Transportadora de Gas del Sur S.A. (TGSU2) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 reached ARS 160 billion, up from ARS 142.3 billion in Q1 2025, with EBITDA across all segments totaling ARS 306.5 billion.

• Revenues for Q1 2026 were ARS 484.2 billion, a 13% increase year-over-year, driven by strong Liquids and Midstream performance.

• Operating profit rose 33% to ARS 249.3 billion, mainly due to higher revenues and positive operating results.

• Major natural gas transportation expansion underway, with $400 million in prepayments secured and commissioning set for May 27, 2026.

• Non-regulated business contributed 54% of EBITDA, highlighting its growing importance.

Financial highlights

• EBITDA for natural gas transportation rose to ARS 139.9 billion from ARS 129 billion year-over-year, despite inflationary pressures.

• Liquids segment EBITDA increased to ARS 96.7 billion, driven by higher sales volumes and partial insurance reimbursement.

• Midstream and other services EBITDA grew 46% to ARS 69.8 billion, supported by higher volumes and lower operating expenses.

• Earnings per share were ARS 212.53, up from ARS 189.11; earnings per ADS were ARS 1,062.63, up from ARS 945.55 year-over-year.

• Cash position decreased by ARS 173 billion to ARS 1,806 billion, mainly due to lower real returns from financial investments.

Outlook and guidance

• Remaining 9 million m³/day of transportation capacity to be allocated next month, with monthly payments.

• NGL project final investment decision expected by end of month, with total CapEx around $3 billion.

• Regulatory changes in March and April 2026 redefined the contractual framework for natural gas transportation, with a neutral impact on monthly revenues.

• Expansion of the Perito Moreno Gas Pipeline awarded 5 MMm³/d of new capacity, with strong demand from shippers.

• Anticipated slower midstream growth in Vaca Muerta post-expansion, with debottlenecking projects planned.