Transportadora de Gas del Sur S.A. (TGS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia argentina, a Transportadora de Gas del Sur S.A. (TGS) surge como um participante fundamental, tecendo uma complexa rede de transporte e processamento de gás natural que alimenta o batimento cardíaco econômico do país. Esse intrincado modelo de negócios transforma o potencial de energia bruta em um ecossistema sofisticado de parcerias estratégicas, tecnologias inovadoras e infraestrutura crítica que conecta potências industriais, comunidades residenciais e aspirações econômicas nacionais. Mergulhe na narrativa convincente de como o TGS orquestra uma dança intrincada da logística de energia, revelando um plano que transcende os serviços tradicionais de utilidade e posiciona a empresa como uma pedra angular da transformação de energia da Argentina.

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com grandes empresas de energia argentina

A TGS mantém parcerias estratégicas com as principais empresas de energia argentina:

Empresa parceira	Detalhes da parceria	Ano estabelecido
Energia pan -americana	Colaboração de infraestrutura de transporte de gás natural	2019
YPF S.A.	Serviços de processamento e transporte de gás	2017
TECPETROL	Suporte à infraestrutura média	2020

Colaboração com órgãos regulatórios do governo

O TGS se envolve com entidades regulatórias críticas:

• Regulador Nacional de Nacional (ENARGAS)
• Secretaría de Energía de Argentina
• Ministério da Economia

Parcerias com empresas internacionais de infraestrutura

Parceiro internacional	Escopo de colaboração	Valor de investimento
Infraestrutura SEMPRA	Desenvolvimento de infraestrutura a gás transfronteiriça	US $ 350 milhões
TOTALENERGIES	Troca de conhecimentos técnicos	US $ 120 milhões

Joint ventures com empresas de exploração e produção

A TGS estabeleceu joint ventures significativos:

• Pampa Energía - Projeto de Infraestrutura Midstream
• Óleo de vista & Gas - Colaboração de Processamento de Gás
• CGC (Compañía General de Combustibles) - Expansão da rede de transporte

Cooperação técnica com equipamentos e provedores de manutenção

Parceiro técnico	Serviço prestado	Valor do contrato
Siemens Energy	Tecnologia da estação de compressão	US $ 45 milhões
Baker Hughes	Sistemas de monitoramento de pipeline	US $ 22 milhões
Tenaris	Componentes de infraestrutura de pipeline	US $ 35 milhões

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: Atividades -chave

Transporte e distribuição de gás natural

O TGS opera a Rede de transporte de gás natural de 9.138 km em toda a Argentina. A empresa gerencia:

• Sistema de gasoduto de alta pressão, cobrindo várias regiões
• Capacidade anual de transporte de 69,3 milhões de metros cúbicos por dia
• Serve aproximadamente 700 clientes industriais e empresas de distribuição

Métrica de rede	Quantidade
Comprimento total do pipeline	9.138 quilômetros
Capacidade diária de transporte	69,3 milhões de metros cúbicos
Base de clientes	700 clientes industriais/de distribuição

Manutenção e expansão da infraestrutura de pipeline

O TGS investe Aproximadamente 2-3% da receita anual em manutenção de infraestrutura. As principais atividades de manutenção incluem:

• Inspeções regulares de integridade de pipeline
• Programas de prevenção de corrosão
• Reabilitação e modernização de ativos

Processamento de gás e produção de líquidos

O TGS opera seis plantas de processamento de gás Com os seguintes recursos:

• Capacidade total de processamento de 42,5 milhões de metros cúbicos por dia
• Produção anual de líquidos de 1,2 milhão de barris
• Etano, propano e extração de butano

Parâmetro de processamento	Volume anual
Capacidade de processamento de gás	42,5 milhões de metros cúbicos/dia
Produção de líquidos	1,2 milhão de barris/ano

Gerenciamento de ativos de infraestrutura energética

O TGS gerencia a infraestrutura energética com:

• Valor total do ativo de US $ 1,2 bilhão
• Sistemas abrangentes de rastreamento e otimização de ativos
• Tecnologias avançadas de monitoramento

Conformidade regulatória e monitoramento de segurança

As atividades de conformidade incluem:

• Investimento de segurança anual de US $ 5,7 milhões
• 100% de conformidade com os regulamentos de energia argentina
• Avaliações de risco ambientais e operacionais contínuas

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: Recursos -chave

Extensa rede de gasoduto de gás natural

A TGS opera uma rede de pipeline que abrange 9.137 quilômetros na Argentina a partir de 2023, com os seguintes detalhes da rede:

Tipo de pipeline	Comprimento (km)	Capacidade
Linhas de transmissão de tronco	5,231	73,2 milhões de m³/dia
Linhas de distribuição	3,906	48,5 milhões de m³/dia

Experiência técnica e de engenharia

O TGS mantém uma equipe técnica especializada com a seguinte composição:

• Pessoal de Engenharia Total: 287
• Experiência média de engenharia: 15,6 anos
• Certificações: ISO 9001: 2015, ISO 14001: 2015

Equipamento de transporte e processamento

Inventário e especificações de equipamentos:

Tipo de equipamento	Quantidade	Valor total (USD)
Estações de compressor	38	US $ 412 milhões
Plantas de processamento	5	US $ 276 milhões
Estações de medição	126	US $ 89 milhões

Força de trabalho qualificada

Composição e características da força de trabalho:

• Total de funcionários: 1.342
• Possui médio: 12,4 anos
• Equipe técnica especializada: 64%
• Horário anual de treinamento por funcionário: 42

Infraestrutura financeira e operacional

Recursos financeiros e métricas operacionais:

Métrica financeira	2023 valor
Total de ativos	US $ 1,24 bilhão
Equidade dos acionistas	US $ 672 milhões
Receita anual	US $ 456 milhões
EBITDA	US $ 210 milhões

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: proposições de valor

Serviços de transporte de gás natural confiável e eficiente

A TGS opera 9.137 quilômetros de gasodutos em toda a Argentina, com uma capacidade de transporte anual de 57,4 milhões de metros cúbicos por dia.

Métrica de rede de pipeline	Valor
Comprimento total do pipeline	9.137 quilômetros
Capacidade diária de transporte	57,4 milhões de metros cúbicos
Confiabilidade média do pipeline	99.5%

Infraestrutura de energia crítica para o desenvolvimento econômico nacional

O TGS contribui com 35% da infraestrutura total de transporte de gás natural da Argentina, apoiando a segurança energética nacional.

• Serve mais de 500 clientes industriais
• Conecta as principais regiões de produção de gás com centros de consumo
• Suporta aproximadamente 25% dos requisitos de energia industrial da Argentina

Processamento de gás de alta qualidade e produção de líquidos

Métrica de processamento	Valor
Produção anual de líquidos	1,2 milhão de toneladas
Processando localizações da planta	5 principais instalações
Capacidade de processamento de líquidos	4.500 m³ por dia

Soluções de energia sustentáveis ​​e tecnologicamente avançadas

A TGS investe 2,7% da receita anual em iniciativas de infraestrutura e sustentabilidade tecnológicas.

• Implementou sistemas avançados de monitoramento digital
• Emissões reduzidas de metano em 12% no último período de relatório
• Investiu US $ 45 milhões em tecnologias ambientais

Fornecimento de energia consistente e seguro para setores industriais e residenciais

Segmento de fornecimento	Porcentagem de cobertura
Clientes industriais	68%
Clientes residenciais	32%
Taxa de fornecimento ininterrupta	99.8%

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo com clientes de energia

A TGS mantém 32 contratos de transporte de longo prazo com os principais clientes de energia em 2024. A duração média do contrato é de 15 anos, com o valor total do contrato atingindo US $ 872 milhões. Os principais clientes incluem YPF, Pan American Energy e Tecpetrol.

Categoria de cliente	Número de contratos	Valor médio do contrato
Principais empresas de energia	12	US $ 246 milhões
Produtores de energia de médio porte	15	US $ 98 milhões
Pequenos clientes de energia	5	US $ 32 milhões

Atendimento ao cliente dedicado e suporte técnico

O TGS opera a Centro de Suporte ao Cliente 24/7 com 87 engenheiros técnicos especializados. O tempo de resposta é de 42 minutos para problemas críticos de infraestrutura.

• Equipe de suporte técnico: 87 engenheiros
• Tempo médio de resposta: 42 minutos
• Classificação anual de satisfação do cliente: 94,3%

Comunicação transparente com as partes interessadas

A TGS publica relatórios financeiros e operacionais trimestrais, com uma taxa de divulgação abrangente de 98,6%. A equipe de relações com investidores lida com 214 comunicações diretas de partes interessadas anualmente.

Soluções de transporte energético personalizado

O TGS fornece 47 soluções de transporte personalizadas em diferentes segmentos de infraestrutura de energia. A personalização abrange configurações de pipeline, gerenciamento de pressão e otimização de rota.

Tipo de solução	Número de implementações	Economia média de custos
Otimização de pipeline	22	17.6%
Gerenciamento de pressão	15	12.4%
ROTA RECONFIGURAÇÃO	10	9.2%

Relatórios de desempenho regulares e engajamento

O TGS realiza 4 reuniões anuais de revisão de desempenho com os 20 principais clientes. Plataforma de relatórios digitais usada por 98% da base de clientes, com rastreamento de desempenho de infraestrutura em tempo real.

• Reuniões anuais de desempenho do cliente: 4
• Uso da plataforma de relatório digital: 98%
• Rastreamento de desempenho em tempo real: disponível para todos os contratos

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: Canais

Vendas diretas e negociações de contrato

A TGS utiliza uma equipe de vendas B2B dedicada, direcionada aos clientes industriais e de serviços públicos na Argentina. A partir de 2023, a empresa mantém 78 contratos comerciais diretos com os principais clientes de distribuição de gás e industrial.

Tipo de contrato	Número de contratos	Receita anual (USD)
Clientes industriais	45	US $ 127,6 milhões
Empresas de distribuição de gás	33	US $ 93,4 milhões

Site corporativo e plataformas digitais

A TGS opera uma plataforma abrangente de comunicação digital em www.tgs.com.ar com Monitoramento de pipeline em tempo real e interfaces de atendimento ao cliente.

• Site exclusivo visitantes mensais: 42.300
• Usuários da plataforma de gerenciamento de contratos digitais: 156
• Taxa de processamento de solicitação de serviço on -line: 94,7%

Conferências do setor e eventos do setor de energia

O TGS participa de eventos do setor de energia -chave, com 12 grandes apresentações da conferência Em 2023, nos mercados da Argentina e Internacional.

Tipo de evento	Número de eventos	Alcance do público
Conferências Nacionais de Energia	7	3.200 participantes
Fóruns Internacionais de Energia	5	1.800 participantes

Apresentações técnicas e relações de investidores

O TGS realiza briefings trimestrais de investidores com Atualizações detalhadas de infraestrutura e desempenho financeiro.

• Apresentações trimestrais dos investidores: 4
• Eventos anuais de comunicação para investidores: 2
• Tráfego do site de relações com investidores: 18.700 visitas exclusivas

Redes de comunicação regulatória e governamental

O TGS mantém canais de comunicação direta com reguladores de energia argentina, participando de 26 reuniões de consulta regulatória em 2023.

Tipo de comunicação	Freqüência	Órgãos regulatórios envolvidos
Consultas formais	Trimestral	ENARGAS, Ministério da Energia
Reuniões de planejamento de infraestrutura	Bi-semestralmente	Secretariado Nacional de Energia

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: segmentos de clientes

Grandes consumidores de energia industrial

A TGS atende aos principais clientes industriais com requisitos significativos de gás natural. A partir de 2023, o segmento industrial da empresa representava 42% do volume total de transporte de gás.

Setor industrial	Consumo anual de gás (milhões de m³)	Porcentagem do segmento industrial total
Fabricação de aço	1,245	18.6%
Produção de cimento	892	13.4%
Processamento químico	1,567	23.5%

Empresas de distribuição de gás natural

O TGS fornece gás a várias redes de distribuição regional na Argentina.

• Empresas de distribuição total atendidas: 15
• Área de cobertura: Buenos Aires, Santa Fe, Províncias de Córdoba
• Volume anual de distribuição de gás: 4,2 bilhões de m³

Instalações de geração de energia

O segmento de geração de energia é responsável por 28% dos volumes de transporte da TGS em 2023.

Tipo de usina	Número de instalações servidas	Consumo anual de gás (milhões de m³)
Ciclo combinado	22	2,345
Usinas de energia térmica	17	1,876

Indústrias petroquímicas e de fabricação

Os clientes petroquímicos representam uma parte significativa da base de clientes industriais da TGS.

• Total de clientes petroquímicos: 47
• Consumo anual de gás: 1,8 bilhão de m³
• Zonas industriais -chave: Bahía Blanca, Buenos Aires Corredor Industrial

Mercados de energia residencial e comercial

Os segmentos residenciais e comerciais constituem 30% dos volumes totais de transporte de gás da TGS.

Segmento de mercado	Número de conexões	Consumo anual de gás (milhões de m³)
residencial	1,245,000	1,567
Comercial	156,000	423

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: Estrutura de custos

Despesas de manutenção de infraestrutura de pipeline

Custos anuais de manutenção de dutos para TGs em 2023: Ars 24,7 bilhões

Categoria de manutenção	Custo anual (ARS)
Inspeções de pipeline de rotina	8,3 bilhões
Prevenção de corrosão	5,6 bilhões
Trabalho de reparo de emergência	4,2 bilhões
Reforço estrutural	6,6 bilhões

Pessoal técnico e salários da força de trabalho operacionais

Despesas anuais totais de pessoal: Ars 12,5 bilhões

• Salário médio anual para pessoal técnico: ARS 6,3 milhões
• Força de trabalho operacional total: 1.245 funcionários
• Custo médio da força de trabalho operacional anual: ARS 5,9 milhões por funcionário

Investimentos de equipamentos de transporte energético

Investimento total de equipamentos em 2023: Ars 18,3 bilhões

Tipo de equipamento	Valor do investimento (ARS)
Estações de compressão	7,6 bilhões
Sistemas de monitoramento	4,2 bilhões
Equipamento de medição	3,5 bilhões
Peças de reposição	3,0 bilhões

Custos regulatórios de conformidade e gerenciamento de segurança

Despesas regulatórias e de segurança anuais: ARS 6,8 bilhões

• Programas de treinamento de segurança: Ars 1,5 bilhão
• Documentação de conformidade: ARS 2,3 bilhões
• Custos de auditoria externos: Ars 1,4 bilhão
• Equipamento de segurança: Ars 1,6 bilhão

Pesquisa e desenvolvimento para atualizações tecnológicas

Investimento de P&D em 2023: ARS 3,2 bilhões

Área de foco em P&D	Investimento (ARS)
Transformação digital	1,4 bilhão
Otimização de eficiência	1,1 bilhão
Integração de energia renovável	0,7 bilhão

Transportadora de Gas del Sur S.A. (TGS) - Modelo de negócios: fluxos de receita

Taxas do Serviço de Transporte de Gás Natural

Em 2022, o TGS gerou ARS 224.122 milhões em receitas de transporte de gás natural. A empresa gerencia aproximadamente 9.205 quilômetros de infraestrutura de gasoduto em toda a Argentina.

Categoria de serviço	Receita (ARS Million)	Porcentagem de total
Transporte firme	135,672	60.5%
Transporte interrompível	88,450	39.5%

Processamento de gás e vendas de líquidos

A TGS processou 43,2 milhões de m³ de gás em 2022, gerando ARS 161.345 milhões com vendas de líquidos.

• Vendas de etano: Ars 45.672 milhões
• Vendas de propano: Ars 39.456 milhões
• Vendas de butano: Ars 32.789 milhões
• Vendas de gasolina natural: Ars 43.428 milhões

Contratos de infraestrutura de longo prazo

A TGS garantiu contratos de infraestrutura, totalizando 78.560 milhões de ARs em 2022, com uma duração média de contrato de 7,3 anos.

Tipo de contrato	Valor (ARS Million)	Duração
Projetos do meio -fluxo	45,230	5-8 anos
Expansão do pipeline	33,330	6-10 anos

Receita de gerenciamento de ativos de infraestrutura energética

O gerenciamento de ativos gerou ARS 56.789 milhões em 2022, representando 14,2% da receita total da empresa.

Consultoria técnica e serviços especializados

Os serviços especializados contribuíram com a ARS 22.345 milhões para as receitas da TGS em 2022.

• Consultoria Técnica: Ars 12.456 milhões
• Serviços de engenharia: ARS 9.889 milhões

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.