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Transportadora de Gas del Sur S.A. (TGSU2) investor relations material
Transportadora de Gas del Sur S.A. Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Issued a $500 million, 10-year bond in November 2025 at 7.75–8% yield, oversubscribed with $1.3 billion in orders, marking the longest maturity in company history.
Proceeds fund $780 million CapEx for Perito Moreno pipeline expansion and regulated pipeline upgrades.
Q4 2025 comprehensive/net income was ARS 124 billion (Ps. 123,982 million), down from ARS 170.5 billion (Ps. 170,513 million) in Q4 2024, mainly due to non-recurring items and lower financial results.
Revenues increased to Ps. 473,480 million from Ps. 458,401 million year-over-year, driven by Natural Gas Transportation and Midstream segments.
Cash position increased by ARS 864 billion in Q4 2025, reaching ARS 1,808 billion ($1.25 billion USD), with cash and cash equivalents at Ps. 804,107 million.
Financial highlights
Q4 2025 EBITDA reached ARS 259 billion, with 57% from non-regulated business.
Natural gas transportation EBITDA was ARS 109.8 billion, slightly up from ARS 107.1 billion in Q4 2024.
Liquids segment EBITDA fell to ARS 83.9 billion from ARS 102 billion year-over-year, mainly due to export price declines and higher costs.
Midstream and other services EBITDA rose 36% to ARS 60.7 billion, driven by higher volumes from Vaca Muerta.
Financial results turned negative at Ps. 10,084 million, mainly from higher interest costs and lower investment yields.
Outlook and guidance
Confident in NGL project progress, expecting FID before June 2026.
No significant change expected in liquids prices for 2026, though geopolitical events could have a positive impact.
No dividend payments anticipated in 2026 due to ongoing project investments.
Forward-looking statements highlight risks from market volatility, foreign exchange, and regulatory changes, with no specific quantitative guidance provided.
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