Transportadora de Gas del Sur S.A. (TGS): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Argentina's energy supply, and the Business Model Canvas for Transportadora de Gas del Sur S.A. (TGS) tells a compelling story of regulated stability meeting massive shale opportunity. As of late 2025, this company runs the country's largest gas network-$\mathbf{9,248 \text{ km}}$-moving over $\mathbf{60\%}$ of national consumption, underpinned by a license secured until $\mathbf{2047}$ and $\mathbf{80\%}$ of revenue locked in firm contracts. But the real near-term action is the pivot: they are financing major expansions, like the $\mathbf{\$500 \text{ million}}$ pipeline project, while their Liquids segment is booming, pulling in $\mathbf{Ps. 238,415 \text{ million}}$ in the first half of 2025 alone. So, if you want to see exactly how this regulated giant balances long-term certainty with aggressive growth plays tied to Vaca Muerta, check out the detailed breakdown below.

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

You're looking at the core relationships that keep Transportadora de Gas del Sur S.A. (TGS) moving gas across Argentina, especially with major infrastructure plays happening right now.

The Key Partnerships for Transportadora de Gas del Sur S.A. (TGS) are centered around major national energy projects and its controlling ownership structure.

ENARSA for Gasoducto Perito Moreno (GPM) Expansion Tender Award

Transportadora de Gas del Sur S.A. (TGS) was awarded the tender by ENARSA to execute the expansion of the Gasoducto Perito Moreno (GPM). This is a massive undertaking for Vaca Muerta gas evacuation.

• GPM Expansion Capacity Increase: 14 million cubic meters per day (MMm³/d).
• Investment for GPM Expansion Works (awarded to TGS): More than USD 560 million.
• TGS Additional Investment in Regulated System: USD 220 million.
• Total Capacity Post-Expansion (along the entire route): From 21 MMm³/d to 35 MMm³/d.
• Estimated Annual Trade Balance Benefit: Exceeding USD 700 million.
• Estimated Annual Fiscal Savings (Import Substitution): Around USD 450 million per year.

YPF S.A. for the Vaca Muerta Sur Crude Pipeline Synergy

Transportadora de Gas del Sur S.A. (TGS) is interested in a potential new pipeline project that directly involves YPF S.A. as part of the Southern Energy (SESA) consortium.

• Pipeline Length under consideration: 480-kilometer.
• SESA Consortium Members include: Pan American Energy (PAE), YPF, Pampa Energía, Harbour Energy, and Golar LNG.

CIESA (Controlling Shareholder) Structure

The controlling entity for Transportadora de Gas del Sur S.A. (TGS) dictates a significant portion of its governance and strategic alignment.

Upstream Gas Producers for Firm Transportation and Midstream Contracts

Transportadora de Gas del Sur S.A. (TGS) is the leader in gas transportation, underpinned by capacity contracted with major producers in key basins.

• Gas Transported: Approximately 60% of gas consumed in Argentina.
• Firm-Contracted Capacity (as of 3Q2025): 89.7 MMm3/d.
• Total Pipeline Network Length: More than 5,700 miles.
• Producers Connected to TGS Infrastructure (May 2025 data): YPF S.A., Pampa Energía, Pan American Energy LLC, Wintershall Energía SA, Chevron Argentina SRL, Tecpetrol SA, Vista Oil & Gas, Shell, and Equinor.

International Financial Institutions for Project Financing

While specific institution names aren't in the latest data, the scale of the required capital for major projects points to reliance on international debt markets, referencing a previously proposed project size.

• Vaca Muerta Pipeline Expansion Project (Approved Dec 2024): Valued at $500 million.
• Gasoducto Perito Moreno Expansion Investment (Awarded Oct 2025): Total investment exceeds USD 560 million plus USD 220 million from TGS.
• TGS Total Financial Debt (as of 3Q2025): Reported a negative net financial debt position of Ps. 89,469 million (compared to Ps. 263,947 million at end of 2024).

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

You're looking at the core things Transportadora de Gas del Sur S.A. (TGS) has to do every day to keep the lights on and the gas flowing, based on late 2025 figures. These activities are the engine of the business, plain and simple.

The foundational activity is running the pipes. TGS operates and maintains a massive network of high-pressure gas pipelines, clocking in at 9,248 km. This infrastructure is critical because it moves about 60% of the gas consumed across Argentina. That's a huge chunk of the country's energy security resting on your maintenance schedule.

Next up is gas conditioning and treatment, which is vital for getting the gas from Vaca Muerta ready for the main grid. The Tratayén plant is key here, having completed expansions to reach a conditioning capacity of 28 MMm³/d. This is all about meeting quality specs before injection.

Then there's the liquids side of the house at the Cerri Complex. This operation extracts valuable byproducts. For instance, in 2024, TGS sold over 1 million tons of LPG, natural gasoline, and ethane. Still, you should note that the March 7, 2025, weather event hit this hard; for the first six months of 2025, liquids revenues fell to Ps.238,415 million, with dispatched volumes down 21.9% (118,490 tons).

A major current activity is executing the Gasoducto Perito Moreno expansion. TGS was awarded this project to add 14 MMm³/d of capacity, with an expected investment cited as both US$ 560 million and US$ 700 million. This project is designed to evacuate more gas from Vaca Muerta, supporting national supply stabilization.

Finally, managing the regulatory environment with ENARGAS is a constant key activity, as it directly impacts your regulated revenue base. You've seen several adjustments recently, which you need to track closely:

• Initial weighted tariff increase from the 5-Year Tariff Review (5YTR): 3.67%.
• Real after-tax WACC (Weighted Average Cost of Capital) set at 7.18% in the 5YTR.
• A separate tariff increase for natural gas transportation service starting January 1, 2025: 2.5%.
• The company also secured a license extension until 2047 (an additional 20 years from December 28, 2027).

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

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

You're looking at the core assets that underpin Transportadora de Gas del Sur S.A. (TGS)'s market position. These aren't just lines on a map; they are the physical guarantees of future cash flows, especially now that the regulatory runway is significantly extended.

Argentina's largest natural gas transmission network is the foundation. As of late 2025, TGS is responsible for moving approximately 60% of the natural gas consumed across Argentina. The physical scale is impressive, with the trunk gas pipeline system covering over 9,250 kilometers of pipeline. For context on recent activity, the average injection into the system in the 2024 fiscal year reached 83.4 MMm³/d, with the firm contracted capacity hitting 83.5 MMm³/d, the highest in the last 10 years.

The focus on strategic midstream assets in the Vaca Muerta shale formation is a major resource. TGS is the first midstreamer in the basin, with infrastructure designed to gather and condition gas before it enters the main trunk lines. The company was awarded the expansion of the Perito Moreno Gas Pipeline (GPM), a project with an expected capital expenditure of US$560 million, which will add 14 MMm³/d of capacity. This expansion includes adding 90,000 HP of compression capacity and is targeted for commissioning by April 2027. Also, TGS is undertaking a separate regulated expansion costing US$220 million to add 12 MMm³/d capacity, which involves 20 kilometers of pipeline and 15,000 horsepower of compression.

The Cerri Complex, a major liquids processing and dispatch facility in Bahía Blanca, is another key physical resource. The complex, along with Puerto Galván, has a combined processing capacity of 47 MM m³/d. In the 2024 fiscal year, TGS sold over 1 million tons of derived liquids, including LPG, natural gasoline, and ethane. You should note, however, that the complex experienced a shutdown due to flooding starting March 7, 2025, halting liquids production until the end of April, which resulted in a reported loss of Ps.33,573,254 for the period, including Ps.7,577,663 in PPE impairments.

Regulatory certainty is a resource in itself. The long-term regulatory license extension until 2047, formalized by Decree No. 495/2025, extends the current concession by 20 additional years beyond its original December 28, 2027, expiration. This extension, ratified in July 2025, provides regulatory visibility through December 28, 2047. This framework was completed alongside the Five-Year Tariff Review (5YTR), which included an initial weighted tariff increase of 3.67% and set a real after-tax WACC of 7.18%.

Finally, the human capital: an experienced technical and management team in regulated energy infrastructure. The management team has, on average, over +30 years of industry experience. The Board of Directors includes 5 independent members out of a total of 9 members.

• The company is publicly listed on both the NYSE and BYMA since 1994.
• The controlling shareholder, CIESA, is indirectly controlled by Pampa Energía with 50% of CIESA's stake.
• Flotation through ADRs and local shares accounts for 20% of the equity.

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:

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:

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:

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:

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:

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:

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).

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.