Buenos Aires, Argentina, November 3 ‹, 2025.
NYSE
BYMA
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tgs announces results for the third quarter ("3Q") ended on September 30, 2025 (1)
Transportadora de Gas del Sur ("tgs", "the Company", "us", "our", or "we") is the leader in Argentina in the transportation of natural gas, transporting approximately 60% of the gas consumed in the country, through more than 5,700 miles of gas pipelines, with a firm-contracted capacity of 89.7 MMm3/d. We are one of the main natural gas processors. In addition, our infrastructure investment in the Vaca Muerta formation places us as one of the main Midstreamers in Argentina.
Our shares are traded on NYSE (New York Stock Exchange) and BYMA (Bolsas y Mercados Argentinos S.A.).
Our controlling company is Compañía de Inversiones de Energía S.A. ("CIESA"), which owns 51% of the total shares. CIESA's shareholders are: (i) Pampa Energía S.A. with 50%,
(ii) Grupo Investor Petroquímica S.L. (GIP), led by the Sielecki family, and PCT L.L.C. hold the remaining 50%.
For further information, see our website: https://www.tgs.com.ar/en/investors/
Stock Information BYMA Symbol: TGSU2
NYSE Symbol: TGS (1 ADS = 5 ordinary shares)
Shareholding structure as of September 30, 2025 tgs holds 752,761,058 outstanding shares.
Buenos Aires, Argentina, November 3, 2025
tgs reported comprehensive income for the 3Q2025 of Ps. 112,059 million, equivalent to Ps. 148.86 per share (Ps. 744.32 per ADS), compared to income of Ps. 68,802 million, or Ps. 91.40 per share (Ps. 457.00 per ADS) for the three-month period ended September 30, 2024 (3Q2024).
3Q2025 | 3Q2024 | |
Revenues* | 426,518 | 337,928 |
Operating profit* | 172,026 | 138,459 |
Reversal of climate event impairment* | 4,154 | - |
Depreciation* | (47,134) | (39,331) |
Operating profit before depreciation and reversal of climate event impairment * (1) | 215,006 | 177,790 |
Total comprehensive income* | 112,059 | 68,802 |
Earnings per shares in Ps. | 148.86 | 91.40 |
Earnings per ADS in Ps. | 744.32 | 457.00 |
* (in million of Argentine Pesos)
(1)Operating profit before depreciation and reversal of climate event impairment of PPE is a non-IFRS financial measure, we define the operating profit before depreciation as operating profit plus depreciation of PPE. We believe that this measure provides complementary information to investors and stakeholders for decision making process. Operating profit before depreciation and reversal of climate event impairment should not be interpreted as an alternative to other measures calculated in accordance with IFRS as it may not be comparable with similar denomination measures reported by other entities.
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, respectively.
On the other hand, revenues from the Natural Gas Transportation segment decreased by Ps. 6,682 million, partially offsetting the positive effects mentioned above.
(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 Reporting Standards ("IFRS").
Net cost of sales and administrative and selling expenses increased by Ps. 45,571 million, while other operating results declined by Ps. 9,453 million.
Financial results grew by Ps. 31,087 million.
Highlights during 3Q2025 and beyond
Following the national and international public tender organized by Energía Argentina S.A. ("ENARSA") to expand the Perito Moreno Pipeline (GPM) - aimed at increasing natural gas transportation capacity at Vaca Muerta by 14 MMm³/d -, tgs was awarded the execution of the project on October 17, 2025. This initiative involves an estimated investment of US$ 560 million and has been declared of public interest, as it supports the growth of natural gas transportation capacity from Vaca Muerta.
Additionally, tgs will execute an investment of approximately US$ 220 million to expand the transportation capacity of natural gas by 12 MMm³/d in the final sections of the pipeline system operated within the Natural Gas Transportation segment.
In the 3Q2025, tgs reported revenues of Ps. 426,518 million, compared to Ps. 337,928 million recorded in 3Q2024, representing an increase of Ps. 88,591 million.
The breakdown of net cost of sales, administrative and selling expenses, excluding depreciation, for 3Q2025 and 3Q2024 is shown in the table below:
Concept | 3Q2025 MM of Ps. | % s/ total | 3Q2024 MM of Ps. | % s/ total | Variation MM of Ps. | % | |
Natural gas purchase (RTP) | 83,981 | 34% | 55,511 | 28% | 28,470 | 51% | |
Labor costs | 37,202 | 15% | 39,334 | 20% | (2,132) | (5%) | |
Taxes, fees and contributions | 24,496 | 10% | 19,406 | 10% | 5,090 | 26% | |
Repair and maintenance | 14,909 | 6% | 15,013 | 8% | (104) | (1%) | |
Other fees and third parties services | 28,612 | 12% | 39,330 | 20% | 6,311 | 16% | |
Impartment of financial assets | (458) | 0% | - | 0% | (458) | n/a | |
Depreciation | 47,134 | 19% | 22,301 | 11% | 7,804 | 35% | |
Other charges | 9,746 | 4% | 9,156 | 5% | 590 | 6% | |
Total | 245,622 | 200,051 | 45,571 |
Net cost of sales and administrative and selling expenses increased by Ps. 45,571 million, mainly due to higher: (i) cost of natural gas purchased for liquids production - primarily driven by increased consumption and, to a lesser extent, by the inflation-adjusted price under IAS 29 - amounting to Ps. 28,470 million; (ii) depreciation charges of Ps. 7,804 million; (iii) repair and maintenance expenses of Ps. 6,311 million; and, (iv) taxes, fees and contributions of Ps. 5,090 million, mainly related to higher export duties. These effects were partially compensated by lower labor costs amounting to Ps. 2,132 million. Financial results are presented on a nominal basis, with the impact in the monetary position shown as a single line item. In 3Q2025, negative financial results decreased by Ps. 31,087 million compared to 3Q2024. This improvement was mainly driven by higher returns on financial assets totaling Ps. 43,406 million and a lower loss on monetary position of Ps. 10,726 million. These effects were partially offset by a higher negative foreign exchange difference of Ps. 21,759 million. Other net operating results reported a loss of Ps. 8,870 million in 3Q2025, compared to a gain of Ps.
583 million in 3Q2024. The negative variation was attributable to a Ps. 10,248 million loss related to expenses and impairment of materials and other PPE items associated with the weather event that occurred on March 7, 2025, at the Cerri Complex. This impact was partially offset by insurance recoveries amounting to Ps. 1,292 million.
Natural Gas Transportation
Operating profit of the Natural Gas Transportation segment totaled Ps. 77,515 million in 3Q2025, Ps. 8,625 million below 3Q2024.
Natural Gas Transportation 3Q2025 3Q2024 Variation | Variation in % | |
(In million of Argentine pesos) |
Revenues | 158,043 | 164,725 | (6,682) | (4%) |
Intercompany revenues | 7,806 | 4,177 | 3,629 | 87% |
Net cost of sales | (66,454) | (64,037) | (2,417) | 4% |
Other administrative and selling expenses | (19,896) | (19,016) | (879) | 5% |
Other operating results, net | (1,984) | 291 | (2,276) | n/a |
Operating profit | 77,515 | 86,140 | (8,625) | (10%) |
Depreciation of PPE | (28,485) (26,810) | (1,674) | 6% | |
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 segment in 3Q2025 and 3Q2024, respectively.
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 revenues from natural gas transportation services (Ps. 4,049 million).
Net cost of sales, administrative and selling expenses rose by Ps. 3,296 million, primarily due to higher operating and maintenance expenses for the pipeline system (Ps. 3,814 million) and increased depreciation charges (Ps. 1,674 million). These effects were partially compensated by lower labor costs (Ps. 1,320 million), reduced taxes, rates, and contributions - mainly due to lower gross income tax charges (Ps. 675 million) -, and the recovery of impaired trade receivables from a single customer (Ps. 458 million).
Liquids Production and Commercialization Liquids Production and Commercialization revenues accounted for approximately 42% and 32% of total revenues in 3Q2025 and 3Q2024, respectively. During 3Q2025, production increased by 142,182 tons, reaching 314,863 tons.
Production and Commercialization of Liquids
3Q2025 3Q2024 Variation Variation in %
(In million of Argentine pesos)
Revenues | 177,156 | 106,733 | 70,423 | 66% |
Net cost of sales | (109,474) | (83,649) | (25,825) | 31% |
Administrative and selling expenses | (12,226) | (7,924) | (4,302) | 54% |
Other operating results, net | (6,749) | (27) | (6,722) | n/a |
Operating profit 48,708 15,134 | 33,574 | 222% | |
Depreciation of PPE | (3,287) (3,034) | (253) | 8% |
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 offset by higher natural gas costs (Ps. 28,469 million), higher charges in other net operating results of Ps. 6,722 million - primarily attributable to the impact of the previously mentioned weather event -, and higher export taxes and turnover tax totaling Ps. 3,955 million.
Revenues amounted to Ps. 177,156 million in 3Q2025, compared to Ps. 106,733 million in the same period of 2024. This increase was mainly explained by: (i) higher volumes sold (Ps. 58,250 million), (ii) a higher nominal exchange rate (Ps. 23,653 million), and (iii) higher domestic prices of propane and butane (Ps. 15,383 million). These effects were partially offset by a Ps. 25,336 million loss resulting from the inflation adjustment under IAS 29.
In terms of volumes sold, an increase of 103,445 tons (or 52%) was recorded compared to 3Q2024. This growth was primarily driven by the improved quality of natural gas processed at the Cerri Complex and greater operational reliability, which led to higher liquids production. It is worth noting that the comparison is also impacted by the scheduled plant shutdown that took place during 3Q2024, which lasted three weeks.
The breakdown of volumes dispatched by market and product and revenues by market is included below:
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 | 17,211 |
Natural gasoline | 26,396 | 17,748 | 8,648 |
Subtotal | 104,042 | 43,363 | 60,679 |
Total | 302,222 | 198,777 | 103,445 |
3Q2025 | 3Q2024 | |
(in million of Argentine Pesos) Local market | 39,575 | 81,422 |
Foreign market | 137,581 | 25,311 |
Total Revenues | 177,156 | 106,733 |
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.
Midstream and Telecommunications 3Q2025 3Q2024 Variation | Variation in % | |
(In million of Argentine pesos) |
Revenues | 91,320 | 66,469 | 24,851 | 37% |
Net cost of sales | (35,998) | (22,650) | (13,349) | 59% |
Other administrative and selling expenses | (9,381) | (6,953) | (2,428) | 35% |
Other operating results, net | (137) | 319 | (456) | n/a |
Operating profit 45,804 37,185 | 8,618 | 23% | |
Depreciation of PPE | (15,363) (9,487) | (5,876) | 62% |
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 primarily related to higher natural gas transportation and conditioning services at Vaca Muerta (Ps. 20,949 million), as well as the nominal exchange rate effect on U.S. dollar-denominated sales (Ps. 19,796 million). These positive impacts were partially offset by a Ps. 16,586 million loss resulting from the inflation adjustment under IAS 29.
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 below shows a reconciliation of our net debt:
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* | (89,469) | (263,947) |
* Net debt is a non-IFRS financial measure. We define Net debt as short- and long-term financial debts less: (i) cash and cash equivalents and, (ii) current and non current financial assets at amortized cost and
(iii) financial assets at fair value through profit or loss. We believe that this measure provides complementary information to investors and management for decision making process that allows to assess our level of indebtedness. Net debt should not be interpreted as an alternative to other financial measures calculated in accordance with IFRS as it may not be comparable with similar denomination measures reported by other entities.
Liquidity and capital resources
The net variation in cash and cash equivalents for 3Q2025 and 3Q2024 is broken down as follows:
3Q2025 3Q2024 Variation (in million of Argentine pesos) | |||
Cash flow provided by operating activities | 149,910 | 159,209 | (9,299) |
Cash flow used in investing activities | (119,325) | (186,964) | 67,639 |
Cash flow provided by financing activities | 28,430 | 17,051 | 11,379 |
Net variation in cash and cash equivalents | 59,015 | (10,704) | 69,719 |
Cash and cash equivalents at the beginning of the period | 17,577 | 56,948 | (39,371) |
Monetary result effect on cash and cash equivalents | (3,399) | (4,704) | 1,305 |
Foreign exchange gain on cash and cash equivalents | (165) | 49 | (214) |
Cash and cash equivalents at the end of the period | 73,030 | 41,416 | 31,439 |
As of September 30, 2025 and December 31, 2024, the funds allocation was as follows:
09/30/2025 | 12/31/2024 | |
Cash and banks | 6,172 | 51,049 |
Mutual funds | 66,423 | 21,607 |
Interest-bearing current bank accounts | 436 | 485 |
Total cash and cash equivalents | 73,030 | 73,141 |
Public debt bonds | 128,474 | 246,179 |
Private debt bonds | 271,306 | 265,451 |
Time deposits | 371,887 | 331,242 |
Shares | 30,657 | 55,407 |
Total fund allocations | 802,324 | 898,279 |
The table below shows a reconciliation of the free cash flows for the 3Q2025 and 3Q2024 periods:
3Q2025 | 3Q2024 | |
(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(1) | 62,845 | 88,380 |
(1)Free cash flow is a non-IFRS financial measure, we define the free cash flow as the cash flows generated by operating activities less the payments made for the acquisition of PPE. Our management considers it as useful for investors and management as a measure of our ability to generate cash that will be used to pay the scheduled debt maturities and that can be used to invest in future growth through new business activities, business development, dividend payment, buy back treasury shares or other financing and investment activities. The free cash flows should not be interpreted as an alternative to other financial measures determined in accordance with IFRS as it may not be comparable with similar denomination measurements reported by other entities.
3Q2025 vs. 3Q2024
During the 3Q2025, the cash flow provided by operations activities totaled Ps. 149,910 million, representing a decrease of Ps. 9,299 million compared to the same period of the previous year (Ps. 159,209 million in 3Q2024). This variation was mainly explained by higher income tax payments (Ps. 60,832 million vs. Ps. 100 million) and increased interest payments (Ps. 28,972 million vs. Ps. 9,855 million). These effects were partially compensated by a higher inflow from working capital (Ps. 36,450 million vs. Ps. 10,807 million in 3Q2024). These effects were partially compensated by the positive impact of higher comprehensive net income (Ps. 112,059 million vs. Ps. 68,802 million) and a slight increase in adjustments for eliminations (Ps. 91,205 million vs. Ps. 89,555 million).
3Q2025 3Q2024 Variation
(in million of Argentine pesos)
Total Comprehensive Income | 112,059 | 68,802 | 43,257 |
Eliminations (1) | 91,205 | 89,555 | 1,650 |
Working capital variation | 36,450 | 10,807 | 25,643 |
Income tax paid | (60,832) | (100) | (60,732) |
Interest paid | (28,972) | (9,855) | (19,117) |
Cash flow provided by operating activities | 149,910 | 159,209 | (9,299) |
(1)Includes non-cash movements, including depreciation, financial results. |
3Q2025 3Q2024 Variation
(in million of Argentine pesos)
Acquisition of PPE | (87,065) | (70,829) | (16,236) |
Payments for the acquisition of financial assets not considered cash equivalents | (32,260) | (116,135) | 83,875 |
Cash flow used in investing activities | (119,325) | (186,964) | 67,639 |
During the 3Q2025, the cash flow provided by financing activities totaled Ps. 28,430 million, compared to Ps. 17,051 million in 3Q2024. This increase of Ps. 11,379 million was mainly explained by loan proceeds, net of repayments made during 3Q2024.
3Q2025 3Q2024 Variation
(in million of Argentine pesos)
Proceeds from loans | 28,616 | 669,405 | (640,789) |
Lease payments | (186) | (216 ) | 31 |
Payment of loans | - | (652,138) | 652,138 |
Cash flow used in financing activities | 28,430 | 17,051 | 11,379 |
We invite you to participate in the videoconference to discuss this 3Q2025 announcement on Tuesday November 4, 2025 at 9:00 a.m. Eastern Time / 11:00 a.m. Buenos Aires time.
For those interested in participating in our earnings videoconference, there will be a live webcast that you can access at:
https://us02web.zoom.us/webinar/register/WN_UsskR_qYTpeDnh8F3-HJBA
The following section includes financial information.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "guidance," "may,", "should" or "will" or the negative of such terms or other similar expressions or terminology.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances.
Investors should read the section entitled " Item 3. Key Information-D. Risk Factors " and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company-Business Overview", each in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission ("SEC"), for a more complete discussion of the risks and factors that could affect us.
Forward-looking statements include, but are not limited to, statements relating to: operating profits, new investments and projects, including their expected development, completion, commercial operations date, expected financial and operating performance (including enterprise value to EBITDA multiples), expected output capacity, anticipated synergies and market dynamics relating to such investments and projects; the Inflation Reduction Act in the U.S ("IRA") and benefits thereunder; our anticipated limited exposure to current market risks, including our position with respect current market risks and the potential impact from foreign exchange rates and interest rates on CAFD; the impact from potential caps on market prices in the net value of our assets; taxes on energy companies in Spain; equity investments; estimates and targets; escalation factors in relation to inflation; net corporate leverage based on CAFD estimates; financial flexibility; the use of non-IFRS measures as a useful predicting tool for investors; and various other factors, including those factors discussed under "Item 3. Key Information-D. Risk Factors" and "Item 5.A-Operating Results" in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC.
Non-IFRS Financial Measures
This press release also includes certain non-IFRS financial measures. Non-IFRS financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.
We present non-IFRS financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-IFRS financial measures may not be comparable to other similarly titled measures employed by other companies and may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-IFRS financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.
Rounding: Certain figures included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not, in all cases, been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in our Financial Statements. Certain numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them due to rounding.
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)
3Q2025 | 3Q2024 | 9M2025 | 9M2024 | |||
Natural Gas Transportation | 158,043 | 164,725 | 488,348 | 374,642 | ||
Liquids Production and Commercialization | 177,156 | 106,733 | 429,204 | 485,136 | ||
Midstream | 91,320 | 66,469 | 238,643 | 202,820 | ||
Revenues | 426,518 | 337,928 | 1,156,194 | 1,062,597 | ||
Net cost of sales | (204,120) | (166,158) | (531,923) | (509,050) | ||
Administrative and Selling Expenses | (41,502) | (33,893) | (121,025) | (110,274) | ||
Other Operating Results | (8,870) | 583 | (43,150) | (1,786) | ||
Operating profit | 172,026 | 138,459 | 460,095 | 441,488 | ||
Net Financial Results | (4,865) | (35,952) | (49,211) | 19,074 | ||
Gain / (loss) from associates | 761 | 293 | 1,102 | 171 | ||
Total comprehensive income before Income Tax | 167,922 | 102,801 | 411,986 | 460,732 | ||
Income Tax expense | (55,863) | (33,999) | (136,759) | (167,376) | ||
Total comprehensive income | 112,059 | 68,802 | 275,227 | 293,356 | ||
Earnings per share | 148.86 | 91.40 | 365.62 | 389.71 | ||
Earnings per ADS | 744.32 | 457.00 | 1,828.11 | 1,948.54 | ||
Depreciation of PPE | 47,134 | 39,331 | 139,263 | 116,599 |
(Reversal) / increase of climante event impairment on materials and PPE | (4,154) | - | 3,857 | - |
(In million of Argentine Pesos)
3Q2025 | 3Q2024 | 9M2025 | 9M2024 | |
Financial income | ||||
Interest | 6,274 | 27,622 | 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 expenses | ||||
Interest | (20,280) | (17,745) | (54,683) | (51,857) |
Foreign exchange loss | (101,183) | (45,891) | (205,686) | (143,141) |
Subtotal | (121,463) | (63,636) | (260,369) | (194,997) |
Other financial results | ||||
Results on assets at fair value through profit or loss | 59,766 | (4,988) | 118,381 | 119,942 |
Others | (2,499) | (3,746) | (7,765) | (13,620) |
Subtotal | 57,267 | (8,734) | 110,616 | 106,322 |
Loss on monetary position | (7,102) | (17,828) | (41,239) | (48,835) |
Total | (4,865) | (35,952) | (49,211) | 19,074 |
Business Segment information
(In million of Argentine Pesos)
9M2025 | |||||
Revenues | 488,348 | 429,204 | 233,593 | 5,050 | 1,156,194 |
Depreciation (85,640) (9,764) (43,859) - (139,263)
Operating profit / (loss) | 224,344 | 123,126 | 112,932 | (306) | 460,095 |
Investments in PPE | 62,883 | 7,919 | 81,956 | - | 152,759 |
9M2024 | |||||
Revenues | 374,642 | 485,136 | 196,985 | 5,835 | 1,062,597 |
Depreciation (77,468) (9,130) (30,002) - (116,599)
Operating profit | 148,054 | 180,810 | 111,861 | 763 | 441,488 |
Investments in PPE | 66,696 | 15,905 | 190,377 | - | 272,978 |
Natural Gas Transportation | Liquids | Midstream | Telecommunications | Total |
(In million of Argentine Pesos)
3Q2025 | ||||||
Revenues | 158,043 | 177,156 | 89,620 | 1,699 | 426,518 | |
Depreciation | (28,485) | (3,287) | (15,363) | - | (47,134) | |
Operating profit / (loss) | 77,515 | 48,708 | 45,895 | (91) | 172,026 |
Investments in PPE | 14,829 | 3,775 | 34,068 | - | 52,673 |
3Q2024 | |||||
Revenues | 164,725 | 106,733 | 64,707 | 1,762 | 337,928 |
Depreciation (26,810) (3,034) (9,487) - (39,331)
Operating profit | 86,140 | 15,134 | 37,044 | 141 | 138,459 |
Investments in PPE | 22,324 | 7,907 | 69,336 | - | 99,567 |
Natural Gas Transportation | Liquids | Midstream | Telecommunications | Total |
(In million of Argentine Pesos without inflation adjustment - Non Audited)
9M2025 | |||||
Revenues | 448,943 | 399,601 | 217,791 | 4,456 | 1,070,791 |
Depreciation (7,000) (1,048) (8,667) - (16,715)
Operating profit | 296,116 | 115,275 | 137,903 | 112 | 549,406 |
Investments in PPE | 43,218 | 4,842 | 45,611 | - | 93,671 |
9M2024 | |||||
Revenues | 249,444 | 292,256 | 123,663 | 3,213 | 668,576 |
Depreciation (3,497) (501) (1,455) - (5,453)
Operating profit/ (loss) | 151,365 | 111,750 | 86,600 | 36 | 349,751 |
Investments in PPE | 49,742 | 10,895 | 119,416 | - | 180,053 |
Natural Gas Transportation | Liquids | Midstream | Telecommunications | Total |
3Q2025
(In million of Argentine Pesos without inflation adjustment - Non Audited)
Revenues | 154,885 | 173,565 | 87,972 | 1,593 | 418,015 |
Depreciation | (2,215) | (403) | (3,403) | - | (6,021) |
Operating profit | 103,635 | 49,597 | 56,459 | 107 | 209,798 |
Investments in PPE | 5,539 | 1,450 | 364 | - | 7,353 |
3Q2024 | |||||
Revenues | 119,399 | 77,805 | 47,172 | 957 | 245,333 |
Depreciation (1,556) (183) (469) - (2,208)
Operating profit | 79,374 | 14,361 | 33,778 | 399 | 127,912 |
Investments in PPE | 16,878 | 5,593 | (1,625) | - | 20,846 |
Natural Gas
Transportation
Liquids
Midstream
Telecommunications
Total
Consolidated Statement of Financial Position as of September 30, 2025 and December 31, 2024
(in million of Argentine pesos)
9/30/2025 | 12/31/2024 | |
Assets | ||
Non Current assets | ||
Property, plant and equipment | 2,913,180 | 2,908,480 |
Investments in associates | 2,596 | 1,494 |
Deferred income tax assets | 208 | 6 |
Other receivables | 433 | 533 |
Total non current assets | 2,916,417 | 2,910,514 |
Current assets | ||
Other receivables | 108,435 | 63,182 |
Inventories | 17,700 | 4,469 |
Trade receivables | 187,049 | 190,270 |
Contract assets | 23 | 32 |
Financial assets at amortized cost | 371,887 | 331,242 |
Financial assets at fair value through profit or loss | 430,437 | 567,037 |
Cash and cash equivalents | 73,030 | 73,141 |
Total current assets | 1,188,562 | 1,229,373 |
Total Assets | 4,104,979 | 4,139,887 |
Equity | ||
Common stock | 900,688 | 900,688 |
Treasury shares | - | 49,935 |
Cost of treasury shares | - | (90,348 ) |
Issuance premium of treasury shares | (66,622 ) | (26,209 ) |
Legal reserve Reserve for capital expenditures, acqsuition of treasury shares | 144,750 | 122,178 |
and / or dividends | 1,530,770 | 1,316,203 |
Accumulated retained earnings | 275,227 | 451,434 |
Non Controlling interest | 2 | 2 |
Total Equity | 2,784,815 | 2,723,883 |
Liabilities | ||
Non-current liabilities | ||
Deferred income tax liabilities | 202,351 | 217,935 |
Contract liabilities | 129,930 | 136,243 |
Loans | 668,653 | 611,865 |
Total Non-current Liabilities | 1,000,934 | 966,044 |
Current liabilities | ||
Provisions | 615 | 514 |
Contract liabilities | 8,219 | 9,101 |
Other payables | 241 | 298 |
Taxes payables | 11,012 | 13,139 |
Income tax payable | 61,697 | 214,016 |
Payroll and social security taxes payables | 21,678 | 23,718 |
Loans | 117,232 | 95,608 |
Trade payables | 98,535 | 93,567 |
Total Current Liabilities | 319,230 | 449,961 |
Total Liabilities | 1,320,164 | 1,416,004 |
Total Equity and Liabilities | 4,104,979 | 4,139,887 |
Consolidated Statement of Cash Flows for the nine-month periods ended September 30, 2025 and 2024
(In million of Argentine Pesos)
2025 | 2024 | |
Cash flow provided by operating activities | ||
Total comprehensive income for the period | 275,227 | 293,356 |
Reconciliation of net income to cash flow provided by operating activities: | ||
Depreciation of PPE | 139,263 | 116,599 |
Disposal of PPE | 4,940 | 2,370 |
Climate event impairment on PPE | 3,857 | - |
Increase in allowances and provisions | 212 | 544 |
Share of (gain) / loss from associates | (1,102) | (171) |
Interest expense accrual | 54,366 | 32,179 |
Results on other financial assets other than cash and cash equivalents | (128,800) | (172,602) |
Income tax | 136,759 | 167,376 |
Impairment of financial assets | 8,405 | - |
Foreign exchange loss | 107,842 | 80,823 |
Loss on monetary position | 26,807 | 10,172 |
Changes in assets and liabilities: Trade receivables | (52,182) | (102,493) |
Other receivables | 1,770 | (64,498) |
Inventories | (14,035) | (2,568) |
Trade payables | 22,837 | 54,890 |
Payroll and social security taxes payable | 2,230 | 12,981 |
Taxes payable | 238 | 9,987 |
Contract assets | 3 | (7) |
Other payables | (3) | 107 |
Interest paid | (54,964) | (37,211) |
Income tax paid | (115,469) | (4,078) |
Contract liabilities | (7,196) | (9,069) |
Cash flow provided by operating activities | 411,003 | 388,686 |
Cash flow used in investing activities Additions to property, plant and equipment | (208,141) | (249,482) |
Collections of financial assets not considered cash equivalents | (2,355) | (78,616) |
Cash flow used in investing activities | (210,496) | (328,098) |
Cash flow used in financing activities Proceeds from loans | 28,616 | 713,871 |
Leasing payments | (593) | (718) |
Payment of dividends | (214,295) | - |
Payment of loans | (540) | (725,389) |
Cash flow used in financing activities | (186,812) | (12,236) |
Net variation in cash and cash equivalents | 13,695 | 48,353 |
Cash and cash equivalents at the beginning of the period | 73,141 | 17,526 |
Monetary result effect on cash and cash equivalents | (13,801) | (24,728) |
Foreign exchange gain on cash and cash equivalents | (6) | 265 |
Cash and cash equivalents at the end of the period | 73,030 | 41,416 |
For additional information
on tgs, please contact:
INVERSOR RELATIONS:
Finance and IR Manager
Leandro Perez Castano
Carlos Almagro
Investor Relations Officer
Contact inversores@tgs.com.ar
Contact: mario_yaniskowskiptgs.com.ar
MEDIA RELATIONS:
Institutional Relations Manager
Mario Yaniskowski
tQS