<SEC-DOCUMENT>0001292814-25-002141.txt : 20250519
<SEC-HEADER>0001292814-25-002141.hdr.sgml : 20250519
<ACCEPTANCE-DATETIME>20250519081318
ACCESSION NUMBER:		0001292814-25-002141
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250519
DATE AS OF CHANGE:		20250519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pampa Energy Inc.
		CENTRAL INDEX KEY:			0001469395
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34429
		FILM NUMBER:		25961560

	BUSINESS ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
		BUSINESS PHONE:		54-11-4809-9500

	MAIL ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>pam20250516_6k.htm
<DESCRIPTION>6-K
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C.
20549</B></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORM 6-K</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>REPORT OF FOREIGN
ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES EXCHANGE
ACT OF 1934</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of&nbsp;May,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Commission File
No. 001-34429),</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>PAMPA ENERGIA S.A.<BR>
(PAMPA ENERGY INC.)</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Jurisdiction of
incorporation or organization)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Maip&uacute; 1<BR>
C1084ABA<BR>
City of Buenos Aires<BR>
Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Address of principal
executive offices)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)<BR>
<BR>
Form 20-F ___X___ Form 40-F ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center; background-color: white">(Indicate
by check mark whether the registrant by furnishing the<BR>
information contained in this form is also thereby furnishing the<BR>
information to the Commission pursuant to Rule 12g3-2(b) under<BR>
the Securities Exchange Act of 1934.)<BR>
<BR>
Yes ______ No ___X___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(If &quot;Yes&quot;
is marked, indicate below the file number assigned to the<BR>
registrant in connection with Rule 12g3-2(b): 82- .)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>



<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;&nbsp;</P>

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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">This Form 6-K
for Pampa Energ&iacute;a S.A. (&ldquo;Pampa&rdquo; or the &ldquo;Company&rdquo;) contains:</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT> <A HREF="ex99-1.htm">Three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024</A></P>


<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I></I></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U><BR>
SIGNATURE</U></B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;May 16, 2025</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Pampa Energ&iacute;a S.A.</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/&nbsp;Gustavo Mariani</P>
<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: #A0A0A0"></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:&nbsp;Gustavo Mariani</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">This press release may contain
forward-looking statements. These statements are statements that are not historical facts, and are based on management's current
view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words &quot;anticipates&quot;,
&quot;believes&quot;, &quot;estimates&quot;, &quot;expects&quot;, &quot;plans&quot; and similar expressions, as they relate to
the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations
and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements.
Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee
that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including
general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors
could cause actual results to differ materially from current expectations.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company is an integrated energy company in Argentina mainly participating
in the oil and gas production and electricity generation <FONT STYLE="letter-spacing: -0.1pt">businesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 0 0 5.45pt; text-indent: 42.5pt">Through its own activities, subsidiaries
and shareholdings in joint ventures and based on the business nature, customer portfolio and risks involved, the Company operates its
businesses through following reportable segments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.3pt"></TD><TD STYLE="width: 24.65pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.1pt"><FONT STYLE="font-size: 10pt">Oil and Gas, principally consisting of the Company&#8217;s
interests in oil and gas areas and through its direct and indirect interests in PECSA;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 47.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.3pt"></TD><TD STYLE="width: 24.65pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.1pt"><FONT STYLE="font-size: 10pt">Electricity Generation, principally consisting of
our direct and indirect interests in HINISA, HIDISA, VAR, CTB, TMB, TJSM and through our own electricity generation activities through
thermal plants CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenerg&iacute;a, CTPP, CTIW, the HPPL hydroelectric complex and PEPE II, III, IV
and VI wind farms;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.3pt"></TD><TD STYLE="width: 24.65pt"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.1pt"><FONT STYLE="font-size: 10pt">Petrochemicals, comprising of the Company&#8217;s
own styrenics operations and the catalytic reformer plant operations conducted in <FONT STYLE="letter-spacing: -0.1pt">Argentina; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 47.95pt; text-align: justify; text-indent: -24.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.3pt"></TD><TD STYLE="width: 24.65pt"><FONT STYLE="font-size: 10pt; line-height: 103%">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.1pt"><FONT STYLE="font-size: 10pt">Holding,
                                            Transportation and Others, principally consisting of our interests in joint businesses CITELEC,
                                            CIESA and their respective subsidiaries holding the concession over high-voltage electricity
                                            transmission and gas transportation, respectively, as well as the stake in VMOS and OCP.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48pt">The Company manages its operating segments based on its individual
net result in U.S. <FONT STYLE="letter-spacing: -0.1pt">dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.15pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.75pt; margin-right: 0pt; margin-bottom: 0pt"><B><I>Three-month period ended March 31, 2025 compared
to the Three-month period ended March 31, <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 5.45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 0"><I>Oil and Gas <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.15pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Oil and Gas<BR>
(in millions of U.S.$)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>For the three-month period ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 15%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">146</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">150</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(3%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(99)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">19%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(23)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(45%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(17)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">31%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">17%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(89%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Operating (loss) income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(131%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(25)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(4%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(29)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(3%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Loss before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(37)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">3,700%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">49</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(122%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>(Loss) Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(49)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(97)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(202%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Owners of the company</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(49)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(97)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(202%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Revenue</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from
our oil and gas segment decreased 3%, to U.S.$146 million for the three-month period ended March 31, 2025, compared to U.S.$150 million
for the three-month period ended March 31, 2024. This decrease is primarily attributable to lower gas prices in sales to Chile and industrial
sectors and, to a lesser extent, reduced crude oil sales volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The average
sale price for gas was U.S.$2.99/MBTU for the three-month period ended March 31, 2025, 6% lower than U.S.$3.05/MBTU recorded in the three-month
period ended March 31, 2024. The average sale price for oil was U.S.$69/bbl for the three-month period ended March 31, 2025, remaining
essentially unchanged from the corresponding period in 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.85pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The following table shows our production and sales
for the oil and gas segment for the periods <FONT STYLE="letter-spacing: -0.1pt">shown:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.85pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>For the three-month period ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 20%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B>Production</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Oil (k bbl/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">3.2</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">4.3</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Gas (k m<SUP>3</SUP>/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">11.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">11.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B>Total (k boe/day)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>72.7</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>73.1</B></FONT></TD></TR>
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B>Sales</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Oil (k bbl/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">0.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">0.0</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Gas (k m<SUP>3</SUP>/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">11.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">11.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B>Total (k boe/day)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>73.6</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>74.2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.7pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 1.65pt 5.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Cost of <FONT STYLE="letter-spacing: -0.1pt">Sales</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">The cost
of sales from our oil and gas segment increased by 19%, to U.S.$118 million for the three-month period ended March 31, 2025, from U.S.$99
million for the three-month period ended March 31, 2024. The variation is mainly due to higher lifting cost, cost from sale of crude oil
stock, and property, plant and equipment depreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 40.85pt"><I>Gross <FONT STYLE="letter-spacing: -0.1pt">Profit</FONT></I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Gross
profit from our oil and gas segment decreased by 45%, from U.S.$51 million in the three-month period ended March 31, 2024, to U.S.$28
million for the three-month period ended March 31, 2025. This variation is explained by higher costs and lower average gas sale prices,
which were partially offset by higher crude oil volumes sold.</P>

<P STYLE="font: 10pt/103% Times New Roman,serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Additionally,
the gross margin on sales decreased to 19% in the three-month period ended March 31, 2025, compared to 34% for the three-month period
ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Selling <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Selling
expenses from our oil and gas segment increased to U.S.$17 million for the three-month period ended March 31, 2025, compared to U.S.$13
million for the same period in 2024 due to increased gas transportation expenses mainly explained by higher gas production from Sierra
Chata block.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Administrative
expenses from our oil and gas segment increased to U.S.$21 million for the three-month period ended March 31, 2025, compared to U.S.$18
million for the three-month period ended March 31, 2024 due to increased labor cost and fees and remuneration for services.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Other Operating Income and Expenses, <FONT STYLE="letter-spacing: -0.25pt">net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Other operating
incomes and expenses, net from our oil and gas segment recorded gains of U.S.$1 million for the three- month period ended March 31, 2025,
compared to U.S.$9 million for the three-month period ended March 31, 2024, mainly due to lower commercial interests and GasAr Plan income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>







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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">The operating
income from our oil and gas segment decreased by U.S.$38 million (131%) to a U.S.$9 million loss for the three-month period ended March
31, 2025 compared to a U.S.$29 million gain for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating
margin in relation to sales for the three-month period ended March 31, 2025, decreased to a loss of 6% compared to a gain of 19% for the
three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Financial Results, <FONT STYLE="letter-spacing: -0.25pt">Net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Financial
results, net from our oil and gas segment amounted to a U.S.$29 million loss for the three-month period ended March 31, 2025, compared
to a U.S.$30 million loss for the three-month period ended March 31, 2024. The main components contributing to the net financial results
remained consistent across both periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our oil
and gas segment recorded an income tax charge of U.S.$11 million for the three-month period ended March 31, 2025, compared to a tax benefit
of U.S.$49 million for the three-month period ended March 31, 2024, mainly related to the non-cash credit on deferred income tax due to
an inflation higher than the Peso devaluation for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Profit of the <FONT STYLE="letter-spacing: -0.1pt">period</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">As a result
of the foregoing, our oil and gas segment recorded a loss of U.S.$49 million for the three-month period ended March 31, 2025, compared
a profit of U.S.$48 million for the three-month period ended March 31, 2024, both of which were entirely attributable to the owners of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.45pt"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><I>Generation <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Generation<BR>
(in millions of U.S.$)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>For the three-month period ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">195</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">154</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">27%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(77)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">34%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">19%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(15%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(64%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Share of profit from joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(38%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Impairment of financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">53%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">500%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(17)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(29%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(42%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(32%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">101</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">22%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">97</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(95)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(98%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">125</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">198</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(37%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Owners of the company</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">124</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">197</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(73)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(37%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Non - controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.75pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in"><I>Revenue</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from
our generation segment increased by U.S.$41 million, amounting to U.S.$195 million in the three-month period ended March 31, 2025, compared
to U.S.$154 million in the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">This increase
is mainly explained by an increase in renewable generation due to the gradual commissioning of PEPE VI during 2024 and higher spot energy
prices, supported by successive increases that outpaced the devaluation of the Peso.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman,serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Power generation
during the three-month period ended March 31, 2025 increased by 3%, to 4,795 GWh compared to 4,678 GWh for the three-month period ended
March 31, 2024, mainly due to higher dispatch of our thermal units and an increase in wind generation, partially offset by a decrease
in hydroelectric generation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.25pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.9pt">The following table shows net power generation and installed
capacity for our power generation <FONT STYLE="letter-spacing: -0.1pt">plants:</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #2E75B5; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>For the three-month period ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #2E75B5; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #2E75B5; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: #2E75B5">
    <TD ROWSPAN="2" STYLE="width: 45%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Net generation </B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 15%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Installed capacity (In Mw)</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Net generation </B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 15%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Installed capacity (In Mw)</B></FONT></TD></TR>
  <TR STYLE="background-color: #2E75B5">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>(In GWh)</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>(In GWh)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Hydroelectric</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">485</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">938</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">683</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">938</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Wind</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">418</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">427</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">244</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">206</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">Thermal</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,892</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">4,106</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">3,751</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">4,107</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,795</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,471</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,678</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,251</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.9pt"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.9pt"><I>Cost of <FONT STYLE="letter-spacing: -0.1pt">Sales</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Cost of sales
increased by 34% to U.S.$103 million for the three-month period ended March 31, 2025, compared to U.S.$77 million for the three-month
period ended March 31, 2024, mainly explained by higher depreciation of property, plant and equipment, gas and electricity transportation
costs, and maintenance expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Gross <FONT STYLE="letter-spacing: -0.1pt">Profit</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Gross profit
from our generation segment increased by 19%, to U.S.$92 million for the three-month period ended March 31, 2025, compared to U.S.$77
million for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The gross
margin as a percentage of sales decreased to 47% for the three-month period ended March 31, 2025, compared to 50% for the same period
in 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Selling <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Selling expenses
from our generation segment remained constant at U.S.$1 million for the three-month periods ended March 31, 2025 and 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Administrative
expenses from our generation segment <FONT STYLE="letter-spacing: -0.15pt">decreased </FONT>to U.S.$11 million for the three-month period
ended March 31, 2025, compared to U.S.$13 million for the three-month period ended March 31, 2024, mainly explained by lower labor costs
and taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Other Operating Income and Expenses, <FONT STYLE="letter-spacing: -0.25pt">Net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Other operating
income and expenses, net from our generation segment decreased to a U.S.$5 million gain for the three-month period ended March 31, 2025,
compared to a U.S.$14 million gain for the three-month period ended March 31, 2024. This variation is primarily attributed to lower overdue
interests from CAMMESA due to the drop in CAMMESA&#8217;s days sales outstanding ratio, partially offset by higher insurance recoveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Share of profit from joint <FONT STYLE="letter-spacing: -0.1pt">ventures</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The share
profit from joint ventures from our generation segment amounted to U.S.$13 million for the three-month period ended March 31, 2025, compared
to U.S.$21 million for the three-month period ended March 31, 2024. This variation is explained by lower income tax benefit, partially
offset by higher operating income and lower financial interest expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.75pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 41.45pt"><I>Impairment of financial <FONT STYLE="letter-spacing: -0.1pt">assets</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">No impairment
was recorded in our generation segment for the three-month period ended March 31, 2025, while an impairment of financial assets of U.S.$34
million was recorded for the three-month period ended March 31, 2024. This impairment is explained by the agreement entered into with
CAMMESA instrumenting the exceptional, transitional and unique payment system established in SE Resolution No. 58/24 for the balance of
unpaid economic transactions in the wholesale electricity market, including: (i) the December 2023 and January 2024 transactions that
were settled with sovereign bonds valued at U.S.$0.65 per U.S. dollar of face value in the domestic market; and (ii) the February 2024
transaction that was settled in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Operating
income from our generation segment increased by U.S.$34 million (53%), to U.S.$98 million for the three-month period ended March 31, 2025,
compared to U.S.$64 million for the three-month period ended March 31, 2024. This variation is mainly attributable to the increase in
gross profit and the impairment in CAMMESA&#8217;s receivables described above, recorded in 2024. These effects were partially offset
by the decrease in CAMMESA&#8217;s commercial interests and the share of profit from joint ventures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating
margin in relation to sales for the three-month period ended March 31, 2025, increased to 50% compared to a 42% for the three-month period
ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.9pt"><I>Financial Results, <FONT STYLE="letter-spacing: -0.25pt">net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Financial
results, net, amounted to a U.S.$25 million gain for the three-month period ended March 31, 2025, compared to U.S.$37 million gain for
the three-month period ended March 31, 2024. This decrease is mainly due to lower gains from changes in the fair value of financial instruments,
partially offset by lower financial interest expenses in line with lower Peso denominated debt stock and lower foreign currency exchange
differences losses over the monetary position in Pesos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The generation
segment recorded an income tax benefit of U.S.$2 million for the three-month period ended March 31, 2025, compared to a tax benefit of
U.S.$97 million for the three-month period ended March 31, 2024. The variation is mainly related to non-cash credit on deferred income
tax due to an inflation higher than the <FONT STYLE="letter-spacing: -0.2pt">P</FONT>eso devaluation for the three-month period ended
March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Profit of the <FONT STYLE="letter-spacing: -0.1pt">period</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">As a result
of the foregoing, the generation segment recorded a U.S.$125 million profit for the three-month period ended March 31, 2025, of which
U.S.$124 million were attributable to the owners of the Company, compared to U.S.$198 million profit for the three-month period ended
March 31, 2024, of which U.S.$197 million were attributable to the owners of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.25pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0"><I>Petrochemicals <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>Petrochemical<BR>
(in millions of U.S.$)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>For the three-month period ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">92</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">120</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(23%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(90)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(108)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(17%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(83%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">50%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">650%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">20%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(2,700%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">322%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">282%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Owners of the company</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">282%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.65pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.85pt"><I>Revenue</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from
our petrochemicals segment amounted to U.S.$92 million for the three-month period ended March 31, 2025, 23% lower than the U.S.$120 million
reported for the three-month period ended March 31, 2024. This variation is mainly due to lower demand for octane and solvents in the
domestic market, as well as lower exports of isomerized naptha and, to a lesser extent lower sale volumes from styrene and polystyrene.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Total
sold volumes during the three-month period ended March 31, 2025 experienced a 34% decrease compared to the three-month period ended March
31, 2024. This variation is mainly explained by lower local sales from our reforming plant&#8217;s derived products, and lower local sale
volumes from styrene and polystyrene.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt">The following table shows sales volumes in the petrochemicals
segment during the specified <FONT STYLE="letter-spacing: -0.1pt">periods:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #327EC4">
    <TD ROWSPAN="2" STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt; color: white"><B>Volume sold in k ton</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>For the three-month period ended</B></FONT></TD></TR>
  <TR STYLE="background-color: #327EC4">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: white"><B>March 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 65%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Reforma</FONT></TD>
    <TD STYLE="width: 17%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD STYLE="width: 18%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">77</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Styrene &amp; polystyrene</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">19</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">SBR</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>73</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>110</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.85pt"><I>Cost of <FONT STYLE="letter-spacing: -0.1pt">Sales</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Cost
of sales from our petrochemicals segment decreased by 17%, to U.S.$90 million for the three-month period ended March 31, 2025, compared
to U.S.$108 million for the three-month period ended March 31, 2024. This variation is mainly due to lower volumes of our reforming plant&acute;s
derived products, partially offset by higher raw material prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Gross <FONT STYLE="letter-spacing: -0.1pt">Profit</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our petrochemical
segment recorded a gross profit of U.S.$2 million for the three-month period ended March 31, 2025, compared to U.S.$12 million for the
same period in 2024, mainly due to lower polystyrene, SBR and styrene margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The gross
margin on sales reached 2% for the three-month period ended March 31, 2025, compared to 10% for the three-month period ended March 31,
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Selling <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Selling expenses
from our petrochemicals segment did not vary significantly, amounting to U.S.$3 million for the three-month period ended March 31, 2025,
compared to U.S.$2 million for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Administrative
expenses from our petrochemicals segment did not vary, amounting to U.S.$2 million for both three-month periods ended March 31, 2025 and
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.45pt"><I>Other operating income and expenses, <FONT STYLE="letter-spacing: -0.25pt">net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Other operating
income and expenses, net amounted to a U.S.$15 million gain for the three-month period ended March 31, 2025, compared to a U.S.$2 million
loss for the three-month period ended March 31, 2024. This variation is mainly explained by the reversal of the customs contingency provision
that had been recorded in previous periods, offset by lower gains derived from the settlement of exports at a differential U.S dollar
exchange through the Export Increase Program and losses from idle capacity in our reforming plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating
income from our petrochemicals segment did not vary significantly, amounting to U.S.$12 million in the three-month period ended March
31, 2025, compared to U.S.$10 million for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating
margin in relation to sales for the three-month period ended March 31, 2025, increased to <FONT STYLE="letter-spacing: -0.1pt">13</FONT>%
compared to 8% for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Financial Results, <FONT STYLE="letter-spacing: -0.25pt">Net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our
petrochemicals segment recorded a U.S.$26 million gain for financial results, net for the three-month period ended March 31, 2025,
compared to a U.S.$1 million loss for the three-month period ended March 31, 2024. This variation is mainly explained by the
reversal of the customs contingency provision accrued interests that had been recorded in previous periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.4pt">The
petrochemicals segment recorded an income tax benefit of U.S.$4 million for the three-month period ended March 31, 2025, compared to a
U.S.$2 million tax charge for the same period in 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.7pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.85pt"><I>Profit of the <FONT STYLE="letter-spacing: -0.1pt">period</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.4pt">The
petrochemicals segment recorded a profit of U.S.$42 million for the three-month period ended March 31, 2025, compared to U.S.$11 million
for the three-month period ended March 31, 2024, both of which were entirely attributable to the owners of the <FONT STYLE="letter-spacing: -0.1pt">Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Holding, Transportation and Others <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Holding, transportation and others <BR>
(in millions of U.S.$)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>For the three-month period ended</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">133%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">133%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">13%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(48%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Share of profit from joint ventures and associates</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(18%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Profit from sale of companies&#8217; interest</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">25%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(60%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">267%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">(240%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">145%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">227%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Owners of the company</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 10pt">227%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Revenue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from
our holding, transportation and others segment increased by 133% to U.S.$7 million in the three-month period ended March 31, 2025 compared
to U.S.$3 million for the three-month period ended on March 31, 2024, mainly explained by higher advisory services provided to related
companies<FONT STYLE="line-height: 103%">.</FONT></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Gross Profit</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our holding,
transportation and others segment recorded a gross profit of U.S.$7 million in the three-month period ended March 31, 2025 compared to
U.S.$3 million for the three-month period ended on March 31, 2024<FONT STYLE="line-height: 103%">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Administrative
expenses from our holding, transportation and others segment increased to U.S.$9 million for the three-month period ended March 31, 2025,
compared to U.S.$8 million for the three-month period ended March 30, 2024, mainly due to lower executive compensation accrual offset
by higher personal asset taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.75pt 0 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 0 0 40.85pt"><I>Other Operating Income and Expenses, <FONT STYLE="letter-spacing: -0.25pt">Net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Other
operating income and expenses, net from our holding, transportation and others segment recorded a loss of U.S.$11 million for the three-month
period ended March 31, 2025, compared to a U.S.$21 million loss for the three-month period ended March 31, 2024. The variation is mainly
due to provision for contingencies charges recorded in 2024.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Share of profit from joint ventures and <FONT STYLE="letter-spacing: -0.1pt">associates</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Share of profit
from joint ventures and associates from our holding, transportation and others segment amounted to U.S.$33 million for the three-month
period ended March 31, 2025, compared to U.S.$40 million for the three-month period ended March 31, 2024. This decrease is primarily attributable
to lower profits resulting from the consolidation with OCP results effective as of August 30, 2024, partially offset by higher profits
from our stakes in CIESA and Citelec consistent with monthly rate increases received by TGS and Transener in 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.45pt"><I>Profit from sale of companies&#8217; <FONT STYLE="letter-spacing: -0.1pt">interest</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">The profit
from sale of companies&#8217; interest from our holding, transportation and others segment amounted to U.S.$2 million for the three-month
period ended March 31, 2024 due to the sale of direct interest in TGS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.45pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Operating
income from our holding, transportation and others segment amounted to a U.S.$20 million profit for the three-month period ended March
31, 2025, compared to U.S.$16 million gain for the three-month period ended March 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -31.15pt"><I>Financial Results, <FONT STYLE="letter-spacing: -0.25pt">Net</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our holding,
transportation and others segment recorded U.S.$7 million financial net gain for the three-month period ended March 31, 2025, compared
to U.S.$5 million loss for the three-month period ended March 31, 2024. This variation is mainly due to higher foreign currency net exchange
differences gains over the monetary position in Pesos and lower interest costs on fiscal liabilities denominated in Argentine pesos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The income
tax of our holding, transportation and others segment amounted to U.S.$9 million gain for the three-month period ended March 31, 2025,
while no charge was recorded for the <FONT STYLE="line-height: 103%">three-months period ended March 31</FONT>, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.85pt"><I>Profit of the <FONT STYLE="letter-spacing: -0.1pt">period</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.4pt">Our holding,
transportation and others segment recorded a profit of U.S.$36 million for the three-month period ended March 31, 2025, compared to U.S.$11
million for the three-month period ended March 31, 2024, both of which were entirely attributable to the owners of the Company.</P>

<P STYLE="font: 10pt/103% Times New Roman, Times, Serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.4pt">&nbsp;</P>


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