Pampa Energía (NYSE: PAM) posts strong Q1 2026 growth and unveils US$6.9B projects
Rhea-AI Filing Summary
Pampa Energía delivered a much stronger quarter in Q1 2026, with sales of US$573 million, up 38% year-on-year, as higher shale oil output at Rincón de Aranda and a new power market framework boosted results. Consolidated adjusted EBITDA rose to US$325 million, up 48%, and net income reached US$216 million, a 40% increase, supported mainly by the oil and gas and power generation segments.
Oil and gas production hit a record 100.6 kboe per day, 38% above Q1 2025, with oil output up more than six-fold and gas volumes also higher. The power business benefited from stronger spot prices under the updated wholesale electricity market rules. At the same time, the company is committing to large-scale growth: an estimated US$2.4 billion fertilizer complex under Argentina’s RIGI regime and a US$4.5 billion export-focused Rincón de Aranda development, plus a 20% stake in the San Matías gas pipeline. Net debt under IFRS increased to US$1.203 billion, reflecting heavy investment and hedge collateral, while liquidity remained supported by capital-market funding.
Positive
- Strong earnings momentum: Q1 2026 sales grew 38% to US$573 million, adjusted EBITDA rose 48% to US$325 million, and net income increased 40% to US$216 million, supported by record hydrocarbon production and improved power generation margins.
- Record upstream performance: Oil and gas production reached 100.6 kboe/day in Q1 2026, up 38% year-on-year, with oil output at 19.5 kbpd and the oil and gas segment’s adjusted EBITDA more than doubling to US$104 million.
Negative
- Higher leverage amid heavy capex: Net debt under IFRS rose to US$1.203 billion as of March 31, 2026, driven by increased spending at Rincón de Aranda and collateral for crude oil hedging, alongside multi-billion-dollar long-term project commitments.
Insights
Pampa combines strong Q1 earnings with an aggressive long-term investment pipeline.
Pampa Energía grew Q1 2026 sales to US$573 million and adjusted EBITDA to US$325 million, driven by shale oil ramp-up at Rincón de Aranda and improved power prices under Argentina’s new wholesale market rules. Net income rose to US$216 million, showing broad-based operating strength.
Oil and gas adjusted EBITDA increased to US$104 million, while power generation reached US$144 million, with record production of 100.6 kboe/day. These gains came despite lower realized oil prices, helped by higher export volumes, greater gas self-supply for CCGTs, and better spot margins.
The company is layering on substantial growth projects: a RIGI-backed fertilizer complex estimated at US$2.4 billion and a Rincón de Aranda export project estimated at US$4.5 billion, plus commitments like a US$330 million prepayment for new gas transport capacity. Net debt under IFRS increased to US$1.203 billion as of March 31, 2026. Future disclosures in company filings may clarify how cash generation, financing and execution risk balance across this multi-year capex cycle.
Leverage remains manageable but rising as Pampa funds major capex and hedging needs.
IFRS financial debt stood at US$1,880 million and net debt at US$1,203 million on March 31, 2026, up from year-end mainly due to Rincón de Aranda spending and collateral for crude hedges. Most debt (97%) is capital-markets funded, with average cost of 7.32% and life of 7.6 years.
Subsequent to quarter-end, Pampa issued US$200 million of Series 27 US$-MEP bonds maturing in 2029 at 5.49%, and raised US$34 million in bank loans, extending its liability profile. Ratings remain in the single-B area globally, with higher local-scale marks for subsidiaries. Actual balance-sheet resilience will depend on sustained EBITDA from energy assets and disciplined funding for the planned US$6.9 billion of large projects.
Key Figures
Key Terms
adjusted EBITDA financial
RIGI regulatory
Plan Gas regulatory
Wholesale electricity market (WEM) financial
US$-MEP financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2026
(Commission File No. 001-34429),
PAMPA ENERGIA S.A.
(PAMPA ENERGY INC.)
Argentina
(Jurisdiction of incorporation or organization)
Maipú 1
C1084ABA
City of Buenos Aires
Argentina
(Address of principal executive offices)
(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ___X___ Form 40-F ______
(Indicate
by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)
Yes ______ No ___X___
(If "Yes"
is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .)
This Form 6-K for Pampa Energía S.A. (“Pampa” or the “Company”) contains:
Exhibit 1: Earnings Release Q1 26
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 6, 2026
| Pampa Energía S.A. | ||
| By: |
/s/ Gustavo Mariani |
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Name: Gustavo Mariani Title: Chief Executive Officer |
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FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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Pampa Energía, an independent energy company with active participation in the Argentine oil, gas and electricity, announces the results for the quarter ended on March 31, 2026. |
Stock information |
Buenos Aires, May 6, 2026 Basis of presentation Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS’s figures are adjusted for inflation as of March 31, 2026, and converted to US$ using the period-end FX rate. Previously reported figures remained unchanged. Q1 26 main results1 Sales reached US$573 million in Q1 262, up 38% year-on-year, driven primarily by higher shale oil production at Rincón de Aranda and the WEM’s 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 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.
Note: * Price net of export duty and quality/logistic discounts. Adjusted EBITDA3 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$214 million, 40% higher than Q1 25, driven by stronger operating margins and a higher recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ 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. | |
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Buenos Aires Ticker: PAMP |
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New York Stock Exchange Ticker: PAM 1 ADS = 25 common shares |
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Share capital as of Market capitalization Information about the videoconference Date and time Access link bit.ly/Pampa1Q2026VC For further information about Pampa Email Website
for investors Argentina’s Securities and Exchange
Commission US Securities and |
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1 The information is based on FS prepared according to 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.
Earnings Release Q1 26 ● 1 |
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| 1. | Relevant events |
| 1.1 | Urea Project: application to RIGI |
On April 21, 2026, Fértil Pampa S.A.U., a wholly-owned subsidiary of Pampa, filed the application to adhere to the RIGI for the construction, operation, and management of a complex located in Bahía Blanca. The facility is designed to produce granular urea, ammonia, and other fertilizers.
The project, currently in the final stage of feasibility assessment, aligns with our strategy to integrate and monetize our natural gas resources by expanding their use toward higher-value-added products. The urea plant is expected to receive gas from our Neuquina Basin blocks and to reach an annual production capacity of 2.1 million tons starting in 2030. The estimated investment amounts to approximately US$2.4 billion.
| 1.2 | Oil and gas |
Rincón de Aranda: application to RIGI
On March 9, 2026, under the RIGI framework for greenfield hydrocarbon projects (DNU No. 105/26), Pampa applied to include the development of Rincón de Aranda as a strategic long-term export project. The initiative enables the development of the northern area of Rincón de Aranda, accelerating production ramp-up, reaching the plateau more quickly, and sustaining it for a longer period. The application contemplates the development of new shale oil wells and the construction of associated infrastructure, with an estimated investment of US$4.5 billion.
SESA: San Matías Pipeline Project
San Matías Pipeline S.A. was incorporated, with Pampa holding a 20% equity interest to support the FLNG project led by SESA, which includes the chartering and mooring of two liquefaction vessels in San Matías Gulf. The company will be responsible for the construction and operation of the dedicated gas pipeline to transport gas from Neuquina Basin to San Matías Gulf, in Río Negro, supplying the liquefaction units. The pipeline is expected to have a 36-inch diameter, approximately 470 km in length, and reach a transportation capacity of up to 28 mcmpd.
Pass-through of Plan Gas contracts with ENARSA
On March 5, 2026, the SE extended by an additional 180 days the deadline for producers to reassign Plan Gas GSAs with ENARSA to distribution companies and CAMMESA (Res. SE No. 54/26). Distributors must adhere within the same timeframe. ENARGAS, together with ENARSA, will define and oversee the implementation process and volume allocation.
Changes in the energy subsidies scheme
On March 2, 2026, ENARGAS defined the new Targeted Energy Subsidies regime, which replaces the income-based segmentation scheme in force since 2022 with a simplified binary system, effective February 2026 (Res. ENARGAS No. 101/26 and DNU No. 943/25).
Under the new scheme, eligible households receive a 50% discount on electricity costs, applicable to up to 300 kWh of monthly consumption between December and February (summer) and up to 150 kWh for the rest of the year. For gas, the 50% discount applies to baseline consumption from April to September, the peak-demand period.
In addition, eligibility criteria were redefined. Only households with declared net income at or lower than three INDEC basic baskets qualify. The regime maintains the existing mechanism for natural gas producers, who continue to receive compensation, deducted from distributors’ billing.
Earnings Release Q1 26 ● 2 |
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| 1.3 | Generation |
Award of capacity in the GPM expansion and final sections
As part of the expansions of the GPM and final sections to the Buenos Aires Metro Area for 12 mcmpd, on April 15, TGS awarded the tender’s first tranche, corresponding to 40% of said incremental capacity. The awarded shippers will execute 35-year take-or-pay agreements, beginning with the expansion’s commissioning, expected in winter 2027 and a tariff prepayment over the first 15 years, payable in four installments, with final maturity in April 2027.
Within this tender, Pampa was awarded 3.2 mcmpd, representing 27% of the additional capacity allocated to the Buenos Aires metro area. The associated prepayment amounts to approximately US$330 million. Participation in this gas pipeline expansion is underpinned by a clear economic rationale. Under the new WEM framework established by Res. SE No. 400/25, electricity generated using gas transported through new infrastructure —such as the GPM/final sections expansion— captures the full dispatch margin when sold in the spot market (FRA = 1). In addition to securing additional natural gas supply from our upstream operations, this framework enhances the profitability of our generation assets, particularly our CCGTs.
On June 3, 2026, TGS will receive the shippers’ requests for the tender’s second tranche, corresponding to the remaining 7.2 mcmpd, with gas distribution companies given priority.
Bidding process for battery storage - AlmaSADI
The SE launched an open national and international call for bids for electricity storage projects based on Battery Energy Storage Systems (BESS) (Res. SE No. 50/26). The process contemplates the award of up to 700 MW of capacity, distributed across regions and nodes defined by CAMMESA.
Awarded projects will enter into PPAs with CAMMESA for up to 15 years. The fixed remuneration for available storage capacity will be determined by the generator’s bid price, capped at US$12,500/MW-month, plus a variable remuneration for energy delivered when required by CAMMESA, at US$10/MWh until 2037 and thereafter the spot price. In addition, the PPAs include a US$20/MWh consumption charge, calculated as the difference between the energy demanded and the energy delivered, as well as penalties for unavailability.
Bids are due on May 27, 2026, with awards expected on July 8. Pampa is assessing its participation in the tender.
Expiration of HINISA’s concession
On April 15, 2026, the Province of Mendoza, in the context of preparing the tender documents for the new concession and to provide certainty to potential bidders, requested HINISA to assign the insurance receivables related to the January 2025 incident to Hidroelectricidad Mendocina S.A., the future owner of HINISA’s assets. The transfer of the insurance rights referred to the damage was approved on April 22, 2026.
| 1.4 | Transener and TGS |
Latest tariff updates
| Applicable as of: |
Transener/Transba | TGS | |||
| Increase | Resolution | Increase | Resolution | ||
| January 2026 | 1.9% | ENRE No. 823 and 824/25 | 2.4% | ENARGAS No. 1,000/25 | |
| February 2026 | 2.5% | ENRE No. 28 and 29/26 | 2.9% | ENARGAS No. 32/26 | |
| March 2026 | 2.1% | ENRE No. 110 and 111/26 | 2.5% | ENARGAS No. 77/26 | |
| April 2026 | 1.6% | ENRE No. 180 and 181/26 | 2.7% | ENARGAS No. 361/26 | |
| May 2026 | 2.3% | ENRE No. 225 and 226/26 | 4.2% | ENARGAS No. 448/26 | |
Earnings Release Q1 26 ● 3 |
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Changes in the natural gas transportation system
On January 26, 2026, the National Government extended the emergency for the natural gas transportation and distribution segments through December 31, 2027 (DNU No. 49/26). Within this framework, the SE terminated ENARSA’s firm gas transportation contracts with CAMMESA and TGS, discontinued the Transport.Ar Domestic Production program (Res. SE No. 67/22), and repealed the exceptional export regime established by DNU No. 689/02.
In addition, a new remuneration scheme for gas transportation was introduced to better reflect underlying system costs and promote private investment in infrastructure, while maintaining the regulatory income set in the five-year tariff review (RQT). The new framework incorporates capacity reallocation, updated contractual terms and regulations, and revised tariff schedules aligned with the new system. On April 14, 2026, ENARGAS completed the reorganization process, with an initial impact on TGS’s monthly revenues broadly neutral (Res. ENARGAS No. 409/26).
Expansion of the power transmission grid through public work concessions
On April 7, 2026, the SE introduced changes applicable to the regulatory framework for expanding the power transmission grid through public works concessions, incorporating the associated receivables into the WEM payment system.
The new framework applies exclusively to expansions previously designated by the PEN under Law No. 17,520. The works will be awarded through public tenders, although they may be promoted through private initiative (Res. No. 83/26).
The remuneration scheme will be defined in the tender documents and will include remuneration to repay the investment, and an operation and maintenance fee set by the ENRE, pursuant to the independent transmission regime. Such remuneration may be financed through charges to WEM beneficiary users, subject to ENRE’s review, public hearings and final approval by the SE.
| 1.5 | Annual Shareholders’ Meeting: Board changes and share cancellation |
On April 7, 2026, Pampa’s Shareholders approved the re-election of Gustavo Mariani and Ricardo Alejandro Torres as directors, and María Agustina Montes and Horacio Jorge Tomás Turri as alternate directors, all in executive roles. Additionally, the Shareholders’ Meeting approved the appointment of Nicolás Aguzín as an independent director, replacing Silvana Wasersztrom. All terms will run for three fiscal years, until December 31, 2028.
Furthermore, the
Assembly approved the cancellation of 19.9 million shares (equivalent to 0.8 million ADRs), effective April 22, 2026. As of today, Pampa’s
outstanding share capital amounts to 1,343,600,101 ordinary shares, equivalent to 53,744,004 ADRs.
Earnings Release Q1 26 ● 4 |
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| 2. | Analysis of Q1 26 results |
| Breakdown by segment In US$ million |
Q1 26 | Q1 25 | Variation | ||||||
| Sales | Adjusted EBITDA | Net Income | Sales | Adjusted EBITDA | Net Income | Sales | Adjusted EBITDA | Net Income | |
| Oil and Gas | 247 | 104 | 105 | 146 | 41 | (49) | +69% | +155% | NA |
| Power generation | 279 | 144 | 88 | 195 | 130 | 124 | +43% | +11% | -29% |
| Petrochemicals | 88 | (0) | (8) | 92 | (4) | 42 | -4% | -90% | NA |
| Holding, transport and others | 8 | 77 | 29 | 7 | 53 | 36 | +14% | +45% | -19% |
| Eliminations | (49) | - | - | (26) | - | - | +88% | NA | NA |
| Total | 573 | 325 | 214 | 414 | 220 | 153 | +38% | +48% | +40% |
Note: Net income is attributable to the Company’s shareholders.
| Reconciliation of adjusted EBITDA, in US$ million |
First quarter | |||
| 2026 | 2025 | |||
| Consolidated operating income | 178 | 121 | ||
| Consolidated depreciations and amortizations | 122 | 84 | ||
| Reporting EBITDA | 300 | 205 | ||
| Adjustments from oil and gas segment | (9) | (2) | ||
| Adjustments from generation segment | (8) | 1 | ||
| Adjustments from petrochemicals segment | 3 | (17) | ||
| Adjustments from holding, transport & others segment | 39 | 33 | ||
| Consolidated adjusted EBITDA | 325 | 220 | ||
| At our ownership | 322 | 219 | ||
Earnings Release Q1 26 ● 5 |
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| 2.1 | Analysis of the oil and gas segment |
| Oil & gas segment, consolidated Figures in US$ million |
First quarter | |||
| 2026 | 2025 | ∆% | ||
| Sales revenue | 247 | 146 | +69% | |
| Domestic sales | 160 | 120 | +33% | |
| Foreign market sales | 87 | 26 | +235% | |
| Cost of sales | (178) | (118) | +51% | |
| Gross profit | 69 | 28 | +146% | |
| Selling expenses | (22) | (17) | +29% | |
| Administrative expenses | (21) | (21) | - | |
| Other operating income | 2 | 4 | -50% | |
| Other operating expenses | (3) | (3) | - | |
| Impairment of financial assets | (1) | - | NA | |
| Impairment of inventories | (1) | - | NA | |
| Results for participation in joint businesses | 3 | - | NA | |
| Operating income | 26 | (9) | NA | |
| Finance costs | (25) | (25) | - | |
| Other financial results | 10 | (4) | NA | |
| Financial results, net | (15) | (29) | -48% | |
| Loss before tax | 11 | (38) | NA | |
| Income tax | 94 | (11) | NA | |
| Net (loss)/income for the period | 105 | (49) | NA | |
| Adjusted EBITDA | 104 | 41 | +155% | |
| Increases in PPE and right-of-use assets | 196 | 147 | +33% | |
| Depreciation and amortization | 87 | 52 | +67% | |
| Lifting cost | 56 | 45 | +23% | |
| Lifting cost per boe | 6.1 | 6.9 | -11% | |
Sales in the oil and gas segment rose 69% year-on-year, driven by the ramp-up in crude oil production at Rincón de Aranda and increased gas sales to Chile, industries and our CCGTs under the new WEM normalization guidelines, which, since November 2025, allow thermal units without PPAs with CAMMESA to procure their own fuel. Lower sales under the Plan Gas GSA, particularly with CAMMESA, due to the pass-through of contracts, and lower realized crude oil and gas export prices partially offset said effects.
Regarding operational performance, total production reached a quarterly record high of 100.6 kboepd in Q1 26, +38% vs. Q1 25, driven by higher shale oil output at Rincón de Aranda and increased gas demand for self-supply at CTLL and CTGEBA, which are highly dispatched CCGTs. Compared to Q4 25, the 24% increase in production was driven by gas self-supply for power generation, which began in December 2025.
Gas
production was 13.8 mcmpd (+17% vs. Q1 25, +28% vs. Q4 25). Operated blocks El Mangrullo and Sierra
Chata accounted for 88% of total production, each contributing 6.1 mcmpd. At El Mangrullo, production dropped 7% vs. Q1 25 but grew 22%
sequentially, driven by higher demand without new wells tied in since July 2025. Sierra Chata production increased by 70% vs. Q1 25 and
50% vs. Q4 25, driven by 4 new wells brought online during Q4 25. Associated gas from Rincón de Aranda contributed 0.1 mcmpd
(-27% vs. Q4 25).
In non-operated areas, Río Neuquén produced 1.2 mcmpd (-18% vs. Q1 25, +5% vs. Q4 25), while 0.3 mcmpd was jointly contributed by Rincón del Mangrullo (-16% vs. Q1 25, -8% vs. Q4 25) and Aguaragüe (-20% vs. Q1 25, + 2% vs. Q4 25), both continuing their natural decline.
Earnings Release Q1 26 ● 6 |
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| Oil and gas' key performance indicators |
2026 | 2025 | Variation | |||||||||
| Oil | Gas | Total | Oil | Gas | Total | Oil | Gas | Total | ||||
| First quarter | ||||||||||||
| Volume | ||||||||||||
| Production | ||||||||||||
| In thousand m3/day | 3.1 | 13,788 | 0.5 | 11,810 | +502% | +17% | +38% | |||||
| In million cubic feet/day | 487 | 417 | ||||||||||
| In thousand boe/day | 19.5 | 81.2 | 100.6 | 3.2 | 69.5 | 72.7 | ||||||
| Sales | ||||||||||||
| In thousand m3/day | 3.2 | 13,663 | 0.6 | 11,886 | +460% | +15% | +37% | |||||
| In million cubic feet/day | 482 | 420 | ||||||||||
| In thousand boe/day | 20.3 | 80.4 | 100.8 | 3.6 | 70.0 | 73.6 | ||||||
| Average Price | ||||||||||||
| In US$/bbl | 58.2 | 68.4 | -15% | -4% | ||||||||
| In US$/MBTU | 2.9 | 3.0 | ||||||||||
Note: Net production in Argentina. Gas volume standardized at 9,300 kCal. Oil price is net of export duty and quality/logistic discounts. Production as of March 2025 includes 1.3 kbpd of crude produced at El Tordillo and La Tapera-Puesto Quiroga, blocks transferred to Crown Point Energía S.A. in October 2025.
The gas price averaged US$2.9 per MBTU in Q1 26, -4% vs. Q1 25, due to lower export prices, partially offset by higher prices to retail demand, where tariff adjustments outpaced the AR$ devaluation. Prices remained broadly stable compared to Q4 25, reflecting similar seasonal conditions.
Regarding gas deliveries by customer type, during Q1 26, 24% of gas sales were allocated to thermal dispatch for CAMMESA (vs. 61% in Q1 25) and 23% to retail distributors (flat vs. Q1 25). Together, these segments accounted for 47% of volume sold under the Plan Gas, significantly reduced by the pass-through of GSAs to our power plants. As a result, intercompany consumption increased significantly to 32% of total sales (vs. 2% in Q1 25), mainly driven by fuel self-procurement for generation at CTLL and CTGEBA, and, to a lesser extent, by our petrochemical operations. The remaining 21% was split between the industrial/spot market (10% vs. 8% in Q1 25) and exports (11% vs. 8% in Q1 25).
Oil production reached 19.5 kbpd in Q1 26 (6x vs. Q1 25, +8% vs. Q4 25), driven by the acceleration at Rincón de Aranda, which averaged 18.2 kbpd in Q1 26 (+17.4 kbpd vs. Q1 25, +7% vs. Q4 25), supported by 43 producing wells (vs. 6 in Q1 25 and 28 in Q4 25). The divestments at El Tordillo and La Tapera-Puesto Quiroga in October 2025 partially offset these effects (-1.3 kbpd vs. Q1 25).
The average oil price, net of export duty and commercial discounts, averaged US$58.2 per barrel (-15% vs. Q1 25, -4% vs. Q4 25), impacted by the Brent hedge over Rincón de Aranda’s production. Without the hedge, the realized price would have been US$69.5 per barrel, resulting in approximately US$21 million of additional revenue. Exports accounted for 55% of total volume sold in Q1 26 (29% in Q1 25 and 48% in Q4 25).
The lifting cost4 totaled US$56 million in Q1 26, +23% vs. Q1 25, explained by higher treatment costs, the expansion of temporary facilities at Rincón de Aranda and increased gas conditioning costs. These increases were partially offset by lower maintenance and labor costs, following the divestment in non-operated conventional oil assets. Quarter-on-quarter, the 7% improvement in costs reflects the divestments mentioned earlier and, to a lesser extent, stable treatment costs. The lifting cost per boe decreased to US$6.1/boe produced (-11% vs. Q1 25 and -23% vs. Q4 25), as a result of the growth in Rincón de Aranda’s production and increasing vertical integration with the power generation business.
Excluding depreciation, amortization, and lifting costs, other operating costs totaled US$78 million (+33% vs. Q1 25, +28% vs. Q4 25), mainly due to higher royalties and transportation costs linked to increased production levels.
4 It only considers maintenance, treatment, internal transportation, wellhead staff and the TPF rental costs at Rincón de Aranda, which under IFRS it is recorded as Leases, accruing amortization on rights-of-use in the cost of sales. Lifting cost does not include amortizations and depreciations.
Earnings Release Q1 26 ● 7 |
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Other operating income and expenses decreased by US$2 million vs. Q1 25, explained by lower income from Plan Gas compensation net of royalties, as retail prices are catching up to the GSA price following the tariff adjustments. Compared to Q4 25, it also decreased by US$2 million, due to lower income from Plan Gas compensation, partially offset by lower environmental provisions.
Financial results in Q1 26 improved to a net loss of US$15 million (-48% vs. Q1 25, -56% vs. Q4 25), as a slower pace of devaluation reduced FX losses on the segment’s net monetary asset position in AR$.
| Reconciliation of adjusted EBITDA from oil & gas, in US$ million |
First quarter | |||
| 2026 | 2025 | |||
| Consolidated operating income | 26 | (9) | ||
| Consolidated depreciations and amortizations | 87 | 52 | ||
| Reporting EBITDA | 113 | 43 | ||
| Deletion of inventories' impairment | 1 | - | ||
| Deletion of gain from commercial interests | (2) | (2) | ||
| Deletion of SESA's equity income | (3) | - | ||
| Reclassification of TPF lease as lifting cost | (5) | - | ||
| Adjusted EBITDA from oil & gas | 104 | 41 | ||
Our oil and gas adjusted EBITDA amounted to US$104 million in Q1 26, +155% vs. Q1 25, mainly driven by the shale oil ramp-up production at Rincón de Aranda, higher gas sales resulting from gradual vertical integration with power generation, and growth in exports and industrial sales. These effects were partially offset by lower realized oil prices and higher royalties, transport and treatment costs, particularly from crude oil, associated with increased production. The 36% quarter-on-quarter increase is attributable to higher gas exports, self-procurement for power generation and, to a lesser extent, Rincón de Aranda’s production. The adjusted EBITDA excludes extraordinary and non-cash income and expenses, overdue commercial interests, and equity income from affiliates, and includes a US$5 million reclassification to lifting costs on the TPF lease at Rincón de Aranda, which under IFRS is recognized as a capital expenditure.
Capital expenditures amounted to US$196 million (+33% vs. Q1 25, but -39% vs. Q4 25), with 83% allocated to the development of Rincón de Aranda.
Earnings Release Q1 26 ● 8 |
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| 2.2 | Analysis of the power generation segment |
| Power generation segment, consolidated Figures in US$ million |
First quarter | |||
| 2026 | 2025 | ∆% | ||
| Sales revenue | 279 | 195 | +43% | |
| Cost of sales | (170) | (103) | +65% | |
| Gross profit | 109 | 92 | +18% | |
| Selling expenses | (1) | (1) | - | |
| Administrative expenses | (11) | (11) | - | |
| Other operating income | 4 | 6 | -33% | |
| Other operating expenses | (5) | (1) | NA | |
| Results for participation in joint businesses | 21 | 13 | +62% | |
| Operating income | 117 | 98 | +19% | |
| Finance income | 4 | 6 | -33% | |
| Finance costs | (9) | (12) | -25% | |
| Other financial results | 20 | 31 | -35% | |
| Financial results, net | 15 | 25 | -40% | |
| Profit before tax | 132 | 123 | +7% | |
| Income tax | (42) | 2 | NA | |
| Net income for the period | 90 | 125 | -28% | |
| Attributable to owners of the Company | 88 | 124 | -29% | |
| Attributable to non-controlling interests | 2 | 1 | +100% | |
| Adjusted EBITDA | 144 | 130 | +11% | |
| Adjusted EBITDA at our share ownership | 141 | 129 | +10% | |
| Increases in PPE and right-of-use assets | 2 | 9 | -78% | |
| Depreciation and amortization | 35 | 31 | +13% | |
In Q1 26, power generation sales grew 43% year-on-year, driven by higher spot remuneration for our thermal units following the implementation of the new WEM framework in November 2025. This increase was partially offset by lower fuel recognition due to the reassignment of the Plan Gas GSAs and by the outage of CTLL’s GT04, sold under a PPA, since mid-January 2026. Compared to Q4 25, sales increased 35% due to higher spot energy prices and greater B2B sales in the MAT from CTLL, HINISA and CTGEBA.
Within the spot segment, capacity payments for CCGTs decreased to US$5.4 thousand per MW-month (-8% vs. Q1 25, but +21% vs. Q4 25). Moreover, GT and ST peakers averaged US$7.6 thousand per MW-month (+8% vs. Q1 25, +30% vs. Q4 25), supported by higher income at CPB, driven by its ability to operate on alternative fuels. Hydros averaged US$2.3 thousand per MW-month (-3% vs. Q1 25, +10% vs. Q4 25).
Regarding operational performance, operated power generation decreased slightly by 4% year-on-year, in line with the national grid’s performance. Lower generation is explained by decreased hydro output, the continued outage at HINISA (-168 GWh), lower dispatch at CTG (-88 GWh), programmed maintenance at CTEB (-82 GWh), and the CTLL’s GT04 outage mentioned earlier (-64 GWh). These effects were partially offset by higher thermal demand at CPB (+187 GWh) and CTIW (+29 GWh). Compared with Q4 25, dispatch rose 16%, driven mainly by CTGEBA and CPB.
The average availability of Pampa’s operated units reached 89.9% in Q1 26 vs. 93.4% in Q1 25 (-350 basis points), reflecting forced outages at HINISA and CTLL’s GT04 since January 2026, as well as the programmed overhaul at CTEB. Thermal availability dropped 468 basis points to 91.1% in Q1 26. In Q4 25, total and thermal availability stood at 91.3% and 93.2%, respectively.
Earnings Release Q1 26 ● 9 |
| |
| Power generation's key performance indicators |
2026 | 2025 | Variation | ||||||||||||
| Wind | Hydro | Thermal | Total | Wind | Hydro | Thermal | Total | Wind | Hydro | Thermal | Total | ||||
| Installed capacity (MW) | 427 | 938 | 4,107 | 5,472 | 427 | 938 | 4,107 | 5,472 | - | - | - | - | |||
| Contracted capacity (MW) | 427 | 33 | 1,315 | 1,775 | 427 | - | 1,343 | 1,769 | +0% | na | -2% | +0% | |||
| Market share (%) | 1.0% | 2.1% | 9.2% | 12.3% | 1.0% | 2.1% | 9.3% | 12.4% | -0% | -0% | -0% | -0% | |||
| First quarter | |||||||||||||||
| Net generation (GWh) | 438 | 316 | 4,983 | 5,738 | 418 | 485 | 5,048 | 5,951 | +5% | -35% | -1% | -4% | |||
| Volume sold (GWh) | 435 | 316 | 5,089 | 5,839 | 420 | 485 | 5,259 | 6,163 | +4% | -35% | -3% | -5% | |||
| Average price (US$/MWh) | 67 | 34 | 58 | 57 | 70 | 19 | 36 | 37 | -4% | +80% | +60% | +54% | |||
| Average gross margin (US$/MWh) | 56 | 21 | 28 | 29 | 51 | 10 | 24 | 25 | +10% | +115% | +16% | +20% | |||
Note: Gross margin before amortization and depreciation. It includes CTEB (co-operated by Pampa, 50% equity stake).
Excluding depreciation and amortization, operating costs increased 75% year-on-year to US$147 million in Q1 26, mainly due to higher gas purchases from our E&P to supply our thermal power plants and, to a lesser extent, increased maintenance costs. Lower labor, transportation, materials, and insurance expenses partially offset these effects. Compared to Q4 25, operating costs increased 29% due to higher gas purchases for self-procurement, partially offset by lower labor, materials and insurance costs.
Other net operating income and expenses posted US$1 million loss vs. US$5 million profit in Q1 25, driven by lower insurance recoveries net of repair costs.
Financial results in Q1 26 recorded a net profit of US$15 million, -40% vs. Q1 25, explained by lower income from holding financial assets, partially offset by FX gains from a softer AR$ devaluation, which impacted the net monetary asset position in that currency.
| Reconciliation of adjusted EBITDA from power generation, in US$ million |
First quarter | |||
| 2026 | 2025 | |||
| Consolidated operating income | 117 | 98 | ||
| Consolidated depreciations and amortizations | 35 | 31 | ||
| Reporting EBITDA | 152 | 129 | ||
| Deletion of CTEB's equity income | (21) | (13) | ||
| Deletion of commercial interests to CAMMESA | (2) | (1) | ||
| Deletion of provision in hydros | - | 0 | ||
| CTEB's EBITDA, at our 50% ownership | 14 | 14 | ||
| Adjusted EBITDA from power generation | 144 | 130 | ||
Adjusted EBITDA for the power generation segment was US$144 million in Q1 26, +11% vs. Q1 25 and +30% vs. Q4 25, supported by stronger spot margins from our thermal units under the new WEM regulatory scheme. Adjusted EBITDA excludes non-operating, extraordinary and non-cash items and considers CTEB’s 50% ownership, which contributed US$14 million in Q1 26 (similar to Q1 25, -3% vs. Q4 25).
Capital expenditures, excluding CTEB, totaled US$2 million in Q1 26, down from US$9 million in Q1 25, mainly allocated to maintenance activities.
Earnings Release Q1 26 ● 10 |
| |
| 2.3 | Analysis of the petrochemicals segment |
| Petrochemicals segment, consolidated Figures in US$ million |
First quarter | |||
| 2026 | 2025 | ∆% | ||
| Sales revenue | 88 | 92 | -4% | |
| Domestic sales | 53 | 57 | -7% | |
| Foreign market sales | 35 | 35 | - | |
| Cost of sales | (81) | (90) | -10% | |
| Gross profit | 7 | 2 | +250% | |
| Selling expenses | (3) | (3) | - | |
| Administrative expenses | (2) | (2) | - | |
| Other operating income | - | 19 | -100% | |
| Other operating expenses | (5) | (4) | +25% | |
| Operating income | (3) | 12 | NA | |
| Finance income | - | 27 | -100% | |
| Other financial results | (9) | (1) | NA | |
| Financial results, net | (9) | 26 | NA | |
| Profit before tax | (12) | 38 | NA | |
| Income tax | 4 | 4 | - | |
| Net income for the period | (8) | 42 | NA | |
| Adjusted EBITDA | (0) | (4) | -90% | |
| Increases in PPE | - | 3 | -100% | |
| Depreciation and amortization | - | 1 | -100% | |
| Reconciliation
of adjusted EBITDA from petrochemicals, in US$ million |
First quarter | |||
| 2026 | 2025 | |||
| Consolidated operating income | (3) | 12 | ||
| Consolidated depreciations and amortizations | - | 1 | ||
| Reporting EBITDA | (3) | 13 | ||
| Deletion of project-related expenses | 3 | - | ||
| Deletion of gain from commercial interests | (0) | - | ||
| Deletion of contingencies adjustment | - | (17) | ||
| Adjusted EBITDA from petrochemicals | (0) | (4) | ||
The adjusted EBITDA for the petrochemicals segment was breakeven in Q1 26, compared to a US$4 million loss in Q1 25, driven by higher margins at the Reformer, supported by a wider spread over local virgin naphtha prices, and lower operating expenses. These effects were partially offset by the US$2 million extraordinary gain recorded in Q1 25 from export settlements at a differential FX. Compared to Q4 25, adjusted EBITDA posted a slight decline due to higher idle capacity.
Total volume sold reached 83 thousand tons, slightly below the 84 thousand tons in Q1 25, due to lower sales of octane base and naphtha exports and, to a lesser extent, weaker SBR domestic demand. These effects were partially offset by higher styrene and polystyrene demand, as well as increased SBR and solvent exports. The 35% quarter-on-quarter reduction is attributable to the 35-day programmed overhaul at the Reformer during Q1 26.
Financial results recorded a net loss of US$9 million (-US$35 million vs. Q1 25 and -US$8 million vs. Q4 25), due to the interest recovery recorded in Q1 25 related to customs contingencies. In addition, higher losses from gasoline price hedging were recorded, driven by rising reference prices in March 2026, and, to a lesser extent, FX losses resulting from a softer AR$ devaluation over the net monetary liability position in that currency.
Earnings Release Q1 26 ● 11 |
| |
| Petrochemicals' key performance indicators |
Products | Total | ||||
| Styrene & polystyrene1 | SBR | Reforming & others | ||||
| First quarter | ||||||
| Volume sold Q1 26 (thousand ton) | 22 | 11 | 50 | 83 | ||
| Volume sold Q1 25 (thousand ton) | 19 | 11 | 54 | 84 | ||
| Variation Q1 26 vs. Q1 25 | +15% | +5% | -7% | -0% | ||
| Average price Q1 26 (US$/ton) | 1,442 | 1,460 | 788 | 1,055 | ||
| Average price Q1 25 (US$/ton) | 1,539 | 1,764 | 799 | 1,095 | ||
| Variation Q1 26 vs. Q1 25 | -6% | -17% | -1% | -4% | ||
Note: 1 Includes Propylene.
| 2.4 | Analysis of the holding, transport and others segment |
| Holding, transport and others segment, consolidated Figures in US$ million |
First quarter | |||
| 2026 | 2025 | ∆% | ||
| Sales revenue | 8 | 7 | +14% | |
| Gross profit | 8 | 7 | +14% | |
| Administrative expenses | (10) | (9) | +11% | |
| Other operating income | 3 | 3 | - | |
| Other operating expenses | (6) | (14) | -57% | |
| Results for participation in joint businesses | 43 | 33 | +30% | |
| Operating income | 38 | 20 | +90% | |
| Finance costs | (5) | (4) | +25% | |
| Other financial results | (14) | 11 | NA | |
| Financial results, net | (19) | 7 | NA | |
| Profit before tax | 19 | 27 | -30% | |
| Income tax | 10 | 9 | +11% | |
| Net income for the period | 29 | 36 | -19% | |
| Adjusted EBITDA | 77 | 53 | +45% | |
| Increases in PPE | 0 | 2 | -85% | |
In the holding, transport and others segment, excluding equity income from affiliates, operating margin recorded a loss of US$5 million in Q1 26, -62% vs. Q1 25 and -75% vs. Q4 25. Lower provisions for contingencies and higher fee income mainly explain the improvement.
Financial results in Q1 26 recorded a US$19 million net loss (-US$26 million vs. Q1 25, -US$25 million vs. Q4 25), due to FX losses resulting from a softer AR$ devaluation, which impacted the net monetary liability position in that currency.
| Reconciliation of adjusted EBITDA from holding, transport and others, in US$ million | First quarter | |||
| 2026 | 2025 | |||
| Consolidated operating income | 38 | 20 | ||
| Consolidated depreciations and amortizations | - | - | ||
| Reporting EBITDA | 38 | 20 | ||
| Deletion of equity income | (43) | (33) | ||
| Deletion of arbitration costs in OCP | - | 8 | ||
| TGS's EBITDA adjusted by ownership | 60 | 46 | ||
| Transener's EBITDA adjusted by ownership | 23 | 13 | ||
| Adjusted EBITDA from holding and others | 77 | 53 | ||
Earnings Release Q1 26 ● 12 |
| |
The adjusted EBITDA for the segment, which excludes non-operating, non-recurring, and non-cash items and includes EBITDA adjusted for equity ownership in TGS and Transener, reached US$77 million profit in Q1 26 (+45% vs. Q1 25, +85% vs. Q4 25), mainly driven by the strong performance of TGS and Transener and, to a lesser extent, by lower contingency provisions following the expiration of OCP Ecuador’s concession.
At TGS, the EBITDA adjusted for our stake was US$60 million in Q1 26, +31% vs. Q1 25, mainly explained by higher processed volumes of NGLs, resulting from the recovery of the March 2025 extraordinary climate event in Cerri, together with a stronger contribution from the midstream business following the commissioning of the gas conditioning plant and higher take-or-pay sales. The regulated segment also showed a solid performance in US$ terms, supported by an accumulated 8% tariff increase in Q1 26, in line with inflation (9%) and benefiting from the softer AR$ devaluation.
At Transener, the EBITDA adjusted for our stake reached US$23 million vs. US$13 million in Q1 25, driven by a 7% accumulated tariff increase, although slightly below inflation (9%), it translated into stronger US$ results due to the softer AR$ devaluation.
Earnings Release Q1 26 ● 13 |
| |
| 3. | Cash and financial borrowings |
| As of March 31, 2026, in US$ million |
Cash1 | Financial debt | Net debt | |||||||
| Consolidated in FS |
Ownership adjusted | Consolidated in FS |
Ownership adjusted | Consolidated in FS |
Ownership adjusted | |||||
| Power generation | 677 | 666 | 386 | 386 | (291) | (280) | ||||
| Petrochemicals | - | - | - | - | - | - | ||||
| Holding and others | - | - | - | - | - | - | ||||
| Oil and gas | - | - | 1,494 | 1,494 | 1,494 | 1,494 | ||||
| Total under IFRS/Restricted Group | 677 | 666 | 1,880 | 1,880 | 1,203 | 1,214 | ||||
| Affiliates at O/S2 | 401 | 401 | 382 | 382 | (18) | (18) | ||||
| Total with affiliates | 1,078 | 1,067 | 2,262 | 2,262 | 1,185 | 1,196 | ||||
Nota: Financial debt includes accrued interest. 1 It includes cash and cash equivalents and financial assets at fair value with changing results. 2 Under IFRS, the affiliates CTBSA, Transener and TGS are excluded from Pampa’s consolidated figures.
| 3.1 | Debt transactions |
As of March 31, 2026, Pampa’s financial debt under IFRS totaled US$1,880 million, in line with year-end 2025. However, net debt increased to US$1,203 million, reflecting higher disbursements for the development of Rincón de Aranda and collateral requirements linked to crude oil price hedging.
During Q1 26, Pampa canceled US$23 million in bank loans. After quarter-end, Pampa issued CB Series 27 US$-MEP for US$200 million, maturing in April 2029, with a fixed annual interest rate of 5.49% payable semiannually. In addition, Pampa raised US$34 million in bank borrowings. As of March 31, 2026, 97% of total gross debt was issued in the capital markets, with the remaining 3% in bank financing. Details are shown below:
| Type of debt | Currency | Legislation | Amount in million US$ |
% over total gross debt |
Average rate | Average life |
| Loans | US$ | Argentine | 53 | 3% | 5.11% | 1.3 |
| CB | US$ MEP | Argentine | 84 | 4% | 5.75% | 2.5 |
| US$ | Argentine | 105 | 6% | 7.25% | 2.4 | |
| US$-link | Argentine | 79 | 4% | 0.00% | 1.7 | |
| US$ | Foreign | 1,560 | 83% | 7.86% | 8.7 | |
| Total | 1,881 | 100% | 7.32% | 7.6 |
Note: Figures in US$ correspond to the debt principal and do not include accrued interest.
The average debt maturity was 7.6 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million as of the end of Q1 26:
 |
Nota: The chart considers only Pampa’s consolidated IFRS figures and excludes affiliates TGS, Transener, and CTBSA. The cash position includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost. |
Earnings Release Q1 26 ● 14 |
| |
Regarding our affiliates, on April 1, CTEB canceled at maturity the outstanding of its CB Series 9 for US$26 million. In addition, on April 7, 2026, it extended a bank loan for 90 days for US$15 million, at a 3.5% annual interest rate. TGS canceled net bank debt totaling US$33 million.
As of today, Pampa remains in full compliance with all debt covenants.
| 3.2 | Summary of debt securities |
| Company In US$ million |
Security | Maturity | Amount outstanding | Coupon |
| In US$-Foreign Law | ||||
| Pampa | CB Series 21 | 2031 | 410 | 7.95% |
| CB Series 23 | 2034 | 700 | 7.875% | |
| CB Series 26 | 2037 | 450 | 7.750% | |
| TGS1 | CB Series 3 | 2031 | 490 | 8.5% |
| CB Series 4 | 2035 | 500 | 7.75% | |
| In US$-Argentine Law | ||||
| Pampa | CB Series 25 | 2028 | 105 | 7.25% |
| In US$-link | ||||
| Pampa | CB Series 13 | 2027 | 79 | 0% |
| In US$-MEP | ||||
| Pampa | CB Series 22 | 2028 | 84 | 5.75% |
| CB Series 272 | 2029 | 200 | 5.49% |
Note: 1 Under IFRS, affiliates are not consolidated in Pampa’s FS. 2 Issued on April 1, 2026.
| 3.3 | Credit ratings |
| Company | Agency | Rating | |
| Global | Local | ||
| Pampa | S&P | B-, bb- (stand-alone) | na |
| FitchRatings | B, B+ (bond rating) | AAA (long-term)1 A1+ (short-term)1 | |
| TGS | S&P | B-, b+ (stand-alone) | na |
| FitchRatings | B- | na | |
| Transener | FitchRatings | na | AA (long-term)1 |
| CTEB | FitchRatings | na | AA+1 |
Note: 1 Issued
by FIX SCR.
Earnings Release Q1 26 ● 15 |
| |
| 4. | Appendix |
| 4.1 | Analysis of the quarter, by subsidiary and segment |
| Subsidiary In US$ million |
First quarter 2026 | First quarter 2025 | |||||||
| % Pampa | Adjusted EBITDA | Net
debt |
Net
income2 |
% Pampa | Adjusted EBITDA | Net
debt |
Net
income2 | ||
| Oil & gas segment | |||||||||
| Pampa Energía | 100.0% | 104 | 1,494 | 105 | 100.0% | 41 | 1,166 | (49) | |
| Subtotal oil & gas | 104 | 1,494 | 105 | 41 | 1,166 | (49) | |||
| Power generation segment | |||||||||
| Diamante | 61.0% | 2 | (0) | 2 | 61.0% | 3 | (0) | 3 | |
| Los Nihuiles | 52.0% | 4 | (0) | 3 | 52.0% | (0) | (0) | (0) | |
| VAR | 100.0% | 7 | (0) | 8 | 100.0% | 4 | (0) | 3 | |
| CTBSA | 28 | 120 | 25 | 28 | 176 | 21 | |||
| Non-controlling stake adjustment | (14) | (60) | (12) | (14) | (88) | (10) | |||
| Subtotal CTBSA adjusted by ownership | 50.0% | 14 | 60 | 12 | 50.0% | 14 | 88 | 10 | |
| Pampa stand-alone, other companies, & adj.1 | 100.0% | 117 | (291) | 62 | 100% | 109 | (590) | 108 | |
| Subtotal power generation | 144 | (231) | 88 | 130 | (502) | 124 | |||
| Petrochemicals segment | |||||||||
| Pampa Energía | 100.0% | (0) | - | (8) | 100.0% | (4) | - | 42 | |
| Subtotal petrochemicals | (0) | - | (8) | (4) | - | 42 | |||
| Holding, transport & others segment | |||||||||
| Transener | 86 | (125) | 46 | 48 | (120) | 28 | |||
| Non-controlling stake adjustment | (63) | 92 | (34) | (36) | 89 | (21) | |||
| Subtotal Transener adjusted by ownership | 26.3% | 23 | (33) | 12 | 26.3% | 13 | (32) | 8 | |
| TGS | 222 | (170) | 116 | 179 | (340) | 100 | |||
| Non-controlling stake adjustment | (162) | 124 | (86) | (133) | 253 | (74) | |||
| Subtotal TGS adjusted by ownership | 26.9% | 60 | (46) | 30 | 25.5% | 46 | (87) | 25 | |
| Pampa stand-alone, other companies, & adj.1 | 100.0% | (5) | - | (13) | 100% | (5) | (0) | 3 | |
| Subtotal holding & others | 77 | (79) | 29 | 53 | (118) | 36 | |||
| Deletions | 100% | - | 18 | - | 100% | - | 31 | - | |
| Total consolidated | 325 | 1,203 | 214 | 220 | 576 | 153 | |||
| At our share ownership | 322 | 1,196 | 214 | 219 | 554 | 153 | |||
Note: 1 The deletion corresponds to other companies or inter-companies. 2 Attributable to the Company’s shareholders.
Earnings Release Q1 26 ● 16 |
| |
| 4.2 | Consolidated balance sheet |
| 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 |
Earnings Release Q1 26 ● 17 |
| |
| 4.3 | Consolidated income statement |
| 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.
Earnings Release Q1 26 ● 18 |
| |
| 4.4 | Consolidated cash flow statement |
| 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 | ||
| Suscription 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 | ||
Earnings Release Q1 26 ● 19 |
| |
| 4.5 | Power generation’s main operational KPIs by plant |
| Power generation's key performance indicators |
Wind | Hydroelectric | Subtotal hydro +wind |
Thermal | Total | |||||||||||||||||||
| PEPE2 | PEPE3 | PEPE4 | PEA | PEPE6 | HINISA | HIDISA | HPPL | CTLL | CTG | CTP | CPB | CTPP | CTIW | CTGEBA | Eco- Energía |
CTEB1 | Subtotal thermal |
|||||||
| Installed capacity (MW) | 53 | 53 | 81 | 100 | 140 | 265 | 388 | 285 | 1,365 | 780 | 361 | 30 | 620 | 100 | 100 | 1,254 | 14 | 848 | 4,107 | 5,472 | ||||
| Contracted capacity (MW) | 53 | 53 | 81 | 100 | 140 | 33 | - | - | 460 | 187 | 251 | 2 | - | 100 | 100 | 397 | - | 279 | 1,315 | 1,775 | ||||
| Market share | 0.1% | 0.1% | 0.2% | 0.2% | 0.3% | 0.6% | 0.9% | 0.6% | 3.1% | 1.8% | 0.8% | 0.1% | 1.4% | 0.2% | 0.2% | 2.8% | 0.03% | 1.9% | 9.2% | 12% | ||||
| First quarter | ||||||||||||||||||||||||
| Net generation Q1 26 (GWh) | 49 | 58 | 84 | 107 | 141 | 74 | 140 | 102 | 755 | 1,084 | 53 | 22 | 372 | 38 | 70 | 2,253 | 17 | 1,074 | 4,983 | 5,738 | ||||
| Market share | 0.1% | 0.2% | 0.2% | 0.3% | 0.4% | 0.2% | 0.4% | 0.3% | 2.0% | 2.8% | 0.1% | 0.1% | 1.0% | 0.1% | 0.2% | 5.9% | 0.0% | 2.8% | 13.1% | 15.1% | ||||
| Sales Q1 26 (GWh) | 45 | 58 | 84 | 107 | 141 | 74 | 140 | 102 | 751 | 1,151 | 55 | 22 | 372 | 38 | 70 | 2,278 | 21 | 1,082 | 5,089 | 5,839 | ||||
| Net generation Q1 25 (GWh) | 51 | 56 | 86 | 90 | 135 | 122 | 202 | 161 | 903 | 1,148 | 142 | 14 | 185 | 54 | 41 | 2,296 | 13 | 1,156 | 5,048 | 5,951 | ||||
| Variation Q1 26 vs. Q1 25 | -5% | +4% | -2% | +19% | +4% | -39% | -31% | -36% | -16% | -6% | -62% | +58% | +101% | -30% | +71% | -2% | +31% | -7% | -1% | -4% | ||||
| Sales Q1 25 (GWh) | 53 | 56 | 86 | 90 | 135 | 122 | 202 | 161 | 905 | 1,148 | 203 | 14 | 185 | 54 | 41 | 2,421 | 32 | 1,161 | 5,259 | 6,163 | ||||
| Avg. price Q1 26 (US$/MWh) | 60 | 63 | 63 | 80 | 63 | 57 | 29 | 25 | 53 | 49 | na | 91 | 90 | na | 104 | 52 | 43 | 54 | 58 | 57 | ||||
| Avg. price Q1 25 (US$/MWh) | 90 | 63 | 63 | 78 | 63 | 14 | 22 | 19 | 43 | 23 | 57 | 56 | 72 | na | na | 35 | 33 | 31 | 36 | 37 | ||||
| Avg. gross margin Q1 26 (US$/MWh) | 41 | 55 | 55 | 66 | 54 | 41 | 19 | 10 | 41 | 21 | 81 | 26 | 33 | na | 77 | 25 | 12 | 27 | 28 | 29 | ||||
| Avg. gross margin Q1 25 (US$/MWh) | 46 | 52 | 52 | 45 | 57 | 1 | 15 | 10 | 29 | 18 | 34 | 29 | 44 | 142 | 128 | 19 | 14 | 25 | 24 | 25 | ||||
Note: Gross margin before amortization and depreciation. 1 Co-operated by Pampa (50% equity stake).
Earnings Release Q1 26 ● 20 |
| |
| 4.6 | Production in the main oil and gas blocks |
| In kboe/day at ownership | First quarter | |||
| 2026 | 2025 | Variation | ||
| Gas | ||||
| El Mangrullo | 35.7 | 38.1 | -7% | |
| Sierra Chata | 35.6 | 20.9 | +70% | |
| Río Neuquén | 6.9 | 8.4 | -18% | |
| Rincón del Mangrullo1 | 0.9 | 1.0 | -16% | |
| Others | 2.0 | 1.0 | +109% | |
| Total gas at working interest | 81.2 | 69.5 | +17% | |
| Oil | ||||
| Rincón de Aranda | 18.2 | 0.9 | na | |
| El Tordillo2 | - | 1.3 | -100% | |
| Associated oil3 | 1.2 | 1.0 | +24% | |
| Los Blancos | 0.0 | 0.1 | -36% | |
| Total oil at working interest | 19.5 | 3.2 | +502% | |
| Total | 100.6 | 72.7 | +38% | |
Note: Production in Argentina. 1 It does not include shale formation. 2 Pampa transferred the 35.67% stake in the concession to Crown Point Energía in October 2025, including the La Tapera–Puesto Quiroga block. 3 From gas blocks.
Earnings Release Q1 26 ● 21 |
| |
| 5. | Glossary of terms |
Earnings Release Q1 26 ● 22 |