Transportadora de Gas del Sur SA TGS

Latest Results (26.02.2026):

Transportadora de Gas del Sur S.A. (TGS) — Third Quarter 2025 (3Q25): the company reported consolidated EBITDA of AR$218,864 million and a net income of AR$31,087 million for 3Q25. Results were driven by strong segment performance in Liquids and Midstream, stable transportation volumes with tariff adjustments partially offsetting inflation-related revenue losses, and improved financial income partially offset by FX effects. Liquidity declined as financial investments fell from AR$875,354 million at 30‑Jun‑2025 to AR$714,872 million at 30‑Sep‑2025 after capex and cash uses.

Consolidated EBITDA and Net Income

Consolidated EBITDA for 3Q25: AR$218,864 million. Reported net income for 3Q25: AR$31,087 million (per the presentation).

Natural Gas Transportation

Transportation EBITDA in 3Q25: AR$102,448 million vs AR$112,951 million in 3Q24. Main drivers: an inflation-related loss on revenues (-AR$42,168m) partially offset by tariff increases (+AR$29,157m) and higher interruptible capacity transported (+AR$4,049m); operating expenses increased modestly.

Liquids segment

Liquids EBITDA in 3Q25: AR$55,249 million, up sharply year-over-year. Key contributors: higher exported volumes (104k MT vs 43k MT), higher ethane sales (91k MT vs 53k MT), higher domestic butane prices, and lower operating expenses; offset in part by extraordinary climate-related expenses (~AR$8,922m).

Midstream & Other Services

Midstream and other services EBITDA in 3Q25: AR$61,167 million. Growth reflected increased midstream revenues from Vaca Muerta and a favorable monetary effect (inflation below exchange rate increase), partly offset by higher operating costs.

Financial results

Net financial result improved versus prior year driven by higher financial assets income and lower inflation exposure losses, but impacted by a larger FX loss due to a higher foreign exchange rate increase in the period (14.6% vs 6.4%).

Cash flow, capex and liquidity

3Q25 cash flow highlights: financial EBITDA AR$218,864m; capex in the quarter AR$87,065m. Financial investments decreased from AR$875,354m at 30‑Jun‑2025 to AR$714,872m at 30‑Sep‑2025.

Major projects and future capex

TGS was awarded the Perito Moreno pipeline expansion (14 MMm3/d) on Oct 17, 2025: estimated capex US$560 million, 90,000 HP compression expansion, 15‑year capacity sale at an unregulated tariff, commissioning targeted by April 2027. A regulated pipeline expansion (12 MMm3/d) is planned with ~US$220 million capex (15,000 HP compression and ~20 km pipelines).

Other notable items

Presentation notes an extraordinary expense from a climate event (~AR$8,922m) in the Liquids segment and highlights that tariff adjustments between Aug 2024–Mar 2025 and Sep 2025 materially affected transportation revenues.