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

Transportadora de Gas del Sur S.A. Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

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.

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Frequently asked questions

Transportadora de Gas del Sur S.A. is an energy company specializing in the transportation and processing of natural gas. The company operates a natural gas pipeline system in Argentina, delivering gas to utilities, industries, and power plants. It also engages in natural gas processing and the production of natural gas liquids. The company is headquartered in Buenos Aires, Argentina, and its shares are listed on the Buenos Aires Stock Exchange (BCBA) and the New York Stock Exchange (NYSE).

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