Pampa Energía Announces Nine-Month Period and Third Quarter 2025 Results
BUENOS AIRES, ARGENTINA / ACCESS Newswire / November 4, 2025 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the nine-month period and quarter ended on September 30, 2025.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate (‘FX') is applied. However, Transener and Transportadora de Gas del Sur's (‘TGS') figures are adjusted for inflation as of September 30, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.
Third quarter 2025 ('Q3 25') main results[1]
Sales recorded US$591 million in Q3 25[2], a 9% year-on-year slight decline, driven by higher crude oil production in Rincón de Aranda, increased gas exports to Chile, and fuel self-procurement at Central Térmica Loma de la Lata (‘CTLL'), partially offset by lower gas sales to retailers, a decline in crude oil prices and weaker petrochemical sales.
During Q3 25, shale oil production at Rincón de Aranda continued to grow steadily, consolidating the block's expansion.
Q3 25
Q3 24
Variation
99.5
87.5
+14
%
82.2
82.1
+0
%
17.3
5.4
+220
%
4.4
4.4
+0
%
61.1
71.9
-15
%
5,421
5,951
-9
%
26.5
22.6
+17
%
122
128
-4
%
937
1,092
-14
%
Note: * Price net of export duty and quality/logistic discounts.
Adjusted EBITDA reached US$322 million in Q3 25, a 16% year-on-year increase, mainly reflecting the strong contribution from Rincón de Aranda and, to a lesser extent, from gas exports, higher margins on self-procured gas and Parque Eólico Pampa Energía 6 (‘PEPE 6'). These effects were partially offset by lower styrene margins and reduced residential gas demand.
Net income attributable to shareholders was US$23 million, 84% below Q3 24[3], mainly explained by higher non-cash deferred tax charges, which also impacted results on our affiliates' equity income, partially offset by improved operating margins.
Net debt totaled US$874 million vs. US$712 million as of June 2025, resulting in a net-debt to EBITDA ratio of 1.3x, mainly due to higher investments in the development of Rincón de Aranda and share buybacks. After the quarter's closing, net debt decreased to US$790 million, resulting in a 1.1x ratio.
[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.'
[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. Further information on section 3.1.
Consolidated balance sheet
(As of September 30, 2025 and December 2024, in millions)
As of 9.30.2025
As of 12.31.2024
3,053
2,607
89
95
43
11
21
157
1,000
993
32
27
48
75
4,286
3,965
256
223
-
80
470
850
30
1
784
488
411
738
1,951
2,380
6,237
6,345
36
36
191
191
516
516
1
1
(23
)
(7
)
44
44
2,399
1,657
(13
)
(13
)
100
119
182
742
3,433
3,286
9
9
3,442
3,295
107
137
317
75
67
49
29
30
1,473
1,373
75
84
2,068
1,748
7
10
15
257
36
30
5
7
31
39
282
706
351
253
727
1,302
2,795
3,050
6,237
6,345
Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2025 and 2024, in millions)
Nine-month period
Third quarter
2025
2024
2025
2024
1,491
1,441
591
540
1,207
1,207
457
465
284
234
134
75
(1,000
)
(930
)
(375
)
(365
)
491
511
216
175
(69
)
(57
)
(26
)
(21
)
(131
)
(139
)
(47
)
(56
)
85
116
32
33
(62
)
(72
)
(22
)
(20
)
(5
)
(56
)
(3
)
-
(8
)
(19
)
(7
)
(19
)
101
101
25
62
-
7
-
-
402
392
168
154
42
4
7
2
(151
)
(137
)
(52
)
(43
)
137
114
15
40
28
(19)
(30)
(1)
430
373
138
153
(214
)
140
(115
)
(7
)
216
513
23
146
216
513
23
146
-
-
-
-
0.2
0.4
0.0
0.1
4.0
9.4
0.4
2.7
1,360
1,360
1,360
1,360
1,360
1,360
1,360
1,360
Note 1: It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of September 30, 2024 and 2025.
Consolidated cash flow statement
(For the nine-month periods and quarters ended on September 30, 2025 and 2024, in millions)
Nine-month period
Third quarter
2025
2024
2025
2024
216
513
23
146
407
140
244
93
(133
)
(367
)
76
(17
)
(219)
(458)
35
(26)
(34)
(33)
(14)
(3)
94
80
29
(1)
2
15
12
12
(2)
(2)
(1)
(1)
25
34
12
4
(7)
(3)
(3)
(2)
8
-
6
-
490
286
343
222
(751
)
(350
)
(307
)
(90
)
-
-
-
3
376
(26
)
60
(112
)
11
(1
)
15
-
(41
)
-
-
23
-
(48
)
-
(48
)
-
-
-
13
1
18
1
-
-
37
-
-
9
-
6
-
25
8
25
-
2
-
-
-
-
71
-
71
(368
)
(291
)
(200
)
(140
)
554
710
174
404
(128
)
(94
)
(20
)
(25
)
(122
)
(118
)
(21
)
(35
)
(726
)
(329
)
(1
)
(254
)
(16
)
-
(16
)
-
(11
)
(3
)
(9
)
(1
)
(449
)
166
107
89
(327
)
161
250
171
738
171
161
161
(327
)
161
250
171
411
332
411
332
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 25 results on Wednesday, November 5, 2025, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO, Horacio Turri, EVP and head of oil and gas and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
investor@pampa.com
ri.pampa.com/en
www.argentina.gob.ar/cnv
www.sec.gov
SOURCE: Pampa Energía S.A.