Pampa Energía Announces Fiscal Year and Fourth Quarter 2025 Results

Rhea-AI Summary

Pampa Energía (NYSE:PAM) reported Q4 2025 sales of US$507 million, up 16% year‑on‑year, driven by higher crude production at Rincón de Aranda, stronger thermal power margins under the new WEM framework and increased gas exports to Chile.

Adjusted EBITDA reached US$230 million (+26% YoY) and net income attributable to shareholders was US$161 million (+52% YoY). Net debt declined to US$801 million as of December 2025, supported by free cash flow generation.

Positive

• Sales increased to US$507 million (+16% YoY)
• Adjusted EBITDA of US$230 million (+26% YoY)
• Crude oil production at Rincón de Aranda +355% YoY (18.0 kbpd)
• Net debt reduced to US$801 million from US$874 million

Negative

• Average oil price declined by 10% YoY (US$60.9/bbl)
• Lower contributions from PPAs and styrenics businesses
• Weaker net financial results partially offset operating gains

Key Figures

Q4 2025 sales: US$507 million Q4 2025 adjusted EBITDA: US$230 million Q4 2025 net income: US$161 million +5 more

8 metrics

Q4 2025 sales US$507 million Fourth quarter 2025 sales, up 16% year-on-year

Q4 2025 adjusted EBITDA US$230 million Fourth quarter 2025 adjusted EBITDA, up 26% year-on-year

Q4 2025 net income US$161 million Net income attributable to shareholders, 52% higher than Q4 2024

Net debt US$801 million Net debt as of December 2025, down from US$874 million in September 2025

FY 2025 sales revenue US$1,998 million Full-year 2025 sales revenue vs US$1,876 million in 2024

FY 2025 net income US$377 million Net income attributable to owners in 2025 vs US$619 million in 2024

Crude oil production 18.0 kbpd Q4 2025 crude oil output vs 4.0 kbpd in Q4 2024 (+355%)

Power generation 4,947 GWh Q4 2025 power generation vs 4,797 GWh in Q4 2024 (+3%)

Market Reality Check

Price: $77.78 Vol: Volume 453,694 is 2.27x t...

high vol

$77.78 Last Close

Volume Volume 453,694 is 2.27x the 20-day average, indicating elevated trading activity ahead of the results. high

Technical Price at 77.78, trading slightly above the 200-day MA of 76.77 and 17.69% below the 52-week high.

Peers on Argus

PAM was down 1.93% pre-release, while peers showed mixed moves: TAC up 3.15%, KE...

1 Up 1 Down

PAM was down 1.93% pre-release, while peers showed mixed moves: TAC up 3.15%, KEN down 0.78%, TLN down 4.14%, NRG and VST modestly lower, and scanner flags VST up 0.49% and KEN down 0.14%, pointing to stock-specific rather than sector-wide drivers.

Previous Earnings Reports

5 past events · Latest: Nov 04 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 04	Quarterly earnings	Negative	-1.2%	Q3 2025 sales fell but EBITDA rose; net income dropped sharply.
Aug 06	Quarterly earnings	Negative	-6.6%	Q2 2025 saw lower sales, EBITDA and net income despite shale ramp-up.
May 12	Quarterly earnings	Neutral	+3.0%	Q1 2025 delivered higher sales and EBITDA but lower net profit.
Apr 16	Annual report filing	Neutral	+1.4%	Filed 2024 Form 20-F, updating investors on full-year performance.
Mar 05	Annual earnings	Positive	+2.8%	Strong Q4 2024 growth, EBITDA jump and net debt reduction reported.

Pattern Detected

Recent earnings and related filings have produced modest average 24h moves of about -0.12%, with reactions generally aligning with the tone of fundamentals disclosed.

Recent Company History

Over the last year, Pampa has reported a sequence of earnings and disclosure events, from strong Q4 2024 results and lower net debt, through mixed Q1–Q3 2025 quarters with growing EBITDA but volatile net income driven by tax and FX effects. The 2024 Form 20-F filing complemented this cycle. Today’s FY and Q4 2025 report extends that narrative of operational growth, shale oil ramp-up, and balance-sheet management amid shifting Argentine macro conditions.

Historical Comparison

-0.1% avg move · Across the last 5 earnings-related disclosures, PAM’s average 24h move was a mild -0.12%, suggesting...

earnings

-0.1%

Average Historical Move earnings

Across the last 5 earnings-related disclosures, PAM’s average 24h move was a mild -0.12%, suggesting historically contained reactions even when fundamentals or tax/FX swings were significant.

The sequence from FY/Q4 2024 through Q1–Q3 2025 shows rising EBITDA, fluctuating net income and declining then rising net debt, leading into this FY/Q4 2025 report that continues shale oil ramp-up and balance-sheet adjustment.

Market Pulse Summary

This announcement details FY and Q4 2025 results, highlighting a 16% Q4 sales increase, a 26% rise i...

Analysis

This announcement details FY and Q4 2025 results, highlighting a 16% Q4 sales increase, a 26% rise in adjusted EBITDA and strong shale oil growth, alongside lower full-year net income versus 2024. Recent history shows EBITDA expansion but volatile bottom-line outcomes driven by tax and FX effects. Investors may focus on net debt at US$801 million, capex intensity, Argentine inflation dynamics, and future profitability trends across oil, gas, power and petrochemicals.

Key Terms

ifrs, ebitda, ppas, fx, +1 more

5 terms

ifrs regulatory

"financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force"

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.

ebitda financial

"Adjusted EBITDA3 reached US$230 million in Q4 25, a 26% year-on-year increase"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

ppas financial

"lower income from the styrenics business and from units under Power Purchase Agreements ('PPAs')"

PPAs are contracts in which a buyer agrees to purchase electricity from a generator at a set price and for a set period, like a long-term subscription for power. They matter to investors because they lock in revenue and costs, reducing uncertainty and making it easier to value, finance, and compare energy projects or companies.

fx financial

"For local currency equivalents, transactional exchange rate ('FX') is applied."

fx stands for foreign exchange, the system of buying, selling and converting one currency into another. For investors, fx matters because changes in exchange rates can raise or lower a company’s reported sales, costs and profits when business crosses borders—like how the same amount of money can buy more or less abroad—so movements in fx can affect earnings, valuation and investment returns.

adr financial

"Net income per ADR to shareholders | | 6.9 | | 11.4 | | 3.0 | | 1.9"

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.

AI-generated analysis. Not financial advice.

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 results¹

Sales recorded US$507 million in Q4 25², 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.

Pampa's main operational KPIs		Q4 25				Q4 24				Variation
Oil and gas
Production (kboe/day)			81.2				61.6				+32	%
Gas production (kboepd)			63.2				57.6				+10	%
Crude oil production (kbpd)			18.0				4.0				+355	%
Average gas price (US$/MBTU)			3.0				2.9				+4	%
Average oil price (US$/bbl)*			60.9				67.6				-10	%
Power
Generation (GWh)			4,947				4,797				+3	%
Gross margin (US$/MWh)			26.6				22.8				+16	%
Petrochemicals
Volume sold (k ton)			129				121				+7	%
Average price (US$/ton)			886				1,017				-13	%

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

Adjusted EBITDA³ 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)

In US$ million		As of 12.31.2025				As of 12.31.2024
ASSETS
Property, plant and equipment			3,303				2,607
Intangible assets			89				95
Right-of-use assets			36				11
Deferred tax asset			43				157
Investments in associates and joint ventures			1,059				993
Financial assets at fair value through profit and loss			33				27
Trade and other receivables			43				75
Total non-current assets			4,606				3,965
Inventories			231				223
Financial assets at amortized cost			-				80
Financial assets at fair value through profit and loss			366				850
Derivative financial instruments			52				1
Trade and other receivables			614				488
Cash and cash equivalents			725				738
Total current assets			1,988				2,380
Total assets			6,594				6,345
EQUITY
Share capital			36				36
Share capital adjustment			191				191
Share premium			516				516
Treasury shares adjustment			1				1
Treasury shares cost			(54	)			(7	)
Legal reserve			44				44
Voluntary reserve			2,399				1,657
Other reserves			(12	)			(13	)
Other comprehensive income			124				119
Retained earnings			351				742
Equity attributable to owners of the company			3,596				3,286
Non-controlling interest			9				9
Total equity			3,605				3,295
LIABILITIES
Provisions			100				137
Income tax and minimum notional income tax provision			26				75
Tax liabilities			212				-
Deferred tax liability			56				49
Defined benefit plans			26				30
Borrowings			1,844				1,373
Trade and other payables			86				84
Total non-current liabilities			2,350				1,748
Provisions			13				10
Income tax liability			83				257
Tax liabilities			56				30
Defined benefit plans			6				7
Salaries and social security payable			36				39
Borrowings			48				706
Trade and other payables			397				253
Total current liabilities			639				1,302
Total liabilities			2,989				3,050
Total liabilities and equity			6,594				6,345

Consolidated income statement
(For the fiscal year and quarters ended on December 31, 2025 and 2024, in millions)

In US$ million		Fiscal year								Fourth quarter
		2025				2024				2025				2024
Sales revenue			1,998				1,876				507				435
Domestic sales			1,618				1,575				411				368
Foreign market sales			380				301				96				67
Cost of sales			(1,369	)			(1,279	)			(369	)			(349	)
Gross profit			629				597				138				86
Selling expenses			(98	)			(74	)			(29	)			(17	)
Administrative expenses			(192	)			(239	)			(61	)			(100	)
Exploration expenses			-				(21	)			-				(21	)
Other operating income			100				175				15				59
Other operating expenses			(72	)			(88	)			(10	)			(16	)
Impairment of financial assets			(21	)			(56	)			(16	)			-
Recovery of impairment (Impairment) of PPE, int. assets and inventories			15				(34	)			23				(15	)
Results for part. in joint businesses & associates			142				146				41				45
Income from the sale of associates			-				34				-				27
Operating income			503				440				101				48
Financial income			45				32				3				28
Financial costs			(196	)			(185	)			(45	)			(48	)
Other financial results			230				211				93				97
Financial results, net			79				58				51				77
Profit before tax			582				498				152				125
Income tax			(204	)			121				10				(19	)
Net income for the period			378				619				162				106
Attributable to the owners of the Company			377				619				161				106
Attributable to the non-controlling interest			1				-				1				-
Net income per share to shareholders			0.3				0.5				0.1				0.1
Net income per ADR to shareholders			6.9				11.4				3.0				1.9
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

Consolidated cash flow statement
(For the fiscal year and quarters ended on December 31, 2025 and 2024, in millions)

In US$ million		Fiscal year								Fourth quarter
		2025				2024				2025				2024
OPERATING ACTIVITIES
Profit of the period			378				619				162				106
Adjustments to reconcile net profit to cash flows from operating activities			418				152				11				12
Changes in operating assets and liabilities			(18	)			(336	)			115				31
(Increase) decrease in trade receivables and other receivables			(100)				(411)				119				47
(Increase) decrease in inventories			(13)				(20)				21				13
Increase in trade and other payables			69				75				(25)				(5)
Increase in salaries and social security payables			10				25				8				10
Defined benefit plans payments			(3)				(3)				(1)				(1)
Increase (decrease) in tax liabilities			22				17				(3)				(17)
Decrease in provisions			(10)				(19)				(3)				(16)
Income tax payment			(8)				-				(8)				-
Collection for derivative financial instruments, net			15				-				7				-
Net cash generated by (used in) operating activities			778				435				288				149
INVESTING ACTIVITIES
Payment for property, plant and equipment acquisitions			(993	)			(447	)			(242	)			(97	)
Collection for sales (Payment for purchases) of public securities and shares, net			592				(5	)			216				21
Recovery (Suscription) of mutual funds, net			3				(10	)			(8	)			(9	)
Capital integration in companies			(44	)			-				(3	)			-
Payment for companies' acquisitions			(1	)			(48	)			(1	)			-
Collection for equity interests in companies sales			1				39				-				21
Collection for joint ventures' share repurchase			-				37				-				-
Collections for intangible assets sales			9				-				-				-
Dividends collection			25				9				-				1
Collection for equity interests in areas sales			7				9				5				9
Cash addition from purchase of subsidiary			-				71				-				-
Collection of loans, net			-				1				-				1
Net cash generated by (used in) investing activities			(401	)			(344	)			(33	)			(53	)
FINANCING ACTIVITIES
Proceeds from borrowings			986				1,174				432				464
Payment of borrowings			(306	)			(236	)			(178	)			(142	)
Payment of borrowings interests			(161	)			(145	)			(39	)			(27	)
Repurchase and redemption of corporate bonds			(837	)			(313	)			(111	)			16
Payment for treasury shares acquisition			(47	)			-				(31	)			-
Payment of dividends			(1	)			-				(1	)			-
Payment of leases			(24	)			(4	)			(13	)			(1	)
Net cash (used in) generated by financing activities			(390	)			476				59				310
(Decrease) Increase in cash and cash equivalents			(13	)			567				314				406
Cash and cash equivalents at the beginning of the period			738				171				411				332
(Decrease) Increase in cash and cash equivalents			(13	)			567				314				406
Cash and cash equivalents at the end of the period			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:

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 (PAM) Q4 2025 sales and adjusted EBITDA?

Pampa reported Q4 2025 sales of US$507 million and adjusted EBITDA of US$230 million. According to the company, growth was driven by higher crude output at Rincón de Aranda, improved WEM thermal margins and increased gas exports to Chile.

How did Pampa Energía's (PAM) net income perform in Q4 2025 compared to Q4 2024?

Net income attributable to shareholders was US$161 million in Q4 2025, a 52% increase year‑on‑year. According to the company, this rise reflected stronger operating margins and a non‑cash deferred tax credit.

What operational production changes did Pampa Energía (PAM) report for Q4 2025?

Crude oil production rose to 18.0 kbpd in Q4 2025, up 355% YoY, while overall production reached 81.2 kboe/day. According to the company, Rincón de Aranda shale growth drove the increases.

Did Pampa Energía (PAM) reduce net debt in 2025, and by how much?

Net debt declined to US$801 million as of December 2025, down from US$874 million the prior quarter. According to the company, reduction reflects solid free cash flow and lower collateral requirements.

What headwinds did Pampa Energía (PAM) cite in its Q4 2025 results?

The company cited lower contributions from PPAs and the styrenics business and weaker net financial results as offsets to operating gains. According to the company, these factors partially reduced overall profitability.

How did Pampa Energía (PAM) performance in power generation affect Q4 2025 results?

Power generation increased and gross margins improved to US$26.6/MWh in Q4 2025, supporting EBITDA growth. According to the company, the new WEM framework benefited thermal units' spot prices and margins.