Financials TGS ASA OTC Markets

Stocks

TGSNF

NO0003078800

Oil Related Services and Equipment

Delayed OTC Markets Other stock markets 14:02:08 2026-07-22 EDT			5-day change	1st Jan Change
15.40 ^USD	+6.76%		+10.81%	+64.53%

07-15	SEB raises the target price for TGS to 137 Norwegian kroner (135), reiterates hold	FW
07-09	SKAGEN Vekst fell 1.18% in June, Bakkafrost, Bonheur and TGS weighed most	FW

Projected Income Statement: TGS ASA

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	308.9	716.6	794.3	1,318	1,527	1,486	1,608	1,648
Change	-	132.01%	10.84%	65.95%	15.83%	-2.66%	8.22%	2.46%
EBITDA ¹	196	538.9	383.9	694.2	896.2	924.6	1,019	1,054
Change	-	174.97%	-28.76%	80.83%	29.1%	3.17%	10.24%	3.37%
EBIT ¹	-161.6	130.7	53.3	195.5	182.4	289	340.9	365.4
Change	-	180.9%	-59.23%	266.86%	-6.72%	58.46%	17.96%	7.19%
Interest Paid ¹	-10.95	-6.1	-3.459	-35.8	-74.9	-57.3	-53.42	-60.4
Earnings before Tax (EBT) ¹	-39.93	127.6	51.88	147.5	98.1	234.1	289.7	313.5
Change	-	419.48%	-59.33%	184.31%	-33.49%	138.65%	23.74%	8.23%
Net income ¹	-54.11	86.67	21.65	94.22	18.3	237	214.3	224.3
Change	-	260.18%	-75.02%	335.25%	-80.58%	1,195.08%	-9.58%	4.68%
Announcement Date	2/10/22	2/9/23	2/15/24	2/20/25	2/12/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	53.6	60.94	119.5	132.2	230.1	135.3	219	173.2	206.3	225	189.4	152.1	224.3	451.1	490.7	496.1	334.2	424.4	363	286.9	373	386.9	427.2	392	442	425	447
Change	-	13.69%	96.11%	10.6%	74.09%	-41.18%	61.82%	-20.93%	19.13%	9.06%	-15.84%	-19.68%	47.47%	101.11%	8.77%	1.11%	-32.63%	26.99%	-14.47%	-20.96%	30.01%	3.74%	10.39%	-8.23%	12.76%	-3.85%	5.18%
EBITDA ¹	32.2	28.47	84.04	101	197.3	97.04	143.5	63.52	97.08	102.6	120.7	67.87	130.7	230.2	265.4	303.1	178.8	277.9	136.4	190.5	244	226.6	256.2	231	273	253	280
Change	-	-11.57%	195.16%	20.2%	95.28%	-50.81%	47.9%	-55.75%	52.84%	5.64%	17.69%	-43.77%	92.6%	76.12%	15.29%	14.2%	-41.01%	55.43%	-50.92%	39.66%	28.08%	-7.15%	13.1%	-9.85%	18.18%	-7.33%	10.67%
EBIT ¹	-24.5	-27.75	-87.7	33.54	31.42	13.13	64.63	-6.812	22.99	26.16	10.9	-9.445	54.64	59.9	90.42	58.5	-18.3	115.2	26.9	22.3	57.3	67.57	93.6	70	110	95	124
Change	-	-13.25%	-216.07%	138.25%	-6.32%	-58.22%	392.2%	-110.54%	437.52%	13.77%	-58.33%	-186.65%	678.55%	9.62%	50.96%	-35.3%	-131.28%	729.51%	-76.65%	-17.1%	156.95%	17.92%	38.53%	-25.22%	57.14%	-13.64%	30.53%
Charge d'intérêts ¹	-4.2	-1	-	-2.196	-1.215	-0.1	-	-6.132	-2.259	-0.453	-	-11.47	-5.924	-13.7	-16.58	-19.4	-20.1	-15.2	-15.1	-16.2	-16	-13	-13	-13	-13	-13	-13
Earnings before Tax (EBT) ¹	-28.8	-28.7	-103.1	28.29	33.5	-2.317	68.08	-12.94	20.73	28.52	15.57	-20.91	48.72	83	67.4	39.2	-44.7	96.1	7.4	10.5	44	55.49	76.16	50.7	78.28	70.69	98.15
Change	-	0.35%	-259.25%	127.44%	18.41%	-106.92%	3,038.5%	-119.01%	260.19%	37.55%	-45.42%	-234.34%	332.99%	70.35%	-18.79%	-41.84%	-214.03%	314.99%	-92.3%	41.89%	319.05%	26.11%	37.25%	-33.43%	54.42%	-9.7%	38.85%
Net income ¹	-18.8	-25.8	-85.89	20.93	25.42	-1.738	42.06	-8.705	22.64	16.78	-9.067	-16.52	35.24	37.5	38	9.5	-60	62	6.8	-10.8	39.6	42.15	56.62	32.99	54.33	48.72	71.92
Change	-	-37.23%	-232.92%	124.37%	21.45%	-106.84%	2,519.85%	-120.7%	360.05%	-25.87%	-154.03%	-82.16%	313.39%	6.4%	1.33%	-75%	-731.58%	203.33%	-89.03%	-258.82%	466.67%	6.43%	34.33%	-41.74%	64.7%	-10.33%	47.63%
Announcement Date	7/22/21	10/28/21	2/10/22	5/12/22	7/21/22	10/27/22	2/9/23	5/11/23	7/20/23	10/26/23	2/15/24	5/8/24	7/18/24	10/24/24	2/20/25	5/9/25	7/17/25	10/23/25	2/12/26	4/30/26	7/23/26	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: TGS ASA

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-182	-188	-112	489	427	508	466	404
Change	-	-3.3%	40.43%	536.61%	-12.68%	18.97%	-8.27%	-13.3%
Announcement Date	2/10/22	2/9/23	2/15/24	2/20/25	2/12/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: TGS ASA

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	169.1	224.6	428.1	399.7	94.2	98	112.3	115
Change	-	32.82%	90.64%	-6.62%	-76.44%	4.03%	14.63%	2.37%
Free Cash Flow (FCF) ¹	148.6	70.43	156.7	229	390.1	179	217.8	222.7
Change	-	-52.6%	122.44%	46.14%	70.37%	-54.11%	21.65%	2.26%
Announcement Date	2/10/22	2/9/23	2/15/24	2/20/25	2/12/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: TGS ASA

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	63.45%	75.19%	48.33%	52.66%	58.69%	62.21%	63.37%	63.94%
EBIT Margin (%)	-52.32%	18.24%	6.71%	14.83%	11.95%	19.45%	21.2%	22.17%
EBT Margin (%)	-12.93%	17.8%	6.53%	11.19%	6.42%	15.75%	18.01%	19.03%
Net margin (%)	-17.52%	12.09%	2.73%	7.15%	1.2%	15.95%	13.32%	13.61%
FCF margin (%)	48.1%	9.83%	19.73%	17.37%	25.55%	12.04%	13.54%	13.51%
FCF / Net Income (%)	-274.6%	81.27%	723.81%	243.03%	2,131.69%	75.53%	101.61%	99.26%
Profitability
ROA	-2.98%	4.92%	1.14%	3.14%	-	-	-	-
ROE	-4.59%	7.35%	-	5.62%	0.94%	11.9%	10.21%	9.9%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.7x	0.48x	0.55x	0.46x	0.38x
Debt / Free cash flow	-	-	-	2.14x	1.09x	2.84x	2.14x	1.81x
Capital Intensity
CAPEX / Current Assets (%)	54.74%	31.33%	53.89%	30.33%	6.17%	6.59%	6.98%	6.98%
CAPEX / EBITDA (%)	86.27%	41.67%	111.51%	57.58%	10.51%	10.6%	11.02%	10.91%
CAPEX / FCF (%)	113.79%	318.81%	273.23%	174.59%	24.15%	54.75%	51.59%	51.65%
Items per share
Cash flow per share ¹	2.7	2.893	4.598	3.18	4.18	3.835	3.715	3.666
Change	-	7.12%	58.93%	-30.82%	31.44%	-8.26%	-3.12%	-1.32%
Dividend per Share ¹	0.56	0.56	0.56	0.56	0.62	0.6136	0.7343	0.96
Change	-	0%	0%	0%	10.71%	-1.04%	19.68%	30.74%
Book Value Per Share ¹	9.58	9.983	9.713	10.58	10.08	10.04	10.36	10.63
Change	-	4.21%	-2.71%	8.89%	-4.67%	-0.47%	3.22%	2.6%
EPS ¹	-0.46	0.73	0.17	0.52	0.09	1.21	1.113	1.134
Change	-	258.7%	-76.71%	205.88%	-82.69%	1,244.44%	-7.98%	1.88%
Nbr of stocks (in thousands)	116,107	124,469	130,862	196,213	196,459	196,503	196,503	196,503
Announcement Date	2/10/22	2/9/23	2/15/24	2/20/25	2/12/26	-	-	-