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Transportadora de Gas del Sur S.A. (TGSU2) investor relations material
Transportadora de Gas del Sur S.A. Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net income for Q3 2025 was ARS 112 billion (Ps. 112,059 million), up from ARS 68.8 billion (Ps. 68,802 million) in Q3 2024, with EPS at Ps. 148.86 and EPS per ADS at Ps. 744.32.
Revenues increased to Ps. 426,518 million in Q3 2025 from Ps. 337,928 million in Q3 2024, driven by strong Liquids and Midstream performance.
Awarded $560 million Perito Moreno pipeline expansion project, with commissioning due by April 2027 and a 15-year operation period, plus a $220 million regulated pipeline expansion between Saliceto and Greater Buenos Aires.
Entitled to commercialize incremental capacity at a dollar-denominated unregulated tariff until reversion to ENARSA.
Financial highlights
EBITDA for Q3 2025 reached ARS 219 billion, with 47% from regulated transportation and 53% from non-regulated businesses.
Operating profit rose to Ps. 172,026 million in Q3 2025, up Ps. 33,567 million year-over-year.
Financial results improved by ARS 31.1 billion (Ps. 31,087 million), mainly from higher yields on financial assets and reduced inflation exposure loss.
Net debt position improved to negative Ps. 89,469 million as of September 30, 2025, from negative Ps. 263,947 million at year-end 2024.
Cash position increased by 22% to ARS 875 billion (approx. $638 million) at quarter-end.
Segment performance
Natural gas transportation EBITDA fell to ARS 102.4 billion from ARS 113 billion year-over-year due to tariff adjustments lagging inflation and higher operating expenses.
Natural Gas Transportation: Revenues fell 4% to Ps. 158,043 million; operating profit dropped 10% to Ps. 77,515 million.
Liquids segment EBITDA tripled to ARS 55.2 billion, driven by higher export and ethane volumes, increased production, and higher domestic butane prices post-deregulation.
Liquids Production and Commercialization: Revenues surged 66% to Ps. 177,156 million; operating profit up 222% to Ps. 48,708 million.
Midstream and other services EBITDA rose to ARS 61.2 billion from ARS 46.7 billion, mainly due to higher billable volumes in Vaca Muerta.
- TimeTickerHeadlineOpen
- IQV
Strong Q4 and 2025 results with positive 2026 outlook and strategic segment realignment. - OWL
AUM reached $307.4 billion in 2025 amid record fundraising and double-digit earnings growth. - EMBC
Revenue was stable, net income rose, and leverage improved, with guidance reaffirmed. - VCTR
Q4 revenue up 61% YoY, $317B AUM, 52.8% EBITDA margin, and robust global expansion. - TW
Record revenue, strong earnings, and digital asset expansion drive robust results. - WEC
Adjusted EPS up 8% to $5.27; 2026 guidance and dividend growth reaffirmed. - VCTR
Q1 saw higher revenue, Amundi deal closed, and dividend raised to $0.49 per share. - MINDACORP
Record revenue and profit growth, margin expansion, and strong outlook amid regulatory changes. - SLQT
Q2 FY2026 revenue up 12% YoY, net income $69.3M, guidance revised for partner headwinds. - NATH
Revenue up, profits down; merger at $102/share and multiple dividends announced.
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