Stock information		Buenos Aires, August 6, 2025 Basis of presentation Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS’s figures are adjusted for inflation as of June 30, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged. Q2 25 main results1 Sales recorded US$486 million in Q2 252, a 3% year-on-year slight decline, driven by lower deliveries under the Plan Gas GSA and a drop in petrochemical and crude oil prices, partially offset by contributions from PEPE 6, higher spot energy prices and increased export volumes of gas, crude and reformer products. During Q2 25, oil production rose at Rincón de Aranda, and wind power generation achieved a high load factor.   Adjusted EBITDA3 reached US$239 million in Q2 25, 17% less than Q2 24, explained by lower gas deliveries under Plan Gas and weaker domestic demand, a decline in petrochemical prices and higher operating expenses, partially offset by higher spot prices, PEPE 6 and increased oil output and gas exports. Net income attributable to shareholders was US$40 million, a 60% year-on-year decrease, mainly explained by higher non-cash deferred tax charges and a lower operating margin, offset by gains from holding financial instruments and the absence of impairments recorded on Q2 24. Net debt totaled US$712 million, representing a net-debt to EBITDA ratio of 1.1x, mainly due to higher working capital needs and continued investments in the development of Rincón de Aranda.
	Buenos Aires Stock Exchange Ticker: PAMP
	New York Stock Exchange Ticker: PAM 1 ADS = 25 common shares
Share capital as of August 5, 2025: 1,363.5 million common shares/ 54.5 million ADS Market capitalization: AR$5,700 billion/ US$4,228 million Information about the videoconference Date and time: Thursday, August 7 10 AM Eastern Standard Time 11 AM Buenos Aires Time Access link: bit.ly/Pampa2Q2025VC For further information about Pampa Email investor@pampa.com Website for investors ri.pampa.com/en Argentina’s Securities and Exchange Commission www.argentina.gob.ar/cnv US Securities and Exchange Commission sec.gov

1 The information is based on FS prepared according to 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.’

3 Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates’ EBITDA at our ownership. Further information on section 3.1.

On May 28, 2025, Pampa reopened its international bond maturing in December 2034, which accrues a 7.875% annual interest rate. The new issuance of US$340 million was placed at an 8% yield, increasing the total amount outstanding to US$700 million.

Proceeds were used for the early redemption of the 2029 Notes (Series 3), covering US$300 million in principal, plus the redemption premium and accrued interest. 2029 Notes bore a 9.125% fixed annual interest rate and were due on April 15, 2029.

This transaction extended the Company’s debt maturity profile, reduced interest expenses and positioned the 2034 Notes as Pampa’s benchmark bond. Notably, the 2034 Notes were priced at the lowest spread over US Treasuries in Pampa’s debt issuance history.

New record of peak gas production

On July 24, 2025, Pampa set a new all-time high for gas production, reaching 17.4 mcmpd. This outstanding growth was driven by shale gas development in Vaca Muerta, launched in 2022-2023. El Mangrullo accounted for 58% of the output and Sierra Chata 29%, both ranking among the top-performing gas blocks in the Neuquina Basin.

Financing of VMOS

In July 2025, VMOS S.A. —a consortium integrated by YPF, Pampa, Vista, PAE, Pluspetrol, Chevron, Shell and Tecpetrol— secured US$2 billion in financing for the construction of the Vaca Muerta Oil Sur pipeline. The project demands a total estimated investment of US$3 billion, and includes a loading and unloading terminal with single-buoy moorings, tank storage and infrastructure to export crude oil and liquids using Very Large Crude Carriers (VLCCs). The project has already been incorporated under the RIGI scheme (Res. No. 302/25).

Pampa holds a 10.2% stake in VMOS and has signed a contract to transport 50 kbpd, including storage and loading services.

Rincón de Aranda’s infrastructure application for the RIGI

On July 1, 2025, Pampa applied for the RIGI for the development of the Central Processing Facility (CPF) and other infrastructure facilities at Rincón de Aranda, with an overall estimated investment of US$426 million. The CPF will be capable of processing and storing up to 45 kbpd of crude oil, with commissioning targeted for year-end 2026.

On July 7, 2025, National Laws No. 15,336 and 24,065, which govern the national electricity sector, were amended. The reforms include the merger of ENARGAS and ENRE (DNU No. 450 and 452/25) and establish a 24-month transition period, during which the SE must advance towards a liberalization of the oil and gas market through enabling free fuel procurement by generators, ensure payment compliance under PPAs signed with power distribution companies and define remuneration schemes for thermal generation, in order to allow for greater efficiency in fuel procurement, among others regulations. Additionally, the SE must develop mechanisms to transfer CAMMESA PPAs to distributors and large users.

The amendments of Laws No. 15,336 and 24,065 also set terms for hydroelectric concessions of up to 60 years, require re-bidding at expiration, and ensure the principle of free contracting among power producers, large users and free users in the WEM.

The amendments also introduce two new frameworks to expand the power transmission system. The first allows the SE to authorize expansion projects within existing concessions, financed through the National Power Energy Fund (‘Fondo Nacional de Energía Eléctrica’) and pass-through to end-user tariffs, prior consultation with CAMMESA. The second scheme enables privately led expansions at their own risk, granting priority access to the transportation capacity and the option to transfer to third parties. The investment repayment term caps the reserved capacity period.

Additionally, on May 30, 2025, the National Government extended the energy emergency for power generation, transmission, and distribution, and natural gas transportation and distribution until July 9, 2026 (DNU No. 370/25).

Price updates for the legacy or spot scheme

Note: *These updates exclude hydro power plants undergoing a tender process (Alicurá, El Chocón-Arroyito, Cerros Colorados, and Piedra del Águila).

Extension of HIDISA and HINISA’s hydroelectric concessions

On June 5, 2025, the SE extended HIDISA’s transition period. Therefore, the national and provincial concessions will expire on October 19, 2025 (Res. SE No. 240/25).

As for HINISA, on May 26, 2025, the Province of Mendoza declared the system emergency and extended the transition period by 14 months, with prior authorization from the National Government (Law No. 9,630). The Company noted that such extension must be agreed upon with HINISA. However, since the national concession expired on June 1, 2025, and no final decision has been issued by the authorities, HINISA decided to continue operating in order to safeguard concession assets, electricity supply, and the safety of people and facilities. This does not imply acceptance by HINISA of the extension, new obligations, responsibilities, or waiver of rights under the existing Concession Agreements.

BESS Tender (Battery Energy Storage Systems)

In February 2025, the SE launched a national and international tender for battery energy storage projects totaling up to 500 MW in the Buenos Aires metro area, aimed at improving grid reliability (Res No. 67/25). The 15-year PPAs offered up to US$15,000/MW-month for capacity and US$10/MWh for energy delivered. CAMMESA will act as the guarantor of last resort. A total of 27 projects for 1,347 MW were submitted. Pampa participated in a 50 MW project at CTPP. The awards are scheduled for August 29, 2025.

Tariff updates

On June 4, 2025, the SE approved the new tariff adjustment mechanism for gas transportation, which combines 50% CPI and 50% PPI (Res. SE No. 241/25).

License extension for natural gas transportation

On July 24, 2025, the National Government extended TGS’s natural gas transportation license for 20 years, starting from its December 2027 expiration (DNU No. 495/25).

Normalization of TGS’s Cerri Complex

In early May 2025, TGS announced the full recovery of its Cerri Complex, which had been out of operation since the floods in Bahía Blanca on March 7, 2025, disrupting NGL production and gas transportation.

Tender to expand GPM

On May 22, 2025, ENARSA launched a tender to expand the GPM, following TGS’s private initiative proposal from June 2023. The goal is to increase the natural gas transportation capacity from Vaca Muerta by 14 mcmpd. Bids were submitted on July 28, 2025, with TGS as the sole bidder, and the award is scheduled on October 13, 2025. The expansion works is expected to be completed over approximately 18 months.

TGS dividend distribution

On April 30, 2025, the TGS Shareholders’ Meeting approved a cash dividend distribution of US$202.7 million, equivalent to AR$266 per share or US$0.95 per ADR.

Note: Net income attributable to the Company’s shareholders.

The decline of 6% in Q2 25 sales from the oil and gas segment was mainly explained by reduced gas demand from milder weather, the expiration of Plan Gas winter peak commitments and lower export prices to Chile. These effects were partially offset by increased crude oil production in Rincón de Aranda and higher export volumes. Since May, in addition to supplying central Chile, Pampa began exporting on a take-or-pay basis to Chile’s BioBío region.

Regarding the operational performance, total production averaged 84.1 kboepd in Q2 25 (-7% vs. Q2 24, +16% vs. Q1 25), mainly explained by lower gas deliveries to retail and for thermal generation. Those effects were partially offset by higher gas exports to Chile and sustained oil production growth in Rincón de Aranda, where two new pads were tied in, alongside newly commissioned evacuation and processing infrastructure. The increase vs. Q1 25 reflected seasonal gas demand and increased contribution from Rincón de Aranda.

Gas production reached 12.9 mcmpd in Q2 25 (-11% vs. Q2 24 but +10% vs. Q1 25). Analyzing the gas output by block, El Mangrullo accounted for 58% of the total gas output, averaging 7.5 mcmpd (-19% vs. Q2 24, +16% vs. Q1 25), followed by Sierra Chata with 3.8 mcmpd, contributing 29% of the production (+14% vs. Q2 24, +6% vs. Q1 25). At non-operated blocks, Río Neuquén produced 1.3 mcmpd (-19% vs. Q2 24, -7% vs. Q1 25), while Rincón del Mangrullo continued its natural decline, producing 0.2 mcmpd (-17% vs. Q2 24, -4% vs. Q1 25). It is worth highlighting that in June, El Mangrullo and Sierra Chata delivered 8.7 and 4.7 mcmpd, respectively, boosted by winter demand. Sierra Chata hit an all-time high production record.

Note: The net production in Argentina. The gas volume is standardized at 9,300 kilocalories (kCal).

Our gas price in Q2 25 averaged US$4.0 per MBTU (flat vs. Q2 24, +31% vs. Q1 25, due to seasonality). Although export prices to Chile decreased due to a lower reference price, this was partially offset by tariff increases to the retail segment and a marginal improvement in industrial prices.

Regarding our gas deliveries breakdown by customer, during Q2 25, 52% was destined for thermal power generation and 29% to distribution companies, both under the Plan Gas GSA. 9% supplied the industrial/spot market, 8% was exported, and the remaining 3% was sold to our petchem plants. Compared to Q2 24, 58% was allocated for thermal power units, 26% supplied the retail segment, 9% was sold to the industrial/spot market, 4% was exported, and the remaining 3% was sold to our petchem plants.

Oil production reached 8.0 kbpd in Q2 25 (+47% vs. Q2 24, 2.5x vs. Q1 25), explained by the ramp-up of shale oil production in Rincón de Aranda, which averaged 5.3 kbpd in Q2 25 (+4.1 kbpd vs. Q2 24, +4.4 kbpd vs Q1 25) thanks to the tie-in of 8 new wells, together with the commissioning of the temporary processing facility (TPF), internal pipelines and the Duplicar oil trunk pipeline in April. This growth was partially offset by the sale of our non-operated stake at Gobernador Ayala in October 2024 (-1.1 kbpd vs. Q2 24), and lower volumes at non-operated conventional crude oil blocks El Tordillo (-0.8 kbpd vs. Q2 24) and Los Blancos (-0.2 kbpd vs. Q2 24). Notably, 2 new wells targeting Vaca Muerta were tied-in in Río Neuquén in Q2 25, marking the block’s first shale development.

The oil price averaged US$61.6 per barrel, mainly reflecting the drop in Brent prices, which had a greater impact on exports. Without Rincón de Aranda’s partial price hedging in place since April 2025, the average oil price would have been US$58.5 per barrel. Moreover, exports grew significantly, accounting for 55% of sales in Q2 25, compared to 32% in Q2 24.

The lifting cost4 recorded US$58 million in Q2 25 (+31% vs. Q2 24, +28% vs. Q1 25), explained by higher gas treatment expenses and the lease of the temporary processing facility at Rincón de Aranda. The lifting cost per boe rose 42% to US$7.6 per boe produced in Q2 25 vs. US$5.3 per boe in Q2 24, mainly explained by Rincón de Aranda. The moderate increase in lifting cost per boe vs. Q1 25 was due to the commissioning of proprietary facilities, replacing truck-based evacuation.

Excluding depreciation and amortization, other operating costs remained flat vs. Q2 24, with higher inventory-related expenses, offset by lower freight costs. Compared to Q1 25, royalties and levies increased due to higher seasonal output.

Other operating income and expenses dropped 63% vs Q2 24, mainly due to the Plan Gas income, a compensation paid by the Government to the price agreed in said contract for the retail segment that, due to the consecutive tariff increases, fell 41% vs. Q2 24 to US$11 million. Improved collections from CAMMESA and ENARSA substantially reduced commercial interest income (-98% vs. Q2 24). Compared to Q1 25, Plan Gas compensation increased, explained by seasonality.

Financial results in Q2 25 recorded net losses of US$26 million, a 21% improvement vs. Q2 24, mainly explained by higher gains on financial instruments, partially offset by higher expenses from redeeming 2029 Notes and FX losses from higher devaluation, which impacted the segment’s net monetary asset position in AR$.

Our oil and gas adjusted EBITDA amounted to US$87 million in Q2 25 (-28% vs. Q2 24, +113% vs. Q1 25), mainly explained by weaker gas demand, the expiration of winter peak Plan Gas GSA, and higher lifting costs from Rincón de Aranda’s development. These impacts were partially offset by higher export volumes and the production ramp-up in Rincón de Aranda. Seasonal gas deliveries and higher crude oil sales explain the quarter-on-quarter improvement in EBITDA. The adjusted EBITDA excludes non-recurring and non-cash income and expenses, as well as overdue commercial interests and equity income from affiliates.

Finally, capital expenditures amounted to US$306 million (+181% vs. Q2 24, +109% vs Q1 25), of which 81% was destined for the development of Rincón de Aranda.

4 It only considers maintenance, treatment, internal transportation and wellhead staff costs. It does not include amortizations and depreciations.

In Q2 25, power generation sales rose 10% year-on-year, mainly driven by the contribution of PEPE 6, which has been fully online since November 2024 with 140 MW of installed capacity, in addition to increased spot energy prices measured in US$, and higher fuel, transport and electricity tariffs recognition. However, this income was offset by associated costs.

Improved spot prices mainly benefited capacity payments: open cycles (GT and ST) averaged US$4.8 thousand per MW-month (+22% vs. Q2 24, -12% vs. Q1 25); hydros earned US$2.3 thousand per MW-month (+16% vs. Q2 24, -6% vs. Q1 25); and CCGTs invoiced US$5.3 thousand per MW-month (+11% vs. Q2 24, -10% vs. Q1 25). Compared to Q1 25, the capacity payments decline because the 5% remuneration increase in AR$ was not enough to offset the 12% currency devaluation during the quarter. CCGTs remain the only technology under the legacy pricing scheme with partial US$ income (Res. SE No. 59/23).

These variations were offset by lower dispatch levels due to scheduled maintenance at CTLL’s GT01 and the ongoing outage of two out of three HINISA dams since January 2025. Compared to Q1 25, the slight drop in sales is explained by lower load factor and spot prices in US$.

The operational performance of Pampa’s operated power generation dropped 7% year-on-year, while the national power grid remained stable, mainly explained by scheduled overhaul in CTLL (-477 GWh) and the upgrade works in CTEB’s CCGT (-326 GWh), in addition to lower hydro output mainly from HINISA (-125 GWh). These effects were partially offset by higher gas supply through GPM in CTGEBA (+278 GWh) and CPB (+144 GWh), in addition to PEPE 6’s contribution (+142 GWh).

The total availability of Pampa’s operated units was 91.6% in Q2 25 vs 98.1% in Q2 24 (-649 basis points), affected by CTLL’s GT01 overhaul in April and May, and forced outages in HINISA since January and CPB in June. These variations were partially offset by PEPE 6. Thermal availability dropped 325 basis points, reaching 94.3% in Q2 25.

Note: Gross margin before amortization and depreciation. It includes CTEB (co-operated by Pampa, 50% equity stake).

Excluding depreciation and amortizations, net operating costs increased by 15% to US$84 million in Q2 25, mainly explained by higher energy purchases and maintenance expenses due to lower capital activation. Reduced labor and insurance costs offset these effects. Compared to Q1 25, operating expenses remained stable, with increased power purchases offset by lower maintenance and material costs.

Other operating income and expenses fell 73% vs Q2 24, mainly due to lower overdue interest from CAMMESA, offset by higher insurance recoveries.

Financial results in Q2 25 reached a net profit of US$38 million, up 124% vs. Q2 24, due to higher gains on financial instruments, partially offset by increased expenses related to the redemption of 2029 Notes.

Adjusted EBITDA for the power generation segment was US$112 million, a 5% increase year-on-year, supported by PEPE 6’s commissioning, resilient spot prices measured in US$ and increased insurance recoveries. These effects were partially offset by higher power purchases and operating costs, in addition to reduced thermal availability due to programmed maintenance. Adjusted EBITDA excludes non-operating, non-recurrent and non-cash items and considers CTEB’s 50% ownership, which posted US$9 million in Q2 25 (-21% vs. Q2 24), explained by the CCGT enhancement. Quarter-on-quarter, the 14% decline in EBITDA is explained by lower spot prices in US$ and operating availability.

Finally, excluding CTEB, capital expenditures totaled US$20 million in Q2 25 vs. US$19 million in Q2 24, mainly allocated to maintenance.

The adjusted EBITDA for the petrochemicals segment was US$3 million in Q2 25, down from US$15 million in Q2 24, mainly due to lower prices across all products, reflecting the trend on international reference prices and, to a lesser extent, reduced SBR demand and a non-recurrent US$4 million profit from the settlement of exports at a differential FX in Q2 24. These effects were partially offset by higher sales volumes of reformer products and styrene. Higher EBITDA compared to Q1 25 is explained by the reformer plant’s scheduled overhaul during that quarter.

The total volume sold reached 125 thousand tons (+12% vs. Q2 24, +49% vs. Q1 25), boosted by increased exports of isomerized naphtha and domestic sales of solvents, octane bases and styrene. These effects were partially offset by lower SBR volumes and, to a lesser extent, polystyrene due to a plant overhaul in April and May 2025.

In Q2 25, financial results from the petrochemicals segment showed a profit of US$4 million, compared to a break-even in Q2 24, mainly due to FX gains from a steeper AR$ devaluation over net liability position in that currency, and higher gains on financial instruments.

Note: 1 Includes Propylene.

The holding and others segment, excluding equity income from affiliates TGS and Transener, posted a higher loss on operating margin of US$13 million in Q2 25 compared to US$10 million in Q2 24, mainly explained by lower fee income, partially offset by reduced labor costs.

In Q2 25, financial results showed a net profit of US$13 million vs. a US$3 million loss in Q2 24, driven by FX gains from the sharper AR$ devaluation over the net liability position in that currency, partially offset by higher tax interest expenses.

The adjusted EBITDA from our holding and others segment excludes non-operating, non-recurring and non-cash items and includes the EBITDA adjusted by equity ownership in TGS and Transener. In Q2 25, adjusted EBITDA was US$38 million, down 17% from US$46 million in Q2 24, mainly due to lower contribution from TGS.

In TGS, the EBITDA adjusted by our stake was US$37 million in Q2 25, down from US$46 million in Q2 24, impacted by reduced NGL volumes produced due to the Cerri flood. Operations fully resumed in May 2025.  Asset impairments/recoveries from said event were excluded from EBITDA. In addition, tariff increases in the regulated segment did not keep pace with inflation and AR$ devaluation. Midstream growth in Vaca Muerta partially offset these effects.

In Transener, the EBITDA adjusted by our stake was US$14 million in Q2 25, up from US$10 million recorded in Q2 24, mainly due to tariff hikes exceeding inflation and devaluation.

Note: Financial debt includes accrued interest. 1 It includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost. 2 Under IFRS, the affiliates CTBSA, Transener and TGS are excluded from Pampa’s consolidated figures.

As of June 30, 2025, Pampa’s financial debt under IFRS amounted to US$1,591 million, 23% less compared to year-end 2024. This decrease is mainly explained by the early redemption of the 2027 Notes for US$353 million and 2029 Notes for US$300 million, funded with proceeds from the issuance of new 2034 Notes. The gross debt principal breakdown is shown below:

However, the net debt increased to US$712 million, reflecting higher seasonal working capital and increased capital expenditures, mostly destined for Rincón de Aranda.

Through proactive liability management, Pampa continues to strengthen its debt profile, extending the average life to 6.2 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million by the end of Q2 25:

Note : The chart only considers Pampa’s consolidated figures under IFRS, and excludes affiliates TGS, Transener, and CTBSA. The cash position includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost.

During Q2 25, in addition to the retap of 2034 Notes and the early redemption of the 2029 Notes, Pampa redeemed CB Series 18 for US$72 million, canceled bank debt for US$40 million and repurchased CB Series 13 at a discount for a US$8 million face value.

After quarter-end, Pampa issued CB Series 25 for US$105 million, maturing in three years and at an annual fixed rate of 7.25%, with semiannual payments.

Regarding our affiliates, in Q2 25, CTEB obtained net bank borrowings of US$9 million and early redeemed CB Series 6 for US$84 million. Post-quarter, CTEB canceled US$15 million in bank borrowings.

As of today, Pampa remains in full compliance with all debt covenants.

Note: 1 Under IFRS, affiliates are not consolidated in Pampa’s FS.

In July 2025, Moody’s upgraded Pampa’s rating from ‘Caa1’ to ‘B2’, in line with the Argentine Government’s rating upgrade from ‘Caa3’ positive to ‘Caa1’ stable, and the country ceiling in foreign exchange from ‘Caa1’ to ‘B2’. The report highlights Pampa’s strong market position, robust liquidity, and solid debt structure. In addition, S&P raised Pampa’s stand-alone credit rating from ‘b+’ to ‘bb-’.

Note: 1 Issued by FIX SCR.

Note: 1 The deletion corresponds to other companies or inter-companies. 2 Net debt includes holding companies. 3 Attributable to the Company’s shareholders.

Note: 1 The deletion corresponds to other companies or inter-companies. 2 Net debt includes holding companies. 3 Attributable to the Company’s shareholders.

Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of June 30, 2024 and 2025.

Note: Gross margin before amortization and depreciation. 1 Co-operated by Pampa (50% equity stake).

Note: Production in Argentina. 1 It does not include shale formation. 2 It includes the La Tapera – Puesto Quiroga block.
3 From gas fields. 4 In October 2024, Pampa transferred its 22.51% stake in the concession to Pluspetrol.