Free translation from the original prepared in Spanish for publication in Argentina To the Shareholders, President and Directors of

UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

AND FOR THE THREE-MONTH PERIOD ENDED

PRESENTED ON COMPARATIVE BASIS

REPORT ON REVIEW OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Pampa Energía S.A.

Legal address: Maipú, 1

Autonomous City of Buenos Aires

Tax Code No.: 30-52655265-9

Report on the consolidated condensed interim financial statements

Introduction

We have reviewed the accompanying consolidated condensed interim financial statements of Pampa Energía S.A. and its subsidiaries (hereinafter "the Group"), which comprise the consolidated statement of financial position as of March 31, 2024, the consolidated statements of comprehensive income, of changes in equity and cash flows for the three-month period ended March 31, 2024, and selected explanatory notes.

Board's responsibility

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with IFRS Accounting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE, for its acronym in Spanish) as professional accounting standards and incorporated by the National Securities Commission (CNV, for its acronym in Spanish) to its regulations, as approved by the International Accounting Standards Board (IASB), and therefore is responsible for the preparation and presentation of the consolidated condensed interim financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34). 

Scope of the review

Our responsibility is to express a conclusion on these consolidated condensed interim financial statements based on our review, which was performed in accordance with the International Standards on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the entity, adopted as a review standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of consolidated condensed interim Financial Statements consists of inquiries primarily of Company staff responsible for financial and accounting matters, and applying analytical and other review procedures. This review is substantially less in scope than an audit examination conducted in accordance with international standards on auditing and consequently it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Price Waterhouse & Co.

T: +(54.11) 4850.6000, www.pwc.com/ar

Conclusion

S.R.L., Bouchard 557, floor 8°, C1106ABG – Autonomous City of Buenos Aires Based on our review, nothing has come to our attention that causes us to believe that the consolidated condensed interim Financial Statements mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with International Accounting Standard 34.

Report on compliance with current regulations

In accordance with current regulations, we report, in connection with Pampa Energía S.A., that:

Autonomous City of Buenos Aires, May 7, 2024

Carlos Martín Barbafina

GLOSSARY OF TERMS

The following are not technical definitions, but they are helpful for the reader’s understanding of some terms used in the notes to the Unaudited Consolidated Condensed Interim Financial Statements of the Company.

GLOSSARY OF TERMS: (Continuation)

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME

For the three-month period ended March 31, 2024, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

UNAUDITED CONSOLIDATED CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Continuation)

For the three-month period ended March 31, 2024, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION

As of March 31, 2024, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION (Continuation)

As of March 31, 2024, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

For the three-month period ended March 31, 2024, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the three-month period ended March 31, 2024, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

NOTE 1: GENERAL INFORMATION

General information of the Company

The Company is a fully integrated power company in Argentina, which mainly participates in the electric energy, oil and gas value chains.

In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,332 MW installed capacity as of March 31, 2024, which represents approximately 12% of Argentina’s installed capacity, and being one of the largest independent generators in the country. Additionally, the Company is currently undergoing a process to expand its installed capacity by an additional 140 MW.

In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, with operations in 12 production areas and 5 exploratory areas reaching a production level of 11.7 million m3/day of natural gas and 4.3 thousand boe/day of oil in Argentina, during the three-month period ended March 31, 2024. Its main natural gas production blocks are located in the Provinces of Neuquén and Río Negro.

In the petrochemicals segment, operations are located in Argentina, where the Company operates two high-complexity plants producing styrene, synthetic rubber and polystyrene, with a domestic market share ranging between 89% and 100%.

Finally, through the holding and others segment, the Company participates in the electricity transmission and oil and gas transportation businesses. In the electricity transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 22,391 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding a concession for the transportation of natural gas with 9,248 km of gas pipelines in the center, west and south of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bahía Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides, the Company owns a 63.74% indirect interest in OCPSA (see Note 5.2.3), licensee company of an oil pipeline in Ecuador that has a transportation capacity of 450 thousand barrels/day. Additionally, the segment includes advisory services provided to related companies.

NOTE 2: REGULATORY FRAMEWORK

2.1.1 Supply Agreements with CAMMESA

"TerCONF" call for tenders

On November 24, 2023, pursuant to SE Resolution No. 961/23, tenders for the execution of 300 MW of power capacity at CTGEBA II and the 11-MW expansion of CTEB’s CC through CTB were awarded under the TerCONF call launched through SE Resolution No. 621/23 to enter into reliable thermal generation supply agreements with CAMMESA.

However, on December 28, 2023, through Note NO-2023-153876959-APN-SE#MEC, the SE instructed CAMMESA to provisionally suspend the issuance of the commercial documentation corresponding to the payment of the tender guarantee and the monthly payment scheme provided in the call.

Finally, SE Resolution No. 45/24 extended the supply contracts’ execution term of projects awarded under SE Resolution No. 961/23 for 60 working days as from April 16, 2024.

2.1.2 Remuneration for sales to the spot market

SE Resolution No. 9/24, dated February 8, 2024, updated the remuneration values for spot generation, providing for a 73.9% increase over the values approved by SE Resolution No. 869/23, effective as from the February 2024 economic transaction.

2.1.3 Modification of CAMMESA’s payment priority

Through SE Resolution No. 34/24, the payment order for the WEM’s economic transaction was modified, providing that transmission concessionaires would have payment priority over WEM’s generating agents.

NOTE 2: (Continuation)

2.2.1 Gas Market

Natural gas for the residential segment and CNG

On March 27, 2024, SE Resolution No. 41/24 was published in the BO, establishing PIST prices to be passed on to end users under the agreements entered into under the GasAr Plan (Executive Order No. 892/20, as amended).

For the purpose of passing on gas prices to tariff schemes of the natural gas through grids distribution utility, ENARGAS will make the dollar per MBTU conversion using a 27.10473 factor, the exchange rate being BNA’s average selling exchange rate for the first 15 days of the month immediately preceding the transfer to prices.

Finally, ENARGAS is instructed to: (i) issue the tariff schemes monthly reflecting the exchange rate variation of the prices to be passed on to tariffs; and (ii) provide the necessary measures for the bills to be issued by the gas distribution and sub-distribution utility providers throughout the country to reflect the PIST gas prices.

It is worth highlighting that the PIST value updates increase the amount collectible directly from distributors by the Company, decreasing the price compensation payable by the Federal Government under the GasAr Plan.

Transitional increase in natural gas transportation tariffs

On March 26, 2024, TGS entered into the 2024 transitional agreement (“RTT24”) with ENARGAS, which establishes a transitory 675% update in natural gas transportation tariffs. This tariff increase entered into effect on April 3, 2024, following the publication of ENARGAS Resolution No. 112/24 in the BO. Under this Resolution, as from May 2024 and until the completion of the Comprehensive Tariff Review (“RTI”), tariffs will be adjusted monthly by the transitory update index, which is composed of: (i) 47% by the wage index - registered private sector published by INDEC, (ii) 27.2% by the IPIM, and (iii) 25.8% by the construction cost index in Greater Buenos Aires - materials chapter, published by INDEC. To such effect, ENARGAS will issue the corresponding monthly resolution adjusting the applicable tariff schemes. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, ENARGAS has not issued the resolution with the tariff schemes including the May update.

In addition, the resolution provides that during 2024, TGS must execute an investment plan in the amount of $ 27,690 million (adjustable by the transitory update index). As of the date of issuance of these Consolidated Condensed Interim Financial Statements, TGS has submitted this investment plan, which is currently under execution.

NOTE 2: (Continuation)

Tariff situation

Pursuant to ENRE Resolutions No. 104/24 and 105/24, the hourly remuneration values effective as from February 19, 2024 (date of publication in the BO) were determined, establishing a 179.7% and 191.1% update against the values in force as from November 2023 for Transener S.A. and Transba S.A., respectively. Moreover, a tariff update was determined according to a formula based on wage, wholesale and consumer price indexes, to be applied on a monthly basis as from May 2024.

On April 15, 2024, ENRE Resolution No. 223/24 approved the “Program for the tariff review of electric power transmission in 2024”, which established the criteria and methodology for the comprehensive tariff review process to be taken into consideration by transmission companies when submitting their tariff proposal applicable as from January 1, 2025.

In this sense, the ENRE has issued a note to formally request the submission of the necessary information to determine the capital base and evaluate the costs and the investment plan. The information on the capital base, historical costs, property, plant and equipment, easements and existing facilities status should be submitted to the ENRE by May 17, 2024, whereas the deadline for submitting the projected information on costs, investments and intended annual remuneration is September 14, 2024.

Due to the liquidity problems caused by delayed collections of the electricity transmission remuneration, Transener S.A. requested the ENRE and the SE, in the exercise of their powers, to take the corresponding measures to guarantee to the transmission company the collection of 100% of the monthly remuneration duly updated and within the terms established in the regulations in force. In this regard, on March 18, 2024, SE Resolution No. 34/24 modified CAMMESA payments’ order priority, prioritizing payments to electricity transmission companies (see Note 2.1.3).

As of the date of issuance of these Consolidated Condensed Interim Financial Statements, Transener S.A. has disclosed no delays in the collection of its remuneration.

NOTE 3: BASIS OF PREPARATION

These Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2024 have been prepared pursuant to the provisions of IAS 34, “Interim Financial Information”, are expressed in million pesos and were approved for their issuance by the Company’s Board of Directors on May 7, 2024.

The information included in the Consolidated Condensed Interim Financial Statements is recorded in US dollars, which is the Company’s functional currency and, in accordance with CNV requirements, is presented in pesos, the legal currency in Argentina.

NOTE 3: (Continuation)

This consolidated condensed interim financial information had been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through profit or loss and they should be read together with the Consolidated Financial Statements as of December 31, 2023, which have been prepared under IFRS Accounting Standards.

These Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2024 have not been audited. The Company’s management estimates they include all the necessary adjustments to state fairly the results of operations for the period. The results for the three-month period ended March 31, 2024, does not necessarily reflect in proportion the Company’s results for the complete year.

The accounting policies have been consistently applied to all entities within the Group.

Comparative information

The information as of December 31, 2023, and for the three-month period ended March 31, 2023, disclosed for comparative purposes, arises from the Consolidated Financial Statements as of those dates.

Additionally, certain non-significant reclassifications have been made to those Consolidated Financial Statements´ figures to keep the consistency in the presentation with the current period’s figures.

NOTE 4: ACCOUNTING POLICIES

The accounting policies applied in these Consolidated Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last fiscal year, which ended on December 31, 2023.

Pursuant to CNV General Resolution No. 972/23, early application of IFRS accounting standards and/or amendments thereto is not allowed, unless specifically allowed at the time of adoption.

As of March 31, 2024, the Company has not applied IFRS accounting standards and/or their amendments early.

NOTE 4: (Continuation)

New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2024 and adopted by the Company

The Company has applied the following standards and / or amendments for the first time as of January 1, 2024:

The application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position of the Company.

NOTE 5: GROUP STRUCTURE

On November 6 and 8, 2023, the Boards of Directors of CISA, the Company and GASA, respectively, resolved to instruct their respective managements to analyze a reorganization proceeding under Section 82 and subsequent sections of the Business Organization Law and tax neutrality under Sections 80 and subsequent articles of the Income Tax Law (as amended in 2019), and, if appropriate, draw up the preparatory documentation for the spin-off of CISA’s equity and the subsequent merger through absorption of a portion of its spun-off equity into Pampa and the other portion of its spun-off equity into GASA (the ‘Reorganization Proceeding’).

On March 6, 2024, CISA, the Company and GASA’s Board of Directors approved the Reorganization Proceeding and called the respective general ordinary and extraordinary shareholders’ meetings to consider such proceeding, which were held on April 29, 2024, resolving to approve it.

The Reorganization Proceeding, effective January 1, 2024, entails benefits for the involved companies and the entire economic group, since it allows for greater resource efficiency in financial information management and reduced costs on account of legal and tax advisory fees.

As of the issuance of these Consolidated Condensed Interim Financial Statements, the Reorganization Proceeding’s registration process is underway.

NOTE 5: (Continuation)

(1) See note 5.1

NOTE 5: (Continuation)

The following table presents the main activity and the financial information used for valuation and percentages of participation in associates and joint ventures; unless otherwise indicated, the share capital consists of common shares with one vote per share:

As of March 31, 2024, the quotation of TGS's ordinary shares and ADR published on the BCBA and the NYSE was $ 3,279.35 and US$ 15.10, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 682,865 million.

NOTE 5: (Continuation)

The detail of the balances of investments in associates and joint ventures is as follows:

The following table shows the breakdown of the result from investments in associates and joint ventures:

NOTE 5: (Continuation)

The evolution of investments in associates and joint ventures is as follows:

On January 16, 2024, the Company, through PEB, closed the transaction for the acquisition of 2,979,606,613 additional shares, representing a 29.66% stake in OCP, for a price of US$ 15 million under the purchase and sale agreement entered into with Repsol OCP de Ecuador S.A. on May 4, 2023. The closing of the transaction implied the recognition of profits for US$ 5 million under IAS 28.

As of the closing of the transaction, the Company, through PEB, has reached a 63.74% stake in OCP’s capital stock and obtained joint control, pursuant to the commitment to amend the shareholders’ agreement dated January 9, 2024 entered into with PetroOriental OCP Holdings Ltd.

Besides, OCP declared dividends for US$ 13.3 million on January 18, 2024, and repurchased a total of 5,740,902,124 own shares on January 22, 2024, for a unit price of US$ 0.01. Consequently, on January 22, 2024, the Company, through PEB, collected dividends in the amount of US$ 8.5 million and US$ 36.6 million for share repurchases.

It is worth highlighting that on March 23, 2024, a Force Majeure event occurred due to unpredictable ground conditions that caused an axial compression and rupture of the pipeline at KP136+404. OCPSA immediately activated the pipeline contingency plan and resumed the crude oil transportation service on March 26, 2024.

NOTE 5: (Continuation)

Contingent liabilities in OCPSA

The constitutional protection action filed by the decentralized autonomous government of Orellana against OCPSA, Petroecuador and others due to the Force Majeure event caused by the rupture of the oil pipeline in 2020 was disallowed in the first instance; as the plaintiff appealed the resolution, the proceeding will be sent back to the Provincial Court of Justice of Orellana.

On the other hand, the constitutional protection action filed by residents of Puerto Madero against OCPSA, the Presidency of the Republic of Ecuador and Petroecuador was accepted; however, OCPSA, Petroecuador and the Presidency of the Republic appealed the resolution, so the proceeding will be referred back to the Provincial Court of Justice of Sucumbíos.

Assets and liabilities as of March 31, 2024 and December 31, 2023 and the production cost of the Joint Ventures and Consortiums in which the Company participates corresponding to the three-month periods ended March 31, 2024 and 2023 are detailed below:

It is worth highlighting that the information presented does not include charges recorded by the Company as a member of the Joint Ventures and Consortiums.

NOTE 6: RISKS

6.1 Critical accounting estimates and judgments

The preparation of these Consolidated Condensed Interim Financial Statements requires the Company’s Management to make future estimates and assessments, to apply critical judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities, and income and expenses.

Those estimates and judgments are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Condensed Interim Financial Statements.

In the preparation of these Consolidated Condensed Interim Financial Statements, management judgements on applying the Company’s accounting policies and sources of information used for the respective estimates are the same as those applied in the Consolidated Financial Statements for the fiscal year ended December 31, 2023.

6.2 Financial risk management

The Company’s activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk and price risk), credit risk and liquidity risk.

No significant changes have arisen in risk management policies since last fiscal year.

Credit risk

As of March 31, 2024, CAMMESA’s debt with the Group amounts to $ 182,455 million, including accrued interest as of that date, which represents approximately 52% of the Group’s total sales receivables. CAMMESA’s inability to pay could adversely affect the generation of cash from operations, the results for the year and, consequently, the Group’s financial condition.

The Company performs routine financial transactions in its ordinary course of business to ensure the efficient management of its liquidity and investments, and, as of the date of issuance of these Consolidated Condensed Interim Financial Statements, it has sufficient solvency to meet its operating and financial obligations.

However, it is worth highlighting that, as of the date of issuance of these Consolidated Condensed Interim Financial Statements, collection transactions for the months of December 2023, January 2024 and February 2024, totaling $ 37,272 million, $ 42,700 million and $ 46,428 million, respectively, are past due and pending recovery.

NOTE 6: (Continuation)

Given that the Company has learned that the SE would be soon publishing a resolution providing for an exceptional payment system that would establish the following cancellation mechanism:

the Group has recorded an impairment of $ 29,673 million (US$ 34.6 million) under CAMMESA receivables, considering the market value of the instruments maturing in 2038 expected to be received under the above-described cancellation methodology. The Company will evaluate possible courses of action when it has more information in this respect.

NOTE 7: SEGMENT INFORMATION

The Company is a fully integrated power company in Argentina, which participates in the electricity, oil and gas value chains.

Through its own activities, subsidiaries and shareholdings in joint ventures and associates, and based on the business nature, customer portfolio and risks involved, the following business segments have been identified:

Electricity Generation, principally consisting of the Company’s direct and indirect interests in HINISA, HIDISA, Greenwind (until divestment on August 16, 2023), VAR, CTB, TMB, TJSM and through its own electricity generation activities through thermal plants CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenergía, CTPP, CTIW, the HPPL hydroelectric complex and PEPE II, PEPE III and PEPE IV wind farms.

Oil and Gas, principally consisting of the Company’s interests in oil and gas areas and through its direct and indirect interest in CISA (until the corporate reorganization detailed in Note 5.1) and PECSA.

Petrochemicals, comprising of the Company’s own styrenics operations and the catalytic reformer plant operations conducted in local plants.

Holding and Other Business, principally consisting of interests in joint businesses CITELEC, CIESA and OCP and their respective subsidiaries, which hold the concession over the high voltage electricity transmission and over gas and oil transportation, respectively.

The Company manages its operating segment based on its individual net result in U.S. dollars.

NOTE 7: (Continuation)

NOTE 7: (Continuation)

NOTE 7: (Continuation)

NOTE 7: (Continuation)

NOTE 8: REVENUE

NOTE 9: COST OF SALES

NOTE 10: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME

10.1 Selling expenses

10.2 Administrative expenses

10.3 Exploration expenses

NOTE 10: (Continuation)

10.4 Other operating income and expenses

NOTE 10: (Continuation)

10.5 Financial results

NOTE 10: (Continuation)

10.6 Income tax

The breakdown of income tax charge is:

Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the profit before taxes:

NOTE 11: NON-FINANCIAL ASSETS AND LIABILITIES

(1) Includes $ 3,673 million and $ 953 million of financial costs capitalized for the three-month periods ended March 31, 2024 and 2023, respectively.

NOTE 11: (Continuation)

NOTE 11: (Continuation)

11.2 Intangible assets

NOTE 11: (Continuation)

11.3 Deferred tax assets and liabilities

The composition of the deferred tax assets and liabilities is as follows:

Deferred tax assets and liabilities are offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are associated with the same fiscal authority. Therefore, they are disclosed in the consolidated condensed interim statement of financial position:

NOTE 11: (Continuation)

11.4 Inventories

11.5 Provisions

NOTE 11: (Continuation)

The evolution of provisions is shown below:

11.5.1 Provision for lawsuits and contingencies

In connection with the international arbitration proceeding brought by POSA against the Company, on April 3, 2024, the Court of Arbitration of the International Chamber of Commerce (“ICC”) notified the parties of the Final Award rendered on April 2, 2024, in which it resolved to: (i) disallow all but one of POSA’s claims, ordering the Company to pay the corresponding 33.60% of (a) the revenues collected under the Leasing Agreement up to the Final Award’s date for US$ 18.8 million, plus a 6% annual interest rate, and (b) the collections to be received by the Company in the future under the before-mentioned agreement; and (ii) sustain the Company’s counterclaim for US$ 2 million plus interest at an annual 6% rate. On April 10, 2024, the Company filed a plea of partial nullity against the Final Award.

NOTE 11: (Continuation)

11.6 Income tax and minimum notional income tax provision