Pampa Energía announces six-month period and second quarter 2026 results

BUENOS AIRES, Argentina, Aug. 4, 2026 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), an independent energy company with active participation in Argentine oil, gas and electricity, announces the results for the semester and quarter ended on June 30, 2026.

Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of June 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.

Second quarter 2026 ('Q2 26') main results 1

Sales reached US$746 million in Q2 26 2, up 53% year-on-year, driven by the Wholesale Electricity Market's ('WEM') new deregulation framework, which supported higher spot energy prices and B2B PPA ('Business to Business') ('Power Purchase Agreements') sales, in addition to higher crude oil output and increased gas sales to power generation, and stronger Reformer prices. Lower Plan Gas and petrochemical volumes offset these effects

The Q2 26 reflected the continued ramp-up at Rincón de Aranda, alongside strong power generation performance, boosted by higher seasonal spot prices and the vertical integration with gas upstream.

Pampa's main operational KPIs

Q2 26

Q2 25

Variation

Oil and gas

Production (kboe/day)

107.5

84.1

+28 %

Gas production (kboepd)

84.1

76.1

+10 %

Crude oil production (kbpd)

23.4

8.0

+194 %

Average gas price (US$/MBTU)

4.6

4.0

+15 %

Average oil price (US$/bbl)*

58.8

61.6

-4 %

Power

Generation (GWh)

5,363

4,704

+14 %

Gross margin (US$/MWh)

33.6

25.8

+30 %

Petrochemicals

Volume sold (k ton)

125

-24 %

Average price (US$/ton)

1,459

978

+49 %

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

Adjusted EBITDA 3 totaled US$415 million, a 75% year-on-year increase, explained by higher contribution from RDA ('Rincón de Aranda'), greater power and gas vertical integration and increased spot and B2B margins in power generation, partially offset by lower realized crude oil prices due to hedging.

Net income attributable to shareholders was US$172 million, 4.3x Q2 25, driven by stronger operating margins and lower income tax, partially offset by lower gains from financial instruments.

Net debt stood at US$1.3 billion as of June 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures on RDA and increased collateral requirements due to oil hedging.

Consolidated balance sheet

(As of June 30, 2026 and December 31, 2025, in US$ million)

In US$ million

As of 06.30.2026

As of 12.31.2025

ASSETS

Property, plant and equipment

3,479

3,303

Intangible assets

Right-of-use assets

Deferred tax asset

182

Investments in associates and joint ventures

1,354

1,059

Financial assets at fair value through profit and loss

Trade and other receivables

Total non-current assets

5,237

4,606

Inventories

283

231

Financial assets at fair value through profit and loss

302

366

Derivatives

Trade and other receivables

948

614

Cash and cash equivalents

979

725

Total current assets

2,512

1,988

Total assets

7,749

6,594

EQUITY

Share capital

Share capital adjustment

189

191

Share premium

517

516

Treasury shares adjustment

Treasury shares cost

(6)

(54)

Legal reserve

Voluntary reserve

2,707

2,399

Other reserves

(13)

(12)

Other comprehensive income

124

Retained earnings

456

351

Equity attributable to owners of the company

4,027

3,596

Non-controlling interest

Total equity

4,040

3,605

LIABILITIES

Provisions

100

Income tax and minimum notional income tax provision

Tax liabilities

202

212

Deferred tax liability

Defined benefit plans

Borrowings

2,575

1,844

Trade and other payables

Total non-current liabilities

3,019

2,350

Provisions

Income tax liability

124

Tax liabilities

Defined benefit plans

Salaries and social security payable

Derivatives

Borrowings

Trade and other payables

359

397

Total current liabilities

690

639

Total liabilities

3,709

2,989

Total liabilities and equity

7,749

6,594

Consolidated income statement

(For the six-month periods and quarters ended on June 30, 2026 and 2025, in US$ million)

In US$ million

First half

Second quarter

2026

2025

2026

2025

Sales revenue

1,319

900

746

486

Domestic sales

1,006

750

555

398

Foreign market sales

313

150

191

Cost of sales

(862)

(625)

(482)

(340)

Gross profit

457

275

264

146

Selling expenses

(56)

(43)

(30)

(22)

Administrative expenses

(91)

(84)

(47)

(41)

Other operating income

Other operating expenses

(37)

(40)

(18)

Recovery of impairment/(Impairment) of financial assets

(2)

Impairment of intangible assets and inventories

(2)

(1)

Results for part. in joint businesses & associates

148

Operating income

449

234

271

113

Financial income

Financial costs

(87)

(99)

(48)

(58)

Other financial results

122

Financial results, net

(58)

(30)

Profit before tax

391

292

241

142

Income tax

(1)

(99)

(67)

(103)

Net income for the period

390

193

174

Attributable to the owners of the Company

386

193

172

Attributable to the non-controlling interest

(1)

Net income per share to shareholders

0.3

0.1

0.0

Net income per ADR to shareholders

7.1

3.5

3.2

0.7

Average outstanding common shares 1

1,351

1,360

1,340

1,360

Outstanding shares by the end of period 1

1,340

1,360

1,340

1,360

Note: 1 Includes shares allocated to the employee compensation plan as treasury shares, which amounted to 3.9 million and 3.5 million shares as of June 30, 2025, and 2026, respectively. Treasury shares are deducted from shares outstanding only if they are held as common shares.

Consolidated cash flow statement

(For the six-month periods and quarters ended on June 30, 2026 and 2025, in millions)

In US$ million

First half

Second quarter

2026

2025

2026

2025

OPERATING ACTIVITIES

Profit of the period

390

193

174

Adjustments to reconcile net profit to cash flows from operating activities

195

163

161

160

Changes in operating assets and liabilities

(604)

(209)

(121)

(142)

Increase (decrease) in trade receivables and other receivables

(444)

(254)

(142)

Increase (decrease) in inventories

(53)

(20)

(45)

Increase (decrease) in trade and other payables

(7)

(14)

(Decrease) increase in salaries and social security payables

(10)

Defined benefit plans payments

(2)

(1)

Increase in tax liabilities

Decrease in provisions

(3)

(4)

(2)

Income tax payment

(50)

(Payments) Collection for derivative financial instruments, net

(97)

(93)

Net cash (used in) generated by operating activities

(19)

147

214

INVESTING ACTIVITIES

Payment for property, plant and equipment acquisitions

(518)

(444)

(253)

(282)

Collection for sales of public securities and shares, net

205

316

118

165

Subscription of mutual funds, net

(9)

(4)

Capital integration in companies

(30)

(41)

(14)

(10)

Right-of-use

Collection for intangible assets sales

Dividends collection

Collection for interests in areas sales

Net cash used in investing activities

(346)

(168)

(143)

(125)

FINANCING ACTIVITIES

Proceeds from borrowings

732

380

732

335

Payment of borrowings

(32)

(108)

(9)

(38)

Payment of borrowings interests

(68)

(101)

(46)

(63)

Repurchase and redemption of corporate bonds

(2)

(725)

(365)

Payment of leases

(11)

(2)

(5)

(1)

Net cash generated by (used in) financing activities

619

(556)

672

(132)

Increase (decrease) in cash and cash equivalents

254

(577)

743

(200)

Cash and cash equivalents at the beginning of the period

725

738

236

361

Increase (Decrease) in cash and cash equivalents

254

(577)

743

(200)

Cash and cash equivalents at the end of the period

979

161

979

161

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 Q2 26 results on Wednesday, August 5, 2026, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.

For those interested in participating, please register here.

For further information about Pampa:

1 The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('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.

SOURCE Pampa Energia S.A.