Transportadora De Gas Sa Ord B earnings date
Transportadora De Gas Sa Ord B (TGSN) Q3 2026 Earnings Report
MX:TGSN Q3 2026 EPS Results
- Actual EPS
- MXN 8.87
- Consensus EPS
- MXN 12.45
- Beat/Miss
- Missed by -MXN 3.59
- One Year Ago EPS
- MXN 9.42
MX:TGSN Q3 2026 Revenue Results
- Actual Revenue
- MXN 6.54B
- Expected Revenue
- MXN 6.34B
- Beat/Miss
- Beat by +MXN 195.28M
- YoY Revenue Growth
- +10.86%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
Transportadora De Gas Sa Ord B's next earnings date is estimated for March 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was broadly positive, led by RIGI approval for the NGL project, strong project contracting and financing progress, growth in Liquids EBITDA and Vaca Muerta volumes, stable cash, and substantial nonregulated EBITDA generation. These positives were tempered by declines in net income, Natural Gas Transportation EBITDA, and Midstream EBITDA, negative financial results, lower Liquids volumes, inflation and foreign exchange effects, and significant CapEx and financing requirements.
Management expects the NGL project to reach full capacity contracted before the end of the year, financial close by December this year, and a syndicated loan of approximately $1.4 billion; Perito Moreno expansion completion is expected by the end of April '27, with the pipeline expected to start on May 1, '27, and the NGL project’s expected COD in March 2030, with “maybe some months” of anticipation possible. Revenue recovery is expected in “this 5-year period or 4-year period up to 2030”; additional GPM expansion CapEx is approximately $100 million, including $70 million under RIGI and $30 million under the TGS license; additional Vaca Muerta investment is around $60 million; insurance expenses of around $50 million are expected to be fully recovered by the first quarter of next year; consolidated net leverage is estimated to peak at less than 2.5x; Perito Moreno CapEx is estimated at $500 million for this year and NGL project CapEx at $400 million; NGL project CapEx of $3 billion is allocated as $400 million this year, $1.1 billion the following 2 years, and the remainder in '29 and something and some part of them in the beginning of 2030; and no additional OpEx is expected for the NGL project up to 2030, approximately.
- NGL Project Approved for RIGIOn October 19, the Economy Minister announced approval of the NGL project for inclusion in RIGI. The company said RIGI provides tax and foreign exchange benefits and regulatory stability for 30 years, and that approval is a condition for Midstream de Gas del Sur to raise debt to partially finance the investment.
- NGL Contracted Capacity Reached 96%Additional agreements with gas producers increased the NGL project's take-or-pay contracted capacity to 96%. The company expects to reach full contracted capacity before the end of the year. Initial works have commenced and the main EPC contracts have been executed.
- NGL Project Financing ProgressingTGS is in advanced negotiations with banks for an approximately $1.4 billion syndicated loan to partially finance the MGS investment. Management said the process is going smoothly and expects financial close by December this year.
- Perito Moreno Expansion ProgressThe regulator approved allocation of the remaining 9 million cubic meters per day of transportation capacity for the Perito Moreno pipeline expansion. Works are underway and completion is expected by the end of April '27. Total CapEx stood at approximately $360 million as of September 30.
- Additional Perito Moreno Expansion RequestedOn October 8, TGS requested approval to exercise its option to expand the Perito Moreno pipeline by an additional 4.5 million cubic meters per day out of the total 6 million cubic meters per day authorized by ENARSA. The company expects to receive approval shortly.
- Liquids EBITDA Increased 20%Liquids EBITDA increased to ARS 83.6 billion in the third quarter of '26 from ARS 69.4 billion in the same quarter of '25, an increase of approximately 20%. Higher international reference prices positively impacted EBITDA by almost ARS 41 billion, while a 9% reduction in the average natural gas price, from $3.4 to $3.1 per million BTU, reduced variable costs by ARS 6.5 billion.
- Vaca Muerta Midstream Volumes GrewRevenues from midstream services rendered in Vaca Muerta increased by ARS 13.8 billion. Transported natural gas billed volume rose from an average of 32 million cubic meters per day in the third quarter of '25 to 35 million cubic meters per day this quarter, while natural gas conditioning volume increased from 29 million to 31 million cubic meters per day.
- Stable Real Cash Position and Strong EBITDA GenerationCash remained stable in real terms at ARS 329 billion during the third quarter of '26. EBITDA generation was ARS 269 billion, with 56% generated by nonregulated businesses, even after considering the full normalization of the natural gas transportation segment.
- Customer Prepayment Supported Working CapitalWorking capital decreased by ARS 138 billion, primarily due to collection of the second prepayment installment of approximately ARS 157 billion from customers that contracted 5 million cubic meters per day of incremental firm transportation capacity.
- Pampa Gathering Pipeline AgreementTGS signed a 15-year agreement with Pampa for a new gathering pipeline in Vaca Muerta under the same conditions as the existing pipeline. The agreement is intended to move Pampa's flow to the new pipeline and create additional space in the existing pipeline to feed the NGL project. Total CapEx is expected to be around $190 million.
- Investment to Manage Vaca Muerta Gas GrowthTGS is working on approximately $60 million of additional investment to manage the transition from 2027 through 2030. The company has signed additional contracts with gas producers, is building a stabilization plant in Tratayen, and plans to add another stabilization plant and other debottlenecking facilities.
- Insurance Claim Expected to Be Fully RecoveredManagement said the insurance claim process related to last year's flood event is progressing smoothly and that TGS expects to fully recover its approximately $50 million of expenses by the first quarter of next year.
- Transportation Tariff AdjustmentThe quarterly inflation-linked tariff adjustment for the Transportation segment was approximately 6%.
- Net Leverage Expected Below 2.5xManagement confirmed that financing for the project will have recourse to TGS with contingent warranties, and estimated that consolidated net leverage will peak at less than 2.5x during the 2027 CapEx overlap.
- Future NGL and Gathering Expansions Under ReviewTGS is analyzing future expansions of the NGL project and gathering system to accommodate the very rich gas expected from Vaca Muerta. Management said the increased contracts and NGL project should improve returns.
- Construction Delay Protections in PlaceThe company said its EPC contracts include clauses addressing potential construction delays and that the total project time estimate includes a buffer.
- Project CapEx and Development Timeline DetailedManagement estimated $500 million of Perito Moreno CapEx and $400 million of NGL project CapEx for this year. Perito Moreno is expected to start on May 1, '27, while the NGL project's expected COD is in March 2030, with possible anticipation by some months depending on the project.
- NGL Project Expenses CapitalizedManagement stated that NGL project expenses are capitalized and that the company expects no additional OpEx related to the project up to approximately 2030.
- NGL Investment Program ReaffirmedThe RIGI-approved investment is $3.2 billion, including more than $200 million of in-kind contribution related to existing processing plants. The $3 billion CapEx component is expected to be distributed as $400 million this year, $1.1 billion over the following two years, and the remainder in '29 and part of early 2030.
- Additional Import and Project Financing LinesTGS has import financing for PGS of up to $300 million, project financing for MGS of $120 million, and the approximately $1.4 billion project finance facility. Management said the project finance includes repayment of the import financing.
MX:TGSN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 09, 2027 | 2026 (Q4) | 13.76- | 11.43 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 12.458.87 | 9.42 | -5.92% (-0.56) | |
| Aug 03, 2026 | 2026 (Q2) | 13.5710.99 | 3.74 | 194.03% (+7.25) | |
| May 05, 2026 | 2026 (Q1) | 16.7314.13 | 11.69 | 20.83% (+2.44) | |
| Feb 27, 2026 | 2025 (Q4) | 8.1811.43 | 15.08 | -24.17% (-3.64) | |
| Nov 03, 2025 | 2025 (Q3) | 5.119.42 | 6.49 | 45.27% (+2.94) | |
| Aug 05, 2025 | 2025 (Q2) | 2.573.74 | 11.3 | -66.94% (-7.57) | |
| May 08, 2025 | 2025 (Q1) | 11.3811.69 | 7.84 | 49.05% (+3.85) | |
| Feb 27, 2025 | 2024 (Q4) | 11.6215.08 | -8.14 | 285.16% (+23.22) | |
| Nov 04, 2024 | 2024 (Q3) | 8.596.49 | 1.73 | 275.27% (+4.76) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
