Revenue Performance - Total revenues for the six-month period ended June 30, 2025, increased by Ps. 4,735 million, or 0.7%, compared to the same period in 2024, primarily driven by the Natural Gas Transportation segment[14]. - Revenues from the Natural Gas Transportation segment reached Ps. 312,439 million in 6M2025, a significant increase of Ps. 113,877 million, or 57.4%, compared to Ps. 198,562 million in 6M2024[19]. - Liquids Production and Commercialization revenues decreased by Ps. 119,520 million, or 33.4%, totaling Ps. 238,415 million in 6M2025, attributed to lower dispatched tons and unfavorable international prices[24]. - Total revenues for 2Q2025 decreased by Ps. 21,650 million, or 5.9%, compared to 2Q2024, with notable declines in Natural Gas transportation and Liquids production segments[37]. - The Midstream business segment reported a revenue increase of Ps. 16,548 million, or 27.7%, driven by greater natural gas transportation services[41]. - Revenues for the three-month period ended June 30, 2025, were 347,614,742 thousand pesos, a decrease of 5.5% compared to 369,264,383 thousand pesos in 2024[59]. - For the six-month period ended June 30, 2025, total revenues reached Ps. 690,208,276, a slight increase from Ps. 685,472,810 in the same period of 2024[113]. Cost and Expenses - The net cost of sales decreased by Ps. 14,273 million, or 4.4%, to Ps. 310,073 million in 6M2025, reflecting lower natural gas processing costs[14]. - Administrative and selling expenses increased by Ps. 2,973 million, or 4.1%, totaling Ps. 75,222 million in 6M2025[14]. - The cost of sales for the six-month period was Ps. 310,072,920, compared to Ps. 324,345,500 in the previous year, showing a reduction of 4.4%[113]. - The company reported a total of ARS 430,096,405 in expenses for the six-month period ended June 30, 2025, compared to ARS 388,242,516 in 2024, reflecting an increase of 10.8%[126]. Profitability - The company’s operating profit decreased by Ps. 62,626 million, or 4.4%, to Ps. 272,487 million in 6M2025[14]. - Gross profit for the six-month period ended June 30, 2025, increased to 380,135,356 thousand pesos, up 5.3% from 361,127,315 thousand pesos in 2024[59]. - Operating profit for the three-month period ended June 30, 2025, was 122,574,640 thousand pesos, down 30.7% from 176,935,140 thousand pesos in 2024[59]. - Total comprehensive income for the six-month period ended June 30, 2025, was Ps. 154,342,721 million, down from Ps. 212,408,043 million in 2024[47]. - Basic and diluted earnings per share for the three-month period ended June 30, 2025, were 53.51 pesos, down 66.4% from 159.07 pesos in 2024[59]. Cash Flow and Liquidity - Cash flows from operating activities increased by Ps. 29,740 million to Ps. 246,970 million in 6M2025, attributed to lower working capital despite higher income tax payments[34]. - Cash flows used in investing activities decreased by Ps. 47,262 million to Ps. (86,240) million in 6M2025, due to reduced payments for the acquisition of property, plant, and equipment[35]. - Cash flows used in financing activities surged to Ps. (203,599) million in 6M2025 from Ps. (27,700) million in 2024, largely due to a dividend payment of Ps. 202,704 million[36]. - The company’s cash and cash equivalents at the end of the period decreased to ARS 16,625,986 in 2025 from ARS 69,184,847 in 2024, a decline of approximately 69.1%[64]. - Liquidity ratio improved to 3.35 in 2025, compared to 2.73 in 2024, indicating stronger short-term financial health[50]. Financial Position - Total assets as of June 30, 2025, were 3,709,942,550 thousand pesos, a decrease from 3,915,963,570 thousand pesos as of December 31, 2024[60]. - Total liabilities as of June 30, 2025, were ARS 132,685,932, compared to ARS 137,382,454 as of December 31, 2024, showing a decrease of 3.4%[120]. - The company’s total current assets as of June 30, 2025, amounted to 875,502,564 thousand pesos, compared to 1,112,539,449 thousand pesos as of December 31, 2024[153]. - The company’s non-current loans were valued at 580,517,342 thousand pesos as of June 30, 2025, reflecting a stable financial position[153]. Market and Investment - The share market value of TGS in Buenos Aires Stock Exchange was ARS 6,260.00 at the end of June 2025, compared to ARS 5,164.75 in June 2024, reflecting a year-over-year increase of 21.2%[51]. - The company aims to optimize the production mix in the Liquids Production and Commercialization Segment to prioritize higher-margin products[54]. - TGS plans to continue developing business opportunities in the Vaca Muerta area to enhance Argentina's energy development[53]. - A five-year investment plan totaling Ps. 279,107,575 was established, subject to control by ENARGAS[162]. Climate Impact and Risk Management - Other operating results, net, recorded a loss of Ps. 32,426 million in 6M2025, compared to a loss of Ps. 3,764 million in 6M2024, primarily due to impairment provisions related to the climatic event[31]. - The total impairment for climate events was recorded at Ps. 7,577,663[136]. - The company has implemented measures to mitigate impacts from financial risks, with no significant changes in risk management policies since the last annual closing[101]. - The natural gas transportation service was gradually restored after a climate event, currently operating at full capacity without significant revenue impact[191]. - Liquids production at the Cerri Complex was completely halted from March 7, 2025, until early May 2025 due to flooding[191]. Taxation - Income tax expense decreased by Ps. 49,643 million, or 39.3%, to Ps. 76,520 million in 6M2025[14]. - The company reported a current income tax charge of (27,785,746) thousand pesos, compared to (79,364,522) thousand pesos in the same period of 2024, indicating a significant reduction[148]. - The total deferred income tax for the six-month period ended June 30, 2025, was (76,520,004) thousand pesos, down from (126,163,015) thousand pesos in 2024[148].

Core Points - TGS ASA has authorized the granting of Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) to key employees as part of the 2022 Long Term Incentive Plan, with the measurement period set from January 1, 2022, to December 31, 2024 [1][2] - The PSUs vested at a final payout of 60.0% based on performance metrics, resulting in 180,810 shares issuable to sixteen holders, while 107,367 shares are issuable to sixty-seven employees for the RSUs [2] - A total of 288,177 shares at par value NOK 0.25 are available for issuance to 83 PSU/RSU holders [2] Company Information - TGS provides advanced data and intelligence to the energy sector, offering a comprehensive range of insights to support exploration and production of energy resources [4] - The company utilizes leading-edge technology and solutions across the entire energy value chain, backed by a global and diverse energy data library [4]

Core Points - TGS has secured a streamer acquisition contract in the East Mediterranean, with operations set to begin in Q3 2025 and lasting approximately 30 days [1][2] Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced data and insights to companies in the energy sector [2] - The company utilizes the Ramform acquisition platform and proprietary GeoStreamer technology to ensure high data quality for clients [2] - TGS provides a comprehensive range of products and advanced data technologies, supported by a global and diverse energy data library, making it a trusted partner in energy resource exploration and production [2]

Financial Data and Key Metrics Changes - The total net income for Q2 2025 was ARS 40.3 billion, a decline from ARS 119.7 billion in the same quarter of 2024, primarily due to a negative variation of ARS 76 billion in financial results [7][8][13] - EBITDA for the natural gas transportation segment decreased to ARS 85.6 billion from ARS 118.2 billion in Q2 2024, reflecting a reduction of ARS 32 billion [9][10] - EBITDA for the liquids business fell over 50% to ARS 25.3 billion compared to ARS 52.6 billion in Q2 2024, largely due to extraordinary expenses from a flood [10][11] Business Line Data and Key Metrics Changes - The natural gas transportation segment's EBITDA decreased by ARS 32 billion, attributed to transitional tariff adjustments and inflation impacts [9][10] - The liquids segment's EBITDA decline was influenced by ARS 16.6 billion in extraordinary expenses from the March flood and a decrease in sales volume from 250,000 metric tons to 211,000 metric tons [10][11] - Midstream and other services saw an increase in EBITDA to ARS 52 billion from ARS 41.5 billion in 2024, driven by higher sales from increased natural gas transportation volumes [12] Market Data and Key Metrics Changes - The average natural gas transportation volume rose from 25 million permits per day in 2024 to 30 million in Q2 2025, while natural gas conditioning volume increased from 16 million to 27 million cubic meters per day [12] - The price of natural gas increased from ARS 2.9 to ARS 3.3 per million ETU, impacting EBITDA negatively [11] Company Strategy and Development Direction - The company is focused on expanding its transportation capacity, with a bid submitted for the Perito Moreno pipeline expansion project, which is expected to be awarded on October 13, 2025 [5][6] - The company has received a 20-year extension of its license, enhancing its operational stability and long-term planning [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the monthly tariff adjustments will help mitigate some inflation impacts, but the overall operating expenses have increased due to the tariff revision process [30] - The company expects to generate ARS 300 million annually from the regulated EBITDA after the tariff process is completed, contingent on inflation rates in Argentina [41] Other Important Information - The company reported a cash position decrease of 33% to ARS 676 billion, with EBITDA generation during Q2 amounting to ARS 163 billion [14] - A dividend payment of ARS 200 billion was approved and paid in June 2025 [7] Q&A Session Summary Question: Confirmation of impairment related to the climate event - Management confirmed an impact of ARS 16.6 billion due to extraordinary expenses from the flood [18] Question: Update on the NCL project timeline - Management is evaluating costs and expects results by September [20] Question: Sustainability of current EBITDA levels - Management indicated that the midstream services segment is expected to continue growing [22] Question: Recovery of profitability in the liquids segment - Full operations resumed on May 7, and management expects improved performance moving forward [24] Question: Increase in general costs - Management explained that the tariff revision process has led to higher operational costs compared to the previous year [26] Question: Status of insurance claims related to the flood - Insurance assessments are ongoing, with expectations for compensation numbers in two to four months [28] Question: Outlook for the regulated transportation segment - Management stated that future revenues will depend on the level of monthly adjustments based on inflation and wholesale price indices [30] Question: Perito Moreno pipeline tender status - Management confirmed they are the only bidder and expect the contract to be awarded on October 13 [32] Question: Financial investment decision timing - Discussions with gas producers are ongoing, with potential project advancement expected by the end of the year [33] Question: Total cost of maintenance due to the flood - Estimated total costs are around ARS 40 million for all expenses and asset impairments [34] Question: Amount received for ship or pay contract compensation - Management confirmed an amount of ARS 7 million received [35] Question: Deterioration of account receivable for the regulated transportation segment - The issue was attributed to a specific marketer, with 50% of the bad debt recovered [37] Question: CapEx for the Perito Moreno pipeline expansion - Management indicated a CapEx of around ARS 500 million for the project [38] Question: Financing for the GPM pipeline project - Management expects to finance imports of around ARS 70 million and use internal cash for the project [42]

Financial Data and Key Metrics Changes - The company reported a total net income of ARS 40.3 billion for Q2 2025, a decline from ARS 119.7 billion in the same quarter of 2024, primarily due to a negative variation of ARS 76 billion in financial results [8][9][14] - EBITDA for the natural gas transportation business decreased to ARS 85.6 billion in Q2 2025 from ARS 118.2 billion in Q2 2024, attributed to transitional tariff adjustments and inflation [10][11] - The cash position decreased by 33% to ARS 676 billion, equivalent to approximately EUR 565 million [15] Business Line Data and Key Metrics Changes - EBITDA for the liquids business fell over 50% to ARS 25.3 billion in Q2 2025 from ARS 52.6 billion in Q2 2024, impacted by extraordinary expenses from a flood and reduced sales volume [11][12] - The midstream and other services segment saw EBITDA rise to ARS 52 billion compared to ARS 41.5 billion in 2024, driven by increased natural gas transportation volumes [13] Market Data and Key Metrics Changes - The natural gas transportation volume increased from an average of 25 million permits per day in 2024 to 30 million in Q2 2025, while natural gas conditioning volume rose from 16 million to 27 million cubic meters per day [13] Company Strategy and Development Direction - The company is focused on expanding its transportation capacity through a project to enhance the Perito Moreno pipeline, with a bid submitted and a contract expected to be awarded by October 13, 2025 [6][7][34] - The company has received a 20-year extension of its license, allowing for continued operations and capacity commercialization [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the monthly tariff adjustments will help mitigate the impact of inflation on revenues, although operating expenses have increased due to the tariff revision process [28][33] - The company expects regulated EBITDA to reach ARS 300 million annually post-tariff adjustments, contingent on inflation rates in Argentina [43] Other Important Information - The company approved a dividend payment of ARS 200 billion, equivalent to approximately ARS 170 million, paid on June 11, 2025 [8] - Extraordinary expenses of ARS 16.6 billion were incurred due to the flood event on March 7, 2025, with expectations of insurance recovery [12][20] Q&A Session Summary Question: Confirmation of impairment related to the climate event - Management confirmed an impact of ARS 16.6 billion due to extraordinary expenses from the flood [20] Question: Update on the NCL project timeline - Management is evaluating costs and expects results by September [21][22] Question: Sustainability of current EBITDA levels - Management indicated that midstream services are expected to continue growing [23][24] Question: Recovery of profitability in the liquids segment - Full operations resumed on May 7, 2025, with expectations for improved performance [25][26] Question: Details on increased costs - Management noted that tariff revisions began in April, affecting operational costs [27][28] Question: Status of insurance claims related to the flood - Insurance assessments are ongoing, with expectations for compensation in two to four months [29][30] Question: Outlook for the regulated transportation segment - Future revenues will depend on the level of monthly inflation adjustments [32][33] Question: Financial investment decision timing for projects - Discussions with gas producers are ongoing, with potential decisions expected by the end of the year [35] Question: Total cost of maintenance due to the flood - Estimated total costs are around $40 million [36] Question: Amount received for ship or pay contract compensation - The amount received was $7 million [37] Question: Deterioration of account receivables - The issue was related to a specific marketer, with partial cash recovery expected [39] Question: CapEx for the Perito Moreno pipeline - Estimated CapEx is around $500 million for the expansion project [40] Question: Financing for the GPM pipeline project - The project is expected to be financed through a mix of cash and potential debt [44]

Financial Performance - TGS's revenue for Q2 2025 was Ar$163,878 million[26], with an EBITDA of Ar$85,662 million[26] - Natural Gas Transportation revenue reached Ar$145,615 million[30], while EBITDA was Ar$52,631 million[30] - Liquids revenue amounted to Ar$59,772 million[35], with an EBITDA of Ar$25,355 million[34] - Midstream and Other Services generated revenue of Ar$76,320 million[39], and an EBITDA of Ar$51,929 million[39] - Net financial results showed a loss of Ar$59,400 million in Q2 2025 compared to a gain of Ar$17,260 million in Q2 2024, representing a variation of Ar$(76,660) million[40] Key Events and Developments - The company was granted a 20-year license extension (2027-2047) by the National Executive Power[17] - A dividend payment of Ar$200 billion was approved by the Board of Directors[20] - The Perito Moreno pipeline (PMP) is undergoing a 14MMm3/d capacity expansion[12] - TGS was the only bidder in a call tender by ENARSA for a 90,000 HP compression capacity expansion, expected to be commissioned by April 2027[19]

Company Overview - Transportadora De Gas Sa Ord B (TGS) shares increased by 7.9% to $30.01 in the last trading session, with a higher-than-average trading volume [1] - The stock has gained 7.4% over the past four weeks [1] Earnings and Revenue Expectations - TGS is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year decline of 42.2% [1] - Revenue projections for TGS stand at $315.73 million, which is a 5.7% increase compared to the same quarter last year [1] Earnings Estimate Revisions - The consensus EPS estimate for TGS has been revised down by 28.6% over the last 30 days [3] - A negative trend in earnings estimate revisions typically does not lead to price appreciation, indicating potential caution for future stock performance [3] Industry Context - TGS operates within the Zacks Oil and Gas - Production and Pipelines industry, which includes other companies like Pembina Pipeline (PBA) [4] - Pembina Pipeline's EPS estimate has decreased by 1.4% over the past month to $0.47, representing a 14.6% decline from the previous year [5]

Core Viewpoint - TGS ASA shares will be traded ex-dividend at NOK 1.58 (USD 0.155) starting from 24 July 2025 [1] Company Summary - TGS ASA is set to have its shares traded ex-dividend, indicating a distribution of profits to shareholders [1] - The dividend amount is NOK 1.58, which is equivalent to USD 0.155 [1] Industry Summary - The announcement reflects the company's ongoing commitment to returning value to its shareholders through dividends [1] - The ex-dividend date is a significant event in the financial calendar, impacting share prices and investor decisions [1]

Core Insights - The Q2 2025 results were negatively impacted by postponed data licensing deals, challenging operational conditions on a streamer project, and lower partner participation in multi-client projects, leading to reduced revenue recognition [1][5] - Despite short-term caution from clients due to macroeconomic uncertainty and high oil price volatility, the long-term need for exploration remains strong, as large E&P companies face declining production rates without new reserves [1] Financial Performance - Order inflow for Q2 2025 was USD 133 million, resulting in a total order backlog of USD 425 million [5] - Net cash flow improved to USD 11 million in Q2 2025, compared to a negative cash flow of USD 13 million in Q2 2024 [5] - The company is maintaining a stable dividend payment of USD 0.155 per share to be paid in Q3 2025 [5] Cost Management - Gross operating costs for 2025 are expected to be approximately USD 950 million, down from previous guidance of USD 1,000 million, driven by efficiency gains and vessel scheduling [5]

Core Insights - TGS ASA reported a financial update for Q2 2025, indicating a significant increase in revenues compared to Q2 2024, with IFRS revenues expected to be approximately USD 332 million, up from USD 224 million [1][4] - The company faced challenges in Q2 2025, including lower-than-expected data licensing, operational difficulties, and reduced participation from joint venture partners, which impacted revenue recognition [4] Revenue Breakdown - Produced revenues are projected to be around USD 306 million in Q2 2025, compared to USD 215 million in Q2 2024 [2][6] - Contract revenues for Q2 2025 are estimated at USD 171 million, an increase from USD 100 million in Q2 2024 [3] Multi-client Insights - Multi-client revenues are expected to reach approximately USD 135 million in Q2 2025, compared to USD 115 million in Q2 2024 [2] - Multi-client investment is anticipated to be around USD 120 million in Q2 2025, significantly higher than USD 52 million in Q2 2024 [2] Operational Metrics - The normalized Ocean Bottom Node (OBN) crew count for Q2 2025 was 1.7 for contracts and 1.1 for multi-client, compared to 2.7 and 0.0 respectively in Q2 2024 [1] - The allocation of active seismic streamer 3D vessel capacity showed a shift, with contract capacity increasing to 55% from 28% year-over-year [1] Future Outlook - CEO Kristian Johansen expressed optimism about future exploration activity, citing positive developments in Brazil and the US Gulf of America as drivers for increased seismic activity [4]