Pampa Energía announces nine-month period and third quarter 2026 results

PR Newswire

BUENOS AIRES, Argentina, Nov. 2, 2026

BUENOS AIRES, Argentina, Nov. 2, 2026 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), an independent energy company with active participation in Argentine oil, gas and electricity, announces the results for the nine-month period and quarter ended on September 30, 2026.

Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of September 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.

Third quarter 2026 ('Q3 26') main results¹

Sales reached US$790 million in Q3 26^², up 34% year-on-year, mainly driven by the normalization of the Wholesale Electricity Market's ('WEM'), which supported higher spot energy prices and B2B ('Business to Business') sales, increased gas sales to our CCGTs ('Combined Cycles'), growing crude oil sales and stronger Reformer prices. These effects were partially offset by lower gas deliveries under Plan Gas GSA ('Gas Sale Agreement') and to industrial customers, as well as the impact of crude oil hedges

Thermal power generation margins stood out during Q3 26, supported by their efficiency and vertical integration with our gas upstream business.

Pampa's main operational KPIs		Q3 26	Q3 25	*Variation*
Oil and gas	Production (kboe/day)	99.7	99.5	+0 %
	Gas production (kboepd)	77.6	82.2	-6 %
	Crude oil production (kbpd)	22.1	17.3	+28 %
	Average gas price (US$/MBTU)	5.0	4.4	+12 %
	Average oil price (US$/bbl)*	55.7	61.1	-9 %

Power	Generation (GWh)	5,315	5,421	-2 %
	Gross margin (US$/MWh)	35.0	26.5	+32 %

Petrochemicals	Volume sold (k ton)	115	122	-6 %
	Average price (US$/ton)	1,309	937	+40 %

^{Note: * Realized price, net of hedge, export duty and quality/logistic discounts.}

Adjusted EBITDA totaled US$398 million, up 23% year-on-year, reflecting higher thermal generation margins in the spot and B2B markets, together with the benefits of vertical integration between gas production and thermal power generation, offset by the impact on crude oil hedges.

Net income attributable to shareholders reached US$129 million, 6 times Q3 25, mainly driven by lower deferred income tax expense and improved operating margins, partially offset by lower FX gains.

Net debt stood at US$1.731 billion as of September 2026, vs. US$1.319 billion as of June 2026, reflecting higher capital expenditures, mainly at FEPASA ('Fértil Pampa S.A.U.'), equity contributions to affiliates under development, prepayments related to the GPM expansion, and collateral posted for crude oil hedging, partially offset by operating cash flow generation and dividends received from Transener.

Consolidated balance sheet
(As of September 30, 2026 and December 31, 2025, in US$ million)

In US$ million	As of 09.30.2026	As of 12.31.2025
ASSETS
Property, plant and equipment	3,863	3,303
Intangible assets	87	89
Right-of-use assets	17	36
Deferred tax asset	234	43
Investments in associates and joint ventures	1,408	1,059
Financial assets at fair value through profit and loss	34	33
Trade and other receivables	85	43
Total non-current assets	5,728	4,606

Inventories	269	231
Financial assets at fair value through profit and loss	503	366
Derivatives	-	52
Trade and other receivables	1,090	614
Cash and cash equivalents	532	725
Total current assets	2,394	1,988

Total assets	8,122	6,594

EQUITY
Share capital	35	36
Share capital adjustment	189	191
Share premium	517	516
Treasury shares adjustment	1	1
Treasury shares cost	(6)	(54)
Legal reserve	44	44
Voluntary reserve	2,706	2,399
Other reserves	(13)	(12)
Other comprehensive income	39	124
Retained earnings	605	351
Equity attributable to owners of the company	4,117	3,596

Non-controlling interest	13	9

Total equity	4,130	3,605

LIABILITIES
Provisions	76	100
Income tax and minimum notional income tax provision	28	26
Tax liabilities	194	212
Deferred tax liability	47	56
Defined benefit plans	28	26
Borrowings	2,692	1,844
Trade and other payables	68	86
Total non-current liabilities	3,133	2,350

Provisions	11	13
Income tax liability	156	83
Tax liabilities	100	56
Defined benefit plans	5	6
Salaries and social security payable	44	36
Derivatives	167	-
Borrowings	74	48
Trade and other payables	302	397
Total current liabilities	859	639

Total liabilities	3,992	2,989

Total liabilities and equity	8,122	6,594

Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2026 and 2025, in US$ million)

In US$ million	Nine-month period		Third quarter
In US$ million	2026	2025	2026	2025
Sales revenue	2,109	1,491	790	591
Domestic sales	1,681	1,207	675	457
Foreign market sales	428	284	115	134
Cost of sales	(1,392)	(1,000)	(530)	(375)

Gross profit	717	491	260	216

Selling expenses	(88)	(69)	(32)	(26)
Administrative expenses	(142)	(131)	(51)	(47)
Other operating income	47	85	19	32
Other operating expenses	(83)	(62)	(46)	(22)
Recovery of impairment/(Impairment) of financial assets	3	(5)	1	(3)
Recovery of impairment/(Impairment) of PPE, inventories and int. assets	(1)	(8)	1	(7)
Results for part. in joint businesses & associates	192	101	44	25

Operating income	645	402	196	168

Financial income	13	42	6	7
Financial costs	(140)	(151)	(53)	(52)
Other financial results	22	137	-	15
*Financial results, net*	(105)	28	(47)	(30)

Profit before tax	540	430	149	138

Income tax	(21)	(214)	(20)	(115)

Net income for the period	519	216	129	23
*Attributable to the owners of the Company*	515	216	129	23
*Attributable to the non-controlling interest*	4	-	-	-

Net income per share to shareholders	0.38	0.16	0.10	0.02
Net income per ADR to shareholders	9.55	3.97	2.41	0.42

*Average outstanding common shares*¹	1,348	1,360	1,340	1,360
*Outstanding shares by the end of period*¹	1,340	1,360	1,340	1,360
^{Note: 1 Includes shares allocated to the employee compensation plan as treasury shares, which amounted to 3.9 million and 3.5 million shares as of September 30, 2025, and 2026, respectively. Treasury shares are deducted from shares outstanding only if they are held as common shares.}

Consolidated cash flow statement
(For the nine-month periods and quarters ended on September 30, 2026 and 2025, in millions)

In US$ million	Nine-month period		Third quarter
In US$ million	2026	2025	2026	2025
OPERATING ACTIVITIES
Profit of the period	519	216	129	23
Adjustments to reconcile net profit to cash flows from operating activities	382	407	187	244
Changes in operating assets and liabilities	(767)	(133)	(163)	76
(Increase) Decrease in trade receivables and other receivables	(546)	(219)	(102)	35
(Increase) Decrease in inventories	(39)	(34)	14	(14)
Increase in trade and other payables	17	94	-	29
Increase in salaries and social security payables	1	2	11	12
Defined benefit plan payments	(2)	(2)	-	(1)
Increase in tax liabilities	56	25	18	12
Decrease in provisions	(40)	(7)	(37)	(3)
Income tax payment	(59)	-	(9)	-
(Payments) Collection of derivatives, net	(155)	8	(58)	6

Net cash generated by operating activities	134	490	153	343

INVESTING ACTIVITIES
Payment of PPE	(1,043)	(751)	(525)	(307)
Collection for sales (Payment for purchases) of debt securities and shares, net	89	376	(116)	60
(Subscription) Recovery of mutual funds, net	(100)	11	(91)	15
Equity contributions to companies	(56)	(41)	(26)	-
Collection for equity interests in companies sales	-	1	-	1
Collection for intangible assets sales	-	9	-	6
Dividends received	46	25	45	25
Proceeds from the sale of interests in blocks	9	2	4	-

Net cash used in investing activities	(1,055)	(368)	(709)	(200)

FINANCING ACTIVITIES
Proceeds from borrowings	869	554	137	174
Payment of borrowings	(32)	(128)	-	(20)
Interest paid on borrowings	(90)	(122)	(22)	(21)
Repurchase and redemption of corporate bonds	(2)	(726)	-	(1)
Purchase of treasury shares	-	(16)	-	(16)
Lease payments	(17)	(11)	(6)	(9)

Net cash generated by (used in) financing activities	728	(449)	109	107

Increase (decrease) in cash and cash equivalents	(193)	(327)	(447)	250

Cash and cash equivalents at the beginning of the period	725	738	979	161
(Decrease) Increase in cash and cash equivalents	(193)	(327)	(447)	250

Cash and cash equivalents at the end of the period	532	411	532	411

For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.

Information about the videoconference

There will be a videoconference to discuss Pampa's Q3 26 results on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Horacio Turri, EVP and head of oil and gas, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.

For those interested in participating, please register here.

For further information about Pampa:

¹ The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.
^² Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as 'Results for participation in joint businesses and associates.'

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SOURCE Pampa Energia S.A.