Argentina · Delayed Price · Currency is ARS Transportadora de Gas del Sur Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw lower net income due to non-recurring items and weaker liquids prices, but strong midstream and non-regulated business performance. Major CapEx is underway for pipeline expansion and NGL projects, with no dividends expected in 2026.
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Q3 2025 saw net income surge to ARS 112 billion, driven by strong liquids and midstream segments, while major pipeline expansion projects advanced with $780 million in CapEx planned through 2027. Cash position rose 22%, and insurance recovery from a flood is expected to exceed $50 million.
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Q2 2025 net income fell sharply year-over-year due to lower financial yields and extraordinary flood expenses, while EBITDA declined in regulated and liquids segments but grew in midstream. Monthly tariff adjustments and a 20-year license extension support future outlook.
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Q1 2025 net income rose to ARS 107.3 billion, driven by a strong rebound in natural gas transportation EBITDA after major tariff hikes, while the liquids segment suffered from flood-related disruptions. Cash position improved 10%, and ongoing expansion projects and regulatory changes shape the outlook.
Fiscal Year 2024
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Q4 2024 saw a return to profitability with ARS 129.6 billion net income, driven by tariff hikes, higher LPG exports, and reversal of prior losses. Liquids and transportation segments posted strong EBITDA growth, while S&P upgraded the credit rating to B-.
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Q2 2024 net income more than doubled year-over-year, driven by a 675% tariff hike in natural gas transportation, while a $700 million expansion project and major bond refinancing were announced. Liquids EBITDA fell slightly, and future tariff adjustments and project approvals remain uncertain.