TGS Cash Flow Statement

Financials in millions ARS. Fiscal year is January - December.

Millions ARS. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2020	FY 2018	FY 2017	FY 2014
Period Ending	Dec '25 Dec 31, 2025	Dec '20 Dec 31, 2020	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '14 Dec 31, 2014
Net Income	420,860	9,662	23,908	8,847	104.99
Depreciation & Amortization	201,961	18,116	4,656	3,108	254.31
Other Adjustments	323,223	66,567	6,990	756.12	955.23
Change in Receivables	-70,313	-893.15	-3,113	-2,158	-50.55
Changes in Inventories	-6,700	-775.82	-493.88	15	-21.78
Changes in Accounts Payable	46,867	422.73	3,375	554.77	141.77
Changes in Accrued Expenses	8,222	1,469	310.85	150.69	20.3
Changes in Income Taxes Payable	659	18.52	104.66	16.8	-80.39
Changes in Unearned Revenue	-10,052	254.99	863.85	-94.38	70.75
Changes in Other Operating Activities	-363,060	-11,003	-9,801	-2,648	-401.54
Operating Cash Flow	551,667	83,838	26,800	8,548	993.1
Operating Cash Flow Growth	558.02%	212.83%	213.52%	760.75%	125.48%
Capital Expenditures	-320,463	-22,844	-17,013	-2,986	-350.56
Proceeds from Sale of Investments	-134,031	-65,621	7,105	-2,979	182
Investing Cash Flow	-454,494	-88,466	-9,909	-5,965	-168.56
Long-Term Debt Issued	887,257	-	28,946	-	-
Long-Term Debt Repaid	582	6,921	12,612	92.11	769.93
Net Long-Term Debt Issued (Repaid)	887,839	6,921	41,559	92.11	769.93
Repurchase of Common Stock	-	7,999	-	-	-
Net Common Stock Issued (Repurchased)	-	7,999	-	-	-
Common Dividends Paid	-231,152	-0.05	-9,067	-0.01	-212.46
Other Financing Activities	-828	-	-2,976	-	-0
Financing Cash Flow	654,694	-14,921	4,291	-92.12	-982.39
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-26,654	-5,858	5,474	-881.22	53.47
Net Cash Flow	725,213	-19,548	21,183	2,491	-157.86
Free Cash Flow	231,204	60,993	9,786	5,562	642.54
Free Cash Flow Growth	279.06%	523.24%	75.96%	765.60%	136.11%
FCF Margin	13.44%	37.13%	13.72%	18.12%	14.93%
Free Cash Flow Per Share	-	400.02	62.06	35.00	4.04
Levered Free Cash Flow	866,134	2,240	47,468	7,056	507.79
Unlevered Free Cash Flow	17,135	11,589	11,826	7,750	209.6

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

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