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Transportadora de Gas del Sur S.A. (TGS) has filed a Form 6-K to announce that the Argentine gas regulator ENARGAS issued Resolution 421/2025, published in the Official Gazette on 1 July 2025, approving new tariff charts for the company.
- Automatic monthly adjustment: Tariffs will now be updated every month using the formula set out in Energy Bureau Resolution 241/2025 and approved by ENARGAS Resolution 350/2025. The formula gives a 50 % weight to the national Consumer Price Index (IPC) and 50 % to the Wholesale Price Index (IPIM). The first application produces a 0.62 % tariff increase.
- Five-year review increase: An additional rise for transportation services is introduced pursuant to Section 5 of ENARGAS Resolution 256/2025. The filing does not state the percentage size of this component.
The company states that these adjustments apply to its regulated gas transportation business and were communicated as a material fact to the Argentine capital markets. No further financial, operational or guidance information was included.
Transportadora de Gas del Sur S.A. (TGS) ha presentato un Modulo 6-K per annunciare che il regolatore del gas argentino ENARGAS ha emesso la Risoluzione 421/2025, pubblicata nella Gazzetta Ufficiale il 1° luglio 2025, approvando nuovi tariffari per la società.
- Aggiornamento automatico mensile: Le tariffe saranno ora aggiornate ogni mese utilizzando la formula stabilita nella Risoluzione dell'Ufficio Energia 241/2025 e approvata dalla Risoluzione ENARGAS 350/2025. La formula attribuisce un peso del 50% all'Indice dei Prezzi al Consumo nazionale (IPC) e del 50% all'Indice dei Prezzi all'Ingrosso (IPIM). La prima applicazione comporta un aumento tariffario dello 0,62%.
- Aumento per revisione quinquennale: Viene introdotto un incremento aggiuntivo per i servizi di trasporto ai sensi della Sezione 5 della Risoluzione ENARGAS 256/2025. La comunicazione non specifica la percentuale di questo aumento.
La società dichiara che tali adeguamenti si applicano al suo business regolamentato di trasporto del gas e sono stati comunicati come fatto rilevante ai mercati dei capitali argentini. Non sono state incluse ulteriori informazioni finanziarie, operative o di guidance.
Transportadora de Gas del Sur S.A. (TGS) ha presentado un Formulario 6-K para anunciar que el regulador argentino del gas ENARGAS emitió la Resolución 421/2025, publicada en el Boletín Oficial el 1 de julio de 2025, aprobando nuevas tablas tarifarias para la empresa.
- Ajuste automático mensual: Las tarifas se actualizarán ahora cada mes utilizando la fórmula establecida en la Resolución de la Oficina de Energía 241/2025 y aprobada por la Resolución ENARGAS 350/2025. La fórmula otorga un peso del 50 % al Índice Nacional de Precios al Consumidor (IPC) y un 50 % al Índice de Precios Mayoristas (IPIM). La primera aplicación genera un aumento tarifario del 0,62 %.
- Aumento por revisión quinquenal: Se introduce un incremento adicional para los servicios de transporte conforme a la Sección 5 de la Resolución ENARGAS 256/2025. La presentación no especifica el porcentaje de este componente.
La empresa indica que estos ajustes aplican a su negocio regulado de transporte de gas y fueron comunicados como un hecho relevante a los mercados de capitales argentinos. No se incluyó información financiera, operativa ni de pronósticos adicional.
Transportadora de Gas del Sur S.A. (TGS)는 아르헨티나 가스 규제기관 ENARGAS가 2025년 7월 1일 관보에 게재된 421/2025 결의안을 발표하여 회사의 새로운 요금표를 승인했다고 6-K 양식을 통해 공시했습니다.
- 자동 월별 조정: 요금은 이제 에너지국 결의안 241/2025에 명시된 공식에 따라 매월 갱신되며, ENARGAS 결의안 350/2025에 의해 승인되었습니다. 이 공식은 국가 소비자 물가 지수(IPC)에 50%, 도매 물가 지수(IPIM)에 50%의 가중치를 부여합니다. 첫 적용 결과 요금이 0.62% 인상됩니다.
- 5년 주기 검토 인상: ENARGAS 결의안 256/2025 제5조에 따라 운송 서비스에 추가 인상이 도입됩니다. 제출 문서에는 이 인상 비율이 명시되어 있지 않습니다.
회사는 이러한 조정이 규제된 가스 운송 사업에 적용되며, 아르헨티나 자본 시장에 중요한 사실로 공시되었다고 밝혔습니다. 추가적인 재무, 운영 또는 가이던스 정보는 포함되지 않았습니다.
Transportadora de Gas del Sur S.A. (TGS) a déposé un formulaire 6-K pour annoncer que le régulateur argentin du gaz ENARGAS a émis la résolution 421/2025, publiée au Journal Officiel le 1er juillet 2025, approuvant de nouvelles grilles tarifaires pour l'entreprise.
- Ajustement automatique mensuel : Les tarifs seront désormais mis à jour chaque mois selon la formule définie dans la résolution du Bureau de l'Énergie 241/2025 et approuvée par la résolution ENARGAS 350/2025. La formule attribue un poids de 50 % à l'indice national des prix à la consommation (IPC) et 50 % à l'indice des prix de gros (IPIM). La première application entraîne une augmentation tarifaire de 0,62 %.
- Augmentation liée à la révision quinquennale : Une hausse supplémentaire pour les services de transport est introduite conformément à l'article 5 de la résolution ENARGAS 256/2025. Le dépôt ne précise pas le pourcentage de cette composante.
La société indique que ces ajustements s'appliquent à son activité réglementée de transport de gaz et ont été communiqués comme un fait important aux marchés financiers argentins. Aucune information financière, opérationnelle ou d'orientation supplémentaire n'a été incluse.
Transportadora de Gas del Sur S.A. (TGS) hat ein Formular 6-K eingereicht, um bekanntzugeben, dass die argentinische Gasregulierungsbehörde ENARGAS die Resolution 421/2025 erlassen hat, die am 1. Juli 2025 im Amtsblatt veröffentlicht wurde und neue Tarifpläne für das Unternehmen genehmigt.
- Automatische monatliche Anpassung: Die Tarife werden nun monatlich anhand der in der Resolution des Energieministeriums 241/2025 festgelegten Formel aktualisiert, die durch die ENARGAS-Resolution 350/2025 genehmigt wurde. Die Formel gewichtet den nationalen Verbraucherpreisindex (IPC) zu 50 % und den Großhandelspreisindex (IPIM) zu 50 %. Die erste Anwendung führt zu einer Tariferhöhung von 0,62 %.
- Fünfjahresüberprüfungserhöhung: Gemäß Abschnitt 5 der ENARGAS-Resolution 256/2025 wird eine zusätzliche Erhöhung für Transportdienstleistungen eingeführt. Die Einreichung nennt keinen prozentualen Wert für diese Komponente.
Das Unternehmen gibt an, dass diese Anpassungen für das regulierte Gastransportgeschäft gelten und als wesentliche Tatsache den argentinischen Kapitalmärkten mitgeteilt wurden. Weitere finanzielle, operative oder prognostische Informationen wurden nicht bereitgestellt.
- Automatic monthly tariff adjustment using 50 % CPI and 50 % IPIM indices provides recurring inflation pass-through.
- Immediate 0.62 % tariff increase effective July 2025 under the new formula.
- Additional transportation-service increase resulting from the five-year tariff review (ENARGAS Res. 256/2025).
- None.
Insights
TL;DR – Tariff framework shifts to monthly indexation, giving TGS modest (0.62 %) but recurring inflation pass-through and an extra long-term hike.
From an earnings perspective, ENARGAS Resolution 421/2025 is positive. The 0.62 % uplift is small in isolation, yet the key takeaway is the automatic monthly indexation tied to Argentine inflation indicators. In a high-inflation economy, this mechanism should stabilise real cash flows and protect margins without requiring ad-hoc negotiations. Additionally, the still-unquantified increase stemming from the five-year tariff review could provide a step change in revenue once details are published. Because the filing lacks volume or peso impact data, the precise uplift cannot be modelled, but the regulatory signal lowers earnings-volatility risk and has favourable valuation implications.
TL;DR – Resolution inaugurates predictable CPI/IPIM pass-through, reducing regulatory lag risk for TGS.
The move aligns gas-transport tariffs with standard cost-recovery principles: frequent, formula-based adjustments and periodic base-rate resets. For investors, this signals a more transparent regime and narrows political-interference risk. However, initial adjustment of 0.62 % suggests that monthly formulae may lag behind Argentina’s double-digit inflation unless compounded. The companion five-year review increase could compensate, but its absence of published magnitude warrants monitoring. Overall, the change is incrementally positive for regulatory certainty.
Transportadora de Gas del Sur S.A. (TGS) ha presentato un Modulo 6-K per annunciare che il regolatore del gas argentino ENARGAS ha emesso la Risoluzione 421/2025, pubblicata nella Gazzetta Ufficiale il 1° luglio 2025, approvando nuovi tariffari per la società.
- Aggiornamento automatico mensile: Le tariffe saranno ora aggiornate ogni mese utilizzando la formula stabilita nella Risoluzione dell'Ufficio Energia 241/2025 e approvata dalla Risoluzione ENARGAS 350/2025. La formula attribuisce un peso del 50% all'Indice dei Prezzi al Consumo nazionale (IPC) e del 50% all'Indice dei Prezzi all'Ingrosso (IPIM). La prima applicazione comporta un aumento tariffario dello 0,62%.
- Aumento per revisione quinquennale: Viene introdotto un incremento aggiuntivo per i servizi di trasporto ai sensi della Sezione 5 della Risoluzione ENARGAS 256/2025. La comunicazione non specifica la percentuale di questo aumento.
La società dichiara che tali adeguamenti si applicano al suo business regolamentato di trasporto del gas e sono stati comunicati come fatto rilevante ai mercati dei capitali argentini. Non sono state incluse ulteriori informazioni finanziarie, operative o di guidance.
Transportadora de Gas del Sur S.A. (TGS) ha presentado un Formulario 6-K para anunciar que el regulador argentino del gas ENARGAS emitió la Resolución 421/2025, publicada en el Boletín Oficial el 1 de julio de 2025, aprobando nuevas tablas tarifarias para la empresa.
- Ajuste automático mensual: Las tarifas se actualizarán ahora cada mes utilizando la fórmula establecida en la Resolución de la Oficina de Energía 241/2025 y aprobada por la Resolución ENARGAS 350/2025. La fórmula otorga un peso del 50 % al Índice Nacional de Precios al Consumidor (IPC) y un 50 % al Índice de Precios Mayoristas (IPIM). La primera aplicación genera un aumento tarifario del 0,62 %.
- Aumento por revisión quinquenal: Se introduce un incremento adicional para los servicios de transporte conforme a la Sección 5 de la Resolución ENARGAS 256/2025. La presentación no especifica el porcentaje de este componente.
La empresa indica que estos ajustes aplican a su negocio regulado de transporte de gas y fueron comunicados como un hecho relevante a los mercados de capitales argentinos. No se incluyó información financiera, operativa ni de pronósticos adicional.
Transportadora de Gas del Sur S.A. (TGS)는 아르헨티나 가스 규제기관 ENARGAS가 2025년 7월 1일 관보에 게재된 421/2025 결의안을 발표하여 회사의 새로운 요금표를 승인했다고 6-K 양식을 통해 공시했습니다.
- 자동 월별 조정: 요금은 이제 에너지국 결의안 241/2025에 명시된 공식에 따라 매월 갱신되며, ENARGAS 결의안 350/2025에 의해 승인되었습니다. 이 공식은 국가 소비자 물가 지수(IPC)에 50%, 도매 물가 지수(IPIM)에 50%의 가중치를 부여합니다. 첫 적용 결과 요금이 0.62% 인상됩니다.
- 5년 주기 검토 인상: ENARGAS 결의안 256/2025 제5조에 따라 운송 서비스에 추가 인상이 도입됩니다. 제출 문서에는 이 인상 비율이 명시되어 있지 않습니다.
회사는 이러한 조정이 규제된 가스 운송 사업에 적용되며, 아르헨티나 자본 시장에 중요한 사실로 공시되었다고 밝혔습니다. 추가적인 재무, 운영 또는 가이던스 정보는 포함되지 않았습니다.
Transportadora de Gas del Sur S.A. (TGS) a déposé un formulaire 6-K pour annoncer que le régulateur argentin du gaz ENARGAS a émis la résolution 421/2025, publiée au Journal Officiel le 1er juillet 2025, approuvant de nouvelles grilles tarifaires pour l'entreprise.
- Ajustement automatique mensuel : Les tarifs seront désormais mis à jour chaque mois selon la formule définie dans la résolution du Bureau de l'Énergie 241/2025 et approuvée par la résolution ENARGAS 350/2025. La formule attribue un poids de 50 % à l'indice national des prix à la consommation (IPC) et 50 % à l'indice des prix de gros (IPIM). La première application entraîne une augmentation tarifaire de 0,62 %.
- Augmentation liée à la révision quinquennale : Une hausse supplémentaire pour les services de transport est introduite conformément à l'article 5 de la résolution ENARGAS 256/2025. Le dépôt ne précise pas le pourcentage de cette composante.
La société indique que ces ajustements s'appliquent à son activité réglementée de transport de gaz et ont été communiqués comme un fait important aux marchés financiers argentins. Aucune information financière, opérationnelle ou d'orientation supplémentaire n'a été incluse.
Transportadora de Gas del Sur S.A. (TGS) hat ein Formular 6-K eingereicht, um bekanntzugeben, dass die argentinische Gasregulierungsbehörde ENARGAS die Resolution 421/2025 erlassen hat, die am 1. Juli 2025 im Amtsblatt veröffentlicht wurde und neue Tarifpläne für das Unternehmen genehmigt.
- Automatische monatliche Anpassung: Die Tarife werden nun monatlich anhand der in der Resolution des Energieministeriums 241/2025 festgelegten Formel aktualisiert, die durch die ENARGAS-Resolution 350/2025 genehmigt wurde. Die Formel gewichtet den nationalen Verbraucherpreisindex (IPC) zu 50 % und den Großhandelspreisindex (IPIM) zu 50 %. Die erste Anwendung führt zu einer Tariferhöhung von 0,62 %.
- Fünfjahresüberprüfungserhöhung: Gemäß Abschnitt 5 der ENARGAS-Resolution 256/2025 wird eine zusätzliche Erhöhung für Transportdienstleistungen eingeführt. Die Einreichung nennt keinen prozentualen Wert für diese Komponente.
Das Unternehmen gibt an, dass diese Anpassungen für das regulierte Gastransportgeschäft gelten und als wesentliche Tatsache den argentinischen Kapitalmärkten mitgeteilt wurden. Weitere finanzielle, operative oder prognostische Informationen wurden nicht bereitgestellt.
Preliminary Terms This summary of terms is not complete and should be read with the pricing supplement below Citigroup Global Markets Holdings Inc. Issuer: Citigroup Inc. Guarantor: S&P 500 ® Index (ticker: “SPX”) and Russell 2000 ® Index (ticker: “ RTY ”) Underlyings: July 31, 2025 Pricing date: August 3, 2026 and July 31, 2028 (the “final valuation date”) Valuation dates: August 3, 2028 Maturity date: If, on the valuation date prior to the final valuation date, the closing value of the worst performer is greater than or equal to its initial underlying value, the securities will be automatically called for an amount equal to the principal plus the applicable premium Automatic early redemption: With respect to the valuation date prior to the final valuation date: At least 11.25% of the stated principal amount* With respect to the final valuation date: 40.00% of the stated principal amount Premium: 17333LEW1 / US17333LEW19 CUSIP / ISIN: 75% of its initial underlying value, for each underlying Trigger value: For each underlying, its closing value on the pricing date Initial underlying value: For each underlying, its closing value on the final valuation date Final underlying value: For each underlying on any valuation date, (current closing value - initial underlying value) / initial underlying value Underlying return: On any valuation date, the underlying with the lowest underlying return Worst performer: • If the final underlying value of the worst performer on the final valuation date is greater than or equal to its initial underlying value: $1,000 + the premium applicable to the final valuation date • If the final underlying value of the worst performer on the final valuation date is less than its initial underlying value but greater than or equal to its trigger value : $1,000 • If the final underlying value of the worst performer on the final valuation date is less than its trigger value: $1,000 + [$1,000 × underlying return of worst performer on the final valuation date] If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performer on the final valuation date is less than its trigger value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. Payment at maturity (if not autocalled): $1,000 per security Stated principal amount: Preliminary Pricing Supplement dated July 1, 2025 Pricing Supplement: * The actual premium will be determined on the pricing date. ** This hypothetical assumes that the premium applicable to the valuation date prior to the final valuation date will be set at the lowest value indicated in this offering summary. Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc. 3 Year Autocallable Securities Linked to the Worst of SPX and RTY Hypothetical Interim Payment per Security** Hypothetical Payment at Maturity Hypothetical Worst Underlying Return on Final Valuation Date $1,400.00 75.00% $1,400.00 50.00% $1,400.00 25.00% $1,400.00 0.00% $1,000.00 - 0.01% $1,000.00 - 10.00% $1,000.00 - 25.00% $749.90 - 25.01% $500.00 - 50.00% $0.00 - 100.00% Hypothetical Redemption Premium Valuation Date on which Worst Performer Exceeds Initial Underlying Value $1,112.50 11.25% August 3, 2026 If the closing value of the worst performer is greater than or equal to its initial underlying value on the valuation date before the final valuation date, then the securities will be automatically redeemed prior to maturity and you will receive a premium following that valuation date. B C Hypothetical Payment at Maturity per Security Assumes the securities have not been automatically redeemed prior to maturity A B C
Selected Risk Considerations • You may lose a significant portion or all of your investment. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performer on the final valuation date. If the final underlying value of the worst performer on the final valuation date is less than its trigger value, you will lose 1% of the stated principal amount of the securities for every 1% by which the worst performer has declined from its initial underlying value. • Your potential return on the securities is limited to the applicable premium payable upon automatic early redemption or at maturity. • The return on the securities depends solely on the performance of the worst performer. As a result, t he securities are subject to the risks of each of the underlyings and will be negatively affected if any one performs poorly. • The securities do not pay interest. • You will be subject to risks relating to the relationship among the underlyings. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. • You will not benefit in any way from the performance of any better performing underlying. • The securities offer downside exposure, but no upside exposure, to the underlyings. • You will not receive dividends or have any other rights with respect to the underlyings. • The securities are particularly sensitive to the volatility of the closing values of the underlyings on or near the valuation dates. • The securities are unsecured debt securities and are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If Citigroup Global Markets Holdings Inc. defaults on its obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the securities. • The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. • The estimated value of the securities on the pricing date is less than the issue price. For more information about the estimated value of the securities, see the accompanying preliminary pricing supplement. • The value of the securities prior to maturity will fluctuate based on many unpredictable factors. • The Russell 2000 ® Index is subject to risks associated with small capitalization stocks. • The issuer and its affiliates may have conflicts of interest with you. • The U.S. federal tax consequences of an investment in the securities are unclear. The above summary of selected risks does not describe all of the risks associated with an investment in the securities. You should read the accompanying preliminary pricing supplement and product supplement for a more complete description of risks relating to the securities. Additional Information Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333 - 270327 and 333 - 270327 - 01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll - free 1 - 800 - 831 - 9146. Filed pursuant to Rule 433 This offering summary does not contain all of the material information an investor should consider before investing in the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page. Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc.
FAQ
What did ENARGAS Resolution 421/2025 change for TGS (NYSE:TGS)?
How much is the first monthly tariff adjustment for TGS?
Which inflation indices are used in TGS’s new tariff formula?
Is there an additional increase beyond the 0.62 % adjustment?
When were the new tariff charts published?
