Interim report
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2026 tgs 2nd Quarter Earnings Release Buenos Aires , Argentina , August 3 , 2026 . NYSE TGS BYMA TGSU2 Bolsas y Mercados Argentinos tgs- >
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. . . . tgs announces financial results for the second quarter (“2Q”) ended on June 30, 2026 (1) Transportadora de Gas del Sur S.A. ("tgs", "the Company", “us”, “our”, or “we”) is the leader in Argentina in the transportation of natural gas, transporting approximately 60% of the gas consumed in the country, through more than 5,700 miles of gas pipelines, with a firm-contracted capacity of 92.7 MMm 3/d. We are one of the main natural gas processors. In addition, our infrastructure investment in the Vaca Muerta formation places us as one of Argentina’s leading Midstream companies. Our shares are traded on NYSE (New York Stock Exchange) and BYMA (Bolsas y Mercados Argentinos S.A.). Our controlling company is Compañía de Inversiones de Energía S.A. ("CIESA"), which owns 53.83% of the total shares. CIESA’s shareholders are: (i) Pampa Energía S.A. with a 50% interest, (ii) Grupo Inversor Petroquímica S.L. (GIP), led by the Sielecki family, and PCT L.L.C., with the remaining 50%. For further information, see our website: https://www.tgs.com.ar/en/investors/ STOCK INFORMATION BYMA Symbol: TGSU2 NYSE Symbol: TGS (1 ADS = 5 ordinary shares) SHAREHOLDING STRUCTURE AS OF JUNE 30, 2026 tgs holds 752,761,058 outstanding shares. (1) The financial information included in this earnings release is based, unless otherwise stated, on the Condensed Consolidated Interim Financial Statements and is presented in millions of constant Argentine pesos as of June 30 , 2026 (Ps.), prepared in accordance with Accounting International Financial Reporting Standards (“IFRS”). Buenos Aires, Argentina, August 3, 2026 tgs reported comprehensive income of Ps. 133,145 million for the 2Q2026, equivalent to Ps. 176.88 per share (Ps. 884.38 per ADS), compared to a comprehensive income of Ps. 53,780 million, or Ps. 71.44 per share (Ps. 357.22 per ADS) for the second quarter ended June 30, 2025 (2Q2025). Operating profit for 2Q2026 amounted to Ps. 216,327 million, representing an increase of Ps. 52,661 million compared to 2Q2025. This increase was mainly explained by: • Higher revenues in the Liquids Production and Commercialization segment (Ps. 78,143 million). • A positive variation in other operating results , net, of Ps. 23,553 million. These effects were partially offset by: • Lower revenues in the Natural Gas Transportation segment of Ps. 7,138 million. • An increase in cost of sales and administrative and selling expenses of Ps. 42,266 million. Financial results recorded a positive variation of Ps. 60,191 million compared to 2Q2025. 2Q2026 2Q2025 Revenues* 535,522 464,147 Operating profit* 216,327 163,666 Climate event impairment* - 5,352 Depreciation* (62,086) (59,256) Operating profit before depreciation and impairment of climate event* (1) 278,413 217,570 Total comprehensive income* 133,145 53,780 Earnings per shares in Ps. 176.88 71.44 Earnings per ADS in Ps. 884.38 357.22 * (in million of Argentine Pesos) (1) Operating profit before depreciation and reversal of impairment of PPE is a non-IFRS financial measure, we define the operating profit before depreciation as operating profit plus depreciation of PPE. We believe that this measure provides complementary information to investors and stakeholders for decision making process. Operating profit before depreciation and reversal of climate event impairment should not be interpreted as an alternative to other measures calculated in accordance with IFRS as it may not be comparable with similar denomination measures reported by other entities.
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2Q2026 Highlights and beyond • Integrated NGLs Project – Final investment decision: tgs reached Final Investment Decision (FID) for the Integrated NGLs Project, representing a relevant milestone in the Company’s growth strategy. With an estimated investment of US$ 3.0 billion, the project is expected to generate annual exports of approximately US$ 1.2 billion. Its development, expected over the next four years, includes the construction of a 100 km segregation pipeline, the expansion of facilities at the Tratayén Plant, the laying of a multi-product pipeline to Bahía Blanca, fractionation plant and storage facilities, and a marine terminal for dispatch. The project is expected to be in operation starting March 2030. • Approval of adherence to the Incentive Regime for Large Investments (RIGI, for its Spanish acronym): on May 12, 2026, through Resolution 676/2026 issued by the Ministry of Economy, the request to adhere to the RIGI was approved for the project “Expansion of Section I of the Perito Francisco Pascasio Moreno Gas Pipeline (GPM)” and its investment plan, which was submitted by Transportadora de Gas del Sur Sucursal Dedicada 1. Such resolution established on April 30, 2026, the RIGI adherence date, provid es greater regulatory, tax and economic predictability for the development of the project. • Credit rating upgrade: on June 11, 2026, S&P Global Ratings (“S&P”) raised tgs’ long-term local and foreign currency debt ratings to “B” from “B-”. In addition, on July 23, 2026, Moody’s Ratings upgraded tgs’ notes rating to “B1” from “B2”. These upgrades reflect a more favorable assessment of the Company’s credit profile and support the growth and investment process expected in the coming years. Analysis of the results In the 2Q2026, tgs reported revenues of Ps. 535,522 million, compared to Ps. 464,147 million recorded in 2Q2025, representing an increase of Ps. 71,375 million.
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The breakdown of cost of sales, administrative and selling expenses for 2Q2026 and 2Q2025 is shown in the table below: Cost of sales and administrative and selling expenses increased by Ps. 42,266 million, mainly as a result of higher: (i) natural gas costs incurred for liquids production for Ps. 30,690 million, mainly due to higher volumes consumed; (ii) taxes, fees and contributions of Ps. 8,483 million; (iii) depreciation of Ps. 5,127 million; (iv) repair and maintenance expenses of Ps. 4,207 million; (v) fees and third- party services of Ps. 2,827 million; and (vi) other expenses of Ps. 1,803 million. These effects were partially offset by the Ps. 11,194 million decrease in impairment charges on financial assets. Financial results are presented on nominal terms, including gain/loss on net monetary position in a single line item. In 2Q2026, financial results recorded an improvement of Ps. 60,191 million, from a loss of Ps. 79,313 million in 2Q2025 to a loss of Ps. 19,122 million this quarter. This positive variation was mainly explained by the Ps. 130,125 million higher gains on financial assets and financial instruments. This effect was partially offset by a higher negative foreign exchange result of Ps. 46,691 million, higher interest generated by liabilities of Ps. 15,228 million and a Ps. 7,573 million increase in the loss on net monetary position. Other operating results, net, recorded a loss of Ps. 428 million in 2Q2026, compared to a loss of Ps. 23,981 million in 2Q2025, representing an improvement of Ps. 23,553 million. This positive variation was mainly explained by the impact of the climatic event at the Cerri Complex in March 2025 of Ps. 23,022 million, the reversal of a supplier provision at Ps. 610 million and the favorable variation of Ps. 576 million related to tax credits. These effects were partially offset by lower insurance recoveries for Ps. 800 million. Concept MM of Ps. % s/ total MM of Ps. % s/ total MM of Ps. % Natural gas purchase (RTP) 101,437 32% 70,747 26% 30,690 43% Labor costs 51,897 16% 51,575 19% 322 1% Taxes, fees and contributions 34,636 11% 26,153 9% 8,483 32% Repair and maintenance 22,952 7% 18,745 7% 4,207 22% Other fees and third parties services 62,085 19% 59,258 21% 2,827 5% Impartment of financial assets - 0% 11,194 4% (11,194) n/a Depreciation 33,115 10% 27,988 10% 5,127 18% Other charges 12,645 4% 10,842 4% 1,803 17% Total 318,767 276,501 42,266 2Q2026 2Q2025 Variation
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Natural Gas Transportation Operating profit of the Natural Gas Transportation segment for 2Q2026 amounted to Ps. 95,485 million, Ps. 11,869 million above 2Q2025. Natural gas transportation revenues accounted for approximately 36% and 43% of total revenues in both 2Q2026 and 2Q2025, respectively. Revenues from this segment are derived mainly from firm natural gas transportation contracts, which represented approximately 80% and 81% of the total revenues for this segment in 2Q2026 and 2Q2025, respectively. Revenues decreased Ps. 7,138 million, mainly as a result of the negative impact of the restatement to constant currency in accordance with IAS 29, amounting to Ps. 48,617 million and lower revenues from natural gas transportation services of Ps. 9,644 million. These effects were partially offset by the tariff increases amounting to Ps. 50,200 million. On the other hand, cost of sales and administrative and selling expenses, on an aggregate basis , decreased by Ps. 8,293 million, mainly due to lower impairment charges on financial assets of Ps. 11,194 million. Finally, other operating results, net, showed a positive variation of Ps. 8,453 million, mainly as a result of the insurance recovery effect in 2026 as opposed to the negative impact of the climatic event in 2025. 2Q2026 2Q2025 Variation Variation in % Revenues 194,343 201,481 (7,138) (4%) Intercompany revenues 9,963 7,702 2,261 29% Cost of sales (91,321) (87,557) (3,764) 4% Other administrative and selling expenses (22,545) (34,602) 12,058 (35%) Other operating results, net 5,044 (3,409) 8,453 n/a Operating profit 95,485 83,616 11,869 14% Depreciation of PPE (36,502) (36,115) (387) 1% Natural Gas Transportation (In million of Argentine pesos)
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Liquids Production and Commercialization Liquids Production and Commercialization revenues accounted for approximately 45% and 35% of total revenues in 2Q2026 and 2Q2025, respectively. During 2Q2026, production increased by 78,172 tons, reaching 302,425 tons. During 2Q2026, operating profit for this business segment amounted to Ps. 77,934 million, representing an increase of Ps. 48,144 million compared to the same period of 2025 (Ps. 29,790 million). This increase was mainly explained by higher revenues of Ps. 78,143 million and the positive impact in other operating results, net, amounting to Ps. 15,948 million. These effects were partially offset by higher natural gas costs (Ps. 30,689 million), higher fees and third -parties services of Ps. 7,090 million, and taxes, fees and contributions for Ps. 5,130 million. Revenues totaled Ps. 238,904 million in 2Q2026, compared to Ps. 160,761 million in the same period of 2025. This increase was mainly explained by higher sales volumes of Ps. 84,071 million, the nominal exchange rate effect of Ps. 20,244 million and higher international prices of Ps. 24,677 million. These effects were partially offset by a loss of Ps. 36,653 million resulting from accounting restatement in accordance with IAS 29, and the decline in ethane prices of Ps. 14,304 million (including the take-or- pay amount corresponding to the 2025 period, which was not recorded in 2026). Volumes sold increased 118,879 tons (+56%) compared to 2Q2025. This growth is mainly explained by the comparison base with the climatic event of March 7, 2025, which interrupted production at the Cerri Complex until mid-April 2025. In turn, this increase also reflects an improvement in the quality of the natural gas processed at Cerri complex, which resulted in a sustained increase of liquids production. The breakdown of volumes dispatched by market and product and revenues by market are included below: 2Q2026 2Q2025 Variation Variation in % Revenues 238,904 160,761 78,143 49% Cost of sales (138,650) (98,198) (40,452) 41% Administrative and selling expenses (16,671) (11,175) (5,495) 49% Other operating results, net (5,650) (21,598) 15,948 n/a Operating profit 77,934 29,790 48,144 162% Depreciation of PPE (4,352) (4,065) (287) 7% (In million of Argentine pesos) Production and Commercialization of Liquids 2Q2026 2Q2025 Variation (in tons) Local market Ethane 93,956 69,784 24,172 Propane 71,281 52,876 18,406 Butane 36,124 31,696 4,429 Subtotal 201,362 154,356 47,006 Foreign market Propane 60,576 17,388 43,188 Butane 43,427 20,541 22,886 Natural gasoline 24,789 18,990 5,799 Subtotal 128,792 56,919 71,873 Total 330,154 211,275 118,879 2Q2026 2Q2025 (in million of Argentine Pesos) Local market 129,556 118,256 Foreign market 109,348 42,505 Total Revenues 238,904 160,761
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Midstream and Telecommunications Midstream and Telecommunications business segment includes mainly services provided by tgs at Vaca Muerta, representing approximately 19% and 22% of our total revenues for 2Q2026 and 2Q2025, respectively. Operating profit decreased by Ps. 7,352 million, mainly as a result of the increase in cost of sales and administrative and selling expenses by Ps. 6, 246 million, principally due to higher taxes, fees and contributions, and depreciation. Revenues reflected a slight increase of Ps. 369 million, mainly explained by the nominal exchange rate effect on revenues denominated in U.S. dollars of Ps. 14,815 million and higher natural gas transportation and conditioning services rendered in Vaca Muerta of Ps. 13,197 million. These effects were partially offset by the impact of restatement in accordance with IAS 29 of Ps. 25,340 million. 2Q2026 2Q2025 Variation Variation in % Revenues 102,274 101,905 369 0% Cost of sales (42,391) (41,764) (627) 2% Administrative and selling expenses (17,153) (10,907) (6,246) 57% Other operating results, net 178 1,026 (848) n/a Operating profit 42,909 50,261 (7,352) (15%) Depreciation of PPE (21,232) (19,077) (2,155) 11% Midstream and Telecommunications (In million of Argentine pesos)
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Financial position analysis Net debt As of June 30, 2026, the Company’s net debt position amounted to Ps. 497,604 million, compared to Ps. 120,098 million as of December 31, 2025. The table included below presents a reconciliation of the Company’s net financial debt as of the dates indicated. During 2Q2026, the Company incurred new financial debt of Ps. 20,769 million (US$ 14.4 million). No repayments were made. 06/30/2026 12/31/2025 Current loans 172,904 286,728 Non current loans 1,535,572 1,710,372 Cash and cash equivalents (286,690) (941,531) Financial assets at fair value through profit or loss (1,583,684) (758,924) Financial assets at amortized cost (335,706) (416,743) Net debt* (497,604) (120,098) (in million of Argentine pesos) * Net debt is a non-IFRS financial measure. We define Net debt as short- and long-term financial debts less: (i) cash and cash equivalents and, (ii) current financial assets at amortized cost and (iii) financial assets at fair value through profit or loss. We believe that this measure provides complementary information to investors and management for decision making process that allows to assess our level of indebtedness. Net debt should not be interpreted as an alternative to other financial measures calculated in accordance with IFRS as it may not be comparable with similar denomination measures reported by other entities.
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The chart below includes the maturity profile of our financial debt (bank loans and notes) in millions of U.S. dollars: Liquidity and capital resources The following table includes summarized cash flow statement information for 2Q2026 and 2Q2025: As of June 30, 2026, and December 31, 2025, the funds allocation was as follows: 2Q2026 2Q2025 Variation Cash flow provided by operating activities 392,517 117,897 274,620 Cash flow (used in) / provided by investing activities (500,732) 115,371 (616,103) Cash flow provided by / (used in) financing activities 20,582 (270,925) 291,507 Net variation in cash and cash equivalents (87,632) (37,657) (49,976) Cash and cash equivalents at the beginning of the year 388,737 67,788 320,949 Monetary result effect on cash and cash equivalents (17,867) (8,023) (9,844) Foreign exchange gain on cash and cash equivalents 3,450 85 3,365 Cash and cash equivalents at the end of the period 286,690 22,200 264,494 (in million of Argentine pesos) 06/30/2026 12/31/2025 Cash and banks 48,453 14,032 Mutual funds 231,336 99,089 Interest-bearing current bank accounts 5,457 828,411 Total cash and cash equivalents 286,690 941,531 Public debt bonds 1,431,530 368,346 Private debt bonds 99,793 339,362 Time deposits 335,706 416,743 Shares 52,361 51,217 Total fund allocations 1,919,390 1,175,667
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The table below shows a reconciliation of the free cash flows for the 2Q2026 and 2Q2025 periods: 2Q2026 vs. 2Q2025 During 2Q2026, cash flow provided by operating activities amounted to Ps. 392,517 million, compared to Ps. 117,897 million in the same period of 2025. The Ps. 274,620 million increase was mainly explained by higher comprehensive income for the quarter, the favorable evolution of working capital — mainly driven by the increase in trade payables and contract liabilities— and lower income tax payments. These effects were partially offset by higher interest payments. Cash flow used in investing activities amounted to Ps. 500,732 million in 2Q2026, compared to Ps. 115,371 million provided during 2Q2025. The variation was mainly due to higher net placements in financial assets not considered cash equivalents and an increase in investments in property, plant and equipment (PPE). During 2Q2026, cash flow provided by financing activities amounted to Ps. 20,582 million, compared to cash flow used in financing activities of Ps. (270,925) million in 2Q2025. This improvement was mainly due to the absence of dividend payments in the current period, which amounted to Ps. 270,657 million in the second quarter of 2025, as well as the incurrence of new loans during the quarter. 2Q2026 2Q2025 Cash flow provided by operating activities 392,517 117,897 PPE adquisition payments (165,047) (74,427) Free cash flow(1) 227,470 43,470 (in million of Argentine pesos) (1) Free cash flow is a non-IFRS financial measure, we define the free cash flow as the cash flows generated by operating activities less the payments made for the acquisition of PPE. Our management considers it as useful for investors and management as a measure of our ability to generate cash that will be used to pay the scheduled debt maturities and that can be used to invest in future growth through new business activities, business development, dividend payment, buy back treasury shares or other financing and investment activities. The free cash flows should not be interpreted as an alternative to other financial measures determined in accordance with IFRS as it may not be comparable with similar denomination measurements reported by other entities. 2Q2026 2Q2025 Variation Total Comprehensive Income 133,145 53,780 79,365 Eliminations (1) 135,280 158,962 (23,682) Working capital variation 186,052 (25,831) 211,883 Income tax paid (31,277) (69,008) 37,730.6 Interest paid (30,682) (7) (30,675) Cash flow provided by operating activities 392,517 117,897 274,620 (in million of Argentine pesos) (1) Includes non-cash movements, including depreciation, financial results. 2Q2026 2Q2025 Variation Acquisition of PPE (165,047) (74,427) (90,620) Payments for the acquisition of financial assets not considered cash equivalents (344,641) 189,798 (534,439) Interest Received 8,956 - 8,956 Cash flow (used in) / provided by investing activities (500,732) 115,371 (616,103) (in million of Argentine pesos) 2Q2026 2Q2025 Variation Proceeds from loans 20,769 - 20,769 Lease payments (186) (267) 81 Payment of dividends - (270,657) 270,657 Cash flow provided by / (used in) financing activities 20,582 (270,925) 291,507 (in million of Argentine pesos)
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2Q2026 earnings videoconference We invite you to participate in the videoconference to discuss this 2Q2026 announcement on Tuesday August 4, 2026, at 10:00 a.m. Eastern Time / 11:00 a.m. Buenos Aires time. For those interested in participating in our earnings videoconference, there will be a live webcast that you can access at: https://us02web.zoom.us/webinar/register/WN_tA6NOL3 -Q- OemFIR1bhrng#/registration The following section includes financial information. Forward-Looking Statements This press release contains forward -looking statements. These forward -looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward -looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "guidance," "may,", "should" or "will" or the negative of such terms or oth er similar expressions or terminology. By their nature, forward -looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward -looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by , the fo rward-looking statements. Except as required by law, we do not undertake any obligation to update any forward -looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances. Investors should read the section entitled " Item 3. Key Information —D. Risk Factors " and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company—Business Overview", each in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us. Forward-looking statements include, but are not limited to, statements relating to: operating profits, new investments and projects, including their expected development, completion, commercial operations date, expected financial and operating performance (including enterprise value to EBITDA multiples), expected output capacity, anticipated synergies and market dynamics relating to such investments and projects; the Inflation Reduction Act in the U.S (“IRA”) and benefits thereunder; our anticipated limited exposure to current market risks, including our position with respect current market risks and the potential impact from foreign exchange rates and interest rates on CAFD; the impact from potential caps on market prices in the net value of our assets; taxes on energy companies in Spain; equity investments; estimates and targets; escalation factors in relation to inflation; net corporate leverage based on CAFD estimates; financial flexibility; the use of non -IFRS measures as a useful predicting tool for investors; and various other factors, including those factors discussed under “Item 3. Key Information— D. Risk Factors” and “Item 5.A—Operating Results” in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC. Non-IFRS Financial Measures This press release also includes certain non -IFRS financial measures. Non -IFRS financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. We present non-IFRS financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non -IFRS financial measures may not be comparable to other similarly titled measures employed by other companies and may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non- IFRS financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Rounding: Certain figures included in this press release have been rounded for ease of presentation. Percentage figures inclu ded in this press release have not, in all cases, been calculated on the basis of such rounded figures but on the basis of such am ounts prior to rounding. For this reason, percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in our Financial Statements. Certain numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them due to rounding.
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2Q2026 2Q2025 6M2026 6M2025 Natural Gas Transportation 194,343 201,481 402,444 417,179 Liquids Production and Commercialization 238,904 160,761 445,761 318,340 Midstream and Telecommunications 102,274 101,905 205,355 186,071 535,522 464,147 1,053,560 921,590 Cost of sales (262,398) (219,816) (478,693) (414,020) Administrative and Selling Expenses (56,369) (56,685) (101,136) (100,439) Other Operating Results, net (428) (23,981) 9,361 (43,296) 216,327 163,666 483,092 363,835 Net Financial Results (19,122) (79,313) (5,689) (56,009) Gain / (Loss) from associates 130 334 (63) 431 197,336 84,687 477,339 308,256 Income Tax expense (64,191) (30,906) (173,033) (102,172) 133,145 53,780 304,306 206,084 176.88 71.44 404.25 273.77 884.38 357.22 2,021.26 1,368.85 62,086 59,256 123,226 116,359 - (5,352) - 10,118Climate event impairment on materials and PPE Transportadora de Gas del Sur S.A. Financial Information for the three-months ("2Q") and six-month periods ("6M") ended June 30, 2026 and 2025 (In millions of Argentine pesos, except for per share and per ADS information in pesos or where otherwise indicated) Depreciation of PPE Earnings per ADS Revenues Operating profit Total comprehensive income before Income Tax Total comprehensive income Earnings per share 2Q2026 2Q2025 6M2026 6M2025 Financial income Interest 15,100 10,460 25,460 19,805 Foreign exchange gain 33,401 51,718 (19,260) 75,361 Subtotal 48,501 62,178 6,199 95,166 Financial expenses Interest (37,872) (22,644) (74,812) (43,452) Foreign exchange loss (126,455) (98,081) (26,323) (131,989) Subtotal (164,327) (120,725) (101,135) (175,440) Other financial results Results on assets at fair value through profit or loss 124,116 (1,368) 159,830 74,031 Others (3,800) (3,357) (8,499) (6,651) Subtotal 120,317 (4,726) 151,331 67,380 Loss on monetary position (23,613) (16,040) (62,084) (43,115) Total (19,122) (79,313) (5,689) (56,009) Financial results for the three and six-month periods ended June 30, 2026 and 2025 (In million of Argentine Pesos)
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Natural Gas Transportation Liquids Midstream Telecommunications Total 6M2026 Revenues 402,444 445,761 201,471 3,883 1,053,560 Depreciation (72,389) (8,655) (42,181) - (123,226) Operating profit / (loss) 209,314 177,145 97,056 (424) 483,092 Investments in PPE 167,019 8,505 252,070 - 427,593 6M2025 Revenues 417,179 318,340 181,839 4,232 921,590 Depreciation (72,187) (8,181) (35,991) - (116,359) Operating profit / (loss) 185,447 93,991 84,669 (272) 363,835 Investments in PPE 63,987 5,492 63,928 - 133,408 Natural Gas Transportation Liquids Midstream Telecommunications Total 2Q2026 Revenues 194,343 238,904 100,249 2,025 535,522 Depreciation (36,502) (4,352) (21,232) - (62,086) Operating profit / (loss) 95,485 77,934 43,202 (293) 216,327 Investments in PPE 80,974 5,830 131,609 - 218,413 2Q2025 Revenues 201,481 160,761 99,761 2,144 464,148 Depreciation (36,115) (4,065) (19,077) - (59,256) Operating profit / (loss) 83,616 29,790 50,464 (203) 163,666 Investments in PPE 34,368 3,632 30,222 - 68,222 Natural Gas Transportation Liquids Midstream Telecommunications Total 6M2026 Revenues 376,944 421,371 188,409 3,462 990,186 Depreciation (7,679) (1,125) (8,985) - (17,789) Operating profit / (loss) 259,837 172,672 123,396 (724) 555,181 Investments in PPE 160,829 8,330 209,782 - 378,941 6M2025 Revenues 294,058 226,036 129,819 2,863 652,776 Depreciation (4,785) (645) (5,264) - (10,694) Operating profit 192,481 65,678 81,444 5 339,608 Investments in PPE 44,848 3,881 45,736 - 94,465 Natural Gas Transportation Liquids Midstream Telecommunications Total 2Q2026 Revenues 189,666 234,202 98,508 1,845 524,221 Depreciation (4,200) (618) (4,627) - (9,445) Operating profit / (loss) 123,285 80,928 59,277 (156) 263,334 Investments in PPE 79,535 5,807 98,730 - 184,072 2Q2025 Revenues 148,187 119,405 73,183 1,461 342,236 Depreciation (2,632) (328) (3,097) - (6,057) Operating profit / (loss) 98,052 22,411 47,514 (139) 167,838 Investments in PPE 22,942 2,506 23,600 - 49,048 Business Segment information (In million of Argentine Pesos) (In million of Argentine Pesos) (In million of Argentine Pesos without inflation adjustment - Non Audited) (In million of Argentine Pesos without inflation adjustment - Non Audited)
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06/30/2026 12/31/2025 Assets Non Current assets Property, plant and equipment 4,017,043 3,713,452 Investments in associates 6,189 6,252 Deferred income tax assets 4 61 Other receivables 428 505 4,023,664 3,720,270 Current assets Other receivables 189,756 259,664 Inventories 9,114 12,136 Trade receivables 238,533 230,217 Contract assets - 32 Financial assets at amortized cost 335,706 416,743 Financial assets at fair value through profit or loss 1,583,684 758,924 Cash and cash equivalents 286,690 941,531 2,643,483 2,619,247 6,667,147 6,339,517 Equity Common stock 1,137,580 1,137,580 Issuance premium of treasury shares (84,144 ) (84,144 ) Legal reserve 207,460 182,821 Reserve for capital expenditures, acqsuition of treasury shares and / or dividends 2,401,529 1,933,382 Accumulated retained earnings 304,306 492,786 Non Controlling interest 3 3 3,966,734 3,662,429 Liabilities Non-current liabilities Deferred income tax liabilities 288,968 281,623 Contract liabilities 156,075 161,426 Loans 1,535,572 1,710,372 1,980,615 2,153,421 Current liabilities Provisions 1,318 1,125 Contract liabilities 170,235 10,376 Other payables 216 406 Taxes payables 9,370 13,387 Income tax payable 133,836 61,622 Payroll and social security taxes payables 23,762 32,399 Loans 172,904 286,728 Trade payables 208,158 117,624 719,798 523,668 0 0 2,700,413 2,677,089 6,667,147 6,339,517 Consolidated Statement of Financial Position as of June 30, 2026 and December 31, 2025 (in million of Argentine pesos) Total Equity and Liabilities Total non current assets Total current assets Total Assets Total Equity Total Non-current Liabilities Total Current Liabilities Total Liabilities
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2026 2025 Cash flow provided by operating activities Total comprehensive income for the year 304,306 206,084 Reconciliation of net income to cash flow provided by operating activities: Depreciation of PPE 123,226 116,359 Climate Event Impairment on PPE - 10,118 Disposal of PPE 777 5,826 Increase in allowances and provisions 398 213 Share of (gain) / loss from associates 63 (431) Interest expense accrual 74,995 42,530 Results on other financial assets other than cash and cash equivalents (174,289) (82,855) Income tax 173,033 102,172 Impairment of financial assets 81 11,194 Foreign exchange loss 51,608 69,207 Loss on monetary position 61,374 34,351 Changes in assets and liabilities: Trade receivables (51,981) (69,865) Other receivables (7,580) (31,973) Inventories 1,251 (11,505) Trade payables 40,768 32,385 Payroll and social security taxes payable (3,909) (1,450) Taxes payable (2,063) 5,773 Contract assets 27 - Other payables (131) (129) Interest paid (68,397) (32,827) Income tax paid (76,089) (69,007) Contract liabilities 154,508 (6,405) Cash flow provided by operating activities 601,976 329,762 Cash flow used in investing activities Additions to property, plant and equipment (318,456) (152,921) Interest received 17,300 - Proceeds from sales of financial assets not considered cash equivalents, net 315,034 83,997 Payments for acquisitions of financial assets not considered cash equivalents (2,383,493) (260,850) Proceeds from sales of financial assets not considered cash equivalents 1,220,945 214,623 Cash flow used in investing activities (1,148,670) (115,150) Cash flow provided by / (used in) financing activities Proceeds from loans 44,759 - Leasing payments (389) (514) Payment of loans (39,921) (682) Dividend paid - (270,657) Cash flow provided by / (used in) financing activities 4,449 (271,853) Net variation in cash and cash equivalents (542,246) (57,241) Cash and cash equivalents at the beginning of the period 941,531 92,378 Monetary result effect on cash and cash equivalents (84,569) (13,138) Foreign exchange gain on cash and cash equivalents (28,027) 200 Cash and cash equivalents at the end of the period 286,690 22,200 Consolidated Statement of Cash Flows for the first semesters ended June 30, 2026 and 2025 (In million of Argentine Pesos)