Transportadora de Gas del Sur S A : Tgs announces results for the second quarter ended on June 30, 2023 (“2Q2023”)(1) - Form 6-K

tgs announces results for the

second quarter ended on June 30, 2023 ("2Q2023")⁽¹⁾

Transportadora de Gas del Sur ("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 83.4 MMm³/d. We are one of the main natural gas processors. In addition, our infrastructure investments in the Vaca Muerta formation place us as one of the main Midstreamers in Argentina.

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 51% of the total share capital. CIESA's shareholders are: (i) Pampa Energía S.A. with 50%, (ii) led by the Sielecki family, Grupo Investor Petroquímica S.L. (GIP), and PCT L.L.C. hold the remaining 50%.

For further information, see our websitehttps://www.tgs.com.ar/inversores/servicio-para-inversores?lang=EN

Stock Information

BYMA Symbol: TGSU2

NYSE Symbol: TGS (1 ADS = 5 ordinary shares)

Shareholding structure as of June 30, 2023

tgs holds 794,495,283 issued shares and 752,761,058 outstanding shares.

Buenos Aires, Argentina, August 7, 2023

During the 2Q2023, total comprehensive income amounted to Ps. 12,101 million, or Ps. 80.38 per share (Ps. 37.61 per ADS), compared to a total comprehensive income of Ps. 11,439 million, or Ps. 15.20 per share (Ps. 75,98 per ADS) in the second quarter ended on June 30, 2022 ("2Q2022").

Operating profit for 2Q2023 amounted to Ps. 15,119 million, which was Ps. 4,968 million below 2Q2022. This variation was mainly due to lower revenues from the Natural Gas Transportation and Production and Commercialization of the Natural Gas Liquids (Liquids) segments amounting to Ps. 4,207 million and Ps. 1,212 million, respectively.

Operating costs increased Ps. 1,291 million.

These effects were partially offset by higher revenues from Other Services of Ps. 1,668 million.

Financial results recorded a positive variation of Ps. 6,873 million.

(1)The financial information presented in this press release is based on interim consolidated financial statements presented in constant Argentine pesos as of June 30, 2023 (Ps.) which is based on the application of the International Financial Reporting Standards (IFRS).

Transportadora de Gas del Sur S.A. 2

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Highlights during 2Q2023 and beyond

ØOn June 5, 2023, ENARSA awarded us through a private tender, the operation and maintenance service of the President Néstor Kirchner Gas Pipeline ("GPNK") Tratayén - Salliqueló section. The terms of the contract are five years with an option to extend it for an additional 12 months. The operation and maintenance contract granted to tgs also includes the corresponding subway and surface facilities, in addition to the associated compressor plants in Tratayén and Salliqueló.

ØOn July 9, 2023, the GPNK system was inaugurated and as planned by schedule it was initiated, and is now currently in operation. This natural gas pipeline crosses the provinces of Neuquén, Río Negro, La Pampa and Buenos Aires, reaching an extension of 573 km with an initial transportation capacity of up to 11 MMm3/day.

Analysis of the results

Total revenues amounted to Ps. 56,709 million in 2Q2023, a Ps. 3,751 million decrease compared to Ps. 60,461 million in 2Q2022.

The breakdown of operating costs, administrative and commercialization expenses, excluding depreciation, for 2Q2023 and 2Q2022 is shown in the table below:

Operating costs and administrative and selling expenses increased by Ps. 1,291 million in 2Q2023 from 2Q2022. This variation was due to higher: (i) cost of natural gas consumed for liquids production (higher price due to exchange rate increase, while US dollar price was lower, and volume; partially offset by IAS 29 restatement effect) by Ps. 939 million, (ii) repair and maintenance PPE operating expenses of Ps. 534 million, (iii) export taxes (due to higher volumes sold) of Ps. 294 million, and (iv) other third-party fees amounting to Ps. 131 million. These effects were partially offset by lower: (i) tax and contributions (without considering export taxes) by Ps. 532 million, (ii) depreciation of Ps. 201 million, and (iii) labor costs of Ps. 181 million.

Transportadora de Gas del Sur S.A. 3

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Financial results are presentedin gross terms considering the effect of change in the currency purchasing power ("(Loss) / gain on monetary position") in a single separate line. In 2Q2023, the financial results recorded a positive variation of Ps. 6,873 million compared to 2Q2022. This variation was mainly due to the higher positive result generated by financial assets of Ps. 13,464 million. This effect was partially offset by a higher negative exchange difference of Ps. 5,331 million (as a consequence of the higher exchange rate variation during 2Q2023) and the lower gain on monetary position of Ps. 1,505 million.

Natural Gas Transportation

Operating profit of the Natural Gas Transportation segment was Ps. 67 million in 2Q2023 compared to a profit of Ps. 3,803 million in 2Q2022.

Natural gas transportation revenues accounted for approximately 24% and 29% of total revenues in 2Q2023 and 2Q2022, respectively.

Revenues from this segment are derived mainly from firm natural gas transportation contracts which represent approximately 85% and 84%, respectively, of the total revenues for this segment in 2Q2023 and 2Q2022.

Transportadora de Gas del Sur S.A. 4

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

This tariff segment, subject to ENARGAS regulation, received its last tariff increase of 95% starting April 29, 2023. Previously, and effective on March 1, 2022, we received a tariff increase of 60%.

The decrease in operating profit was mainly due to lower revenues following the tariffs adjustment, which were not enough to offset the negative variation associated with the inflation restatement effect under IAS 29. This effect was partially offset by lower operating expenses.

Liquids Production and Commercialization

Liquids Production and Commercializationrevenues accounted for approximately 59% and 58% of total revenues in 2Q2023 and 2Q2022, respectively. During 2Q2023, production increased by 17,300 tons reaching 283,372 tons.

The operating profit of this business segment for 2Q2023 was Ps. 2,289 million below 2Q2022, reaching Ps. 10,272 million (compared to Ps. 12,560 million recorded in 2Q2022). This decrease was mainly due to lower revenues of Ps. 1,212 million and an increase in the cost of natural gas consumed of Ps. 940 million.

In terms of the Liquids revenues, which amounted to Ps. 33,690 million in 2Q2023 (Ps. 34,902 million in 2Q2022), we can highlight the impact of the IAS 29 restatement, which resulted in a decrease of Ps. 17.757 million, and the decrease in prices of Ps. 4.817 million. These effects were partially offset by the nominal variation of the exchange rate on U.S. dollar-denominated revenues amounting to Ps. 11,763 million, higher volumes shipped totaling Ps. 7,013 million and higher income under the take-or-pay clause of the ethane contract with PBB Polisur S.R.L. for Ps. 1,243 million.

Total volumes dispatched increased 24%, or 55,475 tons, compared to 2Q2022. This increase was mainly due to higher propane and butane exports and ethane tons shipped. These effects were partially offset by lower tons of propane and butane sold in the local market.

Transportadora de Gas del Sur S.A. 5

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

The breakdown of volumes dispatched by market and product and revenues by market is included below:

Other Services and Telecommunications

The Other Services business segment includes mainly services provided by tgs in Vaca Muerta, representing approximately 17% and 13% of our total revenues for 2Q2023 and 2Q2022, respectively.

Transportadora de Gas del Sur S.A. 6

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Operating profit increased by Ps. 1,057 million mainly as a result of a Ps. 1,668 million increase in revenues in 2Q2023, which was partially offset by the rise in the operating costs of Ps. 612 million.

The increase in revenues was primarily explained by higher natural gas transportation and conditioning services at Vaca Muerta amounting to Ps. 3,648 million, and the nominal effect of the exchange rate on U.S. dollar-denominated revenues of Ps. 2,092 million. These effects were partially offset by the impact of the IAS 29 restatement of Ps. 3,911 million.

Financial position analysis

Net debt

As of June 30, 2023, our negative net debt amounted to Ps. 7,673 million compared to the positive net debt of Ps. 18,341 million as of December 31, 2022. Our total net financial debt is denominated foreign currency, different from the Argentine peso, for both periods and is shown in Argentine pesos in the table below.

The table below shows a reconciliation of our net debt:

Transportadora de Gas del Sur S.A. 7

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Liquidity and capital resources

The net variation in cash and cash equivalents for 2Q2023 and 2Q2022 was as follows:

As of June 30, 2023 and December 31, 2022, fund allocations were as follows:

Below is a reconciliation of the free cash flows for the 2Q2023 and 2Q2022:

2Q2023 vs. 2Q2022

During 2Q2023, cash flow provided by operating activitiesamounted to Ps. 19,070 million, while in 2Q2022 cash flow used in operating activities it amounted to Ps. 5,669 million. This was mainly due to lower income tax payments (the balance of which was cancelled through the use of tax credits).

Cash flow used in investing activitiesamounted to Ps. 27,080 million in 2Q2023, compared to Ps. 2,948 in 2Q2022. This increase was mainly due to higher payments for the acquisition of PPE as part of the investments in Vaca Muerta and higher payments for the acquisition of non-cash investments.

Transportadora de Gas del Sur S.A. 8

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Finally, cash flow used in financing activitiesincreased by Ps. 290 million, due to the cancellation of loans, and was partially offset by the proceeds of loans.

2Q2023 earnings videoconference

We invite you to participate in the videoconference to discuss this 2Q2023 announcement on TuesdayAugust 8, 2023 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_BEtFHobDRQS7jDrLKMMg_Q

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 other 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 forward-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 "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, 2022, 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, 2022 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

Transportadora de Gas del Sur S.A. 9

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

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 included in this press release have not, in all cases, been calculated on the basis of such rounded figures but on the basis of such amounts 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.

Transportadora de Gas del Sur S.A. 10

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Transportadora de Gas del Sur S.A. 11

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Transportadora de Gas del Sur S.A. 12

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Transportadora de Gas del Sur S.A. 13

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases

2Q2023 EARNINGS RELEASE

Transportadora de Gas del Sur S.A. 14

Edificio Madero Office - 355 Cecilia Grierson St. 26^th floor

(C1107CPG), Autonomous City of Buenos Aires, Argentina.

https://www.tgs.com.ar/investors/Press-releases