Pampa Energía Announces Nine-Month Period and Third Quarter 2025 Results

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Pampa Energía Announces Nine-Month Period and Third Quarter 2025 Results

ECONOMY 04.11.2025

BUENOS AIRES, ARGENTINA / ACCESS Newswire / November 4, 2025 / 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 nine-month period and quarter ended on September 30, 2025.

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

Third quarter 2025 ('Q3 25') main results[1]

Sales recorded US$591 million in Q3 25[2], a 9% year-on-year slight decline, driven by higher crude oil production in Rincón de Aranda, increased gas exports to Chile, and fuel self-procurement at Central Térmica Loma de la Lata ('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.

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	%

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

Adjusted EBITDA 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 Parque Eólico Pampa Energía 6 ('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[3], 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 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.

[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.

Consolidated balance sheet

(As of September 30, 2025 and December 2024, in millions)

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

Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2025 and 2024, in millions)

Nine-month period						Third quarter
In US$ million	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.

Consolidated cash flow statement
(For the nine-month periods and quarters ended on September 30, 2025 and 2024, in millions)

	Nine-month period						Third quarter
In US$ million	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

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 Q3 25 results on Wednesday, November 5, 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, EVP and head of oil and gas 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: Pampa Energía S.A.

View the original press release on ACCESS Newswire

G.P.Martin--AT