Financials TGS ASA

Equities

TGS

NO0003078800

Oil Related Services and Equipment

Real-time Oslo Bors Other stock markets 05:47:28 2026-01-21 am EST			5-day change	1st Jan Change
97.45 ^NOK	+0.67%		-1.37%	+6.33%

Jan. 16	Odin Norge Rises 3.97 Percent in December – Strong Finish to the Year	FW
Jan. 15	TGS Announces New OBN Multi-Client Survey in the Gulf of America	CI

Projected Income Statement: TGS ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	448.8	308.9	716.6	794.3	1,318	1,514	1,422	1,456
Change	-	-31.17%	132.01%	10.84%	65.95%	14.89%	-6.08%	2.39%
EBITDA ¹	349.1	196	538.9	383.9	694.2	883.9	837.7	858
Change	-	-43.86%	174.97%	-28.76%	80.83%	27.32%	-5.23%	2.42%
EBIT ¹	-293	-161.6	130.7	53.3	195.5	209.7	181.4	203.2
Change	-	44.84%	180.9%	-59.23%	266.86%	7.25%	-13.49%	12.01%
Interest Paid ¹	3.312	-10.95	-6.1	-3.459	-35.8	-74.8	-50.05	-48.62
Earnings before Tax (EBT) ¹	-289.7	-39.93	127.6	51.88	147.5	133	131.2	154.2
Change	-	86.22%	419.48%	-59.33%	184.31%	-9.8%	-1.38%	17.52%
Net income ¹	-204.9	-54.11	86.67	21.65	94.22	46.56	90.39	105.6
Change	-	73.59%	260.18%	-75.02%	335.25%	-50.58%	94.13%	16.83%
Announcement Date	2/11/21	2/10/22	2/9/23	2/15/24	2/20/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	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
Net sales ¹	120.3	74.84	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	366.9	357	360	379	397	-	-	-
Change	-	-37.8%	-28.38%	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%	-13.54%	-2.71%	0.84%	5.28%	4.75%	-	-	-
EBITDA ¹	105.6	51.26	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	234.9	203	207	221	241	-	-	-
Change	-	-51.46%	-37.18%	-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%	-15.46%	-13.59%	1.97%	6.76%	9.05%	-	-	-
EBIT ¹	-48.48	-20.04	-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	57.83	33	36	49	68	-	-	-
Change	-	58.67%	-22.29%	-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%	-49.8%	-42.94%	9.09%	36.11%	38.78%	-	-	-
Charge d'intérêts ¹	-1.959	-4.09	-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	-13	-13	-12	-12	-12	-12	-12	-12
Earnings before Tax (EBT) ¹	-50.44	64.51	-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	43.32	13.41	29.1	35.55	57.07	-	-	-
Change	-	227.91%	-144.64%	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%	-54.92%	-69.04%	116.93%	22.15%	60.54%	-	-	-
Net income ¹	-26.29	42.57	-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	36.45	-1.17	22.1	27.05	50.13	-	-	-
Change	-	261.93%	-144.16%	-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%	-41.21%	-103.21%	1,989.61%	22.38%	85.35%	-	-	-
Announcement Date	2/11/21	5/12/21	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	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: TGS ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-193	-182	-188	-112	489	456	504	485
Change	-	5.7%	-3.3%	40.43%	536.61%	-6.73%	10.53%	-3.77%
Announcement Date	2/11/21	2/10/22	2/9/23	2/15/24	2/20/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: TGS ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	376.3	169.1	224.6	428.1	399.7	116.5	105	110
Change	-	-55.08%	32.82%	90.64%	-6.62%	-70.86%	-9.87%	4.76%
Free Cash Flow (FCF) ¹	-21.62	148.6	70.43	156.7	229	250.5	168	184.8
Change	-	787.3%	-52.6%	122.44%	46.14%	9.4%	-32.93%	9.97%
Announcement Date	2/11/21	2/10/22	2/9/23	2/15/24	2/20/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: TGS ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	77.79%	63.45%	75.19%	48.33%	52.66%	58.36%	58.89%	58.91%
EBIT Margin (%)	-65.29%	-52.32%	18.24%	6.71%	14.83%	13.85%	12.75%	13.95%
EBT Margin (%)	-64.55%	-12.93%	17.8%	6.53%	11.19%	8.78%	9.22%	10.59%
Net margin (%)	-45.65%	-17.52%	12.09%	2.73%	7.15%	3.07%	6.35%	7.25%
FCF margin (%)	-4.82%	48.1%	9.83%	19.73%	17.37%	16.54%	11.81%	12.69%
FCF / Net Income (%)	10.55%	-274.6%	81.27%	723.81%	243.03%	538%	185.86%	174.95%
Profitability
ROA	-4.95%	-2.98%	4.92%	1.14%	3.14%	-	-	-
ROE	-14.66%	-4.59%	7.35%	-	5.62%	2.26%	5%	5.57%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	0.7x	0.52x	0.6x	0.56x
Debt / Free cash flow	-	-	-	-	2.14x	1.82x	3x	2.62x
Capital Intensity
CAPEX / Current Assets (%)	83.86%	54.74%	31.33%	53.89%	30.33%	7.69%	7.38%	7.55%
CAPEX / EBITDA (%)	107.8%	86.27%	41.67%	111.51%	57.58%	13.18%	12.53%	12.82%
CAPEX / FCF (%)	-1,740.89%	113.79%	318.81%	273.23%	174.59%	46.51%	62.5%	59.54%
Items per share
Cash flow per share ¹	3.03	2.7	2.893	4.598	3.18	4.383	3.716	3.918
Change	-	-10.88%	7.12%	58.93%	-30.82%	37.8%	-15.22%	5.46%
Dividend per Share ¹	0.5	0.56	0.56	0.56	0.56	0.608	0.599	0.602
Change	-	12%	0%	0%	0%	8.57%	-1.48%	0.5%
Book Value Per Share ¹	10.66	9.58	9.983	9.713	10.58	10.21	10.04	9.985
Change	-	-10.13%	4.21%	-2.71%	8.89%	-3.43%	-1.68%	-0.56%
EPS ¹	-1.75	-0.46	0.73	0.17	0.52	0.2366	0.4615	0.5381
Change	-	73.71%	258.7%	-76.71%	205.88%	-54.5%	95.06%	16.59%
Nbr of stocks (in thousands)	117,228	116,107	124,469	130,862	196,213	196,459	196,459	196,459
Announcement Date	2/11/21	2/10/22	2/9/23	2/15/24	2/20/25	-	-	-