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Pampa Energía Shows Strong Performance in Q3 2026

Introduction
Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP) has announced remarkable financial results for the nine-month period ending September 30, 2026. The independent energy company, actively involved in Argentina's oil, gas, and electricity markets, demonstrated substantial year-on-year growth amid fluctuating market conditions.

Financial Highlights of the Third Quarter 2026

During the third quarter of 2026, Pampa reported sales totaling US$790 million, marking a 34% increase compared to the same quarter last year. This surge was predominantly driven by the normalization of the Wholesale Electricity Market (WEM), allowing for higher energy prices and increased Business-to-Business (B2B) sales. Additionally, Pampa witnessed substantial growth in crude oil sales and improved Reformer prices. While there were drawbacks such as decreased gas deliveries under the Gas Sale Agreement (GSA) and lower gas supplies to industrial clients, these were offset by the overall sales increase.

Thermal power generation margins particularly stood out, spurred by operational efficiency and vertical integration with gas upstream operations. Pampa's operational key performance indicators (KPIs) for Q3 2026 compared against the same period the previous year are as follows:

• - Oil and Gas Production: 99.7 kboe/day vs. 99.5 kboe/day (0% change)
• - Gas Production: 77.6 kboepd vs. 82.2 kboepd (-6% change)
• - Crude Oil Production: 22.1 kbpd vs. 17.3 kbpd (+28% change)
• - Average Gas Price: US$5.00/MBTU vs. US$4.40/MBTU (+12% change)
• - Average Oil Price: US$55.76/bbl vs. US$61.10/bbl (-9% change)

Financial Statements Overview

Pampa’s adjusted EBITDA reached US$398 million, reflecting a 23% annual increase. This positive trajectory was attributed to greater thermal generation margins in both the spot market and B2B transactions, coupled with the operational synergies from its upstream gas production and thermal power generation capabilities.

Net income attributable to shareholders surged to US$129 million, a staggering sixfold increase compared to the same quarter in the previous year. This boost was primarily due to a reduced deferred income tax expense and enhanced operating margins, despite lower foreign exchange (FX) gains. As of September 2026, Pampa’s net debt was recorded at US$1.731 billion, an increase from US$1.319 billion in June 2026, largely due to elevated capital expenditures and investments in various projects.

Consolidated Balance Sheet

As of September 30, 2026, the comprehensive picture of Pampa's financial standing is as follows:

• - Total Assets: US$8.122 billion
• - Total Liabilities and Equity: US$8.122 billion
• - Total Equity: US$4.130 billion

A closer look at the balance sheet reveals significant investment in property, plant, equipment, and financial assets, indicating Pampa’s commitment to growth in its sector.

Future Outlook and Videoconference

Pampa Energía is scheduled to host a videoconference on November 3, 2026, at 10:00 AM EST / 12:00 PM Buenos Aires Time. The management team, including CEO Gustavo Mariani and CFO Adolfo Zuberbühler, will discuss the Q3 results and address investor inquiries.

Interested participants can register to join this informative session through Pampa’s Investor Relations website.

For more detailed financial insights and performance data, please visit Pampa’s official Investor Relations page. The company continues to adapt and thrive within Argentina's energy landscape, showcasing resilience and an upward trajectory in its operational capabilities and financial outcomes.