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 As of
09.30.2026 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 shares
(1) 1,348 1,360 1,340 1,360
Outstanding shares by the end of period
(1) 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 www.argentina.gob.ar/cnv
ri.pampa.com/
en
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.
