Transportadora De Gas Del Sur Sa Class B · BCBA:TGSU2
Transportadora De Gas Del Sur Sa Class B — Gas Transporter of the South — Q3 2025 Earnings Presentation
23 slides from Transportadora De Gas Del Sur Sa Class B's earnings presentation, Nov 3, 2025
Slide 1: 3rd Quarter 2025 Earnings Release
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Slide 2: 3Q2025 comprehensive income
(1) The financial information included in this press release is based, unless otherwise stated, on the interim condensed financial statements and is presented in millions of constant Argentine pesos as of September 30, 2025 (Ps.), which is based on the application of International Financial Reportin
Slide 3: Operating profit for 3Q2025
Operating profit for the 3Q2025 totaled Ps. 172,026 million, an increase of Ps. 33,567 million compared to 3Q2024. This variation was mainly driven by higher revenues from the Liquids Production and Commercialization and Midstream segments, which rose by Ps. 70,423 million and Ps. 24,851 million, re
Slide 4: Breakdown of net cost of sales and expenses
The breakdown of net cost of sales , administrative and selling expenses , excluding depreciation, for 3Q2025 and 3Q2024 is shown in the table below:
Slide 5: Cost breakdown table
28% Natural gas purchase (RTP) 34% 55,511 28,470 51% Labor costs 15% 39,334 20% (2,132) (%), Taxes, fees and contributions 10% 19,406 10% 5,090, 26% Repair and maintenance 6% 15,013, 8% (104) (%) Other fees and third parties services, 12% 39,330 20% 6311 16% Impartment of financial assets 0% = 0% (4
Slide 6: Analysis of operating profit by business segment
Million of Argentine Pesos Analysis of operating profit by business segment 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 a 0 Natural Gas Liquids Midstream Transportation ™3Q2025 ™3Q2024
Slide 7: Natural gas transportation revenues
Natural gas transportation revenues accounted for approximately 37% and 49% of total revenues in 3Q2025 and 3Q2024, respectively. Revenues from this segment are derived mainly from firm natural gas transportation contracts, which represented approximately 82% and 84% of the total revenues for this s
Slide 8: Natural gas transportation operating profit decline
The decline in operating profit was mainly explained by a Ps. 6,682 million decrease in revenues, driven by the Ps. 42,168 million negative impact from inflation adjustment to constant currency under IAS 29. This effect was partially offset by tariff increases (Ps. 29,157 million) and higher revenue
Slide 9: Liquids production and commercialization operating profit
During the 3Q2025, operating profit for this business segment reached Ps. 48,708 million, representing an increase of Ps. 33,574 million compared to the same period in 2024 (Ps. 15,134 million). This increase was mainly driven by a Ps. 70,423 million increase in revenues. This effect was partially o
Slide 10: Liquids volumes and revenues table
3Q2025 3Q2024 Variation (in tons) Local market Ethane 91,137 53,394 37,743 Propane 69,633 63,249 6,384 Butane 37,410 38,771 (1,361) Subtotal 198,180 155,414 42,766 Foreign market Propane 47,006 12,186 34,820 Butane 30,640 13,429 47,211 Natural gasoline 26,396 17,748 8,648, Subtotal 704,042 43,363 60
Slide 11: Midstream and Telecommunications
Midstream and Telecommunications Midstream and Telecommunications business segment includes mainly services provided by tgs at Vaca Muerta, representing approximately 21% and 20% of our total revenues for 3Q2025 and 3Q2024, respectively.
Slide 12: Midstream operating profit
Operating profit rose by Ps. 8,618 million, mainly driven by a Ps. 24,851 million increase in revenues in 3Q2025 compared to 3Q2024. This effect was partially offset due to a higher net cost of sales and administrative and selling expenses totaling Ps. 15,777 million. The increase in revenues was pr
Slide 13: Financial position analysis
Financial position analysis Net debt As of September 30, 2025, the Company reported a negative net financial debt position of Ps. 89,469 million, compared to Ps. 263,947 million as of December 31, 2024. On both dates, the Company’s entire financial debt was denominated in foreign currency. The table
Slide 14: Net debt reconciliation
09/30/2025 __12/31/2024 (in million of Argentine pesos) Current loans 117,232 95,608 Non current loans 668,653 611,865 Cash and cash equivalents (73,030) (73,141) Financial assets at fair value through profit or loss (430,437) (567,037) Financial assets at amortized cost (371,887) (331,242) Net debt
Slide 15: Funds allocation
As of September 30, 2025 and December 31, 2024, the funds allocation was as follows:
Slide 16: Free cash flow reconciliation
The table below shows a reconciliation of the free cash flows for the 3Q2025 and 3Q2024 periods:
Slide 17: Free cash flow table
3Q2025 3Q202. (in million of Argentine pesos) Cash flow provided by operating activities 149,910 159,209 PPE adquisition payments (87,065) (70,829) Free cash flow 62,845 83,380 ® Free cash flow is a non-IFRS financial measure, we define the free cash flow as the cash flows generated by operating act
Slide 18: Financial information for 3Q and nine months 2025
Transportadora de Gas del Sur S.A. Financial Information for the three (""3Q") and nine-month periods ("9M" ended September 30, 2025 and 2024 (In millions of Argentine pesos, except for per share and Per ADS information in pesos or where otherwise indicated) 392025 302024 9M2025 92024 Natural Gas Tr
Slide 19: Financial results for three and nine-month periods
ended September 30, 2025 and 2024 (in million of Argentine Pesos) I results for the three and nine-month periods 392025 39202: 9m2025 92024 Financial income Interest 6,274 27,822 21,955 68,649 Foreign exchange gain 60,159 26,626 119,826 87,935 Subtotal 66,433 54,247, 141,781 156,583 Financial expens
Slide 20: Business segment information
Business Segment information Natural Gas Liquids Midstream —_Telecommunications ‘Transportation (In million of Argentine Pesos) Depreciation (85,640) (9,764) (43,859) = (139,263) Operating profit / (loss) 224,344 123,126 112,932 (306) 460,095 Depreciation (77,468) (9,130) (30,002) (116,599) Operatin
Slide 21: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position as of September 30, 2025 and December 31, 2024 (in million of Argentine pesos) 9/20/2025 12/31/2024 Assets Non Current assets Proparty, plart and equipment 2,813,180 2903480 Investments in associates 255 1434 Defamed income tax assets me 6 ther receivable
Slide 22: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows for the nine-month periods ended September 30, 2025 and 2024 (an million of Argentine Pesos) Cash flow provided by operating activities Total comprehensive income for the period 275,227 293,356 Reconciliation of net incometo cash flow provided by operating activi
Slide 23: Signatures
SIGNATURES 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. Transportadora de Gas del Sur S.A. By: /s/Alejandro M. Basso Name: Alejandro M. Basso Title: Chief Fina
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