Pampa Energía announces nine-month period and third quarter 2026 results

Higher earnings accompanied lower operating cash flow, while investment spending and hedge collateral contributed to increased net debt.

Rhea-AI Summary

Pampa Energía (NYSE: PAM) reported third-quarter 2026 sales of US$790 million, up 34% year over year, alongside higher earnings. Adjusted EBITDA, a measure of operating earnings, rose 23% to US$398 million. Shareholder net income increased to US$129 million from US$23 million, supported by lower deferred income tax expense and improved operating margins, partly offset by lower foreign-exchange gains.

Crude oil production rose 28%, while gas production fell 6%. Power generation gross margin increased 32%, despite generation falling 2%. Nine-month sales reached US$2,109 million, versus US$1,491 million, and shareholder net income reached US$515 million, versus US$216 million. However, nine-month operating cash flow fell to US$134 million from US$490 million. Net debt reached US$1.731 billion in September, versus US$1.319 billion in June, reflecting investment spending and crude oil hedge collateral, among other factors.

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0 major · 17 points

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Positive

• Moderate pointQ3 sales rose 34% year over year to US$790 million, supported by electricity sales and crude oil sales.
• Moderate pointQ3 adjusted EBITDA increased 23% year over year to US$398 million, reflecting higher thermal generation margins.
• Moderate pointQ3 shareholder net income reached US$129 million, versus US$23 million a year earlier.
• Moderate pointOperating income increased to US$196 million in Q3 and US$645 million over nine months, versus US$168 million and US$402 million.
• Moderate pointQ3 crude oil production rose 28% year over year to 22.1 thousand barrels per day.
• Moderate pointQ3 average gas price increased 12% year over year to US$5.0 per million British thermal units.
• Moderate pointQ3 power gross margin increased 32% year over year to US$35.0 per megawatt-hour.
• Moderate pointNine-month borrowing proceeds provided US$869 million, versus US$554 million in 2025. 23% of market cap

7 minor points

• Minor pointQ3 net income per ADR rose to US$2.41 from US$0.42 a year earlier.
• Minor pointNine-month sales increased to US$2,109 million from US$1,491 million in 2025.
• Minor pointNine-month shareholder net income increased to US$515 million from US$216 million in 2025.
• Minor pointNine-month net income per ADR reached US$9.55, versus US$3.97 in 2025.
• Minor pointQ3 average petrochemical price rose 40% year over year to US$1,309 per ton.
• Minor pointIncome tax expense fell to US$20 million in Q3 and US$21 million over nine months, versus US$115 million and US$214 million.
• Minor pointDividends received increased to US$45 million in Q3 and US$46 million over nine months, versus US$25 million each.

Negative

• Moderate pointNet debt rose to US$1.731 billion in September 2026 from US$1.319 billion in June 2026.
• Moderate pointOperating cash flow fell to US$153 million in Q3 and US$134 million over nine months, versus US$343 million and US$490 million.
• Moderate pointProperty, plant and equipment payments increased to US$525 million in Q3 and US$1,043 million over nine months, versus US$307 million and US$751 million.
• Moderate pointQ3 gas production fell 6% year over year to 77.6 thousand barrels of oil equivalent per day.
• Moderate pointQ3 realized oil price fell 9% year over year to US$55.7 per barrel, net of hedges and discounts.
• Moderate pointNet financial results deteriorated to losses of US$47 million in Q3 and US$105 million over nine months, versus a US$30 million loss and US$28 million gain.

11 minor points

• Minor pointEquity contributions increased to US$26 million in Q3 and US$56 million over nine months, versus zero and US$41 million.
• Minor pointNine-month receivables absorbed US$546 million of cash, versus US$219 million in 2025.
• Minor pointNet derivative payments consumed US$155 million over nine months, versus US$8 million collected in 2025.
• Minor pointCrude oil hedges weighed on Q3 sales and adjusted EBITDA; collateral also contributed to higher net debt.
• Minor pointQ3 power generation declined 2% year over year to 5,315 gigawatt-hours.
• Minor pointQ3 petrochemical sales volume fell 6% year over year to 115 thousand tons.
• Minor pointQ3 foreign market sales fell to US$115 million from US$134 million a year earlier.
• Minor pointSelling expenses increased to US$32 million in Q3 and US$88 million over nine months, versus US$26 million and US$69 million.
• Minor pointAdministrative expenses increased to US$51 million in Q3 and US$142 million over nine months, versus US$47 million and US$131 million.
• Minor pointOther operating expenses increased to US$46 million in Q3 and US$83 million over nine months, versus US$22 million and US$62 million.
• Minor pointOther operating income declined to US$19 million in Q3 and US$47 million over nine months, versus US$32 million and US$85 million.

Key Figures

Q3 sales: US$790 million; up 34% year-on-year Adjusted EBITDA: US$398 million; up 23% year-on-year Net income attributable to shareholders: US$129 million; 6 times Q3 2025 +5 more

Q3 sales

US$790 million; up 34% year-on-year

Q3 2026

Adjusted EBITDA

US$398 million; up 23% year-on-year

Q3 2026

Net income attributable to shareholders

US$129 million; 6 times Q3 2025

Q3 2026

Net debt

US$1.731 billion vs. US$1.319 billion

September 2026 vs. June 2026

Nine-month sales revenue

US$2,109 million vs. US$1,491 million

Nine months ended September 30, 2026 vs. 2025

Nine-month net income

US$519 million vs. US$216 million

Nine months ended September 30, 2026 vs. 2025

Crude oil production

22.1 kbpd; up 28%

Q3 2026 vs. Q3 2025

Power gross margin

US$35.0/MWh; up 32%

Q3 2026 vs. Q3 2025

Previous Earnings Reports

2 past events · Latest: Aug 04

Same Type 2 events

1. Aug 04

   Quarterly earnings

   24h Move

   -1.1%

   Q2 sales, adjusted EBITDA and shareholder net income rose year over year; net debt increased.

2. Nov 04

   Quarterly earnings

   24h Move

   -1.2%

   Q3 sales fell and shareholder net income declined, while adjusted EBITDA increased year over year.

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

Key Terms

functional currency, ifrs, fair value through profit and loss, derivatives

4 terms

functional currency financial

"its functional currency."

The functional currency is the single currency a company uses as its primary money for recording business transactions and preparing financial statements — think of it as the company's "home" currency or the money it budgets and measures performance in. It matters to investors because currency choices determine how foreign sales, costs and exchange-rate swings translate into reported revenue, profit and debt, affecting comparisons, risk assessments and valuation.

ifrs financial

"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.

fair value through profit and loss technical

"Financial assets at fair value through profit and loss"

An accounting classification for financial assets and liabilities where the instrument is measured at its current fair market value each reporting date and any gain or loss from changes in that value is recorded immediately in the entity’s profit or loss statement. Instruments measured fair value through profit and loss typically include items held for trading, derivatives, and those designated by management for this treatment; this contrasts with classifications that recognize value changes in other comprehensive income. The practical effect is that value movements are reflected directly in reported net income, which can make reported earnings more volatile.

derivatives financial

"Derivatives"

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.

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BUENOS AIRES, Argentina, Nov. 2, 2026 /PRNewswire/ -- 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 nine-month period and quarter ended on September 30, 2026.

Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of September 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.

Third quarter 2026 ('Q3 26') main results¹

Sales reached US$790 million in Q3 26², up 34% year-on-year, mainly driven by the normalization of the Wholesale Electricity Market's ('WEM'), which supported higher spot energy prices and B2B ('Business to Business') sales, increased gas sales to our CCGTs ('Combined Cycles'), growing crude oil sales and stronger Reformer prices. These effects were partially offset by lower gas deliveries under Plan Gas GSA ('Gas Sale Agreement') and to industrial customers, as well as the impact of crude oil hedges

Thermal power generation margins stood out during Q3 26, supported by their efficiency and vertical integration with our gas upstream business.

Pampa's main operational KPIs		Q3 26	Q3 25	Variation
Oil and gas	Production (kboe/day)	99.7	99.5	+0 %
	Gas production (kboepd)	77.6	82.2	-6 %
	Crude oil production (kbpd)	22.1	17.3	+28 %
	Average gas price (US$/MBTU)	5.0	4.4	+12 %
	Average oil price (US$/bbl)*	55.7	61.1	-9 %
Power	Generation (GWh)	5,315	5,421	-2 %
	Gross margin (US$/MWh)	35.0	26.5	+32 %
Petrochemicals	Volume sold (k ton)	115	122	-6 %
	Average price (US$/ton)	1,309	937	+40 %

^{Note: * Realized price, net of hedge, export duty and quality/logistic discounts.}

Adjusted EBITDA totaled US$398 million, up 23% year-on-year, reflecting higher thermal generation margins in the spot and B2B markets, together with the benefits of vertical integration between gas production and thermal power generation, offset by the impact on crude oil hedges.

Net income attributable to shareholders reached US$129 million, 6 times Q3 25, mainly driven by lower deferred income tax expense and improved operating margins, partially offset by lower FX gains.

Net debt stood at US$1.731 billion as of September 2026, vs. US$1.319 billion as of June 2026, reflecting higher capital expenditures, mainly at FEPASA ('Fértil Pampa S.A.U.'), equity contributions to affiliates under development, prepayments related to the GPM expansion, and collateral posted for crude oil hedging, partially offset by operating cash flow generation and dividends received from Transener.

Consolidated balance sheet
(As of September 30, 2026 and December 31, 2025, in US$ million) 

In US$ million		As of 09.30.2026		As of 12.31.2025
ASSETS
Property, plant and equipment		3,863		3,303
Intangible assets		87		89
Right-of-use assets		17		36
Deferred tax asset		234		43
Investments in associates and joint ventures		1,408		1,059
Financial assets at fair value through profit and loss		34		33
Trade and other receivables		85		43
Total non-current assets		5,728		4,606
Inventories		269		231
Financial assets at fair value through profit and loss		503		366
Derivatives		-		52
Trade and other receivables		1,090		614
Cash and cash equivalents		532		725
Total current assets		2,394		1,988
Total assets		8,122		6,594
EQUITY
Share capital		35		36
Share capital adjustment		189		191
Share premium		517		516
Treasury shares adjustment		1		1
Treasury shares cost		(6)		(54)
Legal reserve		44		44
Voluntary reserve		2,706		2,399
Other reserves		(13)		(12)
Other comprehensive income		39		124
Retained earnings		605		351
Equity attributable to owners of the company		4,117		3,596
Non-controlling interest		13		9
Total equity		4,130		3,605
LIABILITIES
Provisions		76		100
Income tax and minimum notional income tax provision		28		26
Tax liabilities		194		212
Deferred tax liability		47		56
Defined benefit plans		28		26
Borrowings		2,692		1,844
Trade and other payables		68		86
Total non-current liabilities		3,133		2,350
Provisions		11		13
Income tax liability		156		83
Tax liabilities		100		56
Defined benefit plans		5		6
Salaries and social security payable		44		36
Derivatives		167		-
Borrowings		74		48
Trade and other payables		302		397
Total current liabilities		859		639
Total liabilities		3,992		2,989
Total liabilities and equity		8,122		6,594

 

Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2026 and 2025, in US$ million)

In US$ million		Nine-month period				Third quarter
		2026		2025		2026		2025
Sales revenue		2,109		1,491		790		591
Domestic sales		1,681		1,207		675		457
Foreign market sales		428		284		115		134
Cost of sales		(1,392)		(1,000)		(530)		(375)
Gross profit		717		491		260		216
Selling expenses		(88)		(69)		(32)		(26)
Administrative expenses		(142)		(131)		(51)		(47)
Other operating income		47		85		19		32
Other operating expenses		(83)		(62)		(46)		(22)
Recovery of impairment/(Impairment) of financial assets		3		(5)		1		(3)
Recovery of impairment/(Impairment) of PPE, inventories and int. assets		(1)		(8)		1		(7)
Results for part. in joint businesses & associates		192		101		44		25
Operating income		645		402		196		168
Financial income		13		42		6		7
Financial costs		(140)		(151)		(53)		(52)
Other financial results		22		137		-		15
Financial results, net		(105)		28		(47)		(30)
Profit before tax		540		430		149		138
Income tax		(21)		(214)		(20)		(115)
Net income for the period		519		216		129		23
Attributable to the owners of the Company		515		216		129		23
Attributable to the non-controlling interest		4		-		-		-
Net income per share to shareholders		0.38		0.16		0.10		0.02
Net income per ADR to shareholders		9.55		3.97		2.41		0.42
Average outstanding common shares1		1,348		1,360		1,340		1,360
Outstanding shares by the end of period1		1,340		1,360		1,340		1,360
Note: 1 Includes shares allocated to the employee compensation plan as treasury shares, which amounted to 3.9 million and 3.5 million shares as of September 30, 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 nine-month periods and quarters ended on September 30, 2026 and 2025, in millions)

In US$ million		Nine-month period				Third quarter
		2026		2025		2026		2025
OPERATING ACTIVITIES
Profit of the period		519		216		129		23
Adjustments to reconcile net profit to cash flows from operating activities		382		407		187		244
Changes in operating assets and liabilities		(767)		(133)		(163)		76
(Increase) Decrease in trade receivables and other receivables		(546)		(219)		(102)		35
(Increase) Decrease in inventories		(39)		(34)		14		(14)
Increase in trade and other payables		17		94		-		29
Increase in salaries and social security payables		1		2		11		12
Defined benefit plan payments		(2)		(2)		-		(1)
Increase in tax liabilities		56		25		18		12
Decrease in provisions		(40)		(7)		(37)		(3)
Income tax payment		(59)		-		(9)		-
(Payments) Collection of derivatives, net		(155)		8		(58)		6
Net cash generated by operating activities		134		490		153		343
INVESTING ACTIVITIES
Payment of PPE		(1,043)		(751)		(525)		(307)
Collection for sales (Payment for purchases) of debt securities and shares, net		89		376		(116)		60
(Subscription) Recovery of mutual funds, net		(100)		11		(91)		15
Equity contributions to companies		(56)		(41)		(26)		-
Collection for equity interests in companies sales		-		1		-		1
Collection for intangible assets sales		-		9		-		6
Dividends received		46		25		45		25
Proceeds from the sale of interests in blocks		9		2		4		-
Net cash used in investing activities		(1,055)		(368)		(709)		(200)
FINANCING ACTIVITIES
Proceeds from borrowings		869		554		137		174
Payment of borrowings		(32)		(128)		-		(20)
Interest paid on borrowings		(90)		(122)		(22)		(21)
Repurchase and redemption of corporate bonds		(2)		(726)		-		(1)
Purchase of treasury shares		-		(16)		-		(16)
Lease payments		(17)		(11)		(6)		(9)
Net cash generated by (used in) financing activities		728		(449)		109		107
Increase (decrease) in cash and cash equivalents		(193)		(327)		(447)		250
Cash and cash equivalents at the beginning of the period		725		738		979		161
(Decrease) Increase in cash and cash equivalents		(193)		(327)		(447)		250
Cash and cash equivalents at the end of the period		532		411		532		411

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 26 results on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Standard Time/12:00 p.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

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.'

 

View original content:https://www.prnewswire.com/news-releases/pampa-energia-announces-nine-month-period-and-third-quarter-2026-results-302926982.html

SOURCE Pampa Energia S.A.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Pampa Energía's third-quarter 2026 earnings?

Pampa Energía reported US$129 million in shareholder net income, compared with US$23 million in Q3 2025. Net income per ADR was US$2.41, versus US$0.42. Sales increased 34% to US$790 million, while adjusted EBITDA rose 23% to US$398 million.

Why did Pampa Energía's net debt increase in September 2026?

Net debt increased with higher capital expenditures, mainly at Fértil Pampa, equity contributions to affiliates under development, prepayments related to the GPM expansion, and crude oil hedge collateral. Operating cash generation and dividends received from Transener partly offset these uses. Net debt was US$1.731 billion in September, versus US$1.319 billion in June.

Does Pampa Energía's reported sales revenue include CTBSA, Transener and TGS?

Sales from CTBSA, Transener and TGS are excluded from Pampa Energía's reported sales revenue. Their contributions appear under results from participation in joint businesses and associates.