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- **$780 million pipeline expansion**: Adding 26 million cm/d capacity to meet growing demand.
- **Q3 financial outperformance**: Net income up 63%, liquids EBITDA tripled due to volume and price gains.
- **Strategic growth**: Exploring LNG and liquids partnerships, with FID for Tratayén compressor plant expected Q1 2026.
- **Risks**: EBITDA pressure in regulated gas, inflation, and exchange rate volatility.
- **Liquids resilience**: Rich gas stream supports long-term margins, despite Q4 volume headwinds.

**【Management Opening Remarks】**
- Carlos Almagro welcomed participants and provided procedural information, including a reminder about forward-looking statements and the availability of the earnings release.

**【CFO Project and Financial Updates】**
- **Perito Moreno Pipeline Expansion**: $560 million investment to add 14 million cubic meters per day (cm/d) capacity, involving 3 new compressor plants and 90,000 horsepower expansion. Expected commissioning by April 2027, with a 15-year operating contract.
- **Salliqueló-Great Buenos Aires Expansion**: $220 million investment to add 12 million cm/d capacity, including 20 km of pipeline and 15,000 horsepower compression.
- **Q3 2025 Financial Highlights**: 
  - Total net income: ARS 112 billion (up 63% YoY).
  - Liquids segment EBITDA tripled to ARS 55.2 billion, driven by higher volumes (61>104,000 metric tons) and butane price deregulation.
  - Midstream EBITDA rose 31% to ARS 61.2 billion due to increased gas transport and conditioning volumes.
  - Regulated gas EBITDA declined ARS 10.5 billion due to insufficient tariff adjustments vs. inflation.
- **Cash Flow**: ARS 875 billion ($638 million) in real terms, with ARS 219 billion EBITDA and ARS 87 billion CapEx.

**【Q&A Highlights】**
- **CapEx Deployment**: $150 million in Q4 2025, $450 million in 2026, and $27 million in Q1 2027 for pipeline projects.
- **Insurance Recovery**: Expected $50 million recovery for March flood damages, with $10 million paid in 2025 and the remainder in 2026.
- **Liquids Production Sustainability**: Rich gas stream from Vaca Muerta supports long-term growth, but Q4 production may decline due to seasonal factors.
- **New Projects**: Evaluating participation in LNG pipeline projects and exploring partners for liquids fractionation facilities.
- **Tax Payments**: Similar to Q3 levels (~ARS 61 billion) expected in Q4.
- **Project Financing**: Bank loans for imports, with other financing options under evaluation.


Transportadora de Gas del Sur S.A. (TGS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TGS

TGS fundamentals

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