Pampa Energía announces nine-month period and third quarter 2026 results

PR Newswire

BUENOS AIRES, Argentina, Nov. 2, 2026

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 09.30.2026

As of 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 shares1

1,348

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 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:

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.’

 

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SOURCE Pampa Energia S.A.

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Pampa Energia S.A.