Pampa Energía Announces Fiscal Year and Fourth Quarter 2024 Results

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Pampa Energía Announces Fiscal Year and Fourth Quarter 2024 Results

ECONOMY 05.03.2025

BUENOS AIRES, AR / ACCESS Newswire / March 5, 2025 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in the Argentine electricity and gas value chain, announces the results for the fiscal year and quarter ended on December 31, 2024.

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Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional exchange rate ('FX'). However, Transener and TGS's adjust their figures for inflation as of December 31, 2024, which are expressed in US$ at the period's closing FX. The previously reported figures remain unchanged.

Fourth quarter 2024 ('Q4 24') main results^[1]

20% year-on-year sales increase, reaching US$435 million in Q4 24^[2], driven by higher gas demand for power generation and crude oil volumes sold, as well as improved operating performance at Power Purchase Agreements ('PPA') units, Parque Eólico Pampa Energía 6 ('PEPE 6') and the reformer. These effects were partially offset by lower gas sales to industries and Chile, and petchem prices.

During Q4 24, gas production and thermal availability stood out:

Pampa's main operational KPIs		Q4 24	Q4 23	Variation
Oil and gas	Production (k boe/day)	61.6	56.4	+9%
Gas over total production	94%	92%	+2%
Average gas price (US$/MBTU)	2.9	3.2	-10%
Average oil price (US$/bbl)	67.6	68.9	-2%
Power	Generation (GWh)	4,797	5,017	-4%
Gross margin (US$/MWh)	22.8	21.0	+9%
Petrochemicals	Volume sold (k ton)	121	94	+29%
Average price (US$/ton)	1,017	1,264	-20%

Adjusted EBITDA^[3] was US$182 million in Q4 24, up 60% from Q4 23, mainly explained by tariff increases and AR$ real appreciation in Transportadora de Gas del Sur ('TGS') and Transener, higher deliveries under Plan Gas and the contributions from PEPE 6 and PPAs, offset by higher operating and development costs, along with lower gains from export settlements at a differential FX.

US$106 million profit to the Company's shareholders vs. a US$155 million loss in Q4 23 due to lower non-cash deferred income tax and higher sales and equity income from affiliates, offset by increased operating costs and lower gains from holding financial securities.

Net debt continued to decline, closing at US$410 million, the lowest amount and ratio since 2016, explained by the strong operating cash flows from core businesses and improved days sales outstanding.

Consolidated balance sheet
(As of December 31, 2024 and 2023, in millions)

	As of 12.31.2024					As of 12.31.2023
Figures in million	AR$		US$ FX 1032		AR$	US$ FX 808.45
ASSETS
Property, plant and equipment	2,690,533	2,607	2,056,974	2,544
Intangible assets	99,170	95	77,898	96
Right-of-use assets	11,330	11	17,259	21
Deferred tax asset	161,694	157	2	0
Investments in joint ventures and associates	1,024,769	993	542,978	672
Financial assets at fair value through profit and loss	28,127	27	28,040	35
Other assets	366	0	349	0
Trade and other receivables	76,798	75	14,524	18
Total non-current assets	4,092,787	3,965	2,738,024	3,387

Inventories	230,095	223	166,023	205
Financial assets at amortized cost	82,628	80	84,749	105
Financial assets at fair value through profit and loss	877,623	850	451,883	559
Derivative financial instruments	979	1	250	0
Trade and other receivables	503,529	488	238,294	295
Cash and cash equivalents	761,231	738	137,973	171
Total current assets	2,456,085	2,380	1,079,172	1,335
Total assets	6,548,872	6,345	3,817,196	4,722

EQUITY
Equity attributable to owners of the company	3,391,127	3,286	1,943,736	2,404

Non-controlling interest	9,167	9	6,960	9

Total equity	3,400,294	3,295	1,950,696	2,413

LIABILITIES
Provisions	141,436	137	119,863	148
Income tax and presumed minimum income tax liabilities	77,284	75	44,614	55
Deferred tax liabilities	50,223	49	240,686	298
Defined benefit plans	31,293	30	13,172	16
Borrowings	1,416,917	1,373	989,182	1,224
Trade and other payables	87,992	84	37,301	46
Total non-current liabilities	1,805,145	1,748	1,444,818	1,787

Provisions	10,725	10	4,649	6
Income tax liabilities	265,008	257	14,026	17
Taxes payables	30,989	30	11,427	14
Defined benefit plans	7,077	7	2,695	3
Salaries and social security payable	40,035	39	15,537	19
Derivative financial instruments	2	0	191	0
Borrowings	728,096	706	181,357	224
Trade and other payables	261,501	253	191,800	237
Total current liabilities	1,343,433	1,302	421,682	522
Total liabilities	3,148,578	3,050	1,866,500	2,309

Total liabilities and equity	6,548,872	6,345	3,817,196	4,722

Consolidated income statement
(For the fiscal year and quarters ended on December 31, 2024 and 2023, in millions)

	Fiscal year														Fourth quarter
Figures in million	2024						2023						2024				2023
	AR$		US$		AR$		US$		AR$		US$		AR$		US$
Sales revenue	1,732,901	1,876	513,727	1,732	438,407	435	166,770	362
Domestic sales	1,457,480	1,575	429,205	1,423	371,138	368	143,313	306
Foreign market sales	275,421	301	84,522	309	67,269	67	23,457	56
Cost of sales	(1,181,132	)	(1,279	)	(320,124	)	(1,107	)	(349,413	)	(349	)	(110,171	)	(257	)

Gross profit	551,769	597	193,603	625	88,994	86	56,599	105

Selling expenses	(68,713	)	(74	)	(19,338	)	(66	)	(17,333	)	(17	)	(6,005	)	(15	)
Administrative expenses	(225,718	)	(239	)	(62,721	)	(185	)	(100,878	)	(100	)	(28,092	)	(52	)
Exploration expenses	(20,711	)	(21	)	(1,859	)	(7	)	(20,455	)	(21	)	(87	)	-
Other operating income	161,789	175	57,141	177	59,073	59	25,514	62
Other operating expenses	(80,822	)	(88	)	(29,374	)	(88	)	(16,856	)	(16	)	(11,295	)	(20	)
Impairment of financial assets	(48,932	)	(56	)	283	-	(20	)	-	698	4
Impairment on PPE, int. assets & inventories	(34,058	)	(34	)	(30,784	)	(39	)	(15,480	)	(15	)	(30,460	)	(38	)
Results for part. in joint businesses & associates	145,570	146	4,541	(2	)	51,239	45	(9,503	)	(44	)
Income from the sale of associates	33,128	34	6,262	9	27,363	27	5,776	8

Operating income	413,302	440	117,754	424	55,647	48	3,145	10

Financial income	31,780	32	1,764	5	27,685	28	674	1
Financial costs	(168,927	)	(185	)	(105,359	)	(364	)	(47,995	)	(48	)	(34,263	)	(81	)
Other financial results	198,477	211	155,089	558	98,671	97	59,295	166
Financial results, net	61,330	58	51,494	199	78,361	77	25,706	86

Profit before tax	474,632	498	169,248	623	134,008	125	28,851	96

Income tax	90,158	121	(132,557	)	(318	)	(21,557	)	(19	)	(112,120	)	(249	)

Net income for the period	564,790	619	36,691	305	112,451	106	(83,269	)	(153	)
Attributable to the owners of the Company	564,587	619	34,488	302	111,957	106	(85,220)	(155)
Attributable to the non-controlling interest	203	-	2,203	3	494	-	1,951	2

Net income per share to shareholders	415.1	0.5	25.2	0.2	82.3	0.1	(62.7	)	(0.1	)
Net income per ADR to shareholders	10,378.4	11.4	631.2	5.5	2,058.0	1.9	(1,566.5	)	(2.9	)

Average outstanding common shares¹	1,360	1,366	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 December 31, 2023 and 2024.

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 24 results on Thursday, March 6, 2025, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO, Horacio Turri, VP and executive director of E&P and Lida Wang, investor relations and sustainability 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. Further information on section 3.1.

SOURCE: 1/3 Pampa Energía S.A.

View the original press release on ACCESS Newswire

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Arizona Tribune - Pampa Energía Announces Fiscal Year and Fourth Quarter 2024 Results

Pampa Energía Announces Fiscal Year and Fourth Quarter 2024 Results

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