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

Rhea-AI Summary

Pampa Energía (NYSE:PAM) reported Q3 2025 results: sales US$591m (-9% YoY) and adjusted EBITDA US$322m (+16% YoY). Consolidated net income attributable to shareholders was US$23m, down 84% YoY, mainly driven by higher non-cash deferred tax charges despite stronger operating margins. Production expanded to 99.5 kboe/d (+14% YoY) with crude output at 17.3 kbpd (+220% YoY). Net debt rose to US$874m (net-debt/EBITDA 1.3x) but fell post-quarter to US$790m (1.1x). Operating cash generation remained robust (Q3 operating cash US$343m).

Positive

• Adjusted EBITDA US$322m (+16% YoY)
• Production 99.5 kboe/day (+14% YoY)
• Crude production 17.3 kbpd (+220% YoY)
• Q3 operating cash generated US$343m
• Net debt reduced post-quarter to US$790m (1.1x)

Negative

• Net income US$23m (−84% YoY)
• Sales US$591m (−9% YoY)
• Net debt increased to US$874m from US$712m
• Significant income tax charge in Q3 (US$115m) reduced earnings

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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.

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:

investor@pampa.com
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

FAQ

What were Pampa Energía (PAM) Q3 2025 sales and adjusted EBITDA?

Q3 2025 sales were US$591 million and adjusted EBITDA was US$322 million.

Why did Pampa Energía (PAM) net income fall in Q3 2025?

Net income fell to US$23 million mainly due to higher non-cash deferred tax charges that reduced reported earnings.

How did Pampa Energía (PAM) oil and gas production change in Q3 2025?

Total production rose to 99.5 kboe/day (+14% YoY); crude production reached 17.3 kbpd (+220% YoY).

What was Pampa Energía (PAM) net debt and leverage at Q3 2025?

Net debt was US$874 million (net-debt/EBITDA 1.3x); post-quarter it decreased to US$790 million (1.1x).

How much cash did Pampa Energía (PAM) generate from operations in Q3 2025?

Pampa generated US$343 million of operating cash flow in Q3 2025.

Did Pampa Energía (PAM) report any material capex or investments in Q3 2025?

Yes—payment for property, plant and equipment was US$307 million in Q3 2025 (US$751 million for nine months).