Pampa Energía Announces First Quarter 2026 Results
BUENOS AIRES, AR / ACCESS Newswire / May 6, 2026 / 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 quarter ended on March 31, 2026.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate (‘FX') is applied. However, Transener and Transportadora de Gas del Sur's (‘TGS') figures are adjusted for inflation as of March 31, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.
First quarter 2026 (‘Q1 26') main results[ 1]
Sales reached US$573 million in Q1 26 [2], up 38% year-on-year, driven primarily by higher shale oil production at Rincón de Aranda and the Wholesale Electricity Market's (‘WEM') new power generation framework, which led to stronger spot prices and increased gas sales to our thermal power plants. Lower crude oil prices and volumes sold under the Plan Gas Gas Sale Agreements (‘GSA') partially offset these effects.
The Q1 26 reflected sustained expansion in shale oil production at Rincón de Aranda, together with higher gas sales, supported by the vertical integration with the power generation business.
Q1 26
Q1 25
Variation
100.6
72.7
+38
%
81.2
69.5
+17
%
19.5
3.2
+502
%
2.9
3.0
-4
%
58.2
68.4
-15
%
5,738
5,951
-4
%
29.4
24.5
+20
%
83
84
-0
%
1,055
1,095
-4
%
Note: * Price net of export duty and quality/logistic discounts.
Adjusted EBITDA[ 3] totaled US$325 million in Q1 26, a 48% year-on-year increase, reflecting higher shale oil contributions, stronger spot margins in power generation, and growth in gas sales, offset by lower realized crude oil prices due to hedging.
Net income attributable to shareholders was US$214 million, 40% higher than Q1 26, driven by stronger operating margins and a higher recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation. These effects were partially offset by the recovery of a customs contingency recorded in Q1 25.
Net debt stood at US$1.2 billion as of March 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures and increased collateral requirements due to oil hedging.
[ 1] The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina.
[2] Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'
[3] Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership.
Consolidated balance sheet
(As of March 31, 2026 and December 31, 2025, in US$ million)
As of 03.31.2026
As of 12.31.2025
3,384
3,303
88
89
30
36
293
43
1,261
1,059
33
33
66
43
5,155
4,606
238
231
441
366
-
52
947
614
236
725
1,862
1,988
7,017
6,594
36
36
191
191
517
516
1
1
(54
)
(54
)
44
44
2,399
2,399
(13
)
(12
)
18
124
639
351
3,778
3,596
11
9
3,789
3,605
73
100
26
26
220
212
46
56
29
26
1,841
1,844
81
86
2,316
2,350
14
13
197
83
69
56
7
6
24
36
181
-
39
48
381
397
912
639
3,228
2,989
7,017
6,594
Consolidated income statement
(For the quarters ended on March 31, 2026 and 2025, in US$ million)
First quarter
2026
2025
573
414
451
352
122
62
(380
)
(285
)
193
129
(26
)
(21
)
(44
)
(43
)
9
32
(19
)
(22
)
(1
)
-
(1
)
-
67
46
178
121
4
33
(39
)
(41
)
7
37
(28)
29
150
150
66
4
216
154
214
153
2
1
0.2
0.1
3.9
2.8
1,360
1,360
1,360
1,360
Note: 1 Includes shares allocated to the employee compensation plan, which amounted to 3.9 million and 3.6 million shares as of March 31, 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 quarters ended on March 31, 2026 and 2025, in millions)
First quarter
2026
2025
216
154
34
3
(483
)
(67
)
(472)
(112)
(8)
(23)
24
79
(14)
(13)
(1)
(1)
(7)
5
(1)
(2)
(4)
-
(233
)
90
(265
)
(162
)
87
151
(9
)
-
(16
)
(31
)
-
(1
)
(203
)
(43
)
-
45
(23
)
(70
)
(22
)
(38
)
(2
)
(360
)
(6
)
(1
)
(53
)
(424
)
(489
)
(377
)
725
738
(489
)
(377
)
236
361
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 Q1 26 results on Thursday, May 7, 2026, at
10:00 a.m. Eastern Standard Time/11:00 a.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:
[email protected]
ri.pampa.com/en
www.argentina.gob.ar/cnv
www.sec.gov
SOURCE: 1/3 Pampa Energía S.A.