Pampa Energía announces six-month period and second quarter 2026 results

Rhea-AI Summary

Pampa Energía (NYSE: PAM) reported Q2 2026 sales of US$746 million, up 53% year-on-year, mainly due to Argentina’s new Wholesale Electricity Market framework, higher spot prices, increased B2B PPAs, stronger crude oil and gas volumes, and better petrochemical prices.

Adjusted EBITDA reached US$415 million, a 75% increase, while net income attributable to shareholders was US$172 million, or 4.3x Q2 2025, supported by wider operating margins and lower income tax. Oil and gas production rose to 107.5 kboe/day (+28%), power generation grew 14%, and power gross margin per MWh increased 30%. Net debt increased to US$1.3 billion as of June 30, 2026, from US$801 million at December 31, 2025, reflecting higher capex at Rincón de Aranda and higher collateral on oil hedging.

Positive

• Q2 2026 sales US$746m, up 53% year-on-year
• Adjusted EBITDA Q2 2026 US$415m, 75% higher year-on-year
• Net income to shareholders Q2 2026 US$172m, 4.3x Q2 2025
• Oil and gas production 107.5 kboe/day, +28% year-on-year
• Power generation 5,363 GWh, +14%; gross margin US$33.6/MWh, +30%
• Cash and cash equivalents US$979m at June 30, 2026, up from US$725m

Negative

• Net debt US$1.3bn at June 30, 2026, up from US$801m
• Petrochemical volumes 95k tons in Q2 2026, down 24% year-on-year
• Average oil price US$58.8/bbl, 4% lower year-on-year, with lower realized prices due to hedging
• First-half operating cash flow used US$19m vs. US$147m generated in first half 2025
• Non-current borrowings increased to US$2,575m from US$1,844m

News Explained

At June 30, cash increased after financing offset cash use in operations and investment.

Pampa reports its six-month and second-quarter results for the period ended June 30, 2026; the material structural update is cash alongside borrowings at that date.

For the first half, operating activities used cash, investing activities used cash, and financing activities generated cash.

The cash-flow statement reports an increase in cash during the first half, from cash at the beginning of the period to cash at the end.

The release also reports 1,340 million outstanding common shares at June 30, 2026, compared with 1,360 million at June 30, 2025.

News Market Reaction – PAM

-1.13%

-1.13% Session close to close

In the Aug 5 session, PAM declined 1.13%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

PAM's earnings-event average move was -1.99% across the supplied history. That record puts the stron...

Analysis

PAM's earnings-event average move was -1.99% across the supplied history. That record puts the stronger reported operations in context; rising net debt is a risk, while the results call offers the next disclosed discussion point.

Key Figures

Q2 Sales: US$746 million, up 53% year-on-year Adjusted EBITDA: US$415 million, up 75% year-on-year Net income attributable: US$172 million, 4.3x Q2 2025 +5 more

8 metrics

Q2 Sales US$746 million, up 53% year-on-year Q2 2026

Adjusted EBITDA US$415 million, up 75% year-on-year Q2 2026

Net income attributable US$172 million, 4.3x Q2 2025 Q2 2026

Net debt US$1.3 billion vs. US$801 million June 2026 vs. December 2025

Crude oil production 23.4 kbpd, up 194% Q2 2026 vs. Q2 2025

Gas production 84.1 kboepd, up 10% Q2 2026 vs. Q2 2025

Power generation 5,363 GWh, up 14% Q2 2026 vs. Q2 2025

Operating cash flow US$214 million vs. US$57 million Q2 2026 vs. Q2 2025

Previous Earnings Reports

5 past events · Latest: May 06 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	Q1 earnings	Positive	-1.1%	Sales, EBITDA and net income rose year-on-year while net debt increased.
Mar 02	Q4 earnings	Positive	-4.1%	Sales, EBITDA and attributable net income increased, while December net debt declined.
Nov 04	Q3 earnings	Negative	-1.2%	Sales declined and net income fell despite higher EBITDA and production.
Aug 06	Q2 earnings	Negative	-6.6%	Sales, EBITDA and net income declined amid lower gas deliveries and prices.
May 12	Q1 earnings	Negative	+3.0%	Sales and EBITDA rose, but net profit declined amid higher operating costs.

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

Pattern Detected

PAM's earnings-event reactions averaged -1.99%, with negative price reactions diverging from positive operating results in three of five comparable events.

Key Terms

adjusted ebitda, power purchase agreements, functional currency, international financial reporting standards, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA totaled US$415 million, a 75% 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.

power purchase agreements financial

"B2B PPA ('Business to Business') ('Power Purchase Agreements') sales"

A power purchase agreement is a long-term contract in which a buyer agrees to purchase electricity from a specific generator at a set price and schedule, much like a multi-year subscription for energy. For investors, these contracts matter because they lock in predictable revenue and price terms, reducing exposure to volatile wholesale power markets and making project cash flows and financing risks easier to evaluate.

functional currency financial

"Pampa reports its financial information in US$, 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.

international financial reporting standards financial

"prepared according to International Financial Reporting Standards ('IFRS')"

International Financial Reporting Standards are a common set of accounting rules used by companies in many countries to prepare and present their financial statements. They matter to investors because they make results easier to compare across borders — like using the same measuring tape — so investors can assess profitability, cash flow and risk more reliably and spot differences that come from business performance rather than differing accounting methods.

net debt financial

"Net debt stood at US$1.3 billion as of June 2026"

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

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BUENOS AIRES, Argentina, Aug. 4, 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 semester and quarter ended on June 30, 2026.

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

Second quarter 2026 ('Q2 26') main results¹

Sales reached US$746 million in Q2 26², up 53% year-on-year, driven by the Wholesale Electricity Market's ('WEM') new deregulation framework, which supported higher spot energy prices and B2B PPA ('Business to Business') ('Power Purchase Agreements') sales, in addition to higher crude oil output and increased gas sales to power generation, and stronger Reformer prices. Lower Plan Gas and petrochemical volumes offset these effects

The Q2 26 reflected the continued ramp-up at Rincón de Aranda, alongside strong power generation performance, boosted by higher seasonal spot prices and the vertical integration with gas upstream.

Pampa's main operational KPIs		Q2 26	Q2 25	Variation
Oil and gas	Production (kboe/day)	107.5	84.1	+28 %
	Gas production (kboepd)	84.1	76.1	+10 %
	Crude oil production (kbpd)	23.4	8.0	+194 %
	Average gas price (US$/MBTU)	4.6	4.0	+15 %
	Average oil price (US$/bbl)*	58.8	61.6	-4 %
Power	Generation (GWh)	5,363	4,704	+14 %
	Gross margin (US$/MWh)	33.6	25.8	+30 %
Petrochemicals	Volume sold (k ton)	95	125	-24 %
	Average price (US$/ton)	1,459	978	+49 %

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

Adjusted EBITDA³ totaled US$415 million, a 75% year-on-year increase, explained by higher contribution from RDA ('Rincón de Aranda'), greater power and gas vertical integration and increased spot and B2B margins in power generation, partially offset by lower realized crude oil prices due to hedging.

Net income attributable to shareholders was US$172 million, 4.3x Q2 25, driven by stronger operating margins and lower income tax, partially offset by lower gains from financial instruments.

Net debt stood at US$1.3 billion as of June 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures on RDA and increased collateral requirements due to oil hedging. 

Consolidated balance sheet
(As of June 30, 2026 and December 31, 2025, in US$ million)
In US$ million		As of 06.30.2026		As of 12.31.2025
ASSETS
Property, plant and equipment		3,479		3,303
Intangible assets		87		89
Right-of-use assets		24		36
Deferred tax asset		182		43
Investments in associates and joint ventures		1,354		1,059
Financial assets at fair value through profit and loss		33		33
Trade and other receivables		78		43
Total non-current assets		5,237		4,606
Inventories		283		231
Financial assets at fair value through profit and loss		302		366
Derivatives		-		52
Trade and other receivables		948		614
Cash and cash equivalents		979		725
Total current assets		2,512		1,988
Total assets		7,749		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		2,707		2,399
Other reserves		(13)		(12)
Other comprehensive income		97		124
Retained earnings		456		351
Equity attributable to owners of the company		4,027		3,596
Non-controlling interest		13		9
Total equity		4,040		3,605
LIABILITIES
Provisions		73		100
Income tax and minimum notional income tax provision		28		26
Tax liabilities		202		212
Deferred tax liability		46		56
Defined benefit plans		29		26
Borrowings		2,575		1,844
Trade and other payables		66		86
Total non-current liabilities		3,019		2,350
Provisions		13		13
Income tax liability		124		83
Tax liabilities		83		56
Defined benefit plans		6		6
Salaries and social security payable		26		36
Derivatives		54		-
Borrowings		25		48
Trade and other payables		359		397
Total current liabilities		690		639
Total liabilities		3,709		2,989
Total liabilities and equity		7,749		6,594

 

Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2026 and 2025, in US$ million)
In US$ million		First half				Second quarter
		2026		2025		2026		2025
Sales revenue		1,319		900		746		486
Domestic sales		1,006		750		555		398
Foreign market sales		313		150		191		88
Cost of sales		(862)		(625)		(482)		(340)
Gross profit		457		275		264		146
Selling expenses		(56)		(43)		(30)		(22)
Administrative expenses		(91)		(84)		(47)		(41)
Other operating income		28		53		19		21
Other operating expenses		(37)		(40)		(18)		(18)
Recovery of impairment/(Impairment) of financial assets		2		(2)		3		(2)
Impairment of intangible assets and inventories		(2)		(1)		(1)		(1)
Results for part. in joint businesses & associates		148		76		81		30
Operating income		449		234		271		113
Financial income		7		35		3		2
Financial costs		(87)		(99)		(48)		(58)
Other financial results		22		122		15		85
Financial results, net		(58)		58		(30)		29
Profit before tax		391		292		241		142
Income tax		(1)		(99)		(67)		(103)
Net income for the period		390		193		174		39
Attributable to the owners of the Company		386		193		172		40
Attributable to the non-controlling interest		4		-		2		(1)
Net income per share to shareholders		0.3		0.1		0.1		0.0
Net income per ADR to shareholders		7.1		3.5		3.2		0.7
Average outstanding common shares1		1,351		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 June 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 six-month periods and quarters ended on June 30, 2026 and 2025, in millions)
In US$ million		First half				Second quarter
		2026		2025		2026		2025
OPERATING ACTIVITIES
Profit of the period		390		193		174		39
Adjustments to reconcile net profit to cash flows from operating activities		195		163		161		160
Changes in operating assets and liabilities		(604)		(209)		(121)		(142)
Increase (decrease) in trade receivables and other receivables		(444)		(254)		28		(142)
Increase (decrease) in inventories		(53)		(20)		(45)		3
Increase (decrease) in trade and other payables		17		65		(7)		(14)
(Decrease) increase in salaries and social security payables		(10)		(10)		4		3
Defined benefit plans payments		(2)		(1)		(1)		-
Increase in tax liabilities		38		13		45		8
Decrease in provisions		(3)		(4)		(2)		(2)
Income tax payment		(50)		-		(50)		-
(Payments) Collection for derivative financial instruments, net		(97)		2		(93)		2
Net cash (used in) generated by operating activities		(19)		147		214		57
INVESTING ACTIVITIES
Payment for property, plant and equipment acquisitions		(518)		(444)		(253)		(282)
Collection for sales of public securities and shares, net		205		316		118		165
Subscription of mutual funds, net		(9)		(4)		-		(4)
Capital integration in companies		(30)		(41)		(14)		(10)
Right-of-use		-		-		-		1
Collection for intangible assets sales		-		3		-		3
Dividends collection		1		-		1		-
Collection for interests in areas sales		5		2		5		2
Net cash used in investing activities		(346)		(168)		(143)		(125)
FINANCING ACTIVITIES
Proceeds from borrowings		732		380		732		335
Payment of borrowings		(32)		(108)		(9)		(38)
Payment of borrowings interests		(68)		(101)		(46)		(63)
Repurchase and redemption of corporate bonds		(2)		(725)		-		(365)
Payment of leases		(11)		(2)		(5)		(1)
Net cash generated by (used in) financing activities		619		(556)		672		(132)
Increase (decrease) in cash and cash equivalents		254		(577)		743		(200)
Cash and cash equivalents at the beginning of the period		725		738		236		361
Increase (Decrease) in cash and cash equivalents		254		(577)		743		(200)
Cash and cash equivalents at the end of the period		979		161		979		161

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 Q2 26 results on Wednesday, August 5, 2026, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, 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.'
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.

View original content:https://www.prnewswire.com/news-releases/pampa-energia-announces-six-month-period-and-second-quarter-2026-results-302843004.html

SOURCE Pampa Energia S.A.

FAQ

How did Pampa Energía (PAM) perform financially in Q2 2026?

Pampa Energía reported Q2 2026 sales of US$746 million and adjusted EBITDA of US$415 million. According to the company, these rose 53% and 75% year-on-year, respectively, driven by higher energy prices, stronger volumes, and improved margins across core businesses.

What was Pampa Energía’s net income and EPS for Q2 2026 (PAM)?

Pampa Energía’s net income attributable to shareholders was US$172 million in Q2 2026, about 4.3 times Q2 2025. According to the company, net income per ADR reached US$3.2, versus US$0.7 a year earlier, reflecting stronger operating performance and lower income tax.

How did Pampa Energía’s production and power generation change in Q2 2026?

Oil and gas production reached 107.5 kboe/day, up 28% year-on-year, and power generation was 5,363 GWh, up 14%. According to Pampa Energía, crude oil output increased 194%, gas production 10%, and power gross margin per MWh rose 30% versus Q2 2025.

What is Pampa Energía’s net debt position as of June 30, 2026 (PAM)?

Pampa Energía reported net debt of US$1.3 billion as of June 30, 2026, compared with US$801 million at year-end 2025. According to the company, the increase reflects higher capital expenditures at Rincón de Aranda and greater collateral requirements associated with oil hedging.

How did Pampa Energía’s cash flow evolve in the first half of 2026?

Net cash used in operating activities was US$19 million in the first half of 2026, versus US$147 million generated a year earlier. According to Pampa Energía, working capital changes and derivative payments weighed on first-half cash flow, despite higher profitability.

What were Pampa Energía’s total sales for the first half of 2026 (PAM)?

First-half 2026 sales totaled US$1,319 million, up from US$900 million in 2025. According to Pampa Energía, domestic sales reached US$1,006 million and foreign sales US$313 million, reflecting stronger prices, higher power and gas activity, and increased export volumes.

When is Pampa Energía’s Q2 2026 results videoconference and who will host it?

Pampa Energía will hold its Q2 2026 results videoconference on Wednesday, August 5, 2026, at 10:00 a.m. EST. According to the company, it will be hosted by CEO Gustavo Mariani, CFO Adolfo Zuberbühler, and IR & ESG Officer Lida Wang, with prior registration required.