Free translation from the original prepared in Spanish for publication in Argentina

UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2025

AND FOR THE NINE AND THREE-MONTH PERIODS THEN ENDED

PRESENTED ON COMPARATIVE BASIS

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

Report on review of interim financial information

To the Shareholders, President and Directors of

Pampa Energía S.A.

Introduction

We have reviewed the accompanying condensed consolidated interim statement of financial position of Pampa Energía S.A. and its subsidiaries (the ‘Group’) as at September 30, 2025 and the related condensed consolidated interim statements of comprehensive income for the nine-month and three-month periods then ended, and condensed consolidated statements of changes in equity and cash flows for the nine-month period then ended and selected explanatory notes.

Responsibilities of the Board of Directors

The board of Directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the condensed interim financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 (IAS 34).

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently 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.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Autonomous City of Buenos Aires, November 4, 2025.

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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.

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GLOSSARY OF TERMS: (Continuation)

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GLOSSARY OF TERMS: (Continuation)

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME

For the nine and three-month periods ended September 30, 2025, presented on comparative basis.

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

Free translation from the original prepared in Spanish for publication in Argentina

UNAUDITED CONSOLIDATED CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Continuation)

For the nine and three-month periods ended September 30, 2025, presented on comparative basis.

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

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

Free translation from the original prepared in Spanish for publication in Argentina

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION

As of September 30, 2025, presented on comparative basis.

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

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION (Continuation)

As of September 30, 2025, presented on comparative basis.

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

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

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

For the nine-month period ended September 30, 2025, presented on comparative basis.

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

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

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the nine-month period ended September 30, 2025, presented on comparative basis.

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

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

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM

FINANCIAL STATEMENTS

For the nine-month period ended September 30, 2025, presented on comparative basis.

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

NOTE 1: GENERAL INFORMATION

1.1 General information of the Company

The Company is an Argentine company, which participates in the energy sector, mainly in the production of oil and gas and power generation.

In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, reaching a production level in the nine-month period ended September 30, 2025 of 12.9 million m3/day of natural gas and 9.5 thousand bbl/day of oil in 11 productive areas and 2 exploratory areas in Argentina. Its main production blocks are located in the Provinces of Neuquén and Río Negro.

In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,472 MW installed capacity as of September 30, 2025, which represents approximately 12% of Argentina’s installed capacity, and being one of the largest independent generators in the country.

In the petrochemicals segment, the Company operates 2 high-complexity plants in Argentina producing styrene, synthetic rubber and polystyrene, with a share ranging between 86% and 98%, in the domestic market.

Finally, through the holding, transportation and others segment, the Company participates in the electricity transmission and gas transportation businesses. In the transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 22,349 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. Additionally, the segment includes advisory services provided to related companies.

1.2 Economic context in which the Company operates

The Company operates in a complex economic context which main variables are experiencing volatility as a result of political and economic events both domestically and internationally.

As part of its economic stabilization plan, on April 11, 2025, the Government announced a series of measures aimed at easing foreign exchange controls and strengthening the monetary system seeking to reduce inflation, boost economic activity, enhance monetary predictability and increase freely available reserves supporting its economic program. The program is financially backed by a new US$ 20 billion facility agreed with the International Monetary Fund, which, together with other agreements, could contribute to a US$ 23.1 billion increase in BCRA’s net reserves during 2025. As a result, a slowdown in inflation was observed, with monthly rates around 2% as from May 2025, while the local primary fiscal surplus was maintained.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 1: (Continuation)

However, during the third quarter of 2025, there has been increased foreign-exchange and financial volatility due to the uncertainty surrounding the legislative elections, which will determine the Government’s ability to move forward with structural labor, tax and social security reforms. This situation has led to a slowdown in economic activity and posed additional challenges to maintaining the fiscal surplus.

The context of volatility and uncertainty continues as of the date of issuance of these Consolidated Condensed Interim Financial Statements, and it is not possible to predict the macroeconomic and financial situation’s evolution in Argentina or internationally, or any new measures to be announced.

The Company’s Management permanently monitors the evolution of the variables affecting its business to define its course of action and identify potential impacts on its assets and financial position.

The Company’s Consolidated Condensed Interim Financial Statements should be read in light of these circumstances.

NOTE 2: REGULATORY FRAMEWORK

2.1 Oil and Gas

2.1.1 Gas market

2.1.1.1 Natural Gas for the residential segment and CNG 

SE Resolutions No. 602/24, No. 25/25, No. 111/25, No. 139/25, No. 176/25, No. 228/25, No. 288/25, No. 335/25, No. 357/25, and No. 382/25 established the PIST price to be passed on to end users pursuant to the agreements entered into under GasAr Plan for gas consumptions as from the months of January through October 2025, respectively, and on the tariff schemes published by ENARGAS’ effective date.

2.1.1.2 Compensation for subsidized natural gas consumption

ENARGAS Resolution No. 125/25 restructures the compensation system for natural gas consumption subsidies to natural gas distribution companies, modifying the entity receiving such compensation. The new mechanism, effective as from February 1, 2025, establishes that compensation will be collected directly by natural gas producers and deducted from the invoices issued by producers to distributors.

As of the date of issuance of these Consolidated Condensed Interim Financial Statements, the enactment of clarifying regulations is still pending.

2.1.1.3 LNG exports

SE Resolution No. 145/25 approved the LNG export procedure, establishing that, under Law No. 27,742, a firm LNG export authorization will be granted to allow holders the right to export the authorized volumes without interruptions, restrictions or redirections over the term of the authorization.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

2.2 Generation

In line with the objective of ensuring free contracting in the MAT established by Law No. 27,742, on January 28, 2025, SE Resolution No. 21/25 was published establishing different modifications regulating dispatch and operation at the WEM’s MAT. The main modifications include:

- generators, self-generators and co-generators of conventional thermal, hydraulic and nuclear sources commissioned as from January 1, 2025 are exempted from the suspension of contracting within the MAT;

- the presentation or renewal of Energy Plus contracts is limited until October 31, 2025, after the expiration of such contracts the Energy Plus market will no longer be in effect;

- the dispatch scheme set by SE Resolution No. 354/20 is abrogated, effective as from February 1, 2025, and no alternative dispatch scheme is established contemplating the obligations under ENARSA’s supply contract with Bolivia and contracts within the GasAr Plan’s framework;

- as from March 1, 2025, the recognition of fuel costs is authorized according to reference prices and the values declared and accepted in the Production Cost Statement plus freight, natural gas transportation and distribution costs, and taxes and fees.

- CAMMESA will continue centralizing fuel supply for contracts entered into under specific schemes (SE Resolutions No. 220/07, No. 21/16 and No. 287/17);

- generators remunerated under the spot scheme will be able to manage their own fuel, with CAMMESA remaining as the supplier of last resort; and

- new values are established for the cost of non-supplied energy, effective as from February 1, 2025, under the following tiers: (i) US$ 350 /MWh up to 5%; (ii) US$ 750 /MWh up to 10%, and (iii) US$ 1,500 /MWh for more than 10%.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

On its part, SE Note NO-2025-35216647-APN-SE#MEC dated April 4, 2025 establishes guidelines for the gas dispatch priority scheme for thermal generation in the WEM. Tenders by generators opting into managing their own fuel supply will be considered firm and, in case of non-compliance, will be subject to a Deliver or Pay penalty equivalent to 70% of the unavailable volume’s reference price.

The new reference price equals 90% of the weighted average price per natural gas basin in the PIST using Round 4.2 prices for the Neuquina Basin and the Norte Basin and Round 4.1 prices for the Austral Basin.

Reference prices for liquid fuels are set for each generator based on international indicators, including a premium covering associated financial and logistical costs, and prices for liquid fuels and natural gas from neighboring countries are recognized at the exchange rate effective on the last business day before the transaction due date, associated with the consumption recognized in the respective economic transaction.

Based on the above-mentioned modifications, CAMMESA made several calls to generating agents for natural gas supply tenders for generation at higher prices.

On May 30, 2025, through Executive Order No. 370/25, the National Government extended the national emergency for the electricity generation, transmission, and distribution segments, and for the natural gas transportation and distribution segments, until July 9, 2026.

On July 7, 2025, through Executive Orders No. 450/25 and No. 452/25, Laws No. 15,336 and No. 24,065 were amended, and the ENRGE was established to replace and unify the ENARGAS and the ENRE, respectively, under the guidelines established in the Bases Law (Law No. 27,742). On October 13, 2025, through SE Resolution No. 388/25, the call for the appointment of its authorities was launched.

Executive Order No. 450/25 establishes a 24-month transition period during which the SE must issue regulations aiming to, among other things:

The following amendments to Laws No. 15,336 and No. 24,065 are noteworthy:

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

In addition, the SE is empowered to authorize the execution of expansions to the transmission system within an existing concession, after consulting with CAMMESA, and may finance it with FNEE resources. Alternatively, the grid may be expanded on the initiative and at the risk of the party carrying out the expansion, which will be granted priority for the use of the transmission capacity, assignable to third parties.

Based on the above-described modifications, on October 21, 2025, SE Resolution No. 400/25 established the “Rules for Normalization and Progressive Adaptation of the WEM” amending the current regulatory framework effective as from November 1, 2025. It is worth highlighting that the implementation of some of the modifications requires additional regulation.

Regarding distributor demand, a new category of users subject to the application of seasonal prices is established: the seasonalized demand (not including large distribution company users or “GUDI”). For this category, the distributor must maintain a minimum coverage of 75% of such demand. Seasonalized demand will be supplied through the allocated generation, giving first priority to the residential sector.

The management of fuels for power generation and their cost recognition are modified, encouraging generators to fuel self-supply, with CAMMESA remaining as the supplier of last resort. Starting in 2029, fuel management will become the sole responsibility of generators.

The remuneration scheme for generation in the spot market is modified, making a distinction by energy source:

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

In line with these changes, the pricing regime for spot demand and the seasonal pricing for distributor demand are modified. GUDI are allocated the seasonal spot energy costs and may opt to become WEM large users subject to a minimum one-year term of permanence or contract energy and power capacity with one or more generators through distributors.

Furthermore, the MAT is modified to promote free contracting between agents. Two markets are established: MAT Power Capacity and MAT Energy. Thermal and hydroelectric generation installed prior to January 1, 2025 may enter into contracts for up to 100% of their generated energy with distributors to cover the unmet seasonalized demand, or up to 20% of their energy with WEM large users or distributors for GUDI. As from 2030, such generators may freely enter into contracts with any demand segment. Thermal generation installed after January 1, 2025, with fuel management or additional firm gas transportation may freely contract with any demand segment without restrictions. Renewable-source generation maintains the MATER conditions. Storage projects may enter into contracts without restrictions.

Regarding services provided by generators in the WEM, new base and additional reliability reserve services are contemplated.

Besides, a mechanism is envisaged to transfer the costs of forced generation to the relevant jurisdiction until the additional costs incurred are properly allocated.

Finally, it is provided that any new WEM demand outside the scope of a distributor’s concession connected to the transmission system and representing a relative increase exceeding at least 0.5% of the WEM’s average demand must submit, together with its request for access to the WEM and the transmission capacity, a supply plan ensuring: i) at least 80% of new energy production; and ii) sufficient physical capacity backup to cover 80% of its consumption.

2.2.2 Remuneration at the spot market

SE Resolutions No. 603/24, No. 27/25, No. 113/25, No. 143/25, No. 177/25, No. 227/25, No. 280/25, No. 331/25, No 356/25 and No 381/25 updated the remuneration values for spot generation, providing for 4%, 4%, 1.5%, 1.5%, 2%, 1.5%, 1%, 0.4%, 0.5% and 0.5% increases for the January-October 2025’s economic transactions, respectively. Likewise, the maximum spot price in the WEM was updated to $ 13,622/MWh as from October 2025.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

2.2.3 Privatization of the Comahue Hydroelectric Plants

Under PEN Executive Orders No. 286/25 and No. 590/25, MECON Resolution No. 1,200/25 dated August 19, 2025 called for a national and international call for tenders for the transfer of the share capital of each of the following companies: Alicurá Hidroeléctrica Argentina S.A., El Chocón Hidroeléctrica Argentina S.A., Cerros Colorados Hidroeléctrica Argentina S.A. and Piedra del Águila Hidroeléctrica Argentina S.A.

The above-mentioned resolution approved the terms and conditions of the call and set October 23, 2025, as the tender submission deadline. Later, this deadline was extended to November 7, 2025 (MECON Resolution No. 1,649/25).

2.2.4 Energy Demand Management Program

On September 26, 2025, SE Resolution No. 379/25 approved the “Energy Demand Management Program” as a measure to mitigate reserve deficits in the WEM or the distribution network by managing users’ demand.

The program will be voluntary for major large users (“GUMA”), minor large users (“GUME”), and GUDI of the WEM opting into the program.

CAMMESA will determine the maximum power capacity to be called for demand management in line with seasonal scheduling. Based on that amount, it will launch a competitive tender process in which adhering large users may participate. Awarded tenders will be remunerated with a fixed charge of US$1,000/MW-month and a variable charge. In addition, a charge is included to incentivize compliance with the agreed commitment. In turn, a penalty equivalent to three times the fixed charge will apply in case of non-compliance with CAMMESA’s requirement.

2.3 Gas Transportation

TGS’s Tariff situation

TGS received monthly tariff updates for the January-March 2025 period; to this effect, ENARGAS published transitional tariff charts with 2.5%, 1.5% and 1.7% increases, respectively.

On April 30, 2025, through ENARGAS Resolution No. 256/25, the conditions of the FTR for the 2025-2030 period were established. Its main aspects include: (i) the capital base as of December 31, 2024; (ii) a real after-tax WACC discount rate of 7.18%; (iii) a weighted average tariff increase of 3.67%, to be implemented in 31 equal and consecutive monthly installments starting in May 2025; (iv) an investment plan totaling $ 279,108 million (at June 2024 currency values), subject to ENARGAS oversight; and (v) regulated operating expenses.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

Subsequently, under Executive Order No. 371/25, the SE was designated as the enforcement authority for introducing contractual or tariff modifications. In this line, SE Resolution No. 241/25, dated June 4, 2025, provided for a monthly periodic update of transportation tariffs in lieu of the previous semiannual scheme. TGS expressed its conformity with this resolution on June 5, 2025, and ENARGAS Resolutions No. 350/25, No. 421/25, No. 539/25, No. 622/25 and No. 732/25 approved the tariff charts incorporating monthly updates of 2.81%, 0.62%, 1.63%, 2.38% and 2.49% in addition to the FTR increases.

License Extension

On July 24, 2025, Executive Order No. 495/25 was published, whereby the PEN extended the license granted to TGS for an additional 20-year period as from December 28, 2027, ratifying the “License Extension Memorandum of Understanding” entered into on July 11, 2025 between the MECON and TGS.

2.4 Transmission

Transener and Transba tariff situation

The ENRE determined the hourly remuneration values, establishing 4%, 4%, 2%, and 4% increases against effective values for the January-April 2025 period for Transener S.A. and Transba S.A.

On April 3, 2025, ENRE Resolution No. 236/25 amended the high-voltage and main electricity distribution utility concessionaires’ return rate defined by ENRE Resolution No. 28/25 dated January 10, 2025 from 6.10% to 6.48% after taxes.

On April 30, 2025, the tariff scheme resulting from the Five-Year Tariff Review process was approved and the ENRE established 42.89% and 10.30% increases against April 2025’s effective tariffs for Transener S.A. and Transba S.A., respectively. Similarly, the ENRE determined the remuneration for independent transmission companies, including Transener S.A., for the operation of the Choele Choel – Pto. Madryn Interconnection and the Fourth Line, and Transba S.A., for the operation of Transportista Independiente de Buenos Aires (TIBA)’s facilities, establishing a tariff equivalent to 77.92%, 100% and 99.73%, respectively, of Transener S.A.’s tariff.

In all cases, the increases apply as follows: 20% as from May 1, 2025, and the remaining 80% on a monthly basis over the June-December 2025 period. Likewise, a monthly tariff update mechanism based on the CPI and IPIM price indexes is provided for.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

Consequently, the ENRE established the following increases:

On June 17, 2025, Transener and Transba filed with ENRE motions of reconsideration against the resolutions issued on April 30, 2025 for Transener S.A., Transba S.A. and TIBA, requesting the ENRE to suspend the requirement to submit the investment plans for the May 2025-April 2030 period until the ENRE issues a ruling on said motions. On August 18, 2025, the ENRE upheld the filed motions for reconsideration and, consequently, modified the cost and investment structure for Transener S.A., Transba S.A., the Choele Choel – Puerto Madryn Interconnection and TIBA. In the case of the independent transmission companies, including TIBA, the ENRE additionally recognized an increase in revenues from the payment to Transener S.A. for operation and maintenance supervision, applicable as from September 2025.

As a result of the introduced changes, on September 5, 2025, the investment plans to be carried out by Transener S.A., Transba S.A., TIBA, and the Choele Choel - Puerto Madryn Interconnection over the May 2025-April 2030 period were duly and timely submitted for approval by the ENRE. As of the date of issuance of these consolidated condensed interim financial statements, the ENRE’s approval has not been received.

2.5 Regulations on access to the MLC

On April 11, 2025, the BCRA issued Communication “A” 8,226 easing several restrictions to access the MLC, including the following:

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 2: (Continuation)

On September 18, 2025, the BCRA established a series of measures aimed at promoting the repatriation of direct investments by non-residents, including:

Finally, on September 26, 2025, the BCRA published Communication “A” 8,336, reinstating the requirement for individuals to submit an affidavit stating their commitment not to engage, directly or indirectly or on behalf of third parties, in purchases of securities settled in foreign currency for the 90 calendar days following the request for access to the MLC.

It is worth highlighting that the detailed information does not list all possibly applicable exchange regulations; for more information on Argentina’s exchange rate policies, please visit the Central Bank’s website: www.bcra.gov.ar.

2.6 Tax regulations

Export Increase Program

On April 14, 2025, PEN Executive Order No. 269/25 repealed PEN Executive Order No. 28/23, reestablishing, as of that date, the payment and settlement in the MLC of 100% of export values.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 3: BASIS OF PREPARATION

These Consolidated Condensed Interim Financial Statements for the nine and three-month periods ended September 30, 2025 have been prepared pursuant to the provisions of IAS 34, “Interim Financial Information”, are expressed in millions of pesos and were approved for their issuance by the Company’s Board of Directors on November 4, 2025.

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.

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, 2024, which have been prepared under IFRS Accounting Standards.

These Consolidated Condensed Interim Financial Statements for the nine and three-month periods ended September 30, 2025 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 nine-month period ended September 30, 2025, 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, 2024, and for the nine and three-month periods ended September 30, 2024, disclosed for comparative purposes, arises from the Consolidated Financial Statements as of those dates.

Additionally, certain non-significant reclassifications have been made to the Consolidated Financial Statements´ figures disclosed for comparative purposes to keep the consistency in the presentation with the current period 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, 2024.

4.1 New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2025 and adopted by the Company

The Company has applied the following standards and / or amendments for the first time as of January 1, 2025:

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 4: (Continuation)

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.

4.2 New accounting standards, amendments and interpretations issued by the IASB not yet effective and not early adopted by the Company

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

As of September 30, 2025, the Company has not early applied the following standards and/or amendments:

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 4: (Continuation)

NOTE 5: GROUP STRUCTURE

5.1 Interest in subsidiaries, associates and joint ventures

Unless otherwise indicated, the country is also the principal place where the subsidiary carries out its activities.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

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 millions of common shares with one vote per share:

As of September 30, 2025, TGS’s common shares and ADR traded on the BCBA and NYSE were listed at $ 6,470.00 and US$ 21.03, respectively, conferring Pampa’s holding an approximate market value of $ 1,310,798 million.

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

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 5: (Continuation)

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

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

Pursuant to the terms and conditions of the concession authorization agreement, OCP caused OCPSA to establish two guarantees, one operational and one environmental, each in the amount of US$ 50 million (including surety bonds provided by the Group as a shareholder in the amount of US$ 84 million, disclosed under the line item guarantee deposits), which would remain in effect for the term of the agreement and until 90 days after its termination on November 30, 2024. Therefore, the guarantees were scheduled to expire on March 1, 2025, since as of that date, no claim had been initiated that could be considered covered within their scope. However, Citibank Ecuador informed OCP that, in its understanding, the guarantees had not expired because OCPSA had not complied with certain required formalities.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 5: (Continuation)

For its part, OCP formally notified Citibank Ecuador that its position was incorrect, explaining the reasons for that interpretation, and requested the Ecuadorian Government to notify Citibank Ecuador that the guarantees had expired.

On April 11, 2025, OCP filed an arbitration proceeding before the ICSID seeking the effective release of the guarantees and compensation for the sustained damages and, subsidiarily, to receive from Ecuador the amount of the guarantees plus interest and damages resulting from Ecuador’s actions.

On October 28, 2025, the Ecuadorian Government instructed Citibank Ecuador to proceed with the guarantees release, which became no longer valid as of that day under the terms of the contract. On November 3, 2025, Citibank NY proceeded with the release of the guarantee deposits funds.

On March 7, 2025, an exceptional weather phenomenon occurred in the city of Bahía Blanca and its surroundings, characterized by intense rainfall, unprecedented in the last 100 years. This situation led to flooding in urban and peripheral areas, severely affecting local infrastructure.

The event caused the Saladillo García stream to overflow, resulting in the flooding of the Cerri Complex. As a consequence, liquids production was completely halted and the natural gas transportation service was partially affected. In addition, both the external electricity distribution system and the power generation and distribution facilities were damaged by the phenomenon.

The natural gas transportation service was gradually restored and is fully operational, with no significant impact on TGS’s revenues.

Conversely, liquids production at the Cerri Complex was completely interrupted from March 7, 2025, until the end of April 2025. From then on, operations gradually resumed, reaching normal production levels by early May.

During the nine-month period ended September 30, 2025, TGS recorded a $ 45,741 million loss for event-related expenses and impairment of materials and other property, plant, and equipment, the latter amounting to $ 3,857 million. The final cost of the event is still pending determination by TGS.

Although TGS has initiated negotiations with insurance companies, it has not yet determined the amount or the effective date for the total collection of related recoveries. As of September 30, 2025, TGS has received $ 1,326 million from insurance companies as an advance payment on account of the total settlement of the claim.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 5: (Continuation)

Tender for Perito Moreno Gas Pipeline (GPM) Expansion

On May 22, 2025, ENARSA launched a tender to expand the GPM, aiming to increase natural gas transportation capacity from Vaca Muerta by 14 million cubic meters per day. Tenders were submitted on July 28, 2025, and on October 17, 2025, TGS was awarded the project to carry out the expansion work within an 18-month term starting November 1, 2025.

On July 8, 2025, VMOS entered into a syndicated international loan agreement for a total amount of US$ 2 billion with a 5-year term and an interest rate equivalent to SOFR Term plus a 5.50% margin, intended to finance the construction of the Vaca Muerta Oil Sur pipeline. The project requires a total estimated investment of US$ 3 billion and includes a loading and unloading terminal equipped with interconnected mooring buoys, a tank farm, and other associated accessory facilities for exporting oil and liquids through carriers. Likewise, VMOS amended the transportation agreements entered into with its shareholders to align its terms with the financing structure.

As security for the obligations assumed in the loan: (i) VMOS has assigned in guarantee to the banks its collection rights under the transportation contracts entered into with the initial shippers (YPF, Vista, Pampa, PAE, Pluspetrol, Chevron, Shell, Tecpetrol and GyP); (ii) each initial shipper entered into a direct agreement with the banks; and (iii) VMOS’s Class A shareholders (including Pampa) have granted a fiduciary assignment of their shares as collateral for the financing, which shall remain in effect until the completion of the project.

Disbursements may be requested by VMOS on a monthly basis until the earlier of the project completion date or July 31, 2027.

Under the terms of the syndicated loan agreement, VMOS has undertaken certain customary affirmative and negative covenants for this type of transaction.

In addition, the revenues generated from VMOS’ export operations will be credited to an offshore bank account structure, which is managed by a bank acting as collateral agent. Furthermore, a local tariff guarantee trust has been established, under which a branch of Citibank, N.A. acting as trustee, will manage both the local revenues received by VMOS and any funds transferred from abroad.

5.2 Oil and gas participations

Assets and liabilities as of September 30, 2025 and December 31, 2024 and the production cost of the Joint Operations and Consortiums in which the Company participates corresponding to the nine-month periods ended September 30, 2025 and 2024 are detailed below:

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NOTE 5: (Continuation)

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

Extension of the evaluation period for the Parva Negra Este area

Through Provincial Executive Order No. 550/25, issued on May 17, 2025, the Province of Neuquen approved a 2-year extension of the evaluation period for the Parva Negra Este area from April 3, 2025 to April 2, 2027.

Assignment of interests in the El Tordillo, La Tapera and Puesto Quiroga areas

On October 1, 2025, in connection with the El Tordillo, La Tapera and Puesto Quiroga areas, the Company transferred to Crown Point Energía S.A., on a joint basis: (i) a 35.6706% interest in the hydrocarbon exploitation concessions and hydrocarbon transportation concessions, and (ii) the Joint Operation Agreements for hydrocarbon exploration, development and production. The transaction was completed with the collection of US$ 2 million by the Company.

In line with the foregoing, the Company recognized an impairment loss on property, plant and equipment for a total amount of $ 9,375 million (US$ 6.8 million) as of September 30, 2025.

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.

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NOTE 6: (Continuation)

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, 2024.

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.

NOTE 7: SEGMENT INFORMATION

The Company is a fully integrated power company in Argentina, which participates mainly in the production of oil and gas and power generation.

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

Oil and Gas, principally consisting of the Company’s interests in oil and gas areas, the activities of Pampa Energía S.A. - Sucursal Dedicada Midstream RDA and direct and indirect interest in SESA and PECSA.

Generation, principally consisting of the Company’s direct and indirect interests in HINISA, HIDISA, 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, PEPE IV and PEPE VI wind farms.

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

Holding, Transportation and Others, principally consisting of our stake in joint businesses CITELEC, CIESA and their respective subsidiaries holding the concession over high-voltage electricity transmission and gas transportation, respectively, the direct and indirect interests in VMOS and OCP, holding activities, and other investment activities.

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

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NOTE 7: (Continuation)

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NOTE 7: (Continuation)

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NOTE 7: (Continuation)

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NOTE 7: (Continuation)

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NOTE 8: REVENUE

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NOTE 9: COST OF SALES

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NOTE 10: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME

10.1 Selling expenses

10.2 Administrative expenses

10.3 Exploration expenses

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NOTE 10: (Continuation)

10.4 Other operating income and expenses

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NOTE 10: (Continuation)

10.5 Financial results

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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:

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the nine-month period ended September 30, 2025, presented on comparative basis. (In millions of Argentine Pesos (“$”))

NOTE 11: NON-FINANCIAL ASSETS AND LIABILITIES

11.1 Property, plant and equipment

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NOTE 11: (Continuation)

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NOTE 11: (Continuation)

11.2 Intangible assets