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6-K 1 pampr3q25_6k.htm 6-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


 

FORM 6-K

 

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

SECURITIES EXCHANGE ACT OF 1934

 

For the month of November, 2025

(Commission File No. 001-34429),


 

PAMPA ENERGIA S.A.
(PAMPA ENERGY INC.)

 

Argentina

(Jurisdiction of incorporation or organization)


 

Maipú 1
C1084ABA
City of Buenos Aires
Argentina

(Address of principal executive offices)


 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F ___X___ Form 40-F ______

(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)

Yes ______ No ___X___

(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .)

 

  

 

 

This Form 6-K for Pampa Energía S.A. (“Pampa” or the “Company”) contains:

Exhibit 1: Earnings Release Q3 25

 


SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: November 3, 2025

 

Pampa Energía S.A.
     
     
By:

/s/ Gustavo Mariani


 
 

Name: Gustavo Mariani

Title:   Chief Executive Officer

 

 

 

FORWARD-LOOKING STATEMENTS

 

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Pampa Energía, an independent company with active participation in the Argentine oil, gas and electricity, announces the results for the nine-month period and quarter ended on September 30, 2025.

 

Stock information

Buenos Aires, November 4, 2025

Basis of presentation

Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS’s figures are adjusted for inflation as of September 30, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.

Q3 25 main results1

Sales recorded US$591 million in Q3 252, a 9% year-on-year increase driven by higher crude oil production in Rincón de Aranda, increased gas exports to Chile, and fuel self-procurement at CTLL, partially offset by lower gas sales to retailers, a decline in crude oil prices and weaker petrochemical sales.

During Q3 25, shale oil production at Rincón de Aranda continued to grow steadily, consolidating the block’s expansion.

 

 

Note: * Price net of export duty and quality/logistic discounts.

Adjusted EBITDA3 reached US$322 million in Q3 25, a 16% year-on-year increase, mainly reflecting the strong contribution from Rincón de Aranda and, to a lesser extent, from gas exports, higher margins on self-procured gas and PEPE 6. These effects were partially offset by lower styrene margins and reduced residential gas demand.

Net income attributable to shareholders was US$23 million, 84% below Q3 24, mainly explained by higher non-cash deferred tax charges, which also impacted results on our affiliates’ equity income, partially offset by improved operating margins.

Net debt totaled US$874 million as of September 2025 vs. US$712 million as of June 2025, resulting in a net-debt to EBITDA ratio of 1.3x, mainly due to higher investments in the development of Rincón de Aranda and share buybacks. After the quarter’s closing, net debt decreased to US$790 million, resulting in a 1.1x ratio.

Buenos Aires Stock Exchange
Ticker: PAMP
New York Stock Exchange
Ticker: PAM
1 ADS = 25 common shares

Share capital net of repurchases as of November 3, 2025:
1,343.6 million common shares/ 53.7 million ADS

Market capitalization:
AR$7,269 billion/
US$4,761 million

Information about the videoconference

Date and time:
Wednesday, November 5
10 AM Eastern Standard Time
12 PM Buenos Aires Time

Access link: bit.ly/Pampa3Q2025VC

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


 

Pampa's main operational KPIs Q3 25 Q3 24 Variation
Oil and gas Production (kboe/day) 99.5 87.5 +14%
  Gas production (kboepd) 82.2 82.1 +0%
  Crude oil production (kbpd) 17.3 5.4 +220%
  Average gas price (US$/MBTU) 4.4 4.4 +0%
  Average oil price (US$/bbl)* 61.1 71.9 -15%
         
Power Generation (GWh) 5,421 5,951 -9%
  Gross margin (US$/MWh) 26.5 22.6 +17%
         
Petrochemicals Volume sold (k ton) 122 128 -4%
  Average price (US$/ton) 937 1,092 -14%

 

 

 


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.

 
Earnings release Q3 25 ● 1  


1. Relevant events
1.1 Power generation

New rules for the WEM normalization

On October 21, 2025, the SE introduced, a new framework for the WEM’s progressive normalization, aimed at fostering greater competition among generators, encouraging direct contracting between demand and generators, and promoting a more decentralized fuel-supply scheme. Effective November 1, 2025, the new framework introduces changes to the spot market and splits the forward market into two segments: energy and capacity. It also allocates part of the supply to seasonal procurement for distribution companies (Resolution No. 400/25).

Under the new forward market rules, thermal and hydro power plants commissioned before January 1, 2025, may sell PPAs i) up to 100% of their energy to distribution companies, or ii) up to 20% to large users. Regarding capacity, they may contract 100% of their availability with any demand. Starting in 2030, generators will be free to contract PPAs for any demand segment4.

In the spot market, energy remuneration —known as Adjusted Marginal Rent (RMA)— will follow a marginal pricing system, defined as RMA = (CMgh × FP – CVP) × FRA, where CMgh is the system’s hourly marginal cost, FP the loss factor of the corresponding node, and CVP the declared variable production cost of each unit.

For thermal generation, the RMA is capped by the Adjusted Rent Factor (FRA), which determines the share of margin retained by each generator: i) new generation FRA = 1, retaining the full margin; ii) legacy generation with own fuel procurement 15% from 2025, 25% from 2027, and 35% from 2028; iii) legacy generation with gas supplied by CAMMESA 12% from 2025, 15% from 2027, and 17.5% from 2028; and iv) legacy generation without fuel management FRA = 0, with CVP based on regulated values.

For hydroelectric, renewable or self-generated power, the same marginal pricing scheme applies, although it assumes CVP = 0. Units commissioned before January 1, 2025, maintain a FRA equivalent to thermal generation, with minimum RMA floors of i) US$22/MWh for hydroelectric plants; and ii) US$32/MWh for renewable or self-generating units. Plants commissioned from 2025 onward apply FRA = 1, with no floor or ceiling.

In terms of capacity payments in the spot market, the Available Capacity (PPAD) is set at US$12/MWh, remunerating 90 hours per week and applying a weighting factor: i) for plants using natural gas only, 1.1 in summer/winter and 0.9 during the rest of the year; and ii) for plants using alternative fuels, 1.5 in summer/winter and 1.0 during the rest of the year. Plants without fuel or supplied by CAMMESA will receive capacity payments at 100% when dispatched, and at decreasing percentages when idle: 80% until December 2026, 40% during 2027, and 0% from 2028 onward. Additionally, a base reliability reserve payment of US$1,000/MW-month is recognized, regardless of technology or fuel management.

Regarding fuel management, CAMMESA will remain the supplier of last resort until 2029, after which power generators will assume full responsibility for fuel sourcing. Generators must provide their own alternative fuels (fuel oil or diesel). For natural gas, generators may choose between: i) self-procurement, or ii) contracting through CAMMESA while the Gas Plan remains in force, with costs reflecting the weighted average of all Gas Plan and/or LNG imports, updated biweekly.

This new framework upholds existing PPAs, whose energy output remains allocated to meet distribution companies’ seasonal demand until their expiration. Once PPAs expire, generators may either operate in the spot market or sell PPAs to distributors or large users.

Under this new regime, efficient, well-located units with fuel self-procurement could achieve higher profit margins, entirely in US$. Among those units, Pampa operates three strategically located CCGTs: CTLL in Vaca Muerta; CTGEBA at the central system node; and CTEB, which uses natural gas and diesel, with a 50% equity stake. Pampa also operates open-cycle CPB (which fires fuel oil), CTG, and CTP.


4 In the case of hydroelectric generation, it may only provide backup for up to 70% of the contracted demand.

 
Earnings release Q3 25 ● 2  


 

Last price updates for the legacy or spot scheme

Effective as of: Legacy energy/spot
Increase Resolution
July 2025 1% SE No. 280/25
August 2025 0.4% SE No. 331/25 
September 2025* 0.5% SE No. 356/25 
October 2025* 0.5% SE No. 381/25 

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

Extension of HIDISA’s hydroelectric concession

On October 20, 2025, the SE proposed extending HIDISA’s concession until June 2026, subject to Pampa’s acceptance of the original contract and additional conditions, including updating guarantees, waiving any claims against the State related to changes in the remuneration scheme, and paying royalties to the Province of Mendoza (Res. SE No. 398/25).

HIDISA requested a 15-business-day extension to submit its decision, which, as of today, has not been addressed by the SE. If Pampa does not accept the proposed terms, it will be required to continue operating the asset for 90 calendar days, allowing the National Government to implement the necessary measures to ensure continued operation.

Tender for Comahue hydroelectric power plants

On August 19, 2025, the MECON launched a national and international tender for the transfer of share capital of the Alicurá, El Chocón–Arroyito, Cerros Colorados, and Piedra del Águila hydroelectric plants (Res. No. 1200/25). Bids are due on November 7, 2025. Pampa is currently assessing its participation in the process.

1.2 Transener and TGS

Award to TGS in the GPM expansion tender

On October 17, 2025, the SE awarded TGS the GPM expansion project (Res. No. 397/25), consistent with the private initiative submitted by TGS in June 2024. The project involves installing three new compressor plants and adding 90,000 HP of capacity, increasing GPM’s transportation capacity from 21 mcmpd to 35 mcmpd. The expansion is expected to require an estimated investment of US$560 million, with works scheduled for completion before April 30, 2027.

In addition, TGS will invest approximately US$220 million to expand transportation capacity by 12 mcmpd in the final sections of the trunk pipeline system, with repayment through TGS’s regulated tariff.

Transener and Transba dividend distribution

On September 1, 2025, Transener and Transba Shareholders’ Meetings approved a cash dividend of AR$134 billion and AR$44 billion, respectively. Pampa collected a total of US$25 million for its 26.3% participation in Transener.

Last tariff updates

Effective as of: Transener/Transba   TGS
Increase Resolution   Increase Resolution
July 2025 4.6%/1.5% ENRE No. 451 y 454/25   0.8% ENARGAS No. 421/25
August 2025 6.0%/2.9% ENRE No. 549 and 555/25   1.8% ENARGAS No. 539/25
September 2025 7.0%/3.8% ENRE No. 616 and 617/25   2.6% ENARGAS No. 622/25
October 2025 7.1%/3.9% ENRE No. 675 and 676/25   2.7% ENARGAS No. 732/25
November 2025  7.6%/4.4% ENRE No. 724 and 731/25   3.2% ENARGAS No. 812/25
 
Earnings release Q3 25 ● 3  


1.3 Sale of El Tordillo, La Tapera and Puesto Quiroga

On October 1, 2025, Pampa transferred its 35.67% stake in the El Tordillo, La Tapera and Puesto Quiroga concessions for US$2 million, subject to a clean exit condition. With this transaction, Pampa no longer holds assets in the San Jorge Gulf basin.

1.4 New share repurchase program

On September 8, 2025, Pampa’s Board of Directors approved the 14th share repurchase program, for up to US$100 million or 10% of share capital, with a maximum price of US$60 per ADR or AR$3,480 per common share, effective for 120 days. To date, 0.8 million ADRs equivalent have been repurchased at an average of US$58.8/ADR, representing 1.5% of Pampa’s issued share capital.

1.5 Release of Guarantees in OCP Ecuador

On November 30, 2024, OCP Ecuador transferred its ownership in the pipeline to the Ecuadorian State. As part of the transaction, OCP Ecuador had two outstanding guarantees —one operational and one environmental— totaling US$84 million.

Under the terms of the concession agreement, the expiration of the license triggered the release of these guarantees on March 1, 2025, along with the corresponding monetary reimbursement to OCP Ecuador. However, Citibank Ecuador, the issuing bank, declined to release the guarantees on that date, citing non-compliance with certain formal requirements. This led to the initiation of arbitration proceedings seeking the release of the guarantees and compensation for damages.

Subsequently, on October 28, 2025, the Ecuadorian State formally notified Citibank Ecuador of the expiration of the guarantees and instructed their release, which was executed on November 3, 2025. As a result, Pampa added US$84 million to its cash position and reduced its net debt-to-EBITDA ratio to 1.1x.

 
Earnings release Q3 25 ● 4  


2. Analysis of Q3 25 results
Breakdown by segment
In US$ million
Q3 25 Q3 24 Variation
Sales Adjusted EBITDA Net Income Sales Adjusted EBITDA Net Income Sales Adjusted EBITDA Net Income
                   
Oil and Gas 308 171 (9) 228 122 (4) +35% +40% +125%
Power generation 205 120 6 183 112 95 +12% +8% -94%
Petrochemicals 115 (5) (2) 140 2 7 -18% NA NA
Holding and Others 6 36 28 19 43 48 -68% -16% -42%
Eliminations (43) - - (30) - - +44% NA NA
                   
Total 591 322 23 540 279 146 +9% +16% -84%

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

Reconciliation of adjusted EBITDA,
in US$ million
  Nine-month period   Third quarter
  2025   2024   2025   2024
Consolidated operating income   402   392   168   154
Consolidated depreciations and amortizations   305   257   124   105
Reporting EBITDA   707   649   292   259
                 
Adjustments from oil and gas segment   (11)   5   (7)   14
Adjustments from generation segment   30   80   15   7
Adjustments from petrochemicals segment   (17)   (0)   (0)   (0)
Adjustments from holding & others segment   70   20   22   (1)
                 
Consolidated adjusted EBITDA   779   754   322   279
At our ownership   777   754   322   279

 
Earnings release Q3 25 ● 5  


2.1 Analysis of the oil and gas segment

 

Oil & gas segment, consolidated
Figures in US$ million
  Nine-month period   Third quarter
  2025 2024 ∆%   2025 2024 ∆%
Sales revenue   658 596 +10%   308 228 +35%
Domestic sales   515 512 +1%   231 201 +15%
Foreign market sales   143 84 +70%   77 27 +185%
Cost of sales   (461) (387) +19%   (191) (153) +25%
                 
Gross profit   197 209 -6%   117 75 +56%
                 
Selling expenses   (56) (46) +22%   (22) (17) +29%
Administrative expenses   (60) (57) +5%   (20) (21) -5%
Other operating income   41 67 -39%   25 25 -
Other operating expenses   (16) (22) -27%   (8) (8) -
Impairment of financial assets   (5) (10) -50%   (3) - NA
Impairment on int. assets & inventories   (8) (19) -58%   (7) (19) -63%
Results for participation in joint businesses   2 - NA   - - NA
                 
Operating income   95 122 -22%   82 35 +134%
                 
Finance income   - 1 -100%   - 1 -100%
Finance costs   (77) (71) +8%   (22) (22) -
Other financial results   (25) (17) +47%   (25) (3) NA
Financial results, net   (102) (87) +17%   (47) (24) +96%
                 
Loss before tax   (7) 35 NA   35 11 +218%
                 
Income tax   (31) 36 NA   (44) (15) +193%
                 
Net (loss)/income for the period   (38) 71 NA   (9) (4) +125%
                 
Adjusted EBITDA   298 310 -4%   171 122 +40%
                 
Increases in PPE and right-of-use assets   720 243 +196%   267 46 NA
Depreciation and amortization   214 183 +17%   96 73 +32%
Lifting cost   162 131 +24%   59 48 +22%
Lifting cost per boe   6.9 5.7 +22%   6.4 6.0 +7%

Sales in the oil and gas segment rose 35% year-on-year and 51% quarter-on-quarter, mainly driven by strong crude oil production growth at Rincón de Aranda, increased gas to Chile, fuel self-procurement at CTLL, and the industrial segment. These effects were partially offset by lower sales in September, explained by weaker retail demand due to milder weather and the expiration of Plan Gas winter peak commitments, as well as lower crude oil and gas export prices.

Regarding the operational performance, total production averaged 99.5 kboepd in Q3 25 (+14% vs. Q3 24, +18% vs. Q2 25), mainly explained by sustained oil output growth at Rincón de Aranda following the completion of three new pads, and by higher gas production at Sierra Chata, which reached a new all-time high of 6.3 mcmpd in July. The increase vs. Q2 25 was driven by higher contributions from Rincón de Aranda and seasonal gas demand.

Gas production averaged 14.0 mcmpd in Q3 25 (flat vs. Q3 24, +8% vs. Q2 25). Analyzing the gas output by block, El Mangrullo accounted for 50% of the total gas output, averaging 7.0 mcmpd (-12% vs. Q3 24, -7% vs. Q2 25), followed by Sierra Chata with 5.3 mcmpd, contributing 38% of the production (+33% vs. Q3 24, +40% vs. Q2 25). At non-operated blocks, Río Neuquén produced 1.3 mcmpd
(-20% vs. Q3 24, flat vs. Q2 25), while Rincón del Mangrullo and Aguaragüe continued their natural depletion, each producing 0.1 mcmpd.

 
Earnings release Q3 25 ● 6  


Oil and gas'
key performance indicators 
  2025   2024   Variation
Oil Gas Total Oil Gas Total Oil Gas Total
Nine-month period                        
Volume                        
Production                        
In thousand m3/day   1.5 12,911     0.8 13,382     +89% -4% +2%
In million cubic feet/day     456       473    
In thousand boe/day   9.6 76.0 85.5   5.0 78.8 83.8  
Sales                        
In thousand m3/day   1.6 12,932     0.8 13,331     +111% -3% +4%
In million cubic feet/day     457       471    
In thousand boe/day   10.1 76.1 86.3   4.8 78.5 83.3  
                         
Average Price                        
In US$/bbl   61.9       71.0       -13% -2%  
In US$/MBTU     3.9       3.9      
                         
Third quarter                        
Volume                        
Production                        
In thousand m3/day   2.7 13,967     0.9 13,944     +220% +0% +14%
In million cubic feet/day     493       492    
In thousand boe/day   17.3 82.2 99.5   5.4 82.1 87.5  
Sales                        
In thousand m3/day   3.2 13,913     0.9 13,632     +267% +2% +19%
In million cubic feet/day     491       481    
In thousand boe/day   20.1 81.9 102.0   5.5 80.2 85.7  
                         
Average Price                        
In US$/bbl   61.1       71.9       -15% +0%  
In US$/MBTU     4.4       4.4      

Note: Net production in Argentina. Gas volume standardized at 9,300 kilocalories (kCal). Oil price is net of export duty and quality/logistic discounts.

Our gas price averaged US$4.4 per MBTU in Q3 25 (flat vs. Q3 24, +11% vs. Q2 25 due to seasonality), supported by fuel self-procurement for CTLL during the winter peak and improved industry prices, partially offset by lower export prices.

Regarding our gas deliveries by customer, during Q3 25, 39% was destined for thermal power generation (vs. 50% in Q3 24) and 33% to distribution companies (vs. 36% in Q3 24), both under Plan Gas GSA. The year-on-year decrease reflects the end of Plan Gas winter commitments in September 2024, lower retail demand due to milder September weather, and fuel self-procurement in CTLL, which itself accounted for 6% of Q3 25 deliveries. The industrial/spot market absorbed 12% (vs. 7% in Q3 24 due to increased transport capacity), 8% was exported (vs. 3% in Q3 24 due to increased foreign demand), and the remaining 2% was sold to our petrochemical plants (vs. 3% in Q3 24).

Oil production reached 17.3 kbpd in Q3 25 (+3.2x vs. Q3 24, 2.2x vs. Q2 25), driven by the ramp-up of shale oil output at Rincón de Aranda, which averaged 14.4 kbpd in Q3 25 (+13.2 kbpd vs. Q3 24,
+6.9 kbpd vs. Q2 25) with 20 wells in production (vs. 2 in Q3 24, 10 in Q2 25). This growth was partially offset by the sale of Gobernador Ayala in October 2024 (-1.0 kbpd vs. Q3 24) and lower volumes from non-operated conventional crude oil blocks El Tordillo and Los Blancos (-0.2 kbpd vs. Q3 24).

The average oil price, net of export duty and quality/logistic discounts, was US$61.1 per barrel (-15% vs. Q3 24, -1% vs. Q2 25), mainly reflecting lower Brent prices. Without Rincón de Aranda’s partial price hedge, in place since April 2025, the average oil price would have been US$60.3 per barrel. Exports accounted for 47% of total sales in Q3 25, similar to Q3 24, although export volumes quadrupled year-on-year.

 
Earnings release Q3 25 ● 7  


 

The lifting cost4 totaled US$59 million in Q3 25 (+22% vs. Q3 24, flat vs. Q2 25), explained by higher gas treatment expenses and TPF leasing at Rincón de Aranda. Lower maintenance and labor costs offset those effects. The lifting cost per boe rose 7% to US$6.4 per boe produced in Q3 25 vs. US$6.0 per boe in Q3 24, mainly explained by higher operating expenses mentioned before, though partially offset by increased production at Rincón de Aranda. Compared to Q2 25, the 15% decrease in lifting cost per boe reflects the growth in crude oil production and cost stabilization.

Excluding depreciation and amortization and lifting costs, other operating costs increased 24% vs. Q3 24 and 33% vs. Q2 25, mainly due to higher crude oil purchases for trading, royalties and levies in line with increased production, and higher export transportation costs.

Other operating income and expenses remained flat vs. Q3 24. Higher environmental remediation and bad debts provisions were partially offset by lower financial transaction taxes and a slight increase in Plan Gas compensation, driven by the devaluation impact on retail tariffs. In addition, improved collections from CAMMESA and ENARSA led to a decline in commercial interest income (-11% vs. Q3 24). Compared to Q2 25, other operating net income rose significantly, explained by higher Plan Gas compensation from seasonality and slightly higher days sales outstanding, partially offset by higher environmental provisions.

Financial results in Q3 25 posted net losses of US$47 million (+96% vs. Q3 24, +81% vs. Q2 25), mainly explained by higher FX losses from a steeper AR$ devaluation impacting the segment’s net monetary asset position in AR$, as well as lesser gains from holding financial securities, partially offset by gains from the crude oil price hedge.

Reconciliation of adjusted EBITDA from oil & gas,
in US$ million
  Nine-month period   Third quarter
  2025   2024   2025   2024
Consolidated operating income   95   122   82   35
Consolidated depreciations and amortizations   214   183   96   73
Reporting EBITDA   309   305   178   108
                 
Deletion of int. assets & inventories' impairment   8   19   7   19
Deletion of gain from commercial interests   (7)   (18)   (5)   (5)
Deletion of CAMMESA's receivable impairment   -   4   -   -
Deletion of SESA's equity income   (2)   -   -   -
Deletion of TPF lease amortization   (10)   -   (10)   -
                 
Adjusted EBITDA from oil & gas   308   310   171   122

Our oil and gas adjusted EBITDA amounted to US$171 million in Q3 25 (+41% vs. Q3 24, +98% vs. Q2 25), mainly driven by accelerated shale oil production at Rincón de Aranda and higher profit margins from fuel self-procurement for power generation, exports, and industrial demand. These effects were partially offset by lower retail gas sales. Growth of crude oil sales and seasonal gas deliveries explains 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, and includes a US$10 million adjustment to the rights-of-use amortization, reflecting the reclassification of the TPF rental at Rincón de Aranda as lifting cost.

Finally, capital expenditures amounted to US$267 million (5.8x vs. Q3 24, but -13% vs. Q2 25), with 65% allocated to the development of Rincón de Aranda.


4 It only considers maintenance, treatment, internal transportation, wellhead staff and the TPF costs at Rincón de Aranda, which under IFRS it is recorded as Leases, recording rights-of-use amortization in the cost of sales. Lifting cost does not include amortizations and depreciations.

 
Earnings release Q3 25 ● 8  


2.2 Analysis of the power generation segment
Power generation segment, consolidated
Figures in US$ million
  Nine-month period   Third quarter
  2025 2024 ∆%   2025 2024 ∆%
Sales revenue   585 505 +16%   205 183 +12%
Cost of sales   (319) (260) +23%   (114) (102) +12%
                 
Gross profit   266 245 +9%   91 81 +12%
                 
Selling expenses   (3) (2) +50%   (1) (1) -
Administrative expenses   (31) (39) -21%   (10) (14) -29%
Other operating income   17 34 -50%   4 2 +100%
Other operating expenses   (9) (11) -18%   (4) (4) -
Impairment of financial assets   - (46) -100%   - - NA
Results for participation in joint businesses   5 (28) NA   (2) 10 NA
                 
Operating income   245 153 +60%   78 74 +5%
                 
Finance income   15 3 NA   7 1 NA
Finance costs   (36) (39) -8%   (11) (11) -
Other financial results   81 102 -21%   1 22 -95%
Financial results, net   60 66 -9%   (3) 12 NA
                 
Profit before tax   305 219 +39%   75 86 -13%
                 
Income tax   (180) 109 NA   (69) 9 NA
                 
Net income for the period   125 328 -62%   6 95 -94%
Attributable to owners of the Company   125 328 -62%   6 95 -94%
Attributable to non-controlling interests   - - NA   - - NA
                 
Adjusted EBITDA   362 304 +19%   120 112 +8%
Adjusted EBITDA at our share ownership   360 304 +18%   120 112 +7%
                 
Increases in PPE and right-of-use assets   46 67 -31%   18 24 -27%
Depreciation and amortization   87 71 +23%   27 31 -13%

In Q3 25, power generation sales increased 12% year-on-year, mainly driven by higher revenue from CTLL’s fuel self-procurement during the winter peak and, to a lesser extent, by PEPE 6’s contribution, higher spot capacity prices and greater PPA sales to industrial clients. These effects were partially offset by lower thermal dispatch. Compared to Q2 25, the sales growth reflects seasonal increases in generation and the completion of scheduled maintenance at CTLL and CTEB.

Increase in spot capacity payments was led by open cycles (GT and ST), which averaged US$5.9 thousand per MW-month (+22% vs. Q3 24 and +12% vs. Q2 25), due to the additional US$ remuneration in July and August under the 2024-2026 Contingency Plan (Res. SE No. 294/24). In contrast, CCGTs remained at US$5.3 thousand per MW-month (flat vs. Q3 24 and Q2 25), while hydros averaged US$2.1 thousand per MW-month (-8% vs. Q3 24, -8% vs. Q2 25). Compared to Q2 25, capacity improved, again driven by open cycles benefiting from this additional remuneration.

The operational performance of Pampa’s operated power generation dropped 9% year-on-year, mainly due to lower thermal demand from CAMMESA amid weak electricity consumption and higher penetration of renewable and nuclear power generation, as well as scheduled maintenance outages. This follows a 2% contraction in national power demand, linked to softer economic activity and milder weather. Analyzing by plant, lower generation stemmed from CTGEBA’s old CCGT (-131 GWh), open cycles (-166 GWh), reduced water input at HPPL (-166 GWh) and HINISA’s outage (-121 GWh). These declines were partially offset by PEPE 6’s contribution (+75 GWh) and higher CCGT output at new CTGEBA and CTLL (+44 GWh). Quarter-on-quarter, generation increased 15% following CTLL and CTEB’s planned overhauls in
Q2 25.

The total availability of Pampa’s operated units reached 94.0% in Q3 25, down from 96.7% in Q3 24 (-275 basis points), mainly impacted by programmed maintenance at CTGEBA’s GT04 and CTLL’s GT05, and forced outages at CTLL’s GT04 and HINISA, the latter ongoing since January. These variations were partially offset by PEPE 6 and the recovery of CTLL’s GT05, which had been out of service in August 2024. Thermal availability, however, increased 40 basis points, reaching 97.1% in Q3 25.

 
Earnings release Q3 25 ● 9  


Power generation's
key performance indicators
  2025   2024   Variation
Wind Hydro Thermal Total   Wind Hydro Thermal Total   Wind Hydro Thermal Total
Installed capacity (MW)   427 938 4,107 5,472   382 938 4,107 5,426   +12% - +0% +1%
New capacity (%)   100% - 33% 32%   100% - 33% 32%   - - +0% +1%
Market share (%)   1.0% 2.1% 9.4% 12.5%   0.9% 2.2% 9.6% 12.6%   +0% -0% -0% -0%
                               
Nine-month period                              
Net generation (GWh)   1,244 1,027 13,806 16,077   839 1,641 14,467 16,947   +48% -37% -5% -5%
Volume sold (GWh)   1,254 1,027 14,376 16,657   844 1,641 15,054 17,539   +49% -37% -5% -5%
                               
Average price (US$/MWh)   70 22 40 41   72 15 35 35   -3% +48% +15% +18%
Average gross margin (US$/MWh)   54 10 24 26   62 6 22 22   -13% +75% +10% +14%
                               
Third quarter                              
Net generation (GWh)   420 249 4,752 5,421   337 540 5,074 5,951   +25% -54% -6% -9%
Volume sold (GWh)   428 249 4,908 5,585   340 540 5,280 6,161   +26% -54% -7% -9%
                               
Average price (US$/MWh)   70 27 42 43   72 17 35 36   -3% +56% +18% +21%
Average gross margin (US$/MWh)   54 9 25 27   54 6 22 23   -0% +50% +12% +17%
                               

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

Excluding depreciation and amortizations, net operating costs increased 14% to US$98 million in Q3 25, mainly explained by higher gas purchases for CTLL’s self-procurement and greater maintenance expenses, partially offset by lower labor and insurance costs. Compared to Q2 25, operating expenses increased 17%, due to increased gas purchases, partially offset by reduced maintenance costs.

Other operating income and expenses reached breakeven, improving from a US$2 million loss in Q3 24, mainly due to lower financial transaction taxes, offset by higher repairments, net of insurance recoveries.

Financial results in Q3 25 recorded a US$3 million net loss, compared to a US$12 million profit in Q3 24, reflecting lower gains on financial securities, partially offset by higher interest income.

Reconciliation of adjusted EBITDA from power generation,
in US$ million
  Nine-month period   Third quarter
  2025   2024   2025   2024
Consolidated operating income   245   153   78   74
Consolidated depreciations and amortizations   87   71   27   31
Reporting EBITDA   332   224   105   105
                 
Deletion of CTEB's equity income   (5)   28   2   (10)
Deletion of commercial interests to CAMMESA   (4)   (28)   (2)   (2)
Deletion of CAMMESA's receivable impairment   -   32   -   -
Deletion of PPE activation in operating expenses   -   2   -   1
Deletion of provision in hydros   -   5   -   2
CTEB's EBITDA, at our 50% ownership   39   41   15   16
                 
Adjusted EBITDA from power generation   362   304   120   112

Adjusted EBITDA for the power generation segment was US$120 million (+8% vs. Q3 24, +7% vs. Q2 25), supported by gas self-management during winter, PEPE 6’s contribution and the additional seasonal remuneration for spot open-cycle capacity, partially offset by reduced dispatch. Adjusted EBITDA excludes non-operating, non-recurrent and non-cash items and considers CTEB’s 50% ownership, which posted US$15 million in Q3 25 (flat vs. Q3 24, +74% vs. Q2 25). The additional spot capacity remuneration and higher industrial sales explain the quarter-on-quarter improvement in EBITDA.

Finally, excluding CTEB, capital expenditures totaled US$18 million in Q3 25, down from US$24 million in Q3 24, mainly allocated to maintenance.

 
Earnings release Q3 25 ● 10  


2.3 Analysis of the petrochemicals segment
Petrochemicals segment, consolidated
Figures in US$ million
  Nine-month period   Third quarter  
  2025 2024 ∆%   2025 2024 ∆%  
Sales revenue   329 394 -16%   115 140 -18%  
Domestic sales   190 247 -23%   59 92 -35%  
Foreign market sales   139 147 -5%   56 48 +15%  
Cost of sales   (319) (361) -12%   (113) (135) -16%  
                   
Gross profit   10 33 -70%   2 5 -60%  
                   
Selling expenses   (9) (9) -   (3) (3) -  
Administrative expenses   (5) (5) -   (2) (2) -  
Other operating income   19 11 +73%   - 3 -100%  
Other operating expenses   (8) (5) +60%   (3) (2) +50%  
                   
Operating income   7 25 -72%   (6) 1 NA  
                   
Finance income   27 - NA   - - NA  
Finance costs   - (3) -100%   - (1) -100%  
Other financial results   4 4 -   1 3 -67%  
Financial results, net   31 1 NA   1 2 -50%  
                   
Profit before tax   38 26 +46%   (5) 3 NA  
                   
Income tax   (11) 7 NA   3 4 -25%  
                   
Net income for the period   27 33 -18%   (2) 7 NA  
                   
Adjusted EBITDA   (6) 28 NA   (5) 2 NA  
                   
Increases in PPE   14 4 +250%   8 1 NA  
Depreciation and amortization   4 3 +33%   1 1 -  

Reconciliation of adjusted EBITDA from petrochemicals,
in US$ million
  Nine-month period   Third quarter
  2025   2024   2025   2024
Consolidated operating income   7   25   (6)   1
Consolidated depreciations and amortizations   4   3   1   1
Reporting EBITDA   11   28   (5)   2
                 
Deletion of gain from commercial interests   (0)   (0)   (0)   (0)
Deletion of contingencies adjustment   (17)   -   -   -
                 
Adjusted EBITDA from petrochemicals   (6)   28   (5)   2

The adjusted EBITDA for the petrochemicals segment recorded a US$5 million loss in Q3 25, compared to the US$2 million profit in Q3 24, mainly due to weaker domestic demand for styrene and octane bases, lower international reference prices and, to a lesser extent, the temporary outage of the polystyrene plant and a non-recurrent US$3 million gain recorded in Q3 24 from exports settlements at a differential FX. These effects were partially offset by higher exports of reforming products and lower raw material costs. The drop in EBITDA compared to Q2 25 is mainly due to lower reforming margins from processing imported virgin naphtha and softer domestic demand for octane bases.

The total volume sold reached 122 thousand tons (-4% vs. Q3 24, -2% vs. Q2 25), mainly explained by lower domestic demand, partially offset by higher exports of aromatics and styrene.

Financial results recorded a profit of US$1 million in Q3 25 (-50% vs. Q3 24, -75% vs. Q2 25), mainly due to derivatives losses.

Finally, capital expenditures totaled US$8 million in Q3 25, up from US$1 million in Q3 24, mainly allocated to maintenance.

 
Earnings release Q3 25 ● 11  


Petrochemicals'
key performance indicators 
  Products   Total
  Styrene & polystyrene1 SBR Reforming & others  
Nine-month period            
Volume sold 2025 (thousand ton)   62 31 238   331
Volume sold 2024 (thousand ton)   64 33 251   349
Variation 2025 vs. 2024   -4% -8% -5%   -5%
             
Average price 2025 (US$/ton)   1,514 1,679 770   993
Average price 2024 (US$/ton)   1,804 1,841 861   1,128
Variation 2025 vs. 2024   -16% -9% -11%   -12%
             
Third quarter            
Volume sold Q3 25 (thousand ton)   20 11 91   122
Volume sold Q3 24 (thousand ton)   22 11 94   128
Variation Q3 25 vs. Q3 24   -10% -3% -3%   -4%
             
Average price Q3 25 (US$/ton)   1,496 1,561 741   937
Average price Q3 24 (US$/ton)   1,825 1,926 822   1,092
Variation Q3 25 vs. Q3 24   -18% -19% -10%   -14%

Note: 1 Includes Propylene.

2.4 Analysis of the holding and others segment
Holding and others segment, consolidated
Figures in US$ million
  Nine-month period   Third quarter
  2025 2024 ∆%   2025 2024 ∆%
Sales revenue   18 29 -38%   6 19 -68%
Cost of sales   - (5) -100%   - (5) -100%
                 
Gross profit   18 24 -25%   6 14 -57%
                 
Selling expenses   (1) - NA   - - NA
Administrative expenses   (35) (38) -8%   (15) (19) -21%
Other operating income   8 4 +100%   3 3 -
Other operating expenses   (29) (34) -15%   (7) (6) +17%
Income from the sale of associates   - 7 -100%   - - NA
Results for participation in joint businesses   94 129 -27%   27 52 -48%
                 
Operating income   55 92 -40%   14 44 -68%
                 
Finance costs   (38) (24) +58%   (19) (9) +111%
Other financial results   77 25 +208%   38 18 +111%
Financial results, net   39 1 NA   19 9 +111%
                 
Profit before tax   94 93 +1%   33 53 -38%
                 
Income tax   8 (12) NA   (5) (5) -
                 
Net income for the period   102 81 +26%   28 48 -42%
                 
Adjusted EBITDA   125 112 +11%   36 43 -16%
                 
Increases in PPE    7 4 +83%   3 2 +26%
Depreciation and amortization   - - NA   - - NA

The holding and others segment, excluding equity income from affiliates TGS and Transener, posted a loss on operating margin of US$13 million in Q3 25, compared to a US$8 million loss in Q3 24, mainly explained by higher labor costs and increased third-party service fees, as well as the absence of OCP Ecuador, which had contributed US$8 million of operating income during its short consolidation in Q3 24. These effects were partially offset by higher income fee.

Financial results showed a net profit of US$19 million (+111% vs. Q3 24, +46% vs. Q2 25), mainly reflecting FX gains from the sharper AR$ devaluation over the net liability position in that currency, partially offset by higher interest expenses from tax liabilities.

 
Earnings release Q3 25 ● 12  


Reconciliation of adjusted EBITDA from holding and others,
in US$ million
  Nine-month period   Third quarter
  2025   2024   2025   2024
Consolidated operating income   55   92   14   44
Consolidated depreciations and amortizations   -   -   -   -
Reporting EBITDA   55   92   14   44
                 
Deletion of equity income   (94)   (129)   (27)   (52)
Deletion of gain from commercial interests   -   (0)   -   (0)
Deletion of contigencies provision    -   16   -   -
Deletion of the sale of associates   -   (7)   -   -
Deletion of arbitration costs in OCP   8   -   -   -
TGS's EBITDA adjusted by ownership   115   113   36   40
Transener's EBITDA adjusted by ownership   41   26   14   11
                 
Adjusted EBITDA from holding and others   125   112   36   43

The adjusted EBITDA from our holding and others segment excludes non-operating, non-recurring, and non-cash items and includes EBITDA adjusted for equity ownership in TGS and Transener. In Q3 25, the US$36 million profit (-16% vs. Q3 24, +3% vs. Q2 25) was mainly due to higher corporate expenses and a lower contribution from TGS, partially offset by Transener’s performance.

At TGS, the EBITDA adjusted for our stake was US$36 million in Q3 25, compared to US$40 million in Q3 24, explained by lower regulated margins, as the 5% tariff increase during Q3 25 lagged behind 6% inflation and 15% AR$ devaluation, partially offset by higher exports of NGL and ethane sold domestically.

At Transener, the EBITDA adjusted for our stake was US$14 million in Q3 25, up from US$11 million in Q3 24, supported by a 19% tariff hike that outpaced both inflation (6%) and devaluation (15%).

 
Earnings release Q3 25 ● 13  


3. Cash and financial borrowings
As of September 30, 2025,
in US$ million
  Cash1     Financial debt     Net debt  
    Consolidated
in FS
Ownership adjusted   Consolidated
in FS
Ownership adjusted   Consolidated
in FS
Ownership adjusted
Power generation   881 873   444 444   (437) (429)
Petrochemicals   0 0   - -   (0) (0)
Holding and others   - -   - -   - -
Oil and gas   - -   1,311 1,311   1,311 1,311
Total under IFRS/Restricted Group   881 873   1,755 1,755   874 882
                   
Affiliates at O/S2   198 198   244 244   46 46
                   
Total with affiliates   1,079 1,071   1,999 1,999   920 928

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.

3.1 Debt transactions

During Q3 25, Pampa issued CB Series 25 for US$105 million, maturing on a bullet basis on August 6, 2028, with a semiannual fixed rate of 7.25%. In addition, Pampa obtained export pre-financing, net of payments, for US$50 million.

As of September 30, 2025, Pampa’s financial debt under IFRS totaled US$1,755 million, 16% lower than at year-end 2024. This decrease is mainly due to the early redemption of the 2027 and 2029 Notes, funded with proceeds from the issuance of the 2034 Notes. However, net debt increased to US$874 million, driven by higher capital expenditures in Rincón de Aranda, share buybacks and increased collateral requirements related to the crude oil price hedge.

After the quarter’s closing, US$47 million of the export pre-financing was repaid, and OCP Ecuador’s guarantees were released for US$84 million. Therefore, net debt decreased to US$790 million and the net leverage ratio down to 1.1x.

As of September 30, 2025, 92% of total gross debt consisted of securities issued in capital markets, while the remaining 8% corresponded to bank financing. The gross debt principal breakdown is shown below:

Type of debt Currency Legislation Amount
in million US$
% over
total gross debt
Average rate Average life
Call AR$ Argentine 0.1 0% 45% 0.0
Exports pre-financing US$ Argentine 50 3% 7% 0.2
Loans US$ Argentine 85 5% 5% 1.3
CB US$ MEP Argentine 140 8% 5% 1.8
US$ Argentine 156 9% 7% 2.1
US$-link Argentine 87 5% 0% 2.2
US$ Foreign 1,230 70% 8% 7.3
Total     1,747 100%   5.6
  US$     1,660 95% 7.5% 5.8
  AR$     87 5% 0.1% 2.2

Through proactive liability management, Pampa continued to strengthen its debt profile, extending the average maturity to 5.6 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million by the end of Q3 25:

 
Earnings release Q3 25 ● 14  


 

  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.

Regarding our affiliates, CTEB cancelled bank borrowings for US$15 million, while TGS extended debt maturities by US$26 million and obtained new loans for US$19 million.

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

3.2 Summary of debt securities

Company
In US$ million
Security Maturity Amount issued Amount
net of repurchases
Coupon
In US$-Foreign Law          
Pampa CB Series 9 at par & fixed rate 2026 293 120 9.5%
CB Series 21 at discount & fixed rate 2031 410 410 7.95%
CB Series 23 at discount & fixed rate 2034 700 700 7.875%
TGS1 CB at discount at fixed rate 2031 490 490 8.5%
           
In US$-Argentine Law          
Pampa CB Series 20 2026 108 51 6%
CB Series 25 2028 105 105 7.25%
           
In US$-link          
Pampa CB Series 13 2027 98 87 0%
CTEB1 CB Series 9 2026 50 40 0%
           
In US$-MEP          
Pampa CB Series 16 2025 56 56 4.99%
CB Series 22 2028 84 84 5.75%
           

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

3.3 Credit ratings

Company Agency Rating
Global Local
Pampa S&P B-, bb- (stand-alone) na
Moody's B2 na
FitchRatings B- AAA (long-term)1
A1+ (short-term)1
TGS S&P B-, b+ (stand-alone) na
FitchRatings B- na
Transener FitchRatings na A+ (long-term)1
CTEB FitchRatings na AA+1

Note: 1 Issued by FIX SCR.

 
Earnings release Q3 25 ● 15  


4. Appendix
4.1 Analysis of the nine-month period, by subsidiary and segment
Subsidiary
In US$ million
Nine-month period 2025   Nine-month period 2024
% Pampa Adjusted EBITDA Net
debt2
Net
income3
  % Pampa Adjusted EBITDA Net
debt2
Net
income3
 
Oil & gas segment                  
Pampa Energía 100.0% 298 1,311 (38)   100.0% 310 1,029 71
Subtotal oil & gas   298 1,311 (38)     310 1,029 71
                   
Power generation segment                  
Diamante 61.0% 6 (0) 3   61.0% 2 (0) 0
Los Nihuiles 52.0% (2) (0) (3)   52.0% (2) (0) (1)
VAR 100.0% 12 (0) 3   100.0% 14 (0) 9
                   
CTBSA   77 160 10     81 203 (56)
Non-controlling stake adjustment   (39) (80) (5)     (41) (101) 28
Subtotal CTBSA adjusted by ownership 50.0% 39 80 5   50.0% 41 101 (28)
                   
Pampa stand-alone, other companies, & adj.1 307 (437) 117   249 (419) 347
Subtotal power generation   362 (357) 125     304 (317) 328
                   
Petrochemicals segment                  
Pampa Energía 100.0% (6) (0) 27   100.0% 28 - 33
Subtotal petrochemicals   (6) (0) 27     28 - 33
                   
Holding & others segment                  
Transener   154 (61) 92     100 (68) 47
Non-controlling stake adjustment   (113) 45 (68)     (74) 50 (34)
Subtotal Transener adjusted by ownership 26.3% 41 (16) 24   26.3% 26 (18) 12
                   
TGS   437 (65) 199     436 (92) 229
Non-controlling stake adjustment   (322) 47 (147)     (323) 68 (170)
Subtotal TGS adjusted by ownership 26.9% 115 (17) 52   25.9% 113 (24) 59
                   
Pampa stand-alone, other companies, & adj.1 (31) - 25   (28) (71) 9
Subtotal holding & others   125 (34) 102     112 (113) 81
                   
Deletions - (46) -   - (60) -
                   
Total consolidated   779 874 216     754 539 513
At our share ownership   777 928 216     754 604 513

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

 
Earnings release Q3 25 ● 16  


4.2 Analysis of the quarter, by subsidiary and segment
Subsidiary
In US$ million
Q3 25   Q3 24
% Pampa Adjusted EBITDA Net
debt3
Net
income4
  % Pampa Adjusted EBITDA Net
debt3
Net
income4
 
Oil & gas segment                  
Pampa Energía 100.0% 171 1,311 (9)   100.0% 122 1,029 (4)
Subtotal oil & gas   171 1,311 (9)     122 1,029 (4)
                   
Power generation segment                  
Diamante 61.0% 2 (0) 32   61.0% (0) (0) 0
Los Nihuiles 52.0% (1) (0) (3)   52.0% (1) (0) 0
VAR 100.0% 4 (0) 32   100.0% 4 (0) 2
                   
CTBSA   30 160 (4)     31 203 26
Non-controlling stake adjustment   (15) (80) 2     (16) (101) (13)
Subtotal CTBSA adjusted by ownership 50.0% 15 80 (2)   50.0% 16 101 13
                   
Pampa stand-alone, other companies, & adj.2 101 (437) (53)   93 (419) 80
Subtotal power generation   120 (357) 6     112 (317) 95
                   
Petrochemicals segment                  
Pampa Energía 100.0% (5) (0) (2)   100.0% 2 - 7
Subtotal petrochemicals   (5) (0) (2)     2 - 7
                   
Holding & others segment                  
Transener   52 (61) 31     43 (68) 20
Non-controlling stake adjustment   (38) 45 (23)     (31) 50 (14)
Subtotal Transener adjusted by ownership 26.3% 14 (16) 8   26.3% 11 (18) 5
                   
TGS   132 (65) 71     155 (92) 62
Non-controlling stake adjustment   (97) 47 (52)     (115) 68 (46)
Subtotal TGS adjusted by ownership 26.9% 36 (17) 19   25.9% 40 (24) 16
                   
Pampa stand-alone, other companies, & adj.2 (13) - 1   (8) (71) 27
Subtotal holding & others   36 (34) 28     43 (113) 48
                   
Deletions - (46) -   - (60) -
                   
Total consolidated   322 874 23     279 539 146
At our share ownership   322 928 23     279 604 146

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

 
Earnings release Q3 25 ● 17  


4.3 Consolidated balance sheet
In US$ million   As of 9.30.2025   As of 12.31.2024
ASSETS        
Property, plant and equipment   3,053   2,607
Intangible assets   89   95
Right-of-use assets   43   11
Deferred tax asset   21   157
Investments in associates and joint ventures   1,000   993
Financial assets at fair value through profit and loss   32   27
Trade and other receivables   48   75
Total non-current assets   4,286   3,965
         
Inventories   256   223
Financial assets at amortized cost   -   80
Financial assets at fair value through profit and loss   470   850
Derivative financial instruments   30   1
Trade and other receivables   784   488
Cash and cash equivalents   411   738
Total current assets   1,951   2,380
         
Total assets   6,237   6,345
         
EQUITY        
Share capital   36   36
Share capital adjustment   191   191
Share premium   516   516
Treasury shares adjustment   1   1
Treasury shares cost   (23)   (7)
Legal reserve   44   44
Voluntary reserve   2,399   1,657
Other reserves   (13)   (13)
Other comprehensive income   100   119
Retained earnings   182   742
Equity attributable to owners of the company   3,433   3,286
         
Non-controlling interest   9   9
         
Total equity   3,442   3,295
         
LIABILITIES        
Provisions   107   137
Income tax and minimum notional income tax provision   317   75
Deferred tax liability   67   49
Defined benefit plans   29   30
Borrowings   1,473   1,373
Trade and other payables   75   84
Total non-current liabilities   2,068   1,748
         
Provisions   7   10
Income tax liability   15   257
Tax liabilities   36   30
Defined benefit plans   5   7
Salaries and social security payable   31   39
Borrowings   282   706
Trade and other payables   351   253
Total current liabilities   727   1,302
         
Total liabilities   2,795   3,050
         
Total liabilities and equity   6,237   6,345

 

 
Earnings release Q3 25 ● 18  


4.4 Consolidated income statement
In US$ million   Nine-month period   Third quarter
  2025   2024   2025   2024
Sales revenue   1,491   1,441   591   540
Domestic sales   1,207   1,207   457   465
Foreign market sales   284   234   134   75
Cost of sales   (1,000)   (930)   (375)   (365)
                 
Gross profit   491   511   216   175
                 
Selling expenses   (69)   (57)   (26)   (21)
Administrative expenses   (131)   (139)   (47)   (56)
Other operating income   85   116   32   33
Other operating expenses   (62)   (72)   (22)   (20)
Impairment of financial assets   (5)   (56)   (3)   -
Impairment on PPE, int. assets & inventories   (8)   (19)   (7)   (19)
Results for part. in joint businesses & associates   101   101   25   62
Income from the sale of associates   -   7   -   -
                 
Operating income   402   392   168   154
                 
Financial income   42   4   7   2
Financial costs   (151)   (137)   (52)   (43)
Other financial results   137   114   15   40
Financial results, net   28   (19)   (30)   (1)
                 
Profit before tax   430   373   138   153
                 
Income tax   (214)   140   (115)   (7)
                 
Net income for the period   216   513   23   146
Attributable to the owners of the Company   216   513   23   146
Attributable to the non-controlling interest   -   -   -   -
                 
Net income per share to shareholders   0.2   0.4   0.0   0.1
Net income per ADR to shareholders   4.0   9.4   0.4   2.7
                 
Average outstanding common shares1   1,360   1,360   1,360   1,360
Outstanding shares by the end of period1   1,360   1,360   1,360   1,360

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

 
Earnings release Q3 25 ● 19  


 

4.5 Consolidated cash flow statement
In US$ million   Nine-month period   Third quarter
  2025   2024   2025   2024
OPERATING ACTIVITIES                
Profit of the period   216   513   23   146
Adjustments to reconcile net profit to cash flows from operating activities   407   140   244   93
Changes in operating assets and liabilities   (133)   (367)   76   (17)
Increase in trade receivables and other receivables   (219)   (458)   35   (26)
Increase in inventories   (34)   (33)   (14)   (3)
Increase in trade and other payables   94   80   29   (1)
Increase in salaries and social security payables   2   15   12   12
Defined benefit plans payments   (2)   (2)   (1)   (1)
Increase in tax liabilities   25   34   12   4
Decrease in provisions   (7)   (3)   (3)   (2)
Collection for derivative financial instruments, net   8   -   6   -
                 
Net cash generated by (used in) operating activities   490   286   343   222
                 
INVESTING ACTIVITIES                
Payment for property, plant and equipment acquisitions   (751)   (350)   (307)   (90)
Payment for intangible assets acquisitions   -   -   -   3
Collection for sales (Payment for purchases) of public securities and shares, net   376   (26)   60   (112)
Recovery (Suscription) of mutual funds, net   11   (1)   15   -
Capital integration in companies   (41)   -   -   23
Payment for companies´acquisitions   -   (48)   -   (48)
Payment for right-of-use   -   -   -   13
Collection for equity interests in companies sales   1   18   1   -
Collection for joint ventures´ share repurchase   -   37   -   -
Collections for intangible assets sales   9   -   6   -
Dividends collection   25   8   25   -
Collection for equity interests in areas sales   2   -   -   -
Cash addition for purchase of subsidiary   -   71   -   71
                 
Net cash generated by (used in) investing activities   (368)   (291)   (200)   (140)
                 
FINANCING ACTIVITIES                
Proceeds from borrowings   554   710   174   404
Payment of  borrowings   (128)   (94)   (20)   (25)
Payment of  borrowings interests   (122)   (118)   (21)   (35)
Repurchase and redemption of corporate bonds   (726)   (329)   (1)   (254)
Payment for treasury shares acquisition   (16)   -   (16)   -
Payments of leases   (11)   (3)   (9)   (1)
                 
Net cash (used in) generated by financing activities   (449)   166   107   89
                 
(Decrease) Increase in cash and cash equivalents   (327)   161   250   171
                 
Cash and cash equivalents at the beginning of the period   738   171   161   161
(Decrease) Increase in cash and cash equivalents   (327)   161   250   171
                 
Cash and cash equivalents at the end of the period   411   332   411   332


 
Earnings release Q3 25 ● 20  


4.6 Power generation’s main operational KPIs by plant
Power generation's
key performance indicators 
  Wind   Hydroelectric   Subtotal
hydro
+wind
Thermal   Total
  PEPE2 PEPE3 PEPE4 PEA PEPE6   HINISA HIDISA HPPL   CTLL CTG CTP CPB CTPP CTIW CTGEBA Eco-
Energía
CTEB1 Subtotal
thermal
 
Installed capacity (MW)   53 53 81 100 140   265 388 285   1,365 780 361 30 620 100 100 1,254 14 848 4,107   5,472
New capacity (MW)   53 53 81 100 140   - - -   428 184 100 - - 100 100 566 14 279 1,344   1,772
Market share   0.1% 0.1% 0.2% 0.2% 0.3%   0.6% 0.9% 0.6%   3.1% 1.8% 0.8% 0.1% 1.4% 0.2% 0.2% 2.9% 0.03% 1.9% 9.4%   12%
                                                 
Nine-month period                                                
Net generation 2025 (GWh)   149 178 267 226 424   195 366 466   2,270 3,248 207 31 439 114 100 6,500 39 3,130 13,806   16,077
Market share   0.1% 0.2% 0.2% 0.2% 0.4%   0.2% 0.3% 0.4%   2.1% 3.0% 0.2% 0.0% 0.4% 0.1% 0.1% 6.0% 0.0% 2.9% 12.8%   15.0%
Sales 2025 (GWh)   159 178 267 226 424   195 366 466   2,281 3,238 379 31 439 114 100 6,850 91 3,136 14,376   16,657
                                                 
Net generation 2024 (GWh)   139 144 253 231 72   569 413 659   2,480 3,779 219 43 240 125 103 6,324 54 3,579 14,467   16,947
Variation 2025 vs. 2024   +7% +23% +6% -2% na   -66% -11% -29%   -8% -14% -6% -29% +83% -9% -3% +3% -28% -13% -5%   -5%
Sales 2024 (GWh)   147 144 253 231 69   569 413 659   2,485 3,732 473 43 240 125 103 6,644 115 3,579 15,054   17,539
                                                 
Avg. price 2025 (US$/MWh)   93 63 63 79 63   18 30 18   48 30 83 66 76 na na 37 40 33 40   41
Avg. price 2024 (US$/MWh)   81 64 64 82 64   14 22 12   34 20 52 27 97 na na 36 38 30 35   35
Avg. gross margin 2025 (US$/MWh) 50 54 54 54 55   (2) 19 7   34 18 38 30 41 na na 20 14 26 24   26
Avg. gross margin 2024 (US$/MWh)   56 65 65 63 60   4 10 4   25 17 21 1 19 na na 19 11 25 22   22
                                                 
Third quarter                                                
Net generation Q3 25 (GWh)   52 62 90 71 145   31 94 124   669 1,288 18 6 41 25 19 2,024 18 1,312 4,752   5,421
Market share   0.1% 0.2% 0.2% 0.2% 0.4%   0.1% 0.2% 0.3%   1.7% 3.3% 0.0% 0.0% 0.1% 0.1% 0.0% 5.2% 0.0% 3.4% 12.1%   13.8%
Sales Q3 25 (GWh)   60 62 90 71 145   31 94 124   677 1,278 72 6 41 25 19 2,118 36 1,312 4,908   5,585
                                                 
Net generation Q3 24 (GWh)   53 52 89 73 69   152 98 290   877 1,370 41 6 69 38 36 2,155 19 1,340 5,074   5,951
Variation Q3 25 vs. Q3 24   -3% +20% +1% -2% ####   -80% -4% -57%   -24% -6% -57% -2% -41% -32% -47% -6% -4% -2% -6%   -9%
Sales Q3 24 (GWh)   59 52 89 73 67   152 98 290   880 1,370 123 6 69 38 36 2,260 39 1,340 5,280   6,161
                                                 
Avg. price Q3 25 (US$/MWh)   95 62 62 79 62   25 36 20   54 35 na 106 na na na 39 41 29 42   43
Avg. price Q3 24 (US$/MWh)   86 64 64 82 64   18 30 13   38 20 75 71 132 na na 38 37 29 35   36
Avg. gross margin Q3 25 (US$/MWh) 51 52 52 60 53   (13) 22 5   37 18 63 47 127 na na 21 19 24 25   27
Avg. gross margin Q3 24 (US$/MWh) 48 50 50 60 59   5 11 5   25 16 34 17 51 na 138 19 1 24 22   23

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

 
Earnings release Q3 25 ● 21  


4.7 Production in the main oil and gas blocks
In kboe/day at ownership   Nine-month period   Third quarter
2025 2024 Variation 2025 2024 Variation
Gas                
El Mangrullo   41.2 48.3 -15%   41.2 47.0 -12%
Sierra Chata   24.8 19.0 +31%   31.0 23.4 +33%
Río Neuquén   8.1 9.5 -15%   7.9 9.8 -20%
Rincón del Mangrullo1   1.0 1.3 -22%   0.9 1.1 -21%
Others   1.0 0.8 +32%   1.2 0.8 +54%
Total gas at working interest   76.0 78.8 -4%   82.2 82.1 +0%
                 
Oil                
Rincón de Aranda   6.9 0.9 na   14.4 1.2 na
El Tordillo2   1.5 1.6 -8%   1.6 1.6 -4%
Associated oil3   1.1 1.3 -17%   1.2 1.3 -8%
Los Blancos   0.1 0.2 -64%   0.1 0.2 -60%
Gobernador Ayala4   - 1.1 -100%   - 1.0 -100%
Total oil at working interest   9.6 5.0 +89%   17.3 5.4 +220%
                 
Total   85.5 83.8 +2%   99.5 87.5 +14%

Note: Production in Argentina. 1 It does not include shale formation. 2 Pampa transferred the 35.67% stake in the concession to Crown Point Energía in October 2025, including 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.

 
Earnings release Q3 25 ● 22  


5. Glossary of terms

ADR/ADS: American Depositary Receipt

AR$: Argentine pesos

Bbl: Barrel

Boe: Barrels of oil equivalent

ByMA: Bolsas y Mercados Argentinos or Buenos Aires Stock Exchange

CAMMESA: Compañía Administradora del Mercado Mayorista Eléctrico S.A. or Argentine Wholesale Electricity Market Clearing Company

CB/Notes: Corporate Bonds

2027 Notes: Corporate Bonds maturing in 2027

2029 Notes: Corporate Bonds maturing in 2029

2034 Notes: Corporate Bonds maturing in 2034

CCGT: Combined cycle

CPB: Piedra Buena Thermal Power Plant

CTBSA: CT Barragán S.A.

CTEB: Ensenada Barragán Thermal Power Plant

CTG: Güemes Thermal Power Plant

CTGEBA: Genelba Thermal Power Plant

CTIW: Ingeniero White Thermal Power Plant

CTLL: Loma De La Lata Thermal Power Plant

CTP: Piquirenda Thermal Power Plant

CTPP: Parque Pilar Thermal Power Plant

DNU: Emergency Executive Order

E&P: Exploration and Production

EBITDA: Earnings before interest, tax, depreciation and amortization

EcoEnergía: EcoEnergía Co-Generation Power Plant

ENARGAS: Ente Nacional Regulador del Gas or National Gas Regulatory Entity

ENARSA: Energía Argentina S.A.

ENRE: Ente Nacional Regulador de la Electricidad or National Electricity Regulatory Entity

FRA: Adjusted Rent Factor

FS: Financial Statements

FX: Nominal exchange rate

GPM, former GPNK: Francisco Pascasio Moreno Gas Pipeline, formerly President Nestor Kirchner

GSA: Long-term gas sale agreement

GT: Gas turbine

GWh: Gigawatt-hour

HIDISA: Diamante Hydro Power Plant

HINISA: Los Nihuiles Hydro Power Plant

HPPL: Pichi Picun Leufu Hydro Power Plant

IFRS: International Financial Reporting Standards

Kb/kboe: Thousands of barrels/thousand barrels of oil equivalent

Kbpd/kboepd: Thousands of barrels per day/thousand barrels of oil equivalent per day

M3: Cubic meter

Mboe: Million barrels of oil equivalent

MBTU: Million British Thermal Units

Mcmpd: Million cubic meters per day

MECON: Ministry of Economy

MW/MWh: Megawatt/Megawatt-hour

N.a.: Not applicable

NGL: Natural gas liquids

O/S: Share ownership

OCP Ecuador: Oleoducto de Crudos Pesados S.A.

Pampa / The Company: Pampa Energía S.A.

PEA: Arauco II Wind Farm, stages 1 and 2

PEPE: Pampa Energía Wind Farm

Plan Gas: Argentine Natural Gas Production Promotion Plan, 2020–2024 Supply and Demand Scheme (DNU No. 892/20, 730/22 and supplementary provisions)

PPA: Power purchase agreement

PPE: Property, plant and equipment

Q2 25: Second quarter of 2025

Q3 25/Q3 24: Third quarter of 2025/Third quarter of 2024

Res.: Resolution/Resolutions

RMA: Adjusted Marginal Rent

SE: Secretariat of Energy

ST: Steam turbine

TGS: Transportadora de Gas del Sur S.A.

Ton: Metric ton

TPF: Temporary processing facility

Transba: Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A.

Transener: Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.

US$: US Dollars

US$-link: A security in which the underlying is linked to a US$ wholesale exchange rate

US$-MEP: A security in which the settlement uses US$ in the domestic market

WEM: Wholesale electricity market

   

 

 
Earnings release Q3 25 ● 23