Financials TGS ASA

Stocks

TGS

NO0003078800

Oil Related Services and Equipment

Market Closed - Oslo Bors 18:45:00 06/11/2026 +03			5-day change	1st Jan Change
128.90 ^NOK	+1.10%		-9.03%	+40.64%

11-04	Kepler Cheuvreux raises price target for TGS to 90 Norwegian kroner (70), reiterates reduce - BN	FW
10-26	Fearnley raises target price for TGS to 180 Norwegian kroner (160), reiterates buy - BN	FW

Projected Income Statement: TGS ASA

Projected Income Statement - Annual - 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	1,520	1,607	1,682
Change	-	132.01%	10.84%	65.95%	15.83%	-0.44%	5.69%	4.71%
EBITDA ¹	196	538.9	383.9	694.2	896.2	869.3	1,007	1,089
Change	-	174.97%	-28.76%	80.83%	29.1%	-3%	15.89%	8.06%
EBIT ¹	-161.6	130.7	53.3	195.5	182.4	313.1	360.9	416.1
Change	-	180.9%	-59.23%	266.86%	-6.72%	71.67%	15.25%	15.3%
Interest Paid ¹	-10.95	-6.1	-3.459	-35.8	-74.9	-51.48	-50.64	-57.42
Earnings before Tax (EBT) ¹	-39.93	127.6	51.88	147.5	98.1	266.1	312.7	367.8
Change	-	419.48%	-59.33%	184.31%	-33.49%	171.29%	17.49%	17.64%
Net income ¹	-54.11	86.67	21.65	94.22	18.3	196.1	249.2	309.6
Change	-	260.18%	-75.02%	335.25%	-80.58%	971.45%	27.12%	24.22%
Announcement Date	2/10/22 A	2/9/23 A	2/15/24 A	2/20/25 A	2/12/26 A	-	-	-

¹USD in Million

Estimates

Projected Income Statement - Quarterly - TGS ASA

Fiscal Period: December	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	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	428.3	416.6	370	432	426	460
Change	-	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%	14.83%	-2.73%	-11.19%	16.76%	-1.39%	7.98%
EBITDA ¹	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	253.8	234.7	216	257	248	288
Change	-	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%	4.02%	-7.52%	-7.97%	18.98%	-3.5%	16.13%
EBIT ¹	-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	93.1	86.06	65	100	89	134
Change	-	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%	62.48%	-7.57%	-24.47%	53.85%	-11%	50.56%
Charge d'intérêts 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	-11.2	-10.5	-12.5	-12	-12	-12	-12
Earnings before Tax (EBT) ¹	-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	84.1	71.04	49.65	79.1	83.03	107.4
Change	-	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%	91.14%	-15.53%	-30.11%	59.33%	4.96%	29.36%
Net income ¹	-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	52.3	58.36	32.56	56.5	60.93	79.63
Change	-	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%	32.07%	11.59%	-44.2%	73.51%	7.84%	30.69%
Announcement Date	2/10/22 A	5/12/22 A	7/21/22 A	10/27/22 A	2/9/23 A	5/11/23 A	7/20/23 A	10/26/23 A	2/15/24 A	5/8/24 A	7/18/24 A	10/24/24 A	2/20/25 A	5/9/25 A	7/17/25 A	10/23/25 A	2/12/26 A	4/30/26 A	7/23/26 A	10/22/26 A	-	-	-	-	-

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	402	369	322
Change	-	-3.3%	40.43%	536.61%	-12.68%	-5.85%	-8.21%	-12.74%
Announcement Date	2/10/22 A	2/9/23 A	2/15/24 A	2/20/25 A	2/12/26 A	-	-	-

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	111.3	109	110
Change	-	32.82%	90.64%	-6.62%	-76.44%	18.19%	-2.1%	0.92%
Free Cash Flow (FCF) ¹	148.6	70.43	156.7	229	390.1	230.6	210.9	261
Change	-	-52.6%	122.44%	46.14%	70.37%	-40.89%	-8.56%	23.78%
Announcement Date	2/10/22 A	2/9/23 A	2/15/24 A	2/20/25 A	2/12/26 A	-	-	-

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%	57.19%	62.71%	64.71%
EBIT Margin (%)	-52.32%	18.24%	6.71%	14.83%	11.95%	20.6%	22.46%	24.73%
EBT Margin (%)	-12.93%	17.8%	6.53%	11.19%	6.42%	17.51%	19.46%	21.87%
Net margin (%)	-17.52%	12.09%	2.73%	7.15%	1.2%	12.9%	15.51%	18.4%
FCF margin (%)	48.1%	9.83%	19.73%	17.37%	25.55%	15.17%	13.12%	15.52%
FCF / Net Income (%)	-274.6%	81.27%	723.81%	243.03%	2,131.69%	117.61%	84.6%	84.3%
Profitability
ROA	-2.98%	4.92%	1.14%	3.14%	-	-	-	-
ROE	-4.59%	7.35%	-	5.62%	0.94%	10.57%	10.8%	12.27%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.7x	0.48x	0.46x	0.37x	0.3x
Debt / Free cash flow	-	-	-	2.14x	1.09x	1.74x	1.75x	1.23x
Capital Intensity
CAPEX / Current Assets (%)	54.74%	31.33%	53.89%	30.33%	6.17%	7.32%	6.78%	6.54%
CAPEX / EBITDA (%)	86.27%	41.67%	111.51%	57.58%	10.51%	12.81%	10.82%	10.1%
CAPEX / FCF (%)	113.79%	318.81%	273.23%	174.59%	24.15%	48.28%	51.69%	42.15%
Items per share
Cash flow per share ¹	2.7	2.893	4.598	3.18	4.18	3.835	3.91	3.844
Change	-	7.12%	58.93%	-30.82%	31.44%	-8.25%	1.94%	-1.69%
Dividend per Share ¹	0.56	0.56	0.56	0.56	0.62	0.6092	0.6814	0.9067
Change	-	0%	0%	0%	10.71%	-1.75%	11.86%	33.05%
Book Value Per Share ¹	9.58	9.983	9.713	10.58	10.08	10.06	10.41	10.6
Change	-	4.21%	-2.71%	8.89%	-4.67%	-0.27%	3.52%	1.83%
EPS ¹	-0.46	0.73	0.17	0.52	0.09	0.9808	1.172	1.382
Change	-	258.7%	-76.71%	205.88%	-82.69%	989.74%	19.46%	17.99%
Nbr of stocks (in thousands)	116,107	124,469	130,862	196,213	196,459	196,756	196,756	196,756
Announcement Date	2/10/22 A	2/9/23 A	2/15/24 A	2/20/25 A	2/12/26 A	-	-	-