Transportadora de Gas del Sur S.A. (TGS): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética argentina, Transportador de Gas del Sur S.A. (TGS) surge como un jugador fundamental, tejiendo una compleja red de transporte y procesamiento de gas natural que alimenta el corazón económico de la nación. Este intrincado modelo comercial transforma el potencial de energía en bruto en un ecosistema sofisticado de asociaciones estratégicas, tecnologías innovadoras e infraestructura crítica que conecta las potencias industriales, las comunidades residenciales y las aspiraciones económicas nacionales. Sumérgete en la narrativa convincente de cómo TGS orquesta una intrincada danza de logística energética, revelando un plan que trasciende los servicios de servicios públicos tradicionales y posiciona a la compañía como una piedra angular de la transformación energética de Argentina.

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con las principales compañías de energía argentina

TGS mantiene asociaciones estratégicas con compañías de energía argentina clave:

Empresa asociada	Detalles de la asociación	Año establecido
Energía pan americana	Colaboración de infraestructura de transporte de gas natural	2019
YPF S.A.	Servicios de procesamiento y transporte de gas	2017
Tecpetrol	Soporte de infraestructura de Midstream	2020

Colaboración con organismos reguladores del gobierno

TGS se involucra con entidades reguladoras críticas:

• Ente Regulador del Gas (Enargas)
• Secretaría de Energía de Argentina
• Ministerio de Economía

Asociaciones con empresas internacionales de infraestructura de tuberías

Socio	Alcance de colaboración	Valor de inversión
Infraestructura sempra	Desarrollo de infraestructura de gas transfronteriza	USD 350 millones
TotalGies	Intercambio de experiencia técnica	USD 120 millones

Empresas conjuntas con compañías de exploración y producción

TGS ha establecido importantes empresas conjuntas:

• Pampa Energía - Proyecto de Infraestructura Midstream
• Aceite de vista & Colaboración de procesamiento de gas - gas
• CGC (Compañía General de Combustibles) - Expansión de la red de transporte

Cooperación técnica con proveedores de equipos y mantenimiento

Socio técnico	Servicio proporcionado	Valor de contrato
Energía de Siemens	Tecnología de la estación de compresión	USD 45 millones
Baker Hughes	Sistemas de monitoreo de tuberías	USD 22 millones
Tenaris	Componentes de infraestructura de tuberías	USD 35 millones

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: actividades clave

Transporte y distribución de gas natural

TGS opera un Red de transporte de gas natural de 9,138 km a través de Argentina. La empresa administra:

• Sistema de tuberías de gases de alta presión que cubre múltiples regiones
• Capacidad de transporte anual de 69.3 millones de metros cúbicos por día
• Atiende a aproximadamente 700 clientes industriales y compañías de distribución

Métrico de red	Cantidad
Longitud total de la tubería	9,138 kilómetros
Capacidad de transporte diario	69.3 millones de metros cúbicos
Base de clientes	700 clientes industriales/de distribución

Mantenimiento y expansión de la infraestructura de tuberías

TGS invierte Aproximadamente el 2-3% de los ingresos anuales en mantenimiento de la infraestructura. Las actividades de mantenimiento clave incluyen:

• Inspecciones regulares de integridad de la tubería
• Programas de prevención de corrosión
• Rehabilitación y modernización de activos

Procesamiento de gas y producción de líquidos

TGS opera Seis plantas de procesamiento de gas Con las siguientes capacidades:

• Capacidad de procesamiento total de 42.5 millones de metros cúbicos por día
• Producción anual de líquidos de 1,2 millones de barriles
• Extracción de etano, propano y butano

Parámetro de procesamiento	Volumen anual
Capacidad de procesamiento de gas	42.5 millones de metros cúbicos/día
Producción de líquidos	1.2 millones de barriles/año

Gestión de activos de infraestructura energética

TGS administra la infraestructura energética con:

• Valor de activo total de USD 1.2 mil millones
• Sistemas integrales de seguimiento de activos y optimización
• Tecnologías de monitoreo avanzado

Cumplimiento regulatorio y monitoreo de seguridad

Las actividades de cumplimiento incluyen:

• Inversión de seguridad anual de USD 5.7 millones
• 100% Cumplimiento de las regulaciones energéticas argentinas
• Evaluaciones continuas de riesgos ambientales y operativos

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: recursos clave

Extensa red de tuberías de gas natural

TGS opera una red de tuberías que abarca 9.137 kilómetros en Argentina a partir de 2023, con los siguientes detalles de la red:

Tipo de tubería	Longitud (km)	Capacidad
Líneas de transmisión del tronco	5,231	73.2 millones de m³/día
Líneas de distribución	3,906	48.5 millones de m³/día

Experiencia técnica e de ingeniería

TGS mantiene un equipo técnico especializado con la siguiente composición:

• Personal de ingeniería total: 287
• Experiencia promedio de ingeniería: 15.6 años
• Certificaciones: ISO 9001: 2015, ISO 14001: 2015

Equipo de transporte y procesamiento

Inventario de equipos y especificaciones:

Tipo de equipo	Cantidad	Valor total (USD)
Estaciones de compresor	38	$ 412 millones
Plantas de procesamiento	5	$ 276 millones
Estaciones de medición	126	$ 89 millones

Fuerza laboral hábil

Composición y características de la fuerza laboral:

• Total de empleados: 1.342
• Promedio de tenencia: 12.4 años
• Personal técnico especializado: 64%
• Horas de capacitación anual por empleado: 42

Infraestructura financiera y operativa

Recursos financieros y métricas operativas:

Métrica financiera	Valor 2023
Activos totales	$ 1.24 mil millones
Patrimonio de los accionistas	$ 672 millones
Ingresos anuales	$ 456 millones
Ebitda	$ 210 millones

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: propuestas de valor

Servicios de transporte de gas natural confiables y eficientes

TGS opera 9,137 kilómetros de tuberías de gas en Argentina, con una capacidad de transporte anual de 57.4 millones de metros cúbicos por día.

Métrica de red de tuberías	Valor
Longitud total de la tubería	9,137 kilómetros
Capacidad de transporte diario	57.4 millones de metros cúbicos
Confiabilidad promedio de la tubería	99.5%

Infraestructura energética crítica para el desarrollo económico nacional

TGS aporta el 35% de la infraestructura total de transporte de gas natural de Argentina, que apoya la seguridad energética nacional.

• Sirve a más de 500 clientes industriales
• Conecta las principales regiones de producción de gas con los centros de consumo
• Apoya aproximadamente el 25% de los requisitos de energía industrial de Argentina

Procesamiento de gas de alta calidad y producción de líquidos

Métrica de procesamiento	Valor
Producción anual de líquidos	1.2 millones de toneladas
Procesamiento de ubicaciones de plantas	5 instalaciones principales
Capacidad de procesamiento de líquidos	4.500 m³ por día

Soluciones energéticas sostenibles y tecnológicamente avanzadas

TGS invierte el 2.7% de los ingresos anuales en iniciativas de infraestructura tecnológica y sostenibilidad.

• Implementados sistemas avanzados de monitoreo digital
• Reducidas emisiones de metano en un 12% en el último período de informes
• Invirtió $ 45 millones en tecnologías ambientales

Suministro de energía consistente y seguro para sectores industriales y residenciales

Segmento de suministro	Porcentaje de cobertura
Clientes industriales	68%
Clientes residenciales	32%
Tasa de suministro ininterrumpida	99.8%

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negocio: Relaciones con los clientes

Acuerdos contractuales a largo plazo con clientes de energía

TGS mantiene 32 contratos de transporte a largo plazo con los principales clientes de energía a partir de 2024. La duración promedio del contrato es de 15 años, con un valor total del contrato que alcanza los USD 872 millones. Los clientes clave incluyen YPF, Pan American Energy y Tecpetrol.

Categoría de cliente	Número de contratos	Valor de contrato promedio
Grandes compañías energéticas	12	USD 246 millones
Productores de energía de tamaño mediano	15	USD 98 millones
Pequeños clientes de energía	5	USD 32 millones

Servicio al cliente dedicado y soporte técnico

TGS opera un Centro de atención al cliente 24/7 con 87 ingenieros técnicos especializados. El tiempo de respuesta promedia 42 minutos para problemas de infraestructura crítica.

• Equipo de soporte técnico: 87 ingenieros
• Tiempo de respuesta promedio: 42 minutos
• Calificación anual de satisfacción del cliente: 94.3%

Comunicación transparente con las partes interesadas

TGS publica informes financieros y operativos trimestrales, con una tasa de divulgación integral del 98.6%. El equipo de relaciones con los inversores maneja anualmente 214 comunicaciones directas de partes interesadas.

Soluciones de transporte de energía personalizadas

TGS proporciona 47 soluciones de transporte personalizadas en diferentes segmentos de infraestructura energética. La personalización cubre las configuraciones de la tubería, la gestión de presión y la optimización de la ruta.

Tipo de solución	Número de implementaciones	Ahorro de costos promedio
Optimización de la tubería	22	17.6%
Gestión de presión	15	12.4%
Reconfiguración de ruta	10	9.2%

Informes y compromiso de rendimiento regular

TGS realiza 4 reuniones anuales de revisión del desempeño con los 20 mejores clientes. Plataforma de informes digitales utilizada por el 98% de la base de clientes, con seguimiento de rendimiento de infraestructura en tiempo real.

• Reuniones anuales de rendimiento del cliente: 4
• Uso de la plataforma de informes digitales: 98%
• Seguimiento de rendimiento en tiempo real: disponible para todos los contratos

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: canales

Ventas directas y negociaciones de contratos

TGS utiliza un equipo de ventas B2B dedicado dirigido a clientes industriales y de servicios públicos en Argentina. A partir de 2023, la compañía mantiene 78 contratos comerciales directos con gran distribución de gas y clientes industriales.

Tipo de contrato	Número de contratos	Ingresos anuales (USD)
Clientes industriales	45	$ 127.6 millones
Compañías de distribución de gas	33	$ 93.4 millones

Sitio web corporativo y plataformas digitales

TGS opera una plataforma integral de comunicación digital en www.tgs.com.ar con monitoreo de tuberías en tiempo real e interfaces de servicio al cliente.

• Sitio web Visitantes mensuales únicos: 42,300
• Usuarios de la plataforma de gestión de contratos digitales: 156
• Tasa de procesamiento de solicitudes de servicio en línea: 94.7%

Conferencias de la industria y eventos del sector energético

TGS participa en eventos clave del sector energético, con 12 Presentaciones de conferencias principales en 2023 en Argentina e International Markets.

Tipo de evento	Número de eventos	Alcance de la audiencia
Conferencias nacionales de energía	7	3.200 participantes
Foros de Energía Internacional	5	1.800 participantes

Presentaciones técnicas y relaciones con los inversores

TGS realiza sesiones informativas trimestrales de los inversores con Infraestructura detallada y actualizaciones de desempeño financiero.

• Presentaciones trimestrales de los inversores: 4
• Eventos anuales de comunicación de inversores: 2
• Tráfico del sitio web de relaciones con los inversores: 18,700 visitas únicas

Redes de comunicación regulatoria y gubernamental

TGS mantiene canales de comunicación directa con reguladores de energía argentina, participando en 26 reuniones de consulta regulatoria en 2023.

Tipo de comunicación	Frecuencia	Cuerpos reguladores comprometidos
Consultas formales	Trimestral	Enargas, Ministerio de Energía
Reuniones de planificación de infraestructura	By-anualmente	Secretaría Nacional de Energía

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: segmentos de clientes

Grandes consumidores de energía industrial

TGS atiende a los principales clientes industriales con importantes requisitos de gas natural. A partir de 2023, el segmento industrial de la compañía representaba el 42% de los volúmenes totales de transporte de gas.

Sector industrial	Consumo anual de gas (millones m³)	Porcentaje del segmento industrial total
Fabricación de acero	1,245	18.6%
Producción de cemento	892	13.4%
Procesamiento químico	1,567	23.5%

Empresas de distribución de gas natural

TGS suministra gas a múltiples redes de distribución regional en Argentina.

• Compañías de distribución total atendidas: 15
• Área de cobertura: Buenos Aires, Santa Fe, provincias de Córdoba
• Volumen anual de distribución de gas: 4.200 millones de m³

Instalaciones de generación de energía

El segmento de generación de energía representa el 28% de los volúmenes de transporte de TGS en 2023.

Tipo de planta de energía	Número de instalaciones atendidas	Consumo anual de gas (millones m³)
Ciclo combinado	22	2,345
Plantas de energía térmica	17	1,876

Industrias petroquímicas y manufactureras

Los clientes petroquímicos representan una porción significativa de la base de clientes industriales de TGS.

• Petroquímicos totales: 47
• Consumo anual de gas: 1.8 mil millones de m³
• Zonas industriales clave: Bahía Blanca, Buenos Aires Aires Industrial Corridor

Mercados de energía residencial y comercial

Los segmentos residenciales y comerciales constituyen el 30% de los volúmenes totales de transporte de gas de TGS.

Segmento de mercado	Número de conexiones	Consumo anual de gas (millones m³)
Residencial	1,245,000	1,567
Comercial	156,000	423

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de la infraestructura de tuberías

Costos anuales de mantenimiento de la tubería para TGS en 2023: ARS 24.7 mil millones

Categoría de mantenimiento	Costo anual (ARS)
Inspecciones de tuberías de rutina	8.300 millones
Prevención de corrosión	5.600 millones
Trabajo de reparación de emergencia	4.200 millones
Refuerzo estructural	6.6 mil millones

Personal técnico y salarios operativos de la fuerza laboral

Gastos totales de personal anual: ARS 12.5 mil millones

• Salario anual promedio para personal técnico: ARS 6.3 millones
• Fuerza laboral operativa total: 1.245 empleados
• Costo promedio de la fuerza laboral operativa anual: ARS 5.9 millones por empleado

Inversiones de equipos de transporte de energía

Inversión total de equipos en 2023: ARS 18.3 mil millones

Tipo de equipo	Monto de inversión (ARS)
Estaciones de compresión	7.600 millones
Sistemas de monitoreo	4.200 millones
Equipo de medición	3.500 millones
Piezas de repuesto	3.0 mil millones

Costos de gestión de seguridad y cumplimiento regulatorio

Gastos regulatorios y de seguridad anuales: ARS 6.8 mil millones

• Programas de capacitación en seguridad: ARS 1,5 mil millones
• Documentación de cumplimiento: ARS 2.3 mil millones
• Costos de auditoría externa: ARS 1.4 mil millones
• Equipo de seguridad: ARS 1.6 mil millones

Investigación y desarrollo para actualizaciones tecnológicas

Inversión en I + D en 2023: ARS 3.2 mil millones

Área de enfoque de I + D	Inversión (ARS)
Transformación digital	1.400 millones
Optimización de eficiencia	1.100 millones
Integración de energía renovable	0.7 mil millones

Transportador de Gas del Sur S.A. (TGS) - Modelo de negocio: flujos de ingresos

Tarifas de servicio de transporte de gas natural

En 2022, TGS generó AR 224,122 millones en ingresos del transporte de gas natural. La compañía administra aproximadamente 9,205 kilómetros de infraestructura de gasoductos en Argentina.

Categoría de servicio	Ingresos (MILLONES ARS)	Porcentaje de total
Transporte firme	135,672	60.5%
Transporte interrumpible	88,450	39.5%

Procesamiento de gas y ventas de líquidos

TGS procesó 43.2 millones de m³ de gas en 2022, generando AR de 161,345 millones de ventas líquidas.

• Ventas de etano: ARS 45,672 millones
• Ventas de propano: ARS 39,456 millones
• Ventas de butano: ARS 32,789 millones
• Ventas de gasolina natural: ARS 43,428 millones

Contratos de infraestructura a largo plazo

TGS aseguró contratos de infraestructura por un total de ARS 78,560 millones en 2022, con una duración promedio de contrato de 7.3 años.

Tipo de contrato	Valor (ARS millones)	Duración
Proyectos Midstream	45,230	5-8 años
Expansión de la tubería	33,330	6-10 años

Ingresos de gestión de activos de infraestructura energética

La gestión de activos generó ARS 56,789 millones en 2022, lo que representa el 14.2% de los ingresos totales de la compañía.

Consultoría técnica y servicios especializados

Los servicios especializados contribuyeron con 22.345 millones de ingresos TGS en 2022.

• Consultoría técnica: ARS 12,456 millones
• Servicios de ingeniería: ARS 9,889 millones

Transportadora de Gas del Sur S.A. (TGS) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Transportadora de Gas del Sur S.A. (TGS) for their energy needs. It's all about scale, certainty, and essential services in Argentina's gas network.

The primary value is sheer coverage and reliability. Transportadora de Gas del Sur S.A. (TGS) is the backbone, reliably transporting over 60% of Argentina's natural gas consumption through its extensive network of over 9,200 km of gas pipelines.

This infrastructure is critical for the nation's energy future, serving as the essential artery to unlock the vast shale gas potential from Vaca Muerta. Transportadora de Gas del Sur S.A. (TGS) is the leading midstreamer in that formation.

The revenue structure itself is a value proposition for stability. For the six months ended June 30, 2025, 80% of Natural Gas Transportation segment revenue came from firm contracted capacity services. This means capacity is reserved and paid for regardless of actual usage, offering predictable cash flows.

Regulatory visibility has significantly improved, which de-risks long-term investment. The National Executive Power granted Transportadora de Gas del Sur S.A. (TGS) the license extension via Decree No. 495/2025 on July 24, 2025, extending the regulatory term by 20 years, starting December 28, 2027, until 2047.

Transportadora de Gas del Sur S.A. (TGS) offers value-added midstream services beyond just transport, which is a growing part of the business. In the third quarter of 2025, the Midstream and Telecommunications business segment represented approximately 21% of total revenues. These services include gathering, conditioning, and liquids extraction, directly supporting Vaca Muerta producers.

Here are the key operational metrics supporting the value proposition as of late 2025:

Metric	Value (Q3 2025)	Context
Natural Gas Transported Billed Volume	32 million cubic meters per day	Up from 29 million cubic meters per day in Q3 2024.
Natural Gas Conditioning Volume	29 million cubic meters per day	Up from 16 million cubic meters per day in Q3 2024.
Firm Contracted Capacity (6M2025)	80% of segment revenue	Indicates high revenue stability from contracted capacity.
Vaca Muerta Expansion Project Award Date	October 17, 2025	Awarded execution of the Perito Moreno Pipeline (GPM) expansion.
Vaca Muerta Expansion Estimated Investment	US$ 560 million	Expected capital expenditure for the incremental capacity.

The commitment to expanding infrastructure is a clear value driver for future growth, especially in the Vaca Muerta region. Transportadora de Gas del Sur S.A. (TGS) was awarded the execution of the Perito Moreno Pipeline (GPM) expansion project, involving an estimated investment of US$ 560 million, on October 17, 2025.

The value derived from liquids and other services is also significant, even with operational setbacks like the March 7, 2025 flood at the Cerri Complex. The company is one of the main natural gas processors in the country.

You can see the segment contribution in the table below:

• Natural Gas Transportation revenues accounted for approximately 43% of total revenues in 2Q2025.
• Midstream and Telecommunications represented approximately 22% of total revenues in 2Q2025.
• Midstream and Telecommunications represented approximately 21% of total revenues in 3Q2025.

Finance: draft the cash flow impact analysis for the US$ 560 million CapEx by next Tuesday.

Transportadora de Gas del Sur S.A. (TGS) - Canvas Business Model: Customer Relationships

You're looking at how Transportadora de Gas del Sur S.A. (TGS) manages its key relationships, which are heavily anchored in long-term, regulated agreements in Argentina's energy sector. The core relationship is built on capacity reservation, meaning customers pay for access whether they use every molecule or not.

Long-term, regulated contracts for firm gas transportation capacity.

Transportadora de Gas del Sur S.A. (TGS) maintains its foundational customer base through these regulated contracts, which provide revenue visibility. As of September 30, 2025, the firm contracted capacity stood at 89.7 MMm3/d. This capacity is crucial, as Transportadora de Gas del Sur S.A. (TGS) transports approximately 60% of the gas consumed in the entire country. In Q2 2025, revenues derived from these firm natural gas transportation contracts made up about 81% of that segment's total revenues. The company's license to operate these services runs until 2027, but a major relationship milestone was achieved when the National Executive Branch granted an extension for an additional 20 years, starting from December 28, 2027, via Decree No. 495/2025 on July 24, 2025. Furthermore, a significant future relationship was solidified on October 17, 2025, when Transportadora de Gas del Sur S.A. (TGS) was awarded the execution of the Perito Moreno Gas Pipeline (GPM) expansion, which involves increasing capacity by 14 MMm³/d for a period of 15 years.

Direct, commercial relationships for non-regulated midstream services.

Beyond the regulated pipeline transport, commercial relationships define the non-regulated Midstream and Telecommunications segment, which accounted for roughly 22% of total revenues in Q2 2025. These relationships center on services provided at Vaca Muerta, where Transportadora de Gas del Sur S.A. (TGS) operates 182 km of pipelines with a capacity of 60 MMm³/d. In Q2 2025, revenues in this segment saw an increase of Ps. 16,548 million compared to Q2 2024, driven by higher natural gas transportation and conditioning services in the basin.

Dedicated account management for large industrial and distribution clients.

The nature of firm capacity contracts inherently requires close management with large-scale users, primarily distribution companies and major industrial consumers who reserve capacity to meet national demand. The company's role in moving 60% of the nation's gas implies direct, ongoing engagement with these anchor customers to ensure system integrity and capacity allocation.

The scale of these relationships is reflected in the overall financial performance of the regulated segment, which saw sales reach Ps. 488,348 million in the first nine months of 2025.

Government and regulatory engagement for tariff and license management.

A critical aspect of customer relationships involves the entities setting the rules and prices. Following a major 675% tariff increase in April 2024, subsequent adjustments were approved throughout late 2024 and into 2025. These included increases of 2.5% in January 2025, 1.5% in February, and 1.7% in March 2025. The award for the GPM expansion, a project declared of public interest, required ratification by the Argentine Energy Bureau, formalized by Resolution No. RESOL-2025-397-APN-SE#MEC on October 17, 2025.

Transactional sales for spot market liquids commercialization.

For the non-regulated Liquid Gases business, customer interaction shifts to transactional sales, where pricing is more dynamic. In January 2025, the government removed domestic price caps for propane and butane, shifting the basis to export parity, which directly influences transactional sales terms. In 2024, this segment generated USD 89 million in sales, and for the first time, exports surpassed domestic sales volumes.

Here are the key financial metrics related to the non-regulated segments as of late 2024, which inform the 2025 commercial strategy:

Metric	Liquid Gases Sales (2024)	Midstream Segment Sales (2024)
Total Sales Amount	USD 488 million	USD 89 million
Share of Total Revenue	45%	16% (Q2 2024 Revenue Share)
EBITDA Amount	USD 201 million	USD 133 million
EBITDA Margin	41%	N/A

Transportadora de Gas del Sur S.A. (TGS) - Canvas Business Model: Channels

The Channels for Transportadora de Gas del Sur S.A. (TGS) are defined by its extensive physical infrastructure and the formal mechanisms used to secure and manage service delivery across regulated and non-regulated segments.

High-pressure pipeline network connecting production fields to consumption centers.

Transportadora de Gas del Sur S.A. (TGS) is the leader in Argentina for natural gas transportation, operating a vast network that moves approximately 60% of the gas consumed in the country. This network spans more than 5,700 miles, which equates to over 9,200 km of gas pipelines. The firm-contracted capacity across this system totaled 89.7 MMm³/d as of the third quarter of 2025. This infrastructure directly connects major production areas to key consumption centers throughout Argentina.

The core of the system is supported by significant capacity figures, which you can see summarized here:

Asset/Metric	Capacity/Volume (Late 2025 Data)	Reference
Total Pipeline Network Length	More than 9,200 km (or 5,700 miles)
System Firm-Contracted Capacity	89.7 MMm³/d
Average Deliveries (9M 2025)	69.5 MMm³/d (Average deliveries in 2024)
Average Injection into System (2024)	83.4 MMm³/d

Direct contractual agreements with large gas distributors and industrial users.

Service delivery is primarily channeled through direct, long-term contracts. For the regulated segment, 81% of the revenues in the first nine months of 2025 corresponded to firm contracted capacity services. These agreements govern the transportation of gas to large distributors and industrial clients who rely on Transportadora de Gas del Sur S.A. (TGS) for their primary supply. The firm-contracted capacity reached its highest level in the last 10 years, totaling 83.5 MMm³/d.

Tratayén Conditioning Plant and associated Vaca Muerta gathering pipelines.

Transportadora de Gas del Sur S.A. (TGS) is the leading midstreamer in the Vaca Muerta formation, using dedicated gathering pipelines to move raw gas to its conditioning facilities. The company operates 182 km of pipelines within Vaca Muerta, which have a transportation capacity of 60 MMm³/d. The main hub here is the Tratayén Conditioning Plant. Following a USD 350 million investment, the total conditioning capacity at Tratayén reached 28 MMm³/d by February 2025, with the inauguration of the second module. Furthermore, Transportadora de Gas del Sur S.A. (TGS) secured a major contract on October 17, 2025, for the expansion of the Perito Moreno Gas Pipeline (GPM), involving an estimated capital expenditure of US$ 560 million. This project will add incremental capacity and includes expanding the Tratayén compressor plant by an additional 90,000 horsepower.

The company is also channeling future capacity growth via other regulated pipeline enhancements:

• Investment of US$ 220 million planned to enhance regulated pipeline capacity.
• Expansion targets an increase of 12 million of cubic meters per day between Salliqueló and Great Buenos Aires.
• This involves adding 20 kilometers of pipeline and 15,000 horsepower in compression capacity.

Puerto Galván terminal for liquids dispatch and export.

For the non-regulated Liquids segment, dispatch occurs via the Puerto Galván Plant in Bahía Blanca. This facility, part of the Gral. Cerri Complex, supports both local and international logistics. The overall processing capacity for the Cerri Complex and Puerto Galván facilities is 47 MM m³/d. In 2024, Transportadora de Gas del Sur S.A. (TGS) sold over 1 million tons of LPG, natural gasoline, and ethane through these assets. The dispatch channels are multimodal:

• Local market dispatch uses pipelines and cargo trucks, with six truck loading islands capable of dispatching up to 85 trucks per day.
• Export dispatch utilizes sea and land routes, reaching destinations across 5 continents.

ENARGAS and government bodies for regulated segment communication.

Communication and service parameters for the regulated segment are managed through formal regulatory channels. The framework for the Five-Year Tariff Review (5YTR) for the 2025-2030 period was established by ENARGAS via Resolution No. 256/2025 on April 30, 2025. Furthermore, the license for Transportadora de Gas del Sur S.A. (TGS) was officially extended by the National Executive Branch through Decree No. 495/2025 on July 24, 2025, for an additional 20 years starting from December 28, 2027.

Tariff updates are communicated and formalized through ENARGAS resolutions, such as those approving adjustments of 2.81% and 0.62% in 2025, alongside periodic adjustments of 1.63% and 2.38% implemented on August 1 and September 1, 2025, respectively.

Transportadora de Gas del Sur S.A. (TGS) - Canvas Business Model: Customer Segments

Transportadora de Gas del Sur S.A. (TGS) reported TTM revenue of $1.28 Billion USD as of December 2025. The company's Q3 2025 revenues reached USD 388 million.

The customer base is primarily served through the company's operational segments, with revenue contributions quantified from recent periods:

• Natural Gas Transportation segment revenues accounted for 47% of total TGS revenues in 1Q 2025.
• Of the Natural Gas Transportation segment revenues in 1Q 2025, 80% corresponded to firm contracted capacity services.

The following table details the relative financial weight of the segments that serve the regulated distribution companies and large industrial users:

Customer Group Proxy (Segment)	Financial Metric / Data Point	Value
Regulated Gas Distribution Companies & Large Industrial Users (Natural Gas Transportation Segment)	Percentage of Total TGS Revenue (1Q 2025)	47%
Regulated Gas Distribution Companies & Large Industrial Users (Natural Gas Transportation Segment)	Revenue from Firm Contracted Capacity (1Q 2025)	80% of segment revenue
Regulated Gas Distribution Companies & Large Industrial Users (Natural Gas Transportation Segment)	Revenue Amount (1Q 2025)	Ps. 152,035 million

The Midstream segment, which supports upstream producers, showed significant growth in its contribution to total revenue in the prior year:

• Midstream segment sales accounted for 37% of total annual revenue in 2024.
• This represented an increase from 22% of total annual revenue in the previous year (2023).

For Liquids buyers, the segment's contribution to total revenue in 2024 was:

• Liquid Gases segment sales represented 45% of TGS's total revenues in 2024.
• Exports accounted for 23% of the company's total sales in the Liquid Gases segment in 2024.

The focus on upstream producers in Vaca Muerta is quantified by planned infrastructure investment and existing capacity:

Transportadora de Gas del Sur S.A. (TGS) was awarded a project to expand the Perito Moreno Pipeline to increase natural gas transportation capacity from Vaca Muerta with an investment of US$ 560 million. The company also plans to invest US$ 220 million to enhance transportation capacity in its pipeline system. TGS owns 182 km of pipelines in the Vaca Muerta formation with a capacity of 60 MM m³/d.

The company's Q3 2025 comprehensive income rose to Ps. 112,059 million, up from Ps. 68,802 million in the same period of 2024, driven by higher revenues in the Liquids Production and Commercialization and Midstream segments.

Transportadora de Gas del Sur S.A. (TGS) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep Transportadora de Gas del Sur S.A. (TGS) running and expanding its critical gas transportation network. Honestly, for a regulated utility like TGS, the cost structure is a mix of predictable operational outlays and massive, lumpy capital investments.

Significant Capital Expenditures (CapEx) for Expansion Projects

The big-ticket items are the infrastructure upgrades, especially those tied to the Vaca Muerta shale play. For the third quarter of 2025, TGS reported CapEx of ARS 87 billion. This spending is heavily weighted toward growth projects, which often have different cost recovery mechanisms than standard maintenance.

The major focus is on capacity expansion, which involves significant dollar-denominated spending:

• Perito Moreno Pipeline (PMP) expansion: Expected total CapEx of $560 million, involving three new compressor plants and expansion of the Tratayén plant.
• Regulated pipeline capacity expansion: An additional $220 million CapEx for 12 million cubic meters per day of incremental capacity.

Here's how the deployment of the larger expansion budget was planned:

Project Deployment Period	Expected Spend
2025 (Remaining Deployment)	$150 million
2026	$450 million
By mid-2027	$27 million

Regulated Operating Costs and Maintenance for the Pipeline System

The day-to-day running of the pipeline system generates substantial costs, which are generally subject to inflation adjustments under the regulated framework. In Q3 2025, TGS noted that operating expenses decreased by ARS 5.4 billion, but this is contrasted by a larger increase in total operating costs when looking at the components.

Net cost of sales and administrative and selling expenses rose by ARS 45,571 million in Q3 2025. The breakdown of these costs highlights the direct operational burdens:

• Repair and maintenance expenses: ARS 6,311 million in Q3 2025.
• Depreciation charges: ARS 7,804 million in Q3 2025.
• Cost of natural gas purchased for liquids production: ARS 28,470 million in Q3 2025.

For long-term asset upkeep, TGS has a multi-year maintenance plan, which is a predictable, albeit large, cost category. They have a 5-year maintenance CapEx plan budgeted at ~US$ 320MM.

Personnel Costs and Administrative Expenses

Personnel costs are bundled within the broader category of operating expenses. The increase in net cost of sales and administrative and selling expenses by ARS 45,571 million in Q3 2025 includes administrative components. TGS management has noted a commitment to its workforce, mentioning a defintely committed personnel with low turnover. You should note that the tariff adjustment process is a constant administrative and legal cost driver, as insufficient adjustments relative to inflation directly impact EBITDA in the regulated segment.

Financial Costs Related to Debt for Major Infrastructure Investments

Financing those massive infrastructure investments requires taking on debt, which results in regular interest payments. For the third quarter of 2025, TGS reported paying interest amounting to ARS 29 billion. This is a direct financial cost stemming from the capital structure supporting their asset base.

The company's financial results also reflect foreign exchange exposure, which is a significant cost factor in an inflationary environment:

Financial Result Variation (Q3 2025 vs Q3 2024)	Amount (MM AR$)
Higher foreign exchange rate loss	(ARS 21,759 million)
Higher foreign exchange loss (Alternative Figure)	ARS 21.8 billion

Regulatory and Legal Compliance Costs for the License and Tariff Processes

Compliance costs are embedded in administrative expenses, but the key regulatory events dictate future cost recovery. A major win for TGS was the National Executive Power granting the license extension until 2047 (a 20-year extension from 2027) on July 24, 2025. This long-term certainty reduces the risk premium embedded in future financing costs.

Tariff adjustments are the primary mechanism to offset operational costs. TGS announced a 2.5% tariff increase for its natural gas transportation service starting January 1, 2025, following ENARGAS approval. Still, the Q3 2025 results showed that the tariff adjustment from August 2024 to August 2025 was insufficient to offset the inflation adjustment effect of ARS 42.2 billion in the regulated business segment.

Finance: draft 13-week cash view by Friday.

Transportadora de Gas del Sur S.A. (TGS) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Transportadora de Gas del Sur S.A. (TGS) as of late 2025. It's a mix of stable, regulated income and more dynamic non-regulated services, which is typical for a major infrastructure player in the energy sector.

The revenue streams are clearly segmented, reflecting TGS's dual role in transportation and processing/commercialization. Here is the breakdown of the key financial figures for the first half of 2025 (6M 2025) and a key point from the third quarter (Q3 2025).

Revenue Stream Component	Period/Date	Reported Amount (Argentine Pesos)
Regulated Revenue from Firm Gas Transportation Capacity Contracts	6M 2025	Ps. 312,439 million
Non-Regulated Revenue from Liquids Production and Commercialization	6M 2025	Ps. 238,415 million
Positive Financial Results from Domestic Financial Investments Yield	Q3 2025	ARS 53 billion
Total Revenue	Q3 2025	AR$426,518M

The regulated transportation business remains foundational, with 80% of that segment's revenue in 6M 2025 coming specifically from firm contracted capacity services. Still, the non-regulated side shows significant activity.

For the non-regulated services, we see contributions from a few areas:

• Non-regulated revenue from Midstream services (gas conditioning and gathering).
• Revenue from operation and maintenance of third-party infrastructure.

To give you a sense of the Midstream activity, which includes gas conditioning and gathering, the Midstream revenues saw an increase of Ps. 10,379 million in 6M 2025 compared to the same period in 2024. This growth was tied to higher natural gas transportation and conditioning services in Vaca Muerta. Furthermore, the Midstream segment generated an EBITDA of AR$61,167M in Q3 2025, posting an exceptional margin of 90% for that quarter.

The positive financial results from domestic financial investments in Q3 2025 were reported as a yield of ARS 53 billion in real terms. This was mainly due to a ARS 43.4 billion increase in income from financial assets that quarter.

Here's a quick look at the segment contribution to EBITDA for Q3 2025, showing how the non-regulated businesses performed:

• Regulated Transportation Business EBITDA Contribution: 47% of total EBITDA.
• Non-Regulated Businesses EBITDA Contribution: 53% of total EBITDA.

The total consolidated EBITDA for Q3 2025 reached almost ARS 219 billion.