Interim report
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tgs announces results for the third quarter (“3Q”) ended on September 30, 2025 (1) Transportadora de Gas del Sur ("tgs", "the Company", “us”, “our”, or “we”) is the leader in Argentina in the transportation of natural gas, transporting approximately 60% of the gas consumed in the country, through more than 5,700 miles of gas pipelines, with a firm -contracted capacity of 8 9.7 MMm3/d. We are one of the main natural gas processors. In addition, our infrastructure investment in the Vaca Muerta formation places us as one of the main Midstreamers in Argentina. Our shares are traded on NYSE (New York Stock Exchange) and BYMA (Bolsas y Mercados Argentinos S.A.). Our controlling company is Compañía de Inversiones de Energía S.A. ("CIESA"), which owns 51% of the total shares. CIESA’s shareholders are: (i) Pampa Energía S.A. with 50%, (ii) Grupo Investor Petroquímica S.L. (GIP ), led by the Sielecki family, and PCT L.L.C. hold the remaining 50%. For further information, see our website: https://www.tgs.com.ar/en/investors/ Stock Information BYMA Symbol: TGSU2 NYSE Symbol: TGS (1 ADS = 5 ordinary shares) Shareholding structure as of September 30, 2025 tgs holds 752,761,058 outstanding shares. (1) The financial information included in this press release is based, unless otherwise stated, on the interim condensed financial statements and is presented in millions of constant Argentine pesos as of September 30, 2025 (Ps.), which is based on the application of International Financial Reporting Standards (“IFRS”). Buenos Aires, Argentina, November 3, 2025 tgs reported comprehensive income for the 3Q2025 of Ps. 112,059 million, equivalent to Ps. 148. 86 per share (Ps. 744.32 per ADS), compared to income of Ps. 68,802 million, or Ps. 91.40 per share (Ps. 457.00 per ADS) for the three -month period ended September 30, 2024 (3Q2024). Operating profit for the 3Q2025 totaled Ps. 172,026 million, an increase of Ps. 33,567 million compared to 3Q2024. This variation was mainly driven by higher revenues from the Liquids Production and Commercialization and Midstream segments, which rose by Ps. 70,423 million and Ps. 24,851 million, respectively. On the other hand, revenues from the Natural Gas Transportation segment decreased by Ps. 6,682 million, partially offsetting the positive effects mentioned above. Net cost of sales and administrative and selling expenses increased by Ps. 45,571 million, while other operating results declined by Ps. 9,453 million. Financial results grew by Ps. 31,087 million. 3Q2025 3Q2024 Revenues* 426,518 337,928 Operating profit* 172,026 138,459 Reversal of climate event impairment* 4,154 - Depreciation* (47,134) (39,331) Operating profit before depreciation and reversal of climate event impairment * (1) 215,006 177,790 Total comprehensive income* 112,059 68,802 Earnings per shares in Ps. 148.86 91.40 Earnings per ADS in Ps. 744.32 457.00 * (in million of Argentine Pesos) (1) Operating profit before depreciation and reversal of climate event impairment of PPE is a non- IFRS financial measure, we define the operating profit before depreciation as operating profit plus depreciation of PPE. We believe that this measure provides complementary information to investors and stakeholders for decision making process. Operating profit before depreciation and reversal of climate event impairment should not be interpreted as an alternative to other measures calculated in accordance with IFRS as it may not be comparable with similar denomination measures reported by other entities.
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Highlights during 3Q2025 and beyond Following the national and international public tender organized by Energía Argentina S.A. (“ENARSA”) to expand the Perito Moreno Pipeline (GPM) — aimed at increasing natural gas transportation capacity at Vaca Muerta by 14 MMm³/d —, tgs was awarded the execution of the project on October 17, 2025. This initiative involves an estimated investment of US$ 5 60 million and has been declared of public interest, as it support s the growth of natural gas transportation capacity from Vaca Muerta. Additionally, tgs will execute an investment of approximately US$ 2 20 million to expand the transportation capacity of natural gas by 12 MMm³/d in the final sections of the pipeline system operated within the Natural Gas Transportation segment. Analysis of the results In the 3Q2025, tgs reported revenues of Ps. 426,518 million, compared to Ps. 337,928 million recorded in 3Q2024, representing an increase of Ps. 88,591 million. The breakdown of net cost of sales, administrative and selling expenses, excluding depreciation, for 3Q2025 and 3Q2024 is shown in the table below: Concept MM of Ps. % s/ total MM of Ps. % s/ total MM of Ps. % Natural gas purchase (RTP) 83,981 34% 55,511 28% 28,470 51% Labor costs 37,202 15% 39,334 20% (2,132) (5%) Taxes, fees and contributions 24,496 10% 19,406 10% 5,090 26% Repair and maintenance 14,909 6% 15,013 8% (104) (1%) Other fees and third parties services 28,612 12% 39,330 20% 6,311 16% Impartment of financial assets (458) 0% - 0% (458) n/a Depreciation 47,134 19% 22,301 11% 7,804 35% Other charges 9,746 4% 9,156 5% 590 6% Total 245,622 200,051 45,571 3Q2025 3Q2024 Variation
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Net cost of sales and administrative and selling expenses increased by Ps. 45,571 million, mainly due to higher: (i) cost of natural gas purchased for liquids production — primarily driven by increased consumption and, to a lesser extent, by the inflation -adjusted price under IAS 29 — amounting to Ps. 28,470 million; (ii) depreciation charges of Ps. 7,804 million; (iii) repair and maintenance expenses of Ps. 6,311 million; and, (iv) taxes, fees and contributions of Ps. 5,090 million, mainly related to higher export duties. These effects were partially compensated by lower labor costs amounting to Ps. 2,132 million. Financial results are presented on a nominal basis, with the impact in the monetary position shown as a single line item. In 3Q2025, negative financial results decreased by Ps. 31,087 million compared to 3Q2024. This improvement was mainly driven by higher returns on financial assets totaling Ps. 43,406 million and a lower loss on monetary position of Ps. 10,726 million. These effects were partially offset by a higher negative foreign exchange difference of Ps. 21,759 million. Other net operating results reported a loss of Ps. 8,870 million in 3Q2025, compared to a gain of Ps. 583 million in 3Q2024. The negative variation was attributable to a Ps. 10,248 million loss related to expenses and impairment of materials and other PPE items associated with the weather event that occurred on March 7, 2025, at the Cerri Complex. This impact was partially offset by insurance recoveries amounting to Ps. 1,292 million.
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Natural Gas Transportation Operating profit of the Natural Gas Transportation segment totaled Ps. 77,515 million in 3Q2025, Ps. 8,625 million below 3Q2024. Natural gas transportation revenues accounted for approximately 37% and 49% of total revenues in 3Q2025 and 3Q2024, respectively. Revenues from this segment are derived mainly from firm natural gas transportation contracts , which represented approximately 82% and 84% of the total revenues for this segment in 3Q2025 and 3Q2024, respectively. The decline in operating profit was mainly explained by a Ps. 6,682 million decrease in revenues, driven by the Ps. 42,168 million negative impact from inflation adjustment to constant currency under IAS 29. This effect was partially offset by tariff increases (Ps. 2 9,157 million) and higher revenues from natural gas transportation services (Ps. 4,049 million). Net cost of sales, administrative and selling expenses rose by Ps. 3,296 million, primarily due to higher operating and maintenance expenses for the pipeline system (Ps. 3,814 million) and increased depreciation charges (Ps. 1,674 million). These effects were partially compensated by lower labor costs (Ps. 1,320 million), reduced taxes, rates, and contributions — mainly due to lower gross income tax charges (Ps. 675 million) —, and the recovery of impaired trade receivables from a single customer (Ps. 458 million). 3Q2025 3Q2024 Variation Variation in % Revenues 158,043 164,725 (6,682) (4%) Intercompany revenues 7,806 4,177 3,629 87% Net cost of sales (66,454) (64,037) (2,417) 4% Other administrative and selling expenses (19,896) (19,016) (879) 5% Other operating results, net (1,984) 291 (2,276) n/a Operating profit 77,515 86,140 (8,625) (10%) Depreciation of PPE (28,485) (26,810) (1,674) 6% Natural Gas Transportation (In million of Argentine pesos)
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Liquids Production and Commercialization Liquids Production and Commercialization revenues accounted for approximately 42% and 3 2% of total revenues in 3Q2025 and 3Q2024, respectively. During 3Q2025, production increased by 142,182 tons, reaching 314,863 tons. During the 3Q2025, operating profit for this business segment reached Ps. 48,708 million, representing an increase of Ps. 33,574 million compared to the same period in 2024 (Ps. 15,134 million). This increase was mainly driven by a Ps. 70,423 million increase in revenues. This effect was partially offset by higher natural gas costs (Ps. 28,469 million), higher charges in other net operating results of Ps. 6,722 million — primarily attributable to the impact of the previously mentioned weather event —, and higher export taxes and turnover tax totaling Ps. 3,955 million. Revenues amounted to Ps. 177,156 million in 3Q2025, compared to Ps. 106,733 million in the same period of 2024. This increase was mainly explained by: (i) higher volumes sold (Ps. 58,250 million), (ii) a higher nominal exchange rate (Ps. 23,653 million), and (iii) higher domestic prices of propane and butane (Ps. 15,383 million). These effects were partially offset by a Ps. 25,336 million loss resulting from the inflation adjustment under IAS 29. In terms of volumes sold, an increase of 103,445 tons ( or 52%) was recorded compared to 3Q2024. This growth was primarily driven by the improved quality of natural gas processed at the Cerri Complex and greater operational reliability, which led to higher liquids production. It is worth noting that the comparison is also impacted by the scheduled plant shutdown that took place during 3Q2024, which lasted three weeks. The breakdown of volumes dispatched by market and product and revenues by market is included below: 3Q2025 3Q2024 Variation Variation in % Revenues 177,156 106,733 70,423 66% Net cost of sales (109,474) (83,649) (25,825) 31% Administrative and selling expenses (12,226) (7,924) (4,302) 54% Other operating results, net (6,749) (27) (6,722) n/a Operating profit 48,708 15,134 33,574 222% Depreciation of PPE (3,287) (3,034) (253) 8% (In million of Argentine pesos) Production and Commercialization of Liquids 3Q2025 3Q2024 Variation (in tons) Local market Ethane 91,137 53,394 37,743 Propane 69,633 63,249 6,384 Butane 37,410 38,771 (1,361) Subtotal 198,180 155,414 42,766 Foreign market Propane 47,006 12,186 34,820 Butane 30,640 13,429 17,211 Natural gasoline 26,396 17,748 8,648 Subtotal 104,042 43,363 60,679 Total 302,222 198,777 103,445 3Q2025 3Q2024 (in million of Argentine Pesos) Local market 39,575 81,422 Foreign market 137,581 25,311 Total Revenues 177,156 106,733
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Midstream and Telecommunications Midstream and Telecommunications business segment includes mainly services provided by tgs at Vaca Muerta, representing approximately 21% and 20% of our total revenues for 3Q2025 and 3Q2024, respectively. Operating profit rose by Ps. 8,618 million, mainly driven by a Ps. 24,851 million increase in revenues in 3Q2025 compared to 3Q2024. This effect was partially offset due to a higher net cost of sales and administrative and selling expenses totaling Ps. 15,777 million. The increase in revenues was primarily related to higher natural gas transportation and conditioning services at Vaca Muerta (Ps. 20,949 million), as well as th e nominal exchange rate effect on U.S. dollar - denominated sales (Ps. 19,796 million). These positive impacts were partially offset by a Ps. 16,586 million loss resulting from the inflation adjustment under IAS 29. 3Q2025 3Q2024 Variation Variation in % Revenues 91,320 66,469 24,851 37% Net cost of sales (35,998) (22,650) (13,349) 59% Other administrative and selling expenses (9,381) (6,953) (2,428) 35% Other operating results, net (137) 319 (456) n/a Operating profit 45,804 37,185 8,618 23% Depreciation of PPE (15,363) (9,487) (5,876) 62% Midstream and Telecommunications (In million of Argentine pesos)
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Financial position analysis Net debt As of September 30, 2025, the Company reported a negative net financial debt position of Ps. 89,469 million, compared to Ps. 263,947 million as of December 31, 2024. On both dates, the Company’s entire financial debt was denominated in foreign currency. The table below shows a reconciliation of our net debt: 09/30/2025 12/31/2024 Current loans 117,232 95,608 Non current loans 668,653 611,865 Cash and cash equivalents (73,030) (73,141) Financial assets at fair value through profit or loss (430,437) (567,037) Financial assets at amortized cost (371,887) (331,242) Net debt* (89,469) (263,947) (in million of Argentine pesos) * Net debt is a non-IFRS financial measure. We define Net debt as short- and long-term financial debts less: (i) cash and cash equivalents and, (ii) current and non current financial assets at amortized cost and (iii) financial assets at fair value through profit or loss. We believe that this measure provides complementary information to investors and management for decision making process that allows to assess our level of indebtedness. Net debt should not be interpreted as an alternative to other financial measures calculated in accordance with IFRS as it may not be comparable with similar denomination measures reported by other entities.
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Liquidity and capital resources The net variation in cash and cash equivalents for 3Q2025 and 3Q2024 is broken down as follows: As of September 30, 2025 and December 31, 2024, the funds allocation was as follows: The table below shows a reconciliation of the free cash flows for the 3Q2025 and 3Q2024 periods: 3Q2025 3Q2024 Variation Cash flow provided by operating activities 149,910 159,209 (9,299) Cash flow used in investing activities (119,325) (186,964) 67,639 Cash flow provided by financing activities 28,430 17,051 11,379 Net variation in cash and cash equivalents 59,015 (10,704) 69,719 Cash and cash equivalents at the beginning of the period 17,577 56,948 (39,371) Monetary result effect on cash and cash equivalents (3,399) (4,704) 1,305 Foreign exchange gain on cash and cash equivalents (165) 49 (214) Cash and cash equivalents at the end of the period 73,030 41,416 31,439 (in million of Argentine pesos) 09/30/2025 12/31/2024 Cash and banks 6,172 51,049 Mutual funds 66,423 21,607 Interest-bearing current bank accounts 436 485 Total cash and cash equivalents 73,030 73,141 Public debt bonds 128,474 246,179 Private debt bonds 271,306 265,451 Time deposits 371,887 331,242 Shares 30,657 55,407 Total fund allocations 802,324 898,279 3Q2025 3Q2024 Cash flow provided by operating activities 149,910 159,209 PPE adquisition payments (87,065) (70,829) Free cash flow(1) 62,845 88,380 (in million of Argentine pesos) (1) Free cash flow is a non-IFRS financial measure, we define the free cash flow as the cash flows generated by operating activities less the payments made for the acquisition of PPE. Our management considers it as useful for investors and management as a measure of our ability to generate cash that will be used to pay the scheduled debt maturities and that can be used to invest in future growth through new business activities, business development, dividend payment, buy back treasury shares or other financing and investment activities. The free cash flows should not be interpreted as an alternative to other financial measures determined in accordance with IFRS as it may not be comparable with similar denomination measurements reported by other entities.
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3Q2025 vs. 3Q2024 During the 3Q2025, the cash flow provided by operations activities totaled Ps. 149,910 million, representing a decrease of Ps. 9,299 million compared to the same period of the previous year (Ps. 159,209 million in 3Q2024). This variation was mainly explained by higher income tax payments (Ps. 60,832 million vs. Ps. 100 million) and increased interest payments (Ps. 28,972 million vs. Ps. 9,855 million). These effects were partially compensated by a higher inflow from working capital (Ps. 36,450 million vs. Ps. 10,807 million in 3Q2024). The se effects were partial ly compensated by the positive impact of higher comprehensive net income (Ps. 112,059 million vs. Ps. 68,802 million) and a slight increase in adjustments for eliminations (Ps. 91,205 million vs. Ps. 89,555 million). Cash flow used in investing activities totaled Ps. 119,325 million in 3Q2025, compared to Ps. 186,964 million in 3 Q2024. This decrease of Ps. 67,639 million was mainly explained by lower payments for the acquisition of investments not classified as cash equivalents (Ps. 83, 875 million). This effect was partially offset by higher payments for the acquisition of property, plant and equipment (PPE) amounting to Ps. 16,236 million. During the 3Q2025, the cash flow provided by financing activities totaled Ps. 28,430 million, compared to Ps. 17,051 million in 3Q2024. This increase of Ps. 11,379 million was mainly explained by loan proceeds, net of repayments made during 3Q2024. 3Q2025 earnings videoconference We invite you to participate in the video conference to discuss this 3 Q2025 announcement on Tuesday November 4, 2025 at 9:00 a.m. Eastern Time / 11:00 a.m. Buenos Aires time. For those interested in participating in our earnings videoconference, there will be a live webcast that you can access at: https://us02web.zoom.us/webinar/register/WN_UsskR_qYTpeDnh8F3-HJBA The following section includes financial information. 3Q2025 3Q2024 Variation Total Comprehensive Income 112,059 68,802 43,257 Eliminations (1) 91,205 89,555 1,650 Working capital variation 36,450 10,807 25,643 Income tax paid (60,832) (100) (60,732) Interest paid (28,972) (9,855) (19,117) Cash flow provided by operating activities 149,910 159,209 (9,299) (in million of Argentine pesos) (1) Includes non-cash movements, including depreciation, financial results. 3Q2025 3Q2024 Variation Acquisition of PPE (87,065) (70,829) (16,236) Payments for the acquisition of financial assets not considered cash equivalents (32,260) (116,135) 83,875 Cash flow used in investing activities (119,325) (186,964) 67,639 (in million of Argentine pesos) 3Q2025 3Q2024 Variation Proceeds from loans 28,616 669,405 (640,789) Lease payments (186) (216 ) 31 Payment of loans - (652,138) 652,138 Cash flow used in financing activities 28,430 17,051 11,379 (in million of Argentine pesos)
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Forward-Looking Statements This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or a nticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward -looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "guidance," "may,", "should" or "will" or the negative of such terms or other similar expressions or terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances . Investors should read the section entitled " Item 3. Key Information—D. Risk Factors " and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company—Business Overview", each in our Annual Report on Form 20 -F for the year ended December 31, 202 4, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us. Forward-looking statements include, but are not limited to, statements relating to: operating profits, new investments and projects, including their expected development, completion, commercial operations date, expected f inancial and operating performance (including enterprise value to EBITDA multiples), expected output capacity, anticipated synergies and market dynamics relating to such investments and projects; the Inflation Reduction Act in the U.S (“IRA”) and benefits thereunder; our anticipated limited exposure to current market risks, including our position with respect current market risks and the potential impact from foreign exchange rates and interest rates on CAFD; the impact from potential caps on market prices in the net value of our assets; taxes on energy companies in Spain; equity investments; estimates and targets; escalation factors in relation to inflation; net corporate leverage based on CAFD estimates; financial flexibility; the use of non -IFRS measures as a useful predicting tool for investors; and various other factors, including those factors discussed under “Item 3. Key Information—D. Risk Factors” and “Item 5.A—Operating Results” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC. Non-IFRS Financial Measures This press release also includes certain non -IFRS financial measures. Non -IFRS financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. We present non-IFRS financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-IFRS financial measures may not be comparable to other similarly titled measures employed by other companies and may have limitations as analytical tools . These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non -IFRS financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Rounding: Certain figures included in this press release have been rounded for ease of presentation. Percentage figures inclu ded in this press release have not, in all cas es, been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this press release may vary from those obtained by performing the same calcu lations using the figures in our Financial Statements. Certain numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them due to rounding.
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3Q2025 3Q2024 9M2025 9M2024 Natural Gas Transportation 158,043 164,725 488,348 374,642 Liquids Production and Commercialization 177,156 106,733 429,204 485,136 Midstream 91,320 66,469 238,643 202,820 426,518 337,928 1,156,194 1,062,597 Net cost of sales (204,120) (166,158) (531,923) (509,050) Administrative and Selling Expenses (41,502) (33,893) (121,025) (110,274) Other Operating Results (8,870) 583 (43,150) (1,786) 172,026 138,459 460,095 441,488 Net Financial Results (4,865) (35,952) (49,211) 19,074 Gain / (loss) from associates 761 293 1,102 171 167,922 102,801 411,986 460,732 Income Tax expense (55,863) (33,999) (136,759) (167,376) 112,059 68,802 275,227 293,356 148.86 91.40 365.62 389.71 744.32 457.00 1,828.11 1,948.54 47,134 39,331 139,263 116,599 (4,154) - 3,857 - (Reversal) / increase of climante event impairment on materials and PPE Transportadora de Gas del Sur S.A. Financial Information for the three ("3Q") and nine-month periods ("9M") ended September 30, 2025 and 2024 (In millions of Argentine pesos, except for per share and per ADS information in pesos or where otherwise indicated) Depreciation of PPE Earnings per ADS Revenues Operating profit Total comprehensive income before Income Tax Total comprehensive income Earnings per share 3Q2025 3Q2024 9M2025 9M2024 Financial income Interest 6,274 27,622 21,955 68,649 Foreign exchange gain 60,159 26,626 119,826 87,935 Subtotal 66,433 54,247 141,781 156,583 Financial expenses Interest (20,280) (17,745) (54,683) (51,857) Foreign exchange loss (101,183) (45,891) (205,686) (143,141) Subtotal (121,463) (63,636) (260,369) (194,997) Other financial results Results on assets at fair value through profit or loss 59,766 (4,988) 118,381 119,942 Others (2,499) (3,746) (7,765) (13,620) Subtotal 57,267 (8,734) 110,616 106,322 Loss on monetary position (7,102) (17,828) (41,239) (48,835) Total (4,865) (35,952) (49,211) 19,074 Financial results for the three and nine-month periods ended September 30, 2025 and 2024 (In million of Argentine Pesos)
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Natural Gas Transportation Liquids Midstream Telecommunications Total 9M2025 Revenues 488,348 429,204 233,593 5,050 1,156,194 Depreciation (85,640) (9,764) (43,859) - (139,263) Operating profit / (loss) 224,344 123,126 112,932 (306) 460,095 Investments in PPE 62,883 7,919 81,956 - 152,759 9M2024 Revenues 374,642 485,136 196,985 5,835 1,062,597 Depreciation (77,468) (9,130) (30,002) - (116,599) Operating profit 148,054 180,810 111,861 763 441,488 Investments in PPE 66,696 15,905 190,377 - 272,978 Natural Gas Transportation Liquids Midstream Telecommunications Total 3Q2025 Revenues 158,043 177,156 89,620 1,699 426,518 Depreciation (28,485) (3,287) (15,363) - (47,134) Operating profit / (loss) 77,515 48,708 45,895 (91) 172,026 Investments in PPE 14,829 3,775 34,068 - 52,673 3Q2024 Revenues 164,725 106,733 64,707 1,762 337,928 Depreciation (26,810) (3,034) (9,487) - (39,331) Operating profit 86,140 15,134 37,044 141 138,459 Investments in PPE 22,324 7,907 69,336 - 99,567 Natural Gas Transportation Liquids Midstream Telecommunications Total 9M2025 Revenues 448,943 399,601 217,791 4,456 1,070,791 Depreciation (7,000) (1,048) (8,667) - (16,715) Operating profit 296,116 115,275 137,903 112 549,406 Investments in PPE 43,218 4,842 45,611 - 93,671 9M2024 Revenues 249,444 292,256 123,663 3,213 668,576 Depreciation (3,497) (501) (1,455) - (5,453) Operating profit/ (loss) 151,365 111,750 86,600 36 349,751 Investments in PPE 49,742 10,895 119,416 - 180,053 Natural Gas Transportation Liquids Midstream Telecommunications Total 3Q2025 Revenues 154,885 173,565 87,972 1,593 418,015 Depreciation (2,215) (403) (3,403) - (6,021) Operating profit 103,635 49,597 56,459 107 209,798 Investments in PPE 5,539 1,450 364 - 7,353 3Q2024 Revenues 119,399 77,805 47,172 957 245,333 Depreciation (1,556) (183) (469) - (2,208) Operating profit 79,374 14,361 33,778 399 127,912 Investments in PPE 16,878 5,593 (1,625) - 20,846 Business Segment information (In million of Argentine Pesos) (In million of Argentine Pesos) (In million of Argentine Pesos without inflation adjustment - Non Audited) (In million of Argentine Pesos without inflation adjustment - Non Audited)
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9/30/2025 12/31/2024 Assets Non Current assets Property, plant and equipment 2,913,180 2,908,480 Investments in associates 2,596 1,494 Deferred income tax assets 208 6 Other receivables 433 533 2,916,417 2,910,514 Current assets Other receivables 108,435 63,182 Inventories 17,700 4,469 Trade receivables 187,049 190,270 Contract assets 23 32 Financial assets at amortized cost 371,887 331,242 Financial assets at fair value through profit or loss 430,437 567,037 Cash and cash equivalents 73,030 73,141 1,188,562 1,229,373 4,104,979 4,139,887 Equity Common stock 900,688 900,688 Treasury shares - 49,935 Cost of treasury shares - (90,348 ) Issuance premium of treasury shares (66,622 ) (26,209 ) Legal reserve 144,750 122,178 Reserve for capital expenditures, acqsuition of treasury shares and / or dividends 1,530,770 1,316,203 Accumulated retained earnings 275,227 451,434 Non Controlling interest 2 2 2,784,815 2,723,883 Liabilities Non-current liabilities Deferred income tax liabilities 202,351 217,935 Contract liabilities 129,930 136,243 Loans 668,653 611,865 1,000,934 966,044 Current liabilities Provisions 615 514 Contract liabilities 8,219 9,101 Other payables 241 298 Taxes payables 11,012 13,139 Income tax payable 61,697 214,016 Payroll and social security taxes payables 21,678 23,718 Loans 117,232 95,608 Trade payables 98,535 93,567 319,230 449,961 0 1,320,164 1,416,004 4,104,979 4,139,887 Consolidated Statement of Financial Position as of September 30, 2025 and December 31, 2024 (in million of Argentine pesos) Total Equity and Liabilities Total non current assets Total current assets Total Assets Total Equity Total Non-current Liabilities Total Current Liabilities Total Liabilities
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2025 2024 Cash flow provided by operating activities Total comprehensive income for the period 275,227 293,356 Reconciliation of net income to cash flow provided by operating activities: Depreciation of PPE 139,263 116,599 Disposal of PPE 4,940 2,370 Climate event impairment on PPE 3,857 - Increase in allowances and provisions 212 544 Share of (gain) / loss from associates (1,102) (171) Interest expense accrual 54,366 32,179 Results on other financial assets other than cash and cash equivalents (128,800) (172,602) Income tax 136,759 167,376 Impairment of financial assets 8,405 - Foreign exchange loss 107,842 80,823 Loss on monetary position 26,807 10,172 Changes in assets and liabilities: Trade receivables (52,182) (102,493) Other receivables 1,770 (64,498) Inventories (14,035) (2,568) Trade payables 22,837 54,890 Payroll and social security taxes payable 2,230 12,981 Taxes payable 238 9,987 Contract assets 3 (7) Other payables (3) 107 Interest paid (54,964) (37,211) Income tax paid (115,469) (4,078) Contract liabilities (7,196) (9,069) Cash flow provided by operating activities 411,003 388,686 Cash flow used in investing activities Additions to property, plant and equipment (208,141) (249,482) Collections of financial assets not considered cash equivalents (2,355) (78,616) Cash flow used in investing activities (210,496) (328,098) Cash flow used in financing activities Proceeds from loans 28,616 713,871 Leasing payments (593) (718) Payment of dividends (214,295) - Payment of loans (540) (725,389) Cash flow used in financing activities (186,812) (12,236) Net variation in cash and cash equivalents 13,695 48,353 Cash and cash equivalents at the beginning of the period 73,141 17,526 Monetary result effect on cash and cash equivalents (13,801) (24,728) Foreign exchange gain on cash and cash equivalents (6) 265 Cash and cash equivalents at the end of the period 73,030 41,416 Consolidated Statement of Cash Flows for the nine-month periods ended September 30, 2025 and 2024 (In million of Argentine Pesos)