<SEC-DOCUMENT>0001292814-25-003813.txt : 20251106
<SEC-HEADER>0001292814-25-003813.hdr.sgml : 20251106
<ACCEPTANCE-DATETIME>20251106085430
ACCESSION NUMBER:		0001292814-25-003813
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251106
DATE AS OF CHANGE:		20251106

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:		251456448

	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>pam20251104_6k1.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: 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;November,
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>

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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>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">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">Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 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: 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;November 4, 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 Calibri,sans-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 Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman,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-family: Calibri,sans-serif; font-size: 10pt">Oil and Gas, principally
consisting of the Company&#8217;s interests in oil and gas areas, the activities of Pampa Energ&iacute;a S.A. - Sucursal Dedicada Midstream
RDA and through its direct and indirect interests in SESA and PECSA;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/103% Calibri,sans-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,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-family: Calibri,sans-serif; font-size: 10pt">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 Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/103% Times New Roman,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-family: Calibri,sans-serif; font-size: 10pt">Petrochemicals, comprising
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 Calibri,sans-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,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-family: Calibri,sans-serif; 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 Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 2.15pt 0 0">&nbsp;</P>


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<P STYLE="font: 11pt/110% Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 3.75pt 0 0 5.45pt"><B><I>Nine-month period ended September 30, 2025 compared to the Nine-month
period ended September 30, 2024</I></B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.95pt 0 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
      <P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><I>Oil and Gas <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>
    <P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    </TR>
  <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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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="4" 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>For the nine-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 STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2024</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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-left: white 1pt solid; white-space: nowrap; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">658</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">596</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">10%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(461)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(387)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(74)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">19%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">197</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">209</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(6%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">22%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">5%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Other operating income and expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(44%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Share of profit from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">100%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Impairment of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(58%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Impairment of financial assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(50%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">95</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">122</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(27)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(22%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">100%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(77)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(71)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">8%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(25)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(17)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">47%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(102)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(87)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">17%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>(Loss) Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(42)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(120%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">36</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(186%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(38)</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">71</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(109)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(154%)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Owners of the company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">71</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(109)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(154%)</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 4.2pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Revenue</I></P>

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from our oil
and gas segment increased 10%, to U.S.$658 million for the nine-month period ended September 30, 2025, compared to U.S.$596 million for
the nine-month period ended September 30, 2024. This increase is primarily attributable to the ramp-up of shale oil output at the Rinc&oacute;n
de Aranda block and was partially offset by weaker gas demand resulting from milder weather and the expiration of Plan Gas winter peak
commitments, as well as lower crude oil and gas export prices.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The average sale price
for gas was U.S.$3.87/MBTU for the nine-month period ended September 30, 2025, 2% lower than U.S.$3.93/MBTU recorded in the nine-month
period ended September 30, 2024. The average sale price for oil was U.S.$61.9/bbl for the nine-month period ended September 30, 2025,
13% lower than U.S.$71/bbl recorded in the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.85pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 80pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-indent: 80pt">&nbsp;</P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 3.75pt 0 0">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 Calibri,sans-serif; margin: 3.75pt 0 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="border-top: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>For the nine-month period ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 70%; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>September 30, 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>September 30, 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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Production</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Oil (k bbl/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">9.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">5.0</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Gas (k m<SUP>3</SUP>/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">12.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">13.4</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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>85.5</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>83.8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>Sales</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Oil (k bbl/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">10.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">4.8</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Gas (k m<SUP>3</SUP>/day)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">12.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">13.3</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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>86.3</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>83.3</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 3.75pt 0 0 40.85pt">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri,sans-serif; margin: 0.05pt 0 1.65pt 5.45pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Cost of <FONT STYLE="letter-spacing: -0.1pt">Sales</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$461 million for the nine-month period ended September 30, 2025, from U.S.$387 million
for the nine-month period ended September 30, 2024. The variation is mainly due to higher lifting costs related to gas treatment expenses,
higher property, plant and equipment depreciation, costs from the sale of crude oil stock, and increased royalties related to higher production
volumes.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.65pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt/103% Calibri,sans-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 6%, from U.S.$209 million in the nine-month period ended September 30, 2024, to U.S.$197 million
for the nine-month period ended September 30, 2025. This variation is explained by higher costs, weaker gas demand and lower average gas
and oil sale prices, which were partially offset by higher crude oil sale volumes.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Additionally, the gross
margin on sales decreased to 30% in the nine-month period ended September 30, 2025, compared to 35% for the nine-month period ended September
30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Selling <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$56 million for the nine-month period ended September 30, 2025, compared to U.S.$46 million for
the same period in 2024 due to increased oil and gas transportation expenses, driven by strong crude oil production growth at the Rinc&oacute;n
de Aranda block, higher gas production at the Sierra Chata block and higher gas exports to Chile.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$60 million for the nine-month period ended September 30, 2025, compared to U.S.$57 million
for the nine-month period ended September 30, 2024 due to increased fees and compensation for services.</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Other operating income
and expenses, net from our oil and gas segment recorded gains of U.S.$25 million for the nine-month period ended September 30, 2025, compared
to gains of U.S.$45 million for the nine-month period ended September 30, 2024, mainly due to reduced overdue interest driven by a decrease
in CAMMESA&#8217;s and ENARSA&#8217;s days sales outstanding ratio and lower GasAr Plan income.</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt"><I>Share of profit
from associates and joint ventures</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The share of profit from
joint ventures from our oil and gas segment amounted to U.S.$2 million for the nine-month period ended September 30, 2025 due to our 20%
stake in SESA, the company aiming to develop the FLNG Project for LNG export.</P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><I>&nbsp;</I></P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Impairment of property, plant and equipment</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt"><FONT STYLE="line-height: 103%">Our
oil and gas segment recorded an impairment of property, plant and equipment of U.S.$8 million for the </FONT>nine-month period ended September
30, 2025<FONT STYLE="line-height: 103%">, compared to U.S.$19 million for the </FONT>nine-month period ended September 30, 2024<FONT STYLE="line-height: 103%">,
both in El Tordillo/La Tapera blocks. </FONT>On October 1, 2025, the Company transferred a 35.6706% interest in the concessions of such
blocks and collected U.S.$2 million.</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt"><I>Impairment of financial
assets</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Impairment of financial
assets from our oil and gas segment decreased to U.S.$5 million for the nine-month period ended September 30, 2025, compared to U.S.$10
million for the nine-month period ended September 30, 2024. The variation was primarily due to an agreement entered into with CAMMESA
on May 27, 2024, pursuant to which CAMMESA settled certain overdue wholesale electricity payments through (i) the delivery of sovereign
bonds valued at 65.0% of their face amount to settle December 2023 and January 2024 WEM&acute;s transactions and (ii) a cash payment to
settle February 2024 WEM&#8217;s transaction.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 2.75pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$27 million (22%) to U.S.$95 million for the nine-month period ended September 30, 2025
compared to U.S.$122 million for the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating margin
in relation to sales for the nine-month period ended September 30, 2025, decreased to 14% compared to 20% for the nine-month period ended
September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Financial Results, <FONT STYLE="letter-spacing: -0.25pt">Net</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$102 million loss for the nine-month period ended September 30, 2025, compared to a
U.S.$87 million loss for the nine-month period ended September 30, 2024. This increase is mainly due to higher foreign currency exchange
losses over the net monetary asset position in Argentine Pesos and higher financial interest expenses, partially offset by higher gains
from changes in the fair value of financial instruments.</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.05pt 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$31 million for the nine-month period ended September 30, 2025, compared to a tax benefit
of U.S.$36 million for the nine-month period ended September 30, 2024. The variation is mainly related to a non-cash credit on deferred
income tax due to inflation exceeding <FONT STYLE="letter-spacing: -0.2pt">P</FONT>eso devaluation for the nine-month period ended September
30, 2024, while during the current period the inflation and devaluation variables exhibited the opposite behavior.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>Loss / Profit of the <FONT STYLE="letter-spacing: -0.1pt">period</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$38 million for the nine-month period ended September 30, 2025, compared <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>a profit of U.S.$71 million for the nine-month period ended September 30, 2024, both of which were entirely attributable to the
owners of the Company.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.05pt 0 0 5.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.05pt 0 0 5.45pt"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.05pt 0 0"><I>Generation <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>For the nine-month period ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">585</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">505</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">80</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">16%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(319)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(260)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(59)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">23%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">266</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">245</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">21</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">9%</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; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">50%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(39)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(21%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(65%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Share of profit (loss) from joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(118%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">245</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">153</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">60%</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; 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; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">400%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(36)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(39)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(8%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">81</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">102</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(21%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">60</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">66</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(6)</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(9%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">305</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">219</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">86</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">39%</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; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(180)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">109</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(289)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(265%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">328</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(203)</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(62%)</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; 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; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">125</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">328</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(203)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(62%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.75pt 0 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from our generation
segment increased by U.S.$80 million, amounting to U.S.$585 million in the nine-month period ended September 30, 2025, compared to U.S.$505
million in the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">This increase is mainly
explained by higher renewable generation due to the gradual commissioning of PEPE VI at the end of 2024, increased recognition from fuel
self-procurement and higher spot capacity prices. These effects were partially offset by lower thermal dispatch and forced outage at HINISA
since January 2025.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Power generation during
the nine-month period ended September 30, 2025 decreased by 3%, to 12,947 GWh compared to 13,367 GWh for the nine-month period ended September
30, 2024, mainly due to lower dispatch of our thermal units and a decrease in hydroelectric generation, which were partially offset by
an increase in wind generation.</P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Calibri,sans-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="font: 10pt Calibri,sans-serif; margin: 3.75pt 0 0 40.9pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="4" 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>For the nine-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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>September 30, 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>September 30, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: #2E75B5">
    <TD ROWSPAN="2" STYLE="width: 40%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>in GWh</B></FONT></TD>
    <TD STYLE="width: 15%; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>Installed capacity<BR>
&nbsp;(In Mw)</B></FONT></TD>
    <TD STYLE="width: 15%; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>Installed capacity <BR>
(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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Hydroelectric</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">1,027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">938</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">1,641</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Wind</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">1,244</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">427</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">839</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">381</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">Thermal</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">10,676</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">4,107</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">10,887</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt">4,107</FONT></TD></TR>
  <TR>
    <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; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>12,947</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>5,472</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>13,367</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt"><B>5,426</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 3.75pt 0 0 40.9pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 3.75pt 0 0 40.9pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.9pt"><I>Cost of <FONT STYLE="letter-spacing: -0.1pt">Sales</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Cost of sales increased
by 23% to U.S.$319 million for the nine-month period ended September 30, 2025, compared to U.S.$260 million for the nine-month period
ended September 30, 2024, mainly explained by higher depreciation of property, plant and equipment, higher gas purchases for self-procurement
and maintenance expenses.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Gross <FONT STYLE="letter-spacing: -0.1pt">Profit</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Gross profit from our
generation segment increased by 9%, to U.S.$266 million for the nine-month period ended September 30, 2025, compared to U.S.$245 million
for the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-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 45% for the nine-month period ended September 30, 2025, compared to 49% for the same period in 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Selling <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Selling expenses from
our generation segment increased to U.S.$3 million for the nine-month period ended September 30, 2025, compared to U.S.$2 million for
the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$31 million for the nine-month period ended
September 30, 2025, compared to U.S.$39 million for the nine-month period ended September 30, 2024, mainly explained by lower labor costs.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$8 million gain for the nine-month period ended September 30, 2025, compared
to a U.S.$23 million gain for the nine-month period ended September 30, 2024. This variation is primarily attributable to lower overdue
interests resulting from a drop in CAMMESA&#8217;s days sales outstanding ratio, and was partially offset by higher insurance recoveries
net of repair expenses.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>Share of profit <FONT STYLE="letter-spacing: -0.25pt">(loss) </FONT>from
joint <FONT STYLE="letter-spacing: -0.1pt">ventures</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The share of profit (loss)
from joint ventures in our generation segment amounted to a U.S.$5 million gain for the nine-month period ended September 30, 2025, compared
to a U.S.$28 million loss for the nine-month period ended September 30, 2024. This variation is mainly explained by the impairment of
property, plant and equipment recorded by CTB in 2024, and was partially offset by the loss linked to the non-monetary credit for deferred
income tax, driven by the Argentine peso&#8217;s devaluation outpacing inflation during 2025.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.75pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our generation segment
recorded an impairment of financial assets of U.S.$46 million for the nine-month period ended September 30, 2024, while no impairment
was recorded for the nine-month period ended September 30, 2025. The variation was primarily due to an agreement entered into with CAMMESA
on May 27, 2024, pursuant to which CAMMESA settled certain overdue wholesale electricity payments through (i) the delivery of sovereign
bonds valued at 65.0% of their face amount to settle December 2023 and January 2024 WEM&acute;s transactions and (ii) a cash payment to
settle February 2024 WEM&#8217;s transaction.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$92 million (60%), to U.S.$245 million for the nine-month period ended September 30, 2025, compared
to U.S.$153 million for the nine-month period ended September 30, 2024. This variation is mainly attributable to the increase in gross
profit in 2025; and the impairment of CAMMESA&#8217;s receivables recorded by Pampa and CTB, and the impairment of property, plant and
equipment recorded by CTB, recorded in 2024. These effects were partially offset by the decrease in CAMMESA&#8217;s commercial interests
in 2025.</P>

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating margin
in relation to sales for the nine-month period ended September 30, 2025, increased to 42%, compared to 30% for the nine-month period ended
September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.9pt"><I>Financial Results, <FONT STYLE="letter-spacing: -0.25pt">net</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Financial results, net,
amounted to a U.S.$60 million gain for the nine-month period ended September 30, 2025, compared to U.S.$66 million gain for the nine-month
period ended September 30, 2024. This decrease is mainly due to lower gains from changes in the fair value of financial instruments, and
was partially offset by lower financial interest expenses.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The generation segment
recorded an income tax charge of U.S.$180 million for the nine-month period ended September 30, 2025, compared to an income tax benefit
of U.S.$109 million for the <FONT STYLE="letter-spacing: -0.05pt">n</FONT>ine-month period ended September 30, 2024. The variation is
mainly related to a non-cash credit for deferred income tax due to inflation exceeding <FONT STYLE="letter-spacing: -0.2pt">P</FONT>eso
devaluation for the nine-month period ended September 30, 2024, while during the current period the inflation and devaluation variables
exhibited the opposite behavior.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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 nine-month period ended September 30, 2025, compared to U.S.$328 million
for the nine-month period ended September 30, 2024, both of which were entirely attributable to the owners of the Company.</P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.65pt 0 0"><I>Petrochemicals <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>For the nine-month period ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">329</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">394</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(65)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(16%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(319)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(361)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(12%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">33</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(70%)</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; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">83%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(18)</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(72%)</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; 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; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">31</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">3,000%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">46%</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; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(257%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">27</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">33</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(6)</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(18%)</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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(18%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.65pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.65pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 3.75pt 0 0 40.85pt"><I>Revenue</I></P>

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from our petrochemicals
segment amounted to U.S.$329 million for the nine-month period ended September 30, 2025, 16% lower than the U.S.$394 million reported
for the nine-month period ended September 30, 2024. This variation is mainly due to lower prices across all products, reflecting the trend
in international reference prices. Additionally, domestic demand for octane has declined and the sales volumes of SBR and styrenic products
have decreased. These effects were partially offset by higher sales volumes of octane and aromatics in the foreign market.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.35pt">Total sold volumes
during the nine-month period ended September 30, 2025, experienced a 5% decrease compared to the nine-month period ended September 30,
2024. This variation is mainly explained by lower local sales from our reforming plant&#8217;s derived products, and lower sale volumes
from SBR and styrenics.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 0 0 0 40.85pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>For the nine-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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 9pt; color: white"><B>September 30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 70%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Reforma</FONT></TD>
    <TD STYLE="width: 15%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">238</FONT></TD>
    <TD STYLE="width: 15%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">252</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Styrene &amp; polystyrene</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">64</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">SBR</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">31</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">33</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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>331</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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>349</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 40.85pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.45pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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 <FONT STYLE="letter-spacing: -0.05pt">12</FONT>%, to U.S.$319 million for the nine-month period
ended September 30, 2025, compared to U.S.$361 million for the nine-month period ended September 30, 2024. This variation resulted from
decreased sales volumes and reduced prices for raw materials primarily used at the reforming plant.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>Gross <FONT STYLE="letter-spacing: -0.1pt">Profit</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$10 million for the nine-month period ended September 30, 2025, compared to U.S.$33 million for the same
period in 2024, mainly due to lower polystyrene, SBR and styrene margins, which were partially offset by higher reforming plant margin.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The gross margin
on sales reached 3% for the nine-month period ended September 30, 2025, compared to 8% for the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Selling <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Selling expenses from
our petrochemicals segment did not vary, amounting to U.S.$9 million for each of the nine-month periods ended September 30, 2025 and 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$5 million for each of the nine-month periods ended September 30, 2025
and 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$11 million gain for the nine-month period ended September 30, 2025, compared to a U.S.$6 million
gain for the nine-month period ended September 30, 2024.</P>

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">This variation is mainly
explained by the reversal of the customs contingency provision that had been recorded in previous periods, and was 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, SBR, styrenic and polyestyrenic plants.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating income
from our petrochemicals segment decreased to U.S.$7 million in the nine-month period ended September 30, 2025, compared to U.S.$25 million
for the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">The operating margin
in relation to sales for the nine-month period ended September 30, 2025, decreased to <FONT STYLE="letter-spacing: -0.1pt">2</FONT>% compared
to <FONT STYLE="letter-spacing: -0.1pt">6</FONT>% for the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Financial Results, <FONT STYLE="letter-spacing: -0.25pt">Net</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our petrochemicals segment
recorded a U.S.$31 million gain for financial results, net for the nine-month period ended September 30, 2025, compared to a U.S.$1 million
gain for the nine-month period ended September 30, 2024. This variation is mainly explained by the reversal of the accrued interests related
to the customs contingency provision that had been recorded in previous periods.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.05pt 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.4pt">The petrochemicals
segment recorded an income tax charge of U.S.$11 million for the nine-month period ended September 30, 2025, compared to a U.S.$7 million
tax benefit for the same period in 2024. The variation is mainly related to a non-cash credit for deferred income tax due to inflation
exceeding <FONT STYLE="letter-spacing: -0.2pt">P</FONT>eso devaluation for the nine-month period ended September 30, 2024, while during
the current period the inflation and devaluation variables exhibited the opposite behavior.</P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 3.75pt 0 0 40.85pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$27 million for the nine-month period ended September 30, 2025, compared to U.S.$33 million for the nine-month
period ended September 30, 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 Calibri,sans-serif; margin: 1.7pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt/103% Times New Roman,serif; margin: 0.05pt 5.1pt 0 5.45pt; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.7pt 0 0"><I>Holding, Transportation and Others <FONT STYLE="letter-spacing: -0.1pt">Segment</FONT></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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 STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>For the nine-month period ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 13%; 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; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2025</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>September 30, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt; color: white"><B>Variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #327EC4; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-family: Calibri,sans-serif; 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-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(38%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">18</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">24</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(6)</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Selling expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(100%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(8%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(30%)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">94</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">129</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(27%)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Operating income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">55</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(37)</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(40%)</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; 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; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial costs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">58%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">208%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Financial results, net</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">39</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">1</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">3,800%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">93</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">1%</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; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">Income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">(167%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt"><B>Profit of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">102</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">81</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">21</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; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">26%</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; 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; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-family: Calibri,sans-serif; 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; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">102</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">81</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-family: Calibri,sans-serif; font-size: 10pt">26%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri,sans-serif; margin: 1.7pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Revenue</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Revenue from our holding,
transportation and others segment decreased by 38% to U.S.$18 million in the nine-month period ended September 30, 2025 compared to U.S.$29
million for the nine-month period ended September 30, 2024, mainly explained by <FONT STYLE="line-height: 103%">the consolidation of OCP,
which became effective on August 30, 2024 and included crude oil transportation activity until the concession ended on November 29, 2024.
This effect was partially offset by </FONT>higher advisory services provided to related companies<FONT STYLE="line-height: 103%">.</FONT></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 3.75pt 0 0 40.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 3.75pt 0 0 40.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our holding, transportation
and others segment recorded cost of sales of U.S.$5 million in the nine-month period ended September 30, 2024, entirely attributable to
the consolidation of OCP.</P>

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

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Gross Profit</I></P>

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

<P STYLE="font: 10pt/103% Calibri,sans-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.$18 million in the nine-month period ended September 30, 2025 compared to U.S.$24 million
for the nine-month period ended on September 30, 2024<FONT STYLE="line-height: 103%">, mainly due to the consolidation of OCP in 2024.</FONT></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>Selling and Administrative <FONT STYLE="letter-spacing: -0.1pt">Expenses</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Selling and administrative
expenses from our holding, transportation and others segment decreased to U.S.$36 million for the nine-month period ended September 30,
2025, compared to U.S.$38 million for the nine-month period ended September 30, 2024, mainly due to lower executive compensation accrual
in line with the share price performance, partially offset by higher fees and compensation for services.</P>

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

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 0.95pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$21 million for the nine-month period
ended September 30, 2025, compared to a U.S.$30 million loss for the nine-month period ended September 30, 2024. The variation is mainly
due to provision for contingencies charges recorded in 2024.</P>

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

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$94 million for the nine-month period
ended September 30, 2025, compared to U.S.$129 million for the nine-month period ended September 30, 2024. This variation is explained
by lower profit from our stake in OCP amounting to U.S.$59 million, mainly due to gains recognized in the acquisition of additional shares
in OCP&#8217;s capital stock in 2024, partially offset by higher profits from our stakes in CIESA and CITELEC amounting to U.S.$29 million
consistent with monthly rate increases received by those companies in 2025.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$7 million for the nine-month period
ended September 30, 2024 due to the sale of our direct interest in TGS.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 41.45pt"><I>Operating <FONT STYLE="letter-spacing: -0.1pt">Income</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$55 million profit for the nine-month period ended September 30, 2025,
compared to U.S.$92 million for the nine-month period ended September 30, 2024.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our holding, transportation
and others segment recorded a U.S.$39 million net financial gain for the nine-month period ended September 30, 2025, compared to a U.S.$1
million net financial gain for the nine-month period ended September 30, 2024. This variation is mainly due to higher foreign currency
net exchange gains on the liability monetary position in Pesos, and was partially offset by higher interest expenses on fiscal liabilities.</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 0 0 0 40.85pt"><I>Income <FONT STYLE="letter-spacing: -0.25pt">Tax</FONT></I></P>

<P STYLE="font: 10pt Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 5.45pt; text-align: justify; text-indent: 0.5in">Our holding, transportation
and others segment recorded an income tax benefit of U.S.$8 million for the nine-month period ended September 30, 2025, compared to an
income tax charge of U.S.$12 million for the nine-month period ended September 30, 2024. The variation is mainly related to the tax inflation
adjustment over the net monetary position.</P>

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

<P STYLE="font: 10pt Calibri,sans-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 Calibri,sans-serif; margin: 1pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-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.$102 million for the nine-month period ended September 30, 2025, compared to U.S.$81 million
for the nine-month period ended September 30, 2024, both of which were entirely attributable to the owners of the Company.</P>


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<P STYLE="font: 10pt Calibri,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0"><B>Recent Developments</B></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0"><I>2025 Legislative Elections</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0; text-align: justify; text-indent: 0.5in">On October 26, 2025, Argentina
held national mid-term legislative elections to renew 127 of the 257 seats in the Chamber of Deputies, the lower house of the Argentine
Congress, and 24 of the 72 seats in the Senate, the upper house. President Javier Milei&#8217;s party, <I>La Libertad Avanza</I>, obtained
approximately 40.7% of the national vote for the Chamber of Deputies and approximately 42.0% for the Senate, while the main opposition
party, <I>Fuerza Patria</I>, obtained approximately 31.7% of the national vote for the Chamber of Deputies and approximately 28.4% for
the Senate.</P>

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0; text-align: justify; text-indent: 0.5in">On the day following the election,
Argentine financial markets reacted positively: the peso appreciated against the U.S. dollar, Argentine sovereign bonds rose, and equity
indices recorded significant gains, reflecting improved investor confidence in the continuity of the administration&#8217;s policies.
Despite the immediate improvement in market sentiment, there can be no assurance that these conditions will be sustained over time. Political
or social opposition to the government&#8217;s reform measures, adverse external developments or delays in the implementation of structural
policies could reverse these trends and generate volatility in Argentine financial markets, adversely affecting access to international
financing, the value of the Argentine peso and the overall stability of the Argentine economy. In addition, the outcome of these elections
may lead to changes in government policies that could impact our business. We cannot assure you whether such changes will occur or, if
they occur, estimate their timing or potential effects on our operations and financial condition.</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0; text-align: justify; text-indent: 0.5in">For additional background
on risks related to Argentina and our business, see &#8220;<I>Item 3. Key Information&#8212;D. Risk Factors</I>&#8221; in our annual report
on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on April 16, 2025 (the &#8220;<I>2024
Annual Report</I>&#8221;).</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0"><I>Release of OCP Guarantees</I></P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0; text-align: justify; text-indent: 0.5in">On October 28, 2025, the Ecuadorian
Government instructed Citibank Ecuador to proceed with the operational and the environmental Guarantee (each U.S.$50,000,000) release,
which became no longer valid as of that day under the terms of the contract. On November 3, 2025, Citibank N.A. proceeded with the release
of the U.S.$84,000,000 guarantee deposits funds.</P>

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

<P STYLE="font: 10pt/103% Calibri,sans-serif; margin: 0 5.1pt 0 0; text-align: justify; text-indent: 0.5in">For additional background
on the guarantees and the OCP concessions, see &#8220;<I>Item 3. Key Information&#8212;D. Risk Factors&#8212;We granted certain environmental
and operational guarantees in favor of the Ecuadorian Government in connection with the OCP concession</I>&#8221; and &#8220;<I>Relevant
Events&#8212;Oil and Gas&#8212;Acquisition of Shares in OCP Ecuador and Termination of the Concession</I>&#8221; in the 2024 Annual Report.</P>

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

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


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