Pampa Energía Announces First Quarter 2026 Results

Rhea-AI Summary

Pampa Energía (NYSE:PAM) reported Q1 2026 results on May 6, 2026. Sales reached US$573m (+38% YoY), adjusted EBITDA was US$325m (+48% YoY) and net income attributable to shareholders was US$214m (+40% YoY).

Operationally, production rose to 100.6 kboe/day and gas production to 81.2 kboepd. Net debt increased to US$1.2bn and cash fell to US$236m as of March 31, 2026.

Positive

• Sales +38% YoY to US$573 million
• Adjusted EBITDA +48% YoY to US$325 million
• Net income attributable +40% YoY to US$214 million
• Production increased to 100.6 kboe/day

Negative

• Net debt rose to US$1.2 billion as of March 31, 2026
• Cash and cash equivalents decreased to US$236 million
• Operating activities used US$233 million of cash in Q1 2026
• Capital expenditures of US$265 million in the quarter

News Market Reaction – PAM

-1.08%

-1.08% Session close to close

In the May 7 session, PAM declined 1.08%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a robust Q1 2026, with sales of US$573 million up 38% and adjusted EBIT...

Analysis

This announcement highlights a robust Q1 2026, with sales of US$573 million up 38% and adjusted EBITDA of US$325 million up 48%, driven by shale oil growth and stronger power margins. At the same time, net debt increased to US$1.2 billion and operating activities used US$(233) million of cash, contributing to a drop in cash to US$236 million. Investors may track future quarters for trends in leverage, cash generation and continued production growth.

Key Figures

Sales revenue: US$573 million Adjusted EBITDA: US$325 million Net income (owners): US$214 million +5 more

8 metrics

Sales revenue US$573 million Q1 2026, up 38% year-on-year

Adjusted EBITDA US$325 million Q1 2026, 48% year-on-year increase

Net income (owners) US$214 million Q1 2026, 40% higher than prior-year quarter

Hydrocarbon production 100.6 kboe/day Q1 2026, 38% year-on-year increase

Crude oil production 19.5 kbpd Q1 2026, 502% year-on-year increase

Net debt US$1.2 billion As of March 2026, vs. US$801 million in December 2025

Operating cash flow US$(233) million Q1 2026 net cash used in operating activities vs US$90 million generated in Q1 2025

Cash & equivalents US$236 million As of March 31, 2026, down from US$725 million at December 31, 2025

Previous Earnings Reports

5 past events · Latest: Mar 02 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 02	Q4 2025 earnings	Positive	-4.1%	Q4 2025 sales, EBITDA and net income all posted strong year-on-year growth.
Nov 04	Q3 2025 earnings	Negative	-1.2%	Q3 2025 sales declined and net income dropped sharply despite higher EBITDA.
Aug 06	Q2 2025 earnings	Negative	-6.6%	Q2 2025 showed lower sales, EBITDA and net income amid weaker gas and petrochemicals.
May 12	Q1 2025 earnings	Positive	+3.0%	Q1 2025 delivered higher sales and EBITDA, offset by lower net profit from tax effects.
Apr 16	Annual 20-F filing	Neutral	+1.4%	Filed Form 20-F for FY 2024, mainly a regulatory and disclosure milestone.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases often coincide with modest downside: same-tag events show an average move of -1.5%, with several strong fundamental prints still followed by negative or muted reactions.

Recent Company History

Over the past year, Pampa has repeatedly highlighted growing oil and gas output, stronger power margins and disciplined leverage in its earnings updates. Q2 and Q3 2025 showed mixed trends with declining net income despite solid EBITDA, while Q4 2025 and Q1 2025 featured double‑digit EBITDA growth but still saw choppy price reactions. Filings of Form 20-F reports complemented this cadence. Today’s Q1 2026 release, with higher sales, EBITDA and net income, extends that narrative of operational expansion alongside evolving financial metrics and leverage.

Key Terms

ifrs, adjusted ebitda, adr, kboe/day, +4 more

8 terms

ifrs regulatory

"based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS')"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

adjusted ebitda financial

"Adjusted EBITDA[3] totaled US$325 million in Q1 26, a 48% year-on-year increase"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adr financial

"Net income per ADR to shareholders | | 3.9 | | 2.8"

An American Depositary Receipt (ADR) is a financial certificate that lets investors buy shares of a foreign company through U.S. stock markets, similar to buying a local wrapper that represents the underlying foreign shares. ADRs matter because they make investing in overseas companies easier and more liquid by trading in U.S. dollars and under U.S. market rules, while still carrying currency, regulatory, and country-specific risks that can affect share value.

View in glossary

kboe/day technical

"Production (kboe/day) | | 100.6 | | 72.7"

kboe/day stands for thousand barrels of oil equivalent per day, a unit that combines oil, natural gas and other hydrocarbons into a single volume measure (1 kboe = 1,000 barrels of oil equivalent) to express daily production or throughput. Investors use it like a factory’s daily output figure: higher kboe/day generally means more product to sell, bigger revenue potential and a clearer way to compare the size and performance of energy producers.

mbtu technical

"Average gas price (US$/MBTU) | | 2.9 | | 3.0"

A MBtu is a unit of energy equal to one million British thermal units (BTUs), where a BTU is the amount of heat needed to raise one pound of water by one degree Fahrenheit. Investors see it in natural gas and heating-fuel markets because contracts, prices and production are quoted per MBtu, so it’s the energy equivalent of measuring fuel in gallons — a common yardstick for revenue, costs and comparisons across fuels.

gwh technical

"Generation (GWh) | | 5,738 | | 5,951"

GWh (gigawatt-hour) is a unit that measures electrical energy equal to one billion watt-hours, commonly used to describe how much electricity a power plant produces, a battery stores, or a project consumes over time. For investors it signals scale and potential cash flow — like seeing the size of a fuel tank for energy projects — letting you compare capacity, expected output, and the revenue or cost implications between assets or companies.

derivatives financial

"Derivatives | | - | | 52"

Derivatives are financial contracts whose value depends on the price or performance of another asset, such as a stock, bond, commodity, currency or interest rate. Investors use them to hedge against risk, to speculate on future price moves, or to gain exposure without owning the asset — like buying insurance or placing a leveraged bet — so they can both protect portfolios and magnify gains or losses, affecting risk and market liquidity.

View in glossary

deferred tax asset financial

"Deferred tax asset | | 293 | | 43"

A deferred tax asset is an accounting recognition that a company expects to pay less tax in the future because of past losses or timing differences between accounting and tax rules; think of it as an IOU from the tax system that can reduce future tax bills. It matters to investors because it can boost future cash flow and reported profits if the company generates enough taxable income to use it, but its value depends on realistic prospects for future earnings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BUENOS AIRES, AR / ACCESS Newswire / May 6, 2026 / 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 quarter ended on March 31, 2026.

Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of March 31, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.

First quarter 2026 ('Q1 26') main results[¹]

Sales reached US$573 million in Q1 26^[2], up 38% year-on-year, driven primarily by higher shale oil production at Rincón de Aranda and the Wholesale Electricity Market's ('WEM') new power generation framework, which led to stronger spot prices and increased gas sales to our thermal power plants. Lower crude oil prices and volumes sold under the Plan Gas Gas Sale Agreements ('GSA') partially offset these effects.

The Q1 26 reflected sustained expansion in shale oil production at Rincón de Aranda, together with higher gas sales, supported by the vertical integration with the power generation business.

Pampa's main operational KPIs			Q1 26				Q1 25				Variation
Oil and gas	Production (kboe/day)			100.6				72.7				+38	%
	Gas production (kboepd)			81.2				69.5				+17	%
	Crude oil production (kbpd)			19.5				3.2				+502	%
	Average gas price (US$/MBTU)			2.9				3.0				-4	%
	Average oil price (US$/bbl)*			58.2				68.4				-15	%
Power	Generation (GWh)			5,738				5,951				-4	%
	Gross margin (US$/MWh)			29.4				24.5				+20	%
Petrochemicals	Volume sold (k ton)			83				84				-0	%
	Average price (US$/ton)			1,055				1,095				-4	%

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

Adjusted EBITDA[³] totaled US$325 million in Q1 26, a 48% year-on-year increase, reflecting higher shale oil contributions, stronger spot margins in power generation, and growth in gas sales, offset by lower realized crude oil prices due to hedging.

Net income attributable to shareholders was US$214 million, 40% higher than Q1 26, driven by stronger operating margins and a higher recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation. These effects were partially offset by the recovery of a customs contingency recorded in Q1 25.

Net debt stood at US$1.2 billion as of March 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures and increased collateral requirements due to oil hedging.

[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.

Consolidated balance sheet
(As of March 31, 2026 and December 31, 2025, in US$ million)

In US$ million		As of 03.31.2026				As of 12.31.2025
ASSETS
Property, plant and equipment			3,384				3,303
Intangible assets			88				89
Right-of-use assets			30				36
Deferred tax asset			293				43
Investments in associates and joint ventures			1,261				1,059
Financial assets at fair value through profit and loss			33				33
Trade and other receivables			66				43
Total non-current assets			5,155				4,606
Inventories			238				231
Financial assets at fair value through profit and loss			441				366
Derivatives			-				52
Trade and other receivables			947				614
Cash and cash equivalents			236				725
Total current assets			1,862				1,988
Total assets			7,017				6,594
EQUITY
Share capital			36				36
Share capital adjustment			191				191
Share premium			517				516
Treasury shares adjustment			1				1
Treasury shares cost			(54	)			(54	)
Legal reserve			44				44
Voluntary reserve			2,399				2,399
Other reserves			(13	)			(12	)
Other comprehensive income			18				124
Retained earnings			639				351
Equity attributable to owners of the company			3,778				3,596
Non-controlling interest			11				9
Total equity			3,789				3,605
LIABILITIES
Provisions			73				100
Income tax and minimum notional income tax provision			26				26
Tax liabilities			220				212
Deferred tax liability			46				56
Defined benefit plans			29				26
Borrowings			1,841				1,844
Trade and other payables			81				86
Total non-current liabilities			2,316				2,350
Provisions			14				13
Income tax liability			197				83
Tax liabilities			69				56
Defined benefit plans			7				6
Salaries and social security payable			24				36
Derivatives			181				-
Borrowings			39				48
Trade and other payables			381				397
Total current liabilities			912				639
Total liabilities			3,228				2,989
Total liabilities and equity			7,017				6,594

Consolidated income statement
(For the quarters ended on March 31, 2026 and 2025, in US$ million)

In US$ million		First quarter
		2026				2025
Sales revenue			573				414
Domestic sales			451				352
Foreign market sales			122				62
Cost of sales			(380	)			(285	)
Gross profit			193				129
Selling expenses			(26	)			(21	)
Administrative expenses			(44	)			(43	)
Other operating income			9				32
Other operating expenses			(19	)			(22	)
Impairment of financial assets			(1	)			-
Impairment of inventories			(1	)			-
Results for part. in joint businesses & associates			67				46
Operating income			178				121
Financial income			4				33
Financial costs			(39	)			(41	)
Other financial results			7				37
Financial results, net			(28)				29
Profit before tax			150				150
Income tax			66				4
Net income for the period			216				154
Attributable to the owners of the Company			214				153
Attributable to the non-controlling interest			2				1
Net income per share to shareholders			0.2				0.1
Net income per ADR to shareholders			3.9				2.8
Average outstanding common shares1			1,360				1,360
Outstanding shares by the end of period1			1,360				1,360

Note: 1 Includes shares allocated to the employee compensation plan, which amounted to 3.9 million and 3.6 million shares as of March 31, 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 quarters ended on March 31, 2026 and 2025, in millions)

In US$ million		First quarter
		2026				2025
OPERATING ACTIVITIES
Profit of the period			216				154
Adjustments to reconcile net profit to cash flows from operating activities			34				3
Changes in operating assets and liabilities			(483	)			(67	)
Increase in trade receivables and other receivables			(472)				(112)
Increase in inventories			(8)				(23)
Increase in trade and other payables			24				79
Decrease in salaries and social security payables			(14)				(13)
Defined benefit plans payments			(1)				(1)
(Decrease) increase in tax liabilities			(7)				5
Decrease in provisions			(1)				(2)
Payments for derivative financial instruments, net			(4)				-
Net cash generated by (used in) operating activities			(233	)			90
INVESTING ACTIVITIES
Payment for property, plant and equipment acquisitions			(265	)			(162	)
Collection for sales of public securities and shares, net			87				151
Subscription of mutual funds, net			(9	)			-
Capital integration in companies			(16	)			(31	)
Payment for right-of-use			-				(1	)
Net cash used in investing activities			(203	)			(43	)
FINANCING ACTIVITIES
Proceeds from borrowings			-				45
Payment of borrowings			(23	)			(70	)
Payment of borrowings interests			(22	)			(38	)
Repurchase and redemption of corporate bonds			(2	)			(360	)
Payment of leases			(6	)			(1	)
Net cash used in financing activities			(53	)			(424	)
Decrease in cash and cash equivalents			(489	)			(377	)
Cash and cash equivalents at the beginning of the period			725				738
Decrease in cash and cash equivalents			(489	)			(377	)
Cash and cash equivalents at the end of the period			236				361

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 Q1 26 results on Thursday, May 7, 2026, at
10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Horacio Turri, EVP and head of oil and gas, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.

For those interested in participating, please register here.

For further information about Pampa:

investor@pampa.com ri.pampa.com/en

www.argentina.gob.ar/cnv www.sec.gov

SOURCE: 1/3 Pampa Energía S.A.

View the original press release on ACCESS Newswire

FAQ

What were Pampa Energía's Q1 2026 sales and adjusted EBITDA (PAM)?

Pampa reported US$573m in sales and US$325m in adjusted EBITDA for Q1 2026. According to the company, stronger shale oil output and higher spot power margins drove revenue and EBITDA growth year-on-year.

How much net income did Pampa (PAM) report in Q1 2026 and how did it change year-on-year?

Pampa reported US$214m net income attributable to shareholders in Q1 2026, a 40% increase year-on-year. According to the company, higher operating margins and a deferred tax credit supported the rise.

Why did Pampa's net debt (PAM) increase in Q1 2026 to US$1.2 billion?

Net debt increased to US$1.2bn mainly due to higher capital expenditures and larger collateral requirements for oil hedging. According to the company, these factors drove the rise versus December 2025.

What operational changes drove Pampa's revenue growth in Q1 2026 (PAM)?

Revenue growth was driven by higher shale oil production at Rincón de Aranda and increased gas sales to Pampa's thermal plants. According to the company, stronger spot power prices under the new WEM framework also helped.

How did Pampa's cash flow from operations perform in Q1 2026 (PAM)?

Cash used in operating activities was US$233m in Q1 2026, a swing from positive generation in the prior year. According to the company, a rise in trade receivables and working capital absorption caused the cash outflow.

When is Pampa's Q1 2026 earnings videoconference and who will host it (PAM)?

Pampa's Q1 2026 videoconference is on May 7, 2026 at 10:00 AM ET. According to the company, hosts include CEO Gustavo Mariani and CFO Adolfo Zuberbühler, with other senior executives participating.