Core Viewpoint - Axon Enterprise's stock experienced a significant decline following its Q3 earnings report, with a notable drop of 12.1% during trading, and a peak decline of 20.7% at market open, primarily due to earnings missing analyst expectations despite revenue exceeding forecasts [1][3]. Financial Performance - Axon reported non-GAAP adjusted earnings per share of $1.17 on revenue of $710.64 million, surpassing Wall Street's revenue target by approximately $5.8 million, but falling short of earnings expectations by $0.37 [3]. - The company achieved a year-over-year revenue growth of 30.6% in Q3, although weaker-than-expected margins have led to a sell-off in the stock [3][6]. Future Guidance - For Q4, Axon is projecting revenue between $750 million and $755 million, which would lead to an estimated full-year revenue of approximately $2.74 billion, exceeding the average Wall Street analyst target of $2.72 billion [4]. - However, the guidance for adjusted EBITDA between $178 million and $182 million has not met investor expectations, contributing to the stock's decline [4]. Acquisition Announcement - Axon announced its intention to acquire Carbyne, a public-safety technology specialist, for $625 million, with the deal expected to close in the first quarter of the following year [5].

Financial Data and Key Metrics Changes - Targa Resources reported adjusted EBITDA for Q3 2025 at $1.275 billion, representing a 19% increase year-over-year and a 10% sequential increase [16] - The company expects full-year 2025 adjusted EBITDA to be around the top end of the guidance range of $4.65 billion to $4.85 billion [16] - At the end of Q3, Targa had $2.3 billion of available liquidity and a pro forma consolidated leverage ratio of approximately 3.6 times, within the long-term target range of three to four times [16] Business Line Data and Key Metrics Changes - Permian natural gas inlet volumes averaged a record 6.6 billion cubic feet per day in Q3, an 11% increase year-over-year [9] - NGL volumes increased by approximately 180,000 barrels per day compared to the previous year, driven by growth in the Permian [4] - NGL pipeline transportation volumes averaged a record 1.02 million barrels per day, and fractionation volumes averaged 1.13 million barrels per day in Q3 [11][12] Market Data and Key Metrics Changes - The company noted that October volumes were impacted by producer shut-ins due to low commodity prices and storms, but these volumes have largely returned [9] - The outlook for NGL supply growth in Targa's system remains strong, supported by ongoing projects and expansions [12] Company Strategy and Development Direction - Targa is focused on executing large capital projects while investing in high-return projects to transform into a large investment-grade integrated NGL infrastructure company [7] - The company announced several new growth projects, including the Speedway NGL transportation expansion and the Yeti gas processing plant [5] - Targa aims to grow adjusted EBITDA, increase common dividends per share, reduce share count, and generate significant free cash flow while maintaining a strong investment-grade balance sheet [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued Permian volume growth, supported by customer forecasts and commercial success [6] - The company anticipates a durable increase in free cash flow, even in a strong growth environment [7] - Management acknowledged some conservatism in Q4 guidance due to potential headwinds from shut-ins and maintenance on natural gas pipes [50] Other Important Information - Targa plans to recommend an increase in the annual common dividend to $5 per share, a 25% increase from the previous level [16] - The company repurchased $156 million in common shares during Q3, bringing year-to-date repurchases to $642 million [16] Q&A Session Summary Question: How have things unfolded versus original expectations for 2025? - Management indicated that volumes have largely materialized consistent with or better than initial forecasts, driving record Permian NGL transportation and fractionation volumes [22] Question: What is the medium-term outlook for growth in the Permian? - Management expressed confidence in continued growth based on producer forecasts and the company's strong position in the market [25] Question: Why invest in infrastructure now instead of leveraging third-party NGL infrastructure? - Management emphasized the importance of being capital-efficient and de-risking investments by ensuring flowing volumes before new projects come online [44] Question: What are the anticipated bottlenecks in the Permian? - Management noted that residue takeaway is currently tight, but new pipelines coming online in late 2026 will alleviate some of these issues [45] Question: How does the company view the competitive landscape in the Permian? - Management acknowledged the competitive nature of the market but highlighted Targa's strong operational capabilities and established relationships with producers [102]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 amounted to $322 million, representing a 16% year-on-year increase, primarily driven by Rincon de Aranda, steady shale oil growth, higher B2B sales, and contributions from the PP6 wind farm [3][9] - Capex surged 183% year-on-year to $332 million, with $170 million allocated to the development of Rincon de Aranda [3][10] - Gross debt decreased by 16% since December 2024, reaching nearly $1.8 billion, while net debt rose to $874 million, reflecting a net leverage ratio of 1.3 times [10][11] Business Line Data and Key Metrics Changes - Oil and gas adjusted EBITDA was $171 million in Q3, a 40% year-on-year increase, driven by Rincon de Aranda, increased exports, and strong industrial demand [4][5] - Total production averaged nearly 100,000 barrels of oil equivalent per day, a 14% increase year-on-year, led by Rincon de Aranda and Sierra Chata [5][6] - Gas sales remained steady year-on-year at 14 million cubic meters per day, with an 8% increase from Q2, primarily due to seasonality [7][8] Market Data and Key Metrics Changes - Crude oil prices averaged $61 per barrel in Q3, a 15% decrease from the previous year, but hedging helped mitigate the price drop [5][6] - Gas prices averaged $4.4 per million Btu, remaining flat year-on-year, supported by fuel cell procurement for the Loma Lata Power Plant [8][9] - Exports increased by 146% year-on-year to 1.2 million cubic meters per day, driven by low hydro conditions and increased demand from Chile [8][9] Company Strategy and Development Direction - The company plans to ramp up production at Rincon de Aranda to 20,000 barrels of oil equivalent per day by the end of 2025, with a target of 45,000 barrels per day by 2027 [6][7] - The strategy includes leveraging idle capacity and installing additional temporary facilities to support growth [6][7] - The company aims to stabilize lifting costs at $5 per barrel, aligning with industry peers, with the central processing facility playing a crucial role [7][8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals, demonstrated by a share repurchase of 1.5% of the company's share capital [2][3] - The outlook for Q4 2025 anticipates oil production between 18,000 and 19,000 barrels per day, primarily driven by Rincon de Aranda [12][13] - Management expects a 10-15% improvement in EBITDA for the generation segment in 2026 due to new regulatory frameworks [34][35] Other Important Information - The company generated $6 million in free cash flow in Q3, marking the peak in EBITDA and sales for the year [10][11] - The company is actively managing its debt profile, extending the average life to 5.6 years and reducing near-term maturities [11][12] - The company is exploring opportunities in the LNG market, with expected incremental EBITDA of around $140 million per year once fully operational [103][104] Q&A Session Summary Question: What is the expected total oil production evolution in Q4? - Management expects total oil production to be between 18,000 and 19,000 barrels per day in Q4 2025 [12][13] Question: How do you expect lifting costs to evolve during 2026? - Lifting costs for oil are expected to decrease from $10 to around $9.19 per barrel, driving overall lifting costs down to approximately $6.2 per barrel equivalent [19][20] Question: What is the outlook for the gas market during the summer season? - The company has a take-or-pay clause in contracts that aligns with real demand, and associated gas will influence the spot market [23][24] Question: What are the expectations for EBITDA in the generation segment considering new regulations? - EBITDA for the generation segment is expected to improve by at least 15% next year due to new regulations [34][35] Question: What is the forecast for CapEx and leverage in 2026? - CapEx for 2026 is expected to be around $1 billion-$1.1 billion, with a stable net leverage ratio around 1.1-1.3 times [36][39] Question: What is the current state of the payment days in gas from Narsa? - Payment delays have improved significantly, now averaging around 20 days [115][116]

Core Insights - The company reported solid financial results for Q3 2025, generating $2.7 billion in revenue and $638 million in adjusted EBITDA, with an adjusted EBITDA margin of 24% despite challenging market conditions [5][20][21] - The roofing segment faced a uniquely quiet storm season, impacting demand, while the insulation business experienced weakening residential trends [6][7][10] - The company remains focused on disciplined capital allocation, returning over $700 million to shareholders and maintaining a commitment to return $2 billion over 2025 and 2026 [6][23] Financial Performance - Revenue for Q3 decreased by 3% year-over-year due to lower volumes, but adjusted EBITDA remained strong at $638 million [20][21] - The company achieved an adjusted earnings per diluted share of $3.67 for the quarter [21] - Free cash flow for Q3 was $752 million, up from $558 million in the same period last year, reflecting disciplined working capital management [22] Market Conditions - The roofing market was impacted by the absence of named storms in the U.S. for the first time in a decade, leading to lower demand [7][25] - The insulation business saw a 7% revenue decline primarily due to lower demand for residential products and the sale of the building materials business in China [27] - The doors segment experienced a 5% revenue decline, attributed to slower discretionary spending and weaker new construction activity [29] Strategic Initiatives - The company is investing in operational efficiencies and expanding capacity, including a new plant in Alabama for roofing products [12][14] - The contractor network has grown by about 9% since the beginning of the year, reflecting the company's strong commercial position [13] - The company is on track to achieve $125 million in enterprise cost synergies from the doors business integration [30][15] Outlook - For Q4, the company anticipates revenue to decline mid to high teens compared to the prior year, with adjusted EBITDA margins expected to be around 16% to 18% [34][40] - The roofing segment is expected to see a high 20% decline in shipments due to lower storm activity and inventory management [35] - The insulation business is projected to decline high single digits in revenue, primarily due to lower demand in North America [38]

Core Insights - Grocery Outlet Holding Corp. reported mixed results for Q3 2025, with net sales missing estimates but showing a year-over-year increase, while earnings exceeded estimates but declined from the previous year [1][3][9] Financial Performance - Adjusted earnings were 21 cents per share, beating the Zacks Consensus Estimate of 19 cents but down from 28 cents in the same quarter last year [3][9] - Net sales reached $1,168.2 million, falling short of the Zacks Consensus Estimate of $1,182 million, but reflecting a 5.4% year-over-year growth [3][9] - Comparable-store sales increased by 1.2%, supported by a 1.8% rise in transactions, but fell short of the anticipated 2% growth [4][9] Margin and Cost Analysis - Gross profit grew by 3% year over year to $355.1 million, with a gross margin contraction of 70 basis points to 30.4% [5][9] - SG&A expenses rose by 8.7% to $331 million, representing 28.3% of net sales, primarily due to new store costs and higher incentive compensation [6][9] - Adjusted EBITDA was $66.7 million, down 7.7% year over year, with the margin decreasing by 80 basis points to 5.7% [6][9] Store Expansion and Initiatives - The company added 13 new stores and closed two, bringing the total to 563 stores across 16 states, with plans to open 37 net new stores in 2025 [7][9] - A store refresh program was launched in select pilot stores, with plans to expand to 20 stores by year-end 2025 and at least 150 stores by the end of 2026 [8][9] Financial Health - At the end of the quarter, Grocery Outlet had cash and cash equivalents of $52.1 million, long-term debt of $481.5 million, and stockholders' equity of $1,198.6 million [9][10] - The company maintained a net leverage ratio of 1.8x adjusted EBITDA and had $175 million remaining borrowing capacity under its revolving credit facility [10][9] 2025 Outlook - The company revised its fiscal 2025 guidance, expecting net sales between $4.70 billion and $4.72 billion, and comparable-store sales growth of 0.6-0.9% [11][9] - Adjusted EBITDA is projected in the range of $258 million to $262 million, with adjusted earnings expected between 78 cents and 80 cents per share [12][9] - For Q4 2025, comparable-store sales growth is anticipated to be flat to 1%, with adjusted earnings projected between 21 cents and 23 cents per share [13][9] Market Performance - Grocery Outlet's shares fell 10% in after-hours trading following the earnings report, and the stock has declined 30.4% over the past three months compared to a 7.4% decline in the industry [2][14]

Report Industry Investment Rating - No information provided Core View of the Report - Maintain buy on VEDLN 9.475 07/24/30 due to its all-time high first half recurring EBITDA [3][7] Summary by Relevant Sections Trading Desk Comments - Yesterday, recent USD MEITUA 31 - 35s widened 2 - 4bps with RM selling; TW lifers SHIKON/FUBON/NSINTWs widened 2 - 5bps; BBLTB sub curve was 1 - 4bps wider; JP bank FRNs held up well, JP AT1s dropped by 0.3pt; JP insurance hybrids were marked lower; Yankee AT1s were down by 0.4pt then stabilized; NWDEVL Perps lowered 0.7 - 2.0pts, NWDEVL 27 - 31s were down by 0.6 - 1.3pts; LASUDE 26 was 1.4pts lower; MTRC perps lost up to 0.2pt; VNKRLE 27 - 29 recovered 2.7 - 2.9pts; GRNCH 28 fell by up to 0.5pt; Macau gaming stocks had mixed performance; HYNMTRs/HYUELEs traded 1 - 3bps wider; NTT curve was 1 - 3bps wider; PETMK curve was 2 - 4bps wider on the long end; SMCGL Perps/GARUDA 31 were down by 0.1 - 0.2pt; VEDLN 28 - 33s were 0.3 - 1.1pts lower; onshore AAA - guaranteed LGFV papers were sought after [2] - This morning, new CDBFLC 35 widened 2bps, new QBEAU 37 tightened 3bps, new STANLN PerpNC10 was 0.2pt higher; JP insurance bonds and MTRC Perps were down by 0.1 - 0.3pt; NUFAU 30 rose 0.9pt, SOFTBK 61/65s and NWDEVL 30 were 0.6 - 0.7pt lower; TW lifers widened 2 - 4bps [3] Top Performers and Underperformers - Top performers include VNKRLE 3.975 11/09/27 (price 60.3, change 2.9), VNKRLE 3 1/2 11/12/29 (price 52.0, change 2.7), etc. - Top underperformers include NWDEVL 6 1/4 PERP (price 42.3, change - 2.0), NWDEVL 5 1/4 PERP (price 44.0, change - 1.9), etc. [4] Macro News Recap - On Tuesday, S&P (-1.17%), Dow (-0.53%) and Nasdaq (-2.04%) were lower; UST yield was lower, with 2/5/10/30 year yield at 3.58%/3.69%/4.10%/4.67% [6] Desk Analyst Comments on VEDLN - VEDLN's 2QFY26 recurring EBITDA reached INR116.1bn, up 12% yoy; 1HFY26 EBITDA rose to INR223.6bn, 42% of full - year target of USD6bn; prefer VEDLN 9.475 07/24/30 with YTW of 9.0% and 106bps yield pickup over NICAU 9 09/30/30 [7] - VEDLN's average borrowing cost declined to c9.0% in 1HFY26 from c9.7% in 1QFY26, expected to fall below 8% near - term; PAT dropped 26% yoy to INR79.4bn due to one - off losses [10] - 1HFY26 operating cash flow decreased 12% yoy to INR162.3bn; spent INR102.6bn in capex, 61 - 68% of FY26 target; estimated 1HFY26 FCF was INR59.7bn [11] - As of Sep'25, cash and equivalents increased to INR218.6bn; total debt/LTM EBITDA and net debt/LTM EBITDA rose slightly to 1.9x and 1.4x; aims to bring net leverage down to 1.0x near - term [12] - Deleveraging may face headwinds from JPA acquisition; demerger hearing postponed to 12 Nov'25, seen as moderately credit positive [13] Offshore Asia New Issues - Priced issues include Alinma Sukuk Limited (USD500mn, 10NC5, 5.792%, T + 210), China Development Bank Financial Leasing (USD500mn, 10NC5, 4.6%, T + 93), etc. - Pipeline issues include Gaoxin International Investment (unrated, 3yr, 5.0%), Korea Electric Power Corporation (Aa2/AA/-, 3yr/SOFR + 95, 5yr/T + 80), etc. [17][18] News and Market Color - 99 credit bonds issued yesterday onshore with RMB106bn; MTD, 206 credit bonds issued with RMB190bn, 19.2% yoy increase [20] - Adani Enterprises 1HFY26 EBITDA fell 11% yoy to INR76.9bn, plans to raise INR250bn via rights issue [20] - Adani Ports 1HFY26 EBITDA rose 20% yoy to INR110.5bn, Fitch changed outlook to stable and affirmed BBB - rating [20] - China to boost subsidies for Alibaba, Tencent to cut data center energy bills [20] - Moody's upgraded Bharti Airtel to Baa2 from Baa3, outlook to stable [20] - GLP China repurchased USD205mn of GLPCHI 2.95 03/29/26, USD495mn outstanding [20] - Nickel Industries to hold non - deal roadshow on 19 Nov'25 [20] - Petron 9M25 revenue fell 10% yoy to PHP594.9bn [20] - Pertamina Geothermal targets 6.1% revenue increase for FY26 [20] - SK Telecom plans full - scale AI infrastructure expansion [20]

Financial Data and Key Metrics Changes - SunCoke Energy reported consolidated adjusted EBITDA of $59.1 million for Q3 2025, a decrease from $75.3 million in the prior year period [8][9] - Net income attributable to SunCoke was $0.26 per share, down $0.10 compared to the prior year, primarily due to a mix of contract and spot Coke sales and lower economics from the Granite City contract extension [7][8] - The company revised its consolidated adjusted EBITDA guidance for 2025 to a range of $220 million to $225 million, reflecting the addition of five months of Phoenix results and the impact of a deferral of approximately 200,000 coke tons [5][15] Business Line Data and Key Metrics Changes - Domestic Coke adjusted EBITDA for Q3 2025 was $44 million, down from $58.1 million in the prior year, with Coke sales volumes at 951,000 tons compared to 1,027,000 tons previously [9][10] - The new industrial services segment, which includes Phoenix Global, generated $18.2 million of adjusted EBITDA in Q3 2025, up from $13.7 million in the prior year [11][12] Market Data and Key Metrics Changes - The logistics business experienced lower volumes due to unfavorable market conditions, impacting the overall performance of the industrial services segment [12] - Total logistics handling volumes were 5.2 million tons, with Phoenix customer volume serviced at 3.8 million tons for the two months included in Q3 results [12] Company Strategy and Development Direction - The company is optimistic about 2026, expecting a full year of Phoenix Global adjusted EBITDA contribution and a modest recovery in the logistics business [18][35] - Active discussions are ongoing with U.S. Steel regarding the Granite City contract extension and with Cleveland-Cliffs for the Haverhill contract [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the enforceability of contracts and is pursuing legal remedies for the breach of contract by Algoma, which has impacted production and sales [24][25] - The company anticipates that 2026 results will improve over 2025, driven by strong fundamentals in its Coke business and the integration of Phoenix Global [19][35] Other Important Information - SunCoke ended Q3 2025 with a cash balance of $80.4 million and revolver availability of $126 million, indicating ample liquidity [13] - The company announced a quarterly dividend of $0.12 per share, marking the 25th consecutive quarter of dividend announcements [5][6] Q&A Session Summary Question: What is your level of confidence that incremental deferrals won't occur? - Management indicated that the 200,000 tons are anticipated to be produced and stored for 2025, and they believe they have an enforceable contract with Algoma [22][23] Question: What do the remedies for the breach of contract currently look like? - Management stated they are working with counsel and pursuing all legal remedies to recover financial losses from the breach [24] Question: How confident are you in retaining the dividend and liquidity going forward? - Management clarified that the 200,000 tons is the total exposure for this year, not an annual basis, and expressed confidence in maintaining liquidity [26][27] Question: Can you discuss your strategy for 2026 if unable to renew Granite City and Haverhill production under a long-term contract? - Management remains optimistic for 2026, citing strong contracts at Middletown and Indiana Harbor, and ongoing discussions for Haverhill and Granite City [32][34]

Core Insights - Colliers International (CIGI) reported a revenue of $1.46 billion for the quarter ended September 2025, marking a year-over-year increase of 24.1% and exceeding the Zacks Consensus Estimate by 7.75% [1] - The earnings per share (EPS) for the same period was $1.64, up from $1.32 a year ago, representing a surprise of 3.8% over the consensus EPS estimate of $1.58 [1] Revenue Performance - Corporate revenues were reported at $0.18 million, surpassing the average estimate of $0.1 million [4] - Real Estate Services generated revenues of $838.57 million, exceeding the estimated $814.9 million [4] - Engineering revenues reached $488.06 million, compared to the average estimate of $423.28 million [4] - Investment Management revenues were $136.29 million, slightly above the average estimate of $134 million [4] Adjusted EBITDA Analysis - Adjusted EBITDA for Real Estate Services was $88.04 million, exceeding the average estimate of $78.23 million [4] - Corporate Adjusted EBITDA was reported at -$4.09 million, better than the average estimate of -$8.41 million [4] - Adjusted EBITDA for Investment Management was $53.58 million, below the average estimate of $57.75 million [4] - Engineering Adjusted EBITDA was $53.58 million, slightly below the average estimate of $53.68 million [4] Stock Performance - Shares of Colliers International have returned +4.1% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, reflecting tariff adjustments that were insufficient to offset inflation impacts [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025, compared to ARS 18.2 billion in Q3 2024, due to increased export volumes and higher prices [8][9] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, attributed to higher export volumes rising from 43,000 to 104,000 metric tons and increased ethane sales [9][10] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by higher sales from increased natural gas volumes transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - The company plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - TGS is evaluating participation in a new gas pipeline project to supply gas to LNG facilities planned by CESA Southern Energy [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current production levels are extraordinary due to the richness of the gas stream from Vaca Muerta, which is expected to remain substantial in the coming years [20] - However, it was indicated that gas production typically decreases in the fourth quarter compared to the third quarter, which may affect overall output [20] Other Important Information - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12] - The company recorded a positive variation in financial results amounting to ARS 31.1 billion, mainly due to increased income from financial assets [12] Q&A Session Summary Question: Breakdown of the $780 million capex for the expansion project - The company expects to spend $150 million this year, $450 million in 2026, and the remaining $27 million in the first five months of 2027 [16] Question: Status of the insurance claim for the Complejo Cerri event - The expected recovery amount is over $50 million, with $10 million anticipated this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Current production levels are extraordinary, but lower gas production is expected in Q4 compared to Q3, which may affect margins [20] Question: Acceleration of cash capex deployment until year-end - Cash capex is expected to be higher than previous levels, with significant spending anticipated in the last quarter [23] Question: Expected income tax payments in the next quarter - Income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the NGL fractionation facility - The company is working hard on the project, with FID expected in the first quarter of next year [28] Question: Participation in the NGL project with partners - The company aims to have partners in the liquids project, particularly in transportation and fractionation [30] Question: Further midstream segment synergy by 2027 - The company expects to benefit from increased transport capacity in the midstream business due to the expansion [31]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, with a decline of ARS 10.5 billion attributed to insufficient tariff adjustments to offset inflation [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025 from ARS 18.2 billion in Q3 2024, driven by increased export volumes and higher prices [9][10] - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12][13] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, primarily due to higher export volumes rising from 43,000 to 104,000 metric tons [9] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by increased billable volumes of natural gas transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - TGS plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - The company is evaluating participation in a new gas pipeline project to supply LNG facilities planned for completion by 2027-2028 [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current high levels of production and margins in the liquids segment may not be sustainable into Q4 2025, with expectations of lower gas production [20][21] - The company anticipates that international liquid prices may decrease in 2026 compared to the current year [21] Other Important Information - The company is expecting to recover over $50 million from insurance claims related to the Complejo Cerri event, with partial payments expected this year [18] - CapEx for the expansion project is expected to be higher, with $150 million planned for this year, primarily in Q4 [23] Q&A Session Summary Question: Breakdown of the $780 million CapEx for the expansion project - Management indicated that $150 million is expected to be spent this year, $450 million in 2026, and the remaining $27 million in early 2027 [16] Question: Status of insurance claims for the Complejo Cerri event - The estimated recovery amount is over $50 million, with $10 million expected this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Management stated that while current production levels are extraordinary, they may not be sustainable into Q4 due to seasonal variations [20][21] Question: Acceleration of cash CapEx deployment until year-end - Management confirmed that cash CapEx is expected to be higher than previous levels due to the ongoing expansion project [23] Question: Expected income tax payments in the next quarter - Management indicated that income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the fractionation facility regarding liquids - Management is working hard on the project, with FID expected in Q1 of the following year [28] Question: Participation in the NGL project and potential partnerships - Management is considering partnerships for the liquids project, particularly in transportation and fractionation [30] Question: Synergies in the midstream segment by 2027 - Management confirmed that the midstream business will benefit from increased transport capacity and volumes [31]