Transportadora De Gas Del Sur Sa Class B · BCBA:TGSU2
Transportadora De Gas Del Sur Sa Class B — Gas Transporter of the South — Q1 2026 Earnings Presentation
39 slides from Transportadora De Gas Del Sur Sa Class B's earnings presentation, May 26, 2026
Slide 1: Slide 1
Slide 2: Financial Statements as of March 31, 2026
FINANCIAL STATEMENTS AS OF MARCH 31, 2026
Slide 3: Slide 3
Slide 4: Activities of the Company in 3M2026 and 3M2025
Activities of the Company in 3M2026 and 3M2025 Revenues Total revenues for 3M2026 increased by Ps. 56,637 million compared to 3M2025, mainly as a result of higher revenues in the Liquids Production and Commercialization segment for Ps. 46,059 million and Midstream segment for Ps. 17,679 million. The
Slide 5: Midstream
Midstream Midstream revenues increased by Ps. 17,679 million in 3M2026 compared to the same period in 2025. This increase is due to higher revenues corresponding to natural gas transportation and conditioning services in Vaca Muerta, as a result of the commencement of operations, at the end of Febru
Slide 6: Other operating results, net
Other operating results, net Other operating results, net, recorded a profit of Ps. 9,149 million, compared to a loss of Ps. 18,054 million recorded in 3M2025. The positive variation is mainly explained by the lower impact associated with the climate event that occurred at the Cerri Complex in March
Slide 7: Financial results and liquidity
The decrease in financial results, net in 3M2026 compared to 3M2025 is mainly explained by a reduction in financial results obtained from investments amounting to Ps. 36,146 million, as a result of lower yields. Likewise, a higher negative result from loss on net monetary position was recorded (Ps.
Slide 8: Consolidated Comprehensive Income Summary
4. Consolidated Comprehensive Income Summary Summary of the consolidated comprehensive income information for the three-month periods ended March 31, 2026, 2025 and 2024:
Slide 9: Consolidated Cash Flow Summary
5. Consolidated Cash Flow Summary Summary of the consolidated cash flow information for the three-month periods ended March 31, 2026, 2025 and 2024:
Slide 10: Operating statistics by segment
2026 2022 Natural Gas Transportation Average firm contracted capadty (millions of m3/d) 89.4 89.4 83.1 83.1 825 Average daily deliveries (milions of mad) 675 62.3 58.5) 583 21 NGL production and commercialization 2 Production Ethane (in tors) 105,485, 65,501 70,460 102,448 34,949 Propane (in tors) 1
Slide 11: Statement of comprehensive income
ee eer Serene March 31, Notes 2026 2025 Revenues oh, 484,201,085 427,963,710 Gost of sales Sui (202,166,710) _(181,519,165) Gross profit 282,034,355 246,044,545 Administrative expenses 35. (14,393,743) (13,200,146) Selling expenses 35. (27,449,552) (27,696,089) Other operating resus, net ou, and 24
Slide 12: Statement of financial position
Notes 03/31/2026 12/31/2025 ASSETS Non-current assets Property, plant and equipment 3B 3,608,703,145 3,470,898,877 Investments in associates, 10 5,662,852 5,843,790 Deferred income tax assets 15 493,494 56,618 Other receivables oa. 429,896 472,131 Total non-current assets 3, 615,289,387 3,477,271,21
Slide 13: Statement of changes in equity
——— ‘Outstanding shares Treasury shares ‘Reserve for Tatton Tifton captal expenditures, adjustment adjustment Acquistion cost ‘acquisition of Common ‘to common ‘common to common ‘oftreasury Additional paid-up treasury shares Accumulated ‘Non-Controlting stock ‘sock stock" stock ‘shares capital Subto
Slide 14: Statement of cash flows
2026 2025 CASH FLOWS PROVIDED BY OPERATING ACTIVITIES, Total comprehensive income for the period 159,981,163 142,355,250 Recondilation of total comprehensive income to cash flows provided by operating activities: Depredation of property, plant and equipment 57,146,662 53,373,279 Disposal and retirem
Slide 15: Subsidiaries and associates
Detailed data reflecting subsidiaries and associate control as of March 31, 2026, is as follows:
Slide 16: Segment information, three months ended March 31, 2026
‘Three-month period ended March 31, 2026 Natural Gas Liquids Production Transportation and Commercialization Midstream __Telecommunications Eliminations: Total Revenues 194,508,142 193,345,438 94,610,956 1,736,489 = 484,201,065 Intersegment revenues, 19,856,462 : E (856,462) z Gos of sales (77,579,4
Slide 17: Segment information, three months ended March 31, 2025
Three-month period ended March 31, 2025. Natural Gas _ Liquids Production Transportation and Commerdialization Midstream __Telecommunications Eliminations: Total Revenues 201,608,808 147,286,548 76,717,057 1,951,296 = 427,563,710 Intersegment revenues 7,618,572 : : E (7638,572) E Gos of sales ($5,12
Slide 18: Revenue by geographical market and timing
Three-month period ended March 31, 2026 Natural Gas Liquids Production and Transportation Commercialization _Midstream __Telecommunications Total Primary geographical market External Market : 104,453,197 : = 104,453,197 local Market 194,508,142 187,832,023, 134,610,996 1,736,485 378,587,650 Total 19
Slide 19: Detail of significant statement captions
9. DETAIL OF SIGNIFICANT STATEMENT OF FINANCIAL POSITION AND STATEMENT OF COMPREHENSIVE INCOME CAPTIONS a) Other receivables
Slide 20: Other receivables
03/31/2026 12/31/2025 Current ‘Non Gurrent Current Non Current "Turnover tax balance 156,667 - 197878 = ‘VAT credit balance 200,875 = 9,759,972 = (Other tax receivables 6,454,636 = 867,366 : Prepaid expenses 30,454,741 300 3,889,757 70,400, ‘Advances to suppliers ™ 165,064,365 : 203,124,486 = Subsid
Slide 21: Trade receivables
03/31/2026 12/31/2025 ‘Current ‘Current Third parties 200,134,187 197,841,399 ur. 1 356,355 = Natural Gas Transportation 97,142,167 35764330, Liquids Production and Commerdalization “49,850,073 52,200,246 Midstream 31,775,583 35,786,553 Related parties (Note 22) 34,143,660 28,553,450, Natural Gas Tr
Slide 22: Impairment of financial assets movement
Balances as of 12/31/2024 434,458 Inflation adjustment restaternent (34251) Addit ons = Applications : Reversals = Balances as of 03/31/2025 400,167 Inflation adjustment restaternent (310,023) Additions 12,124,856 Applications Reversals = Balances as of 12/31/2025 11,215,000 Inflation adjustment res
Slide 23: Expenses by nature
(2026 2025 eratins ses Regulated —Non-regulated Administrative Selling Financial Accounts Total activities activities expenses expenses expenses Total Selaries, wages and other compensations 34,358,607 13,968,718, 12,538,281 6,325,254 1,526,354 : 35,434,121 Socal security taxes 6,764,337 2,635,037 2
Slide 24: Financial results and IAS 29 presentation
In accordance with the provisions of IAS 29, we opted to present the loss on the monetary position in a single line included in the financial results. This presentation implies that the nominal values of the financial results have been adjusted for inflation. The real values of financial results are
Slide 25: Other operating results, net
Three-month period ended March 31, 72026 2025, Gimate event (6,383,989) (18,642,430) Result from disposal of Property, plant and equipment 37,277. 165,595 Charge for provisions forlegal daims and others” (79,324) (34,453) Recovery of insurance ™ 11,989,307 “A7L921 Reversal of supplier provision 634,
Slide 26: Property, plant and equipment
03/31/2026 12/31/2025 Costo original Depreciation Accumulated at ‘Accumulated at Beginning End of the beginning atthe end et book Net book Account of the year Additions Retirements Transfers the period ofthe year Retirements For the period _—Rate% of the year value value Pipelines 2,679,617,997 - -
Slide 27: Loans
Loans are totally denominated in US dollars. The activity of the loans as of March 31, 2026 and 2025 is the following:
Slide 28: Maturities of financial debt
The maturities of current and non-current financial debt, net of issuance expenses, as of March 31, 2026 are as follows:
Slide 29: Debt maturity table
Todue Total ‘As of 03/31/2027 From 04/01/2027 From 04/01/2028 From 04/01/2029 From 04/01/2030 — 0.03/31/2028 0. 03/31/2029 _to 03/31/2030 onwards 2031 Notes : : : = 664,585,737 64,585,757 2035 Notes : : : = 672,390,825 672,380,825 2031 Notes interests = 10552722 = = = 10,552,722 2035 Notes interests
Slide 30: 2031 Notes and Class 4 Notes (2035 Notes)
The net proceeds from the 2031 Notes were US$ 483,688,800. The company used the proceeds to complete a tender offer and cancel the ON 2018. Class 4 Notes (“2035 Notes”) On November 20, 2025, within the framework of the 2024 Program, the Company proceeded to issue the 2035 Notes in accordance with th
Slide 31: 2035 Notes proceeds
The proceeds from the issuance of the 2035 Notes amounted to US$ 491,505,000, net of issuance discount. The funds will be used for general purposes, including the expansion of the GPM and the final sections of the tgs transportation system.
Slide 32: Deferred assets and liabilities
Deferred Assets / (Liabilities) 03/31/2026 12/31/2025 Finandal assets st fair valuethraugh profit loss 9,638,357 9,646,201 ce for legal claims and oth 1.055.452. 1 Finandal leares 1.328.055 3,531,583 Contract liabilities 27,300.48 73,490,748 Cctherreceivabl (4793458) (38.196) Loans (10,821,204) (az9
Slide 33: Financial instruments by category and hierarchy
The aforementioned provisions are included in current liabilities. 17. FINANCIAL INSTRUMENTS BY CATEGORY AND HIERARCHY 17.1 Financial instruments categories There have been no significant changes regarding the accounting policies for the categorization of financial instruments to the policies disclo
Slide 34: Financial instruments, March 31, 2026
March 31, 2026 Financial assets at Financial assets fair value at amortized cost Total CURRENT ASSETS: Trade receivables = 224,072,201 24072201 ‘Other rece vables = 6,575,806 6,575,506 Finandal assets measured at amortized cost = 310,123,700 310,123,700 Finandal assets at fair value through profit o
Slide 35: Financial instruments, December 31, 2025
December 31, 2025 Financial assets at Financial assets at fair value amertized cost Total CURRENT ASSETS: Trade receivables 7 215.179.6579 215179579 ‘Other receivables : 14,523,522 14,503,522 Finandal assets measured at amortized cost : 369,522,150 389,522,150 Finandal assets at fair value through p
Slide 36: Regulatory Framework
19. REGULATORY FRAMEWORK The main regulatory issues are described in Note 17 to the annual Consolidated Financial Statements as of December 31, 2025. As of the date of issuance of these Interim Condensed Consolidated Financial Statements, there were no additional developments except for the followin
Slide 37: Related party transactions
The detail of significant transactions with related parties for the three-month periods ended March 31, 2026 and 2025 is as follows: Three-month period ended March 31, 2026:
Slide 38: Related party transactions, 2026
Additionally, during the three-month period ended March 31, 2026, the Company received from SACDE Sociedad Argentina de Construcción y Desarrollo Estratégico S.A., construction engineering services for Ps. 4,147,831 which are activated within the balance of works in progress. Three-month period ende
Slide 39: Related party transactions, 2025
Additionally, during the three-month period ended March 31, 2025, the Company received from SACDE Sociedad Argentina de Construcción y Desarrollo Estratégico S.A., construction engineering services for Ps. 27,958,222 which are activated within the balance of works in progress.
Gas Transporter of the South — Q1 2026 Earnings Presentation on 6ix