in the extension of the concession. That's a process needed by Peru. And what has been proposed is something that we consider benefits not only Peruvian users, but also [indiscernible] shareholders, the extension of Calida to bring us to 7 regions which do not have gas in the country at present in Peru. Hence, it will have a significant impact on the lives of the regions next to [indiscernible] That's a request that they have presented a long time ago, the people from the high line but we think that, that project is going well. What has happened here, we have had inconveniences because in Peruvian authorities have changed quite a lot throughout this past year. But I think that the way in which we've had the discussion debates with the regulators with authorities from the ministry and with political authorities. This is a project that should count on full support in order for it to be crystalized. So I think it's going to be a great value for Peruvian and Columbians on. So we'll -- I mean, we'll answer the rest of the question offline through Juliana. Once again, thank you very much for joining, and you're going to hear from us next week where we will schedule a specific meeting on the semester transaction where we are going to give you details. We're going to give you light on how are we going to finance that transaction showing that we are in the right pathway. And on the smart leverage strategy that we are putting in place. So thank you very much. It's always a pleasure to share with you.