Transportadora de Gas del Sur S.A. (TGSU2) investor relations material

Executive summary

• Net income for Q2 2025 was ARS 40.3B, down from ARS 119.7B in Q2 2024, mainly due to lower financial yields, extraordinary storm expenses, and higher costs.

• EBITDA for the quarter was ARS 163B, with 53% from regulated transportation and 47% from non-regulated businesses; segment EBITDA and revenues declined year-over-year.

• Major tariff revision completed, introducing monthly inflation adjustments based on CPI and WPI for transportation tariffs.

• License extension granted for 20 years from 2027, supporting long-term operations.

• Sole bidder for Perito Moreno pipeline expansion, with project award expected by October 2025 and commissioning by April 2027.

Financial highlights

• Net income and EBITDA dropped significantly year-over-year, mainly due to negative financial results, inflation, and extraordinary storm-related expenses.

• Natural Gas Transportation EBITDA fell to ARS 85.6B from ARS 118.2B, with a 57% margin; Liquids EBITDA declined over 50% to ARS 25.3B, margin 21%.

• Midstream and Other Services EBITDA rose to ARS 52B, margin 70%, driven by higher Vaca Muerta volumes.

• Cash position decreased 33% to ARS 676B, with CapEx at ARS 55B and dividend payments of ARS 200B.

• Net financial results for Q2 2025 were a loss of ARS 59.4B, compared to a gain of ARS 17.3B in Q2 2024.

Outlook and guidance

• Expectation for continued growth in midstream services EBITDA, with regulated transportation EBITDA dependent on monthly inflation adjustments and higher expenses.

• Anticipated annual regulated EBITDA of ARS 300M, subject to inflation and FX effects.

• Perito Moreno pipeline project expected to be awarded by October 2025, with incremental capacity to be commissioned by April 2027 and a 15-year capacity sale.

• Regulatory changes introduced a monthly tariff adjustment mechanism based on CPI and WPI.