Pampa Energy (PAM) Chairman Mindlin reports 13.94% ownership in latest 13D

Rhea-AI Filing Summary

Pampa Energy Inc. insider Marcos Marcelo Mindlin filed an amended Schedule 13D updating his beneficial ownership in the company. He reports beneficial ownership of 190,035,798 common shares, representing 13.94% of Pampa Energy’s outstanding stock, with sole voting and dispositive power over all of these shares.

Mindlin, who serves as Chairman of the Board and Executive Director of Pampa Energy, indicates that there are no material changes to the source of funds, purpose of the transaction, or any contracts or arrangements related to the securities compared with prior disclosures. Detailed breakdowns of his holdings and recent transactions are referenced in attached exhibits to the amendment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

Pampa Energy Inc.

(Name of Issuer)

Common Shares, par value Ps.1.00 (the "Pampa Shares") American Depositary Shares, each representing 25 Pampa Shares (the "Pampa ADSs")

(Title of Class of Securities)

697660207

(CUSIP Number)

Maria Carolina Sigwald
Maipu 1,
Buenos Aires, C1, 1084
54-11-4344-6000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/12/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 697660207

1

Name of reporting person

Marcos Marcelo Mindlin

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ARGENTINA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 190,035,798.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 190,035,798.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

190,035,798.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.94 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, par value Ps.1.00 (the "Pampa Shares") American Depositary Shares, each representing 25 Pampa Shares (the "Pampa ADSs")
(b)	Name of Issuer: Pampa Energy Inc.
(c)	Address of Issuer's Principal Executive Offices: MAIPU 1, City of Buenos Aires, ARGENTINA , C1084ABA.
Item 1 Comment: This Amendment No. 13 (this "Amendment No. 13") amends and supplements the Schedule 13D previously filed with the U.S. Securities and Exchange Commission (the "SEC") on December 21, 2010 (as amended from time to time, the "Schedule 13D"), with respect to the common shares (the "Pampa Shares") of Pampa Energia S.A., a sociedad anonima organized under the laws of the Republic of Argentina (the "Issuer"), and the American depositary shares (the "Pampa ADSs") of the Issuer, each representing 25 Pampa Shares, that are traded on the New York Stock Exchange. The principal executive offices of the Issuer are located at Maipu 1, C1084ABA, City of Buenos Aires, Argentina. Unless otherwise stated herein, the Schedule 13D remains in full force and effect. Capitalized terms used in this Amendment No. 13 and not otherwise defined shall have the same meanings ascribed to them in the Original Schedule 13D.
Item 2.	Identity and Background
(a)	Marcos Marcelo Mindlin
(b)	Maipu 1, C1084ABA, City of Buenos Aires, Argentina
(c)	Chairman of the Board of Directors (the "Board") and Executive Director of the Issuer.
(d)	No
(e)	No
(f)	Argentina
Item 3.	Source and Amount of Funds or Other Consideration
	No material changes.
Item 4.	Purpose of Transaction
	No material changes.
Item 5.	Interest in Securities of the Issuer
(a)	Attached hereto as Exhibit No.1.
(b)	Attached hereto as Exhibit No.1.
(c)	Attached hereto as Exhibit No.2.
(d)	No person, other than the Reporting Persons, is known to the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities covered by this Amendment No. 13.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	No material changes.
Item 7.	Material to be Filed as Exhibits.
	No material changes.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Marcos Marcelo Mindlin

Signature:	Marcos Marcelo Mindlin
Name/Title:	Chairman of the Board of Directors and Executive Director
Date:	12/11/2025

FAQ

How many Pampa Energy (PAM) shares does Marcos Marcelo Mindlin currently beneficially own?

According to the amended Schedule 13D, Marcos Marcelo Mindlin beneficially owns 190,035,798 Pampa Energy common shares, over which he has sole voting and dispositive power.

What percentage of Pampa Energy (PAM) does Marcos Marcelo Mindlin own?

The filing states that Marcos Marcelo Mindlin’s beneficial ownership represents 13.94% of Pampa Energy’s outstanding common shares.

What is Marcos Marcelo Mindlin’s role at Pampa Energy (PAM)?

Marcos Marcelo Mindlin is identified as the Chairman of the Board of Directors and Executive Director of Pampa Energy.

Does the amended Schedule 13D report changes to the purpose of Mindlin’s Pampa Energy investment?

The amendment notes no material changes to the reported purpose of the transaction compared with previous disclosures.

Are there new contracts or arrangements related to Pampa Energy (PAM) shares in this amendment?

The section on contracts, arrangements, understandings or relationships with respect to Pampa Energy securities reports no material changes from prior filings.

Where can details of Mindlin’s recent transactions in Pampa Energy (PAM) shares be found?

The filing states that detailed information on his interest in the securities and recent transactions is provided in Exhibit No. 1 and Exhibit No. 2 to the amendment.