Financial Data and Key Metrics Changes - The company reported a total net income of EUR 112 billion in Q3 2025, compared to EUR 68.8 billion in the same quarter of 2024, primarily driven by better performance in the liquids business and midstream segment [8][9] - EBITDA for the natural gas transportation business totaled EUR 102.4 billion, slightly below the EUR 113 billion recorded in 2024, with a decline of EUR 10.5 billion attributed to tariff adjustments and inflation effects [8][9] - Liquids segment EBITDA tripled to EUR 55.2 billion in Q3 2025 from EUR 18.2 billion in Q3 2024, driven by increased export volumes and higher domestic prices [9][10] - Cash position increased by 22% to EUR 875 billion, equivalent to approximately USD 638 million at the official exchange rate [13] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in exported volumes from 43,000 metric tons to 104,000 metric tons, contributing EUR 18 billion to EBITDA [9] - Natural gas transportation EBITDA declined due to a tariff adjustment that resulted in EUR 29.2 billion, insufficient to offset inflation adjustments of EUR 42.2 billion [8][9] - Midstream and other services EBITDA rose to EUR 1.2 billion, driven by higher sales from increased natural gas transportation volumes [10][11] Market Data and Key Metrics Changes - The average transported natural gas volume increased from 29 million cubic meters per day in 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from USD 3.1 to USD 3.4 per million BTU, negatively impacting EBITDA by EUR 4.3 billion [10] Company Strategy and Development Direction - The company plans to invest USD 560 million to expand the Perito Moreno pipeline's capacity and an additional USD 220 million for regulated pipelines between Sal De Quello and Greater Buenos Aires [6][7] - The company is evaluating participation in a new gas pipeline project to supply gas to LNG facilities planned for 2027-2028 [28] Management 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 [22] - However, gas production is anticipated to be lower in Q4 compared to Q3, affecting overall production levels [22] - Management expressed uncertainty regarding future liquid prices, indicating they may be lower than the average of the current year [24] Other Important Information - The company expects to recover over USD 50 million from an insurance claim related to a previous event, with partial recovery anticipated this year [20][21] - The company recorded a positive variation in financial results due to increased income from financial assets and a decrease in inflation exposure loss [12] Q&A Session Summary Question: Breakdown of CapEx for the expansion project - The company plans to spend USD 150 million this year, USD 450 million in 2026, and the remainder in early 2027, with financing already secured for part of the project [18] Question: Status of insurance claim recovery - The expected recovery amount is over USD 50 million, with USD 10 million anticipated this year and the remainder in the following year [21] Question: Sustainability of liquids production and margins - Current production levels are extraordinary, but Q4 production is expected to be lower, with potential price decreases in 2026 [22][24] Question: Acceleration of cash CapEx deployment - Cash CapEx is expected to be higher than previous levels, particularly in the last quarter of the year [26] Question: Participation in new gas pipeline project - The company is currently evaluating participation in the new gas pipeline project [28] Question: Income tax payments in the next quarter - Income tax payments in Q4 are expected to be similar to those in Q3 [30] Question: FID for the Tertation facility - The company is working hard on the project, with FID expected in Q1 of next year [32] Question: Midstream segment synergy by 2027 - The company anticipates benefits from increased transport capacity in the midstream business [38]

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 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]