Pampa Energía Announces Fiscal Year and Fourth Quarter 2025 Results
BUENOS AIRES, AR / ACCESS Newswire / March 2, 2026 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the fiscal year and quarter ended on December 31, 2025.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate (‘FX') is applied. However, Transener and Transportadora de Gas del Sur's (‘TGS') figures are adjusted for inflation as of December 31, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.
Fourth quarter 2025 ('Q4 25') main results 1
Sales recorded US$507 million in Q4 25 2, a 16% year-on-year increase, driven by higher crude oil production at Rincón de Aranda, improved spot prices under the new Wholesale Electricity Market ('WEM') framework for our thermal units and higher gas exports to Chile, offset by lower income from the styrenics business and from units under Power Purchase Agreements ('PPAs').
Q4 25 was market by sustained shale oil growth at Rincón de Aranda and strong performance across our thermal power plants.
Q4 25
Q4 24
Variation
81.2
61.6
+32
%
63.2
57.6
+10
%
18.0
4.0
+355
%
3.0
2.9
+4
%
60.9
67.6
-10
%
4,947
4,797
+3
%
26.6
22.8
+16
%
129
121
+7
%
886
1,017
-13
%
Note: * Price net of export duty and quality/logistic discounts.
Adjusted EBITDA 3 reached US$230 million in Q4 25, a 26% year-on-year increase, mainly reflecting the growing contribution from Rincón de Aranda, the impact of the WEM's new framework in power generation, higher gas exports and stronger reforming margins. These effects were partially offset by lower contributions from PPAs and by the deconsolidation of Oleoducto de Crudos Pesados S.A. (‘OCP Ecuador') within the holding, transport, and others.
Net income attributable to shareholders was US$161 million, 52% higher than Q4 24, driven by stronger operating margins and the recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation during Q4 25, offset by weaker net financial results.
1The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.
2Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'
3Consolidated 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.
Net debt decreased to US$801 million as of December 2025, compared to US$874 million as of September 2025, reflecting solid free cash flow generation and reduced collateral requirements.
Consolidated balance sheet
(As of December 31, 2025 and December 2024, in millions)
As of 12.31.2025
As of 12.31.2024
3,303
2,607
89
95
36
11
43
157
1,059
993
33
27
43
75
4,606
3,965
231
223
-
80
366
850
52
1
614
488
725
738
1,988
2,380
6,594
6,345
36
36
191
191
516
516
1
1
(54
)
(7
)
44
44
2,399
1,657
(12
)
(13
)
124
119
351
742
3,596
3,286
9
9
3,605
3,295
100
137
26
75
212
-
56
49
26
30
1,844
1,373
86
84
2,350
1,748
13
10
83
257
56
30
6
7
36
39
48
706
397
253
639
1,302
2,989
3,050
6,594
6,345
Consolidated income statement
(For the fiscal year and quarters ended on December 31, 2025 and 2024, in millions)
Fiscal year
Fourth quarter
2025
2024
2025
2024
1,998
1,876
507
435
1,618
1,575
411
368
380
301
96
67
(1,369
)
(1,279
)
(369
)
(349
)
629
597
138
86
(98
)
(74
)
(29
)
(17
)
(192
)
(239
)
(61
)
(100
)
-
(21
)
-
(21
)
100
175
15
59
(72
)
(88
)
(10
)
(16
)
(21
)
(56
)
(16
)
-
15
(34
)
23
(15
)
142
146
41
45
-
34
-
27
503
440
101
48
45
32
3
28
(196
)
(185
)
(45
)
(48
)
230
211
93
97
79
58
51
77
582
498
152
125
(204
)
121
10
(19
)
378
619
162
106
377
619
161
106
1
-
1
-
0.3
0.5
0.1
0.1
6.9
11.4
3.0
1.9
1,360
1,360
1,360
1,360
1,360
1,360
1,360
1,360
Consolidated cash flow statement
(For the fiscal year and quarters ended on December 31, 2025 and 2024, in millions)
Fiscal year
Fourth quarter
2025
2024
2025
2024
378
619
162
106
418
152
11
12
(18
)
(336
)
115
31
(100)
(411)
119
47
(13)
(20)
21
13
69
75
(25)
(5)
10
25
8
10
(3)
(3)
(1)
(1)
22
17
(3)
(17)
(10)
(19)
(3)
(16)
(8)
-
(8)
-
15
-
7
-
778
435
288
149
(993
)
(447
)
(242
)
(97
)
592
(5
)
216
21
3
(10
)
(8
)
(9
)
(44
)
-
(3
)
-
(1
)
(48
)
(1
)
-
1
39
-
21
-
37
-
-
9
-
-
-
25
9
-
1
7
9
5
9
-
71
-
-
-
1
-
1
(401
)
(344
)
(33
)
(53
)
986
1,174
432
464
(306
)
(236
)
(178
)
(142
)
(161
)
(145
)
(39
)
(27
)
(837
)
(313
)
(111
)
16
(47
)
-
(31
)
-
(1
)
-
(1
)
-
(24
)
(4
)
(13
)
(1
)
(390
)
476
59
310
(13
)
567
314
406
738
171
411
332
(13
)
567
314
406
725
738
725
738
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.
Information about the videoconference
There will be a videoconference to discuss Pampa's Q4 25 results on Monday, March 2, 2026, at 4:30 p.m. Eastern Standard Time/6:30 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, head of oil and gas Horacio Turri, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
[email protected]
ri.pampa.com/en
www.argentina.gob.ar/cnv
www.sec.gov
SOURCE: 1/3 Pampa Energía S.A.