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Pampa Energía announces six-month period and second quarter 2026 results

August 4, 2026 5:09 PM

BUENOS AIRES, Argentina, Aug. 4, 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 semester and quarter ended on June 30, 2026.

Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of June 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.

Second quarter 2026 ('Q2 26') main results1

Sales reached US$746 million in Q2 262, up 53% year-on-year, driven by the Wholesale Electricity Market's ('WEM') new deregulation framework, which supported higher spot energy prices and B2B PPA ('Business to Business') ('Power Purchase Agreements') sales, in addition to higher crude oil output and increased gas sales to power generation, and stronger Reformer prices. Lower Plan Gas and petrochemical volumes offset these effects

The Q2 26 reflected the continued ramp-up at Rincón de Aranda, alongside strong power generation performance, boosted by higher seasonal spot prices and the vertical integration with gas upstream.

Pampa's main operational KPIs

Q2 26

Q2 25

Variation

Oil and gas

Production (kboe/day)

107.5

84.1

+28 %


Gas production (kboepd)

84.1

76.1

+10 %


Crude oil production (kbpd)

23.4

8.0

+194 %


Average gas price (US$/MBTU)

4.6

4.0

+15 %


Average oil price (US$/bbl)*

58.8

61.6

-4 %






Power

Generation (GWh)

5,363

4,704

+14 %


Gross margin (US$/MWh)

33.6

25.8

+30 %






Petrochemicals

Volume sold (k ton)

95

125

-24 %


Average price (US$/ton)

1,459

978

+49 %

Note: * Price net of export duty and quality/logistic discounts.

Adjusted EBITDA3 totaled US$415 million, a 75% year-on-year increase, explained by higher contribution from RDA ('Rincón de Aranda'), greater power and gas vertical integration and increased spot and B2B margins in power generation, partially offset by lower realized crude oil prices due to hedging.

Net income attributable to shareholders was US$172 million, 4.3x Q2 25, driven by stronger operating margins and lower income tax, partially offset by lower gains from financial instruments.

Net debt stood at US$1.3 billion as of June 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures on RDA and increased collateral requirements due to oil hedging.

Consolidated balance sheet

(As of June 30, 2026 and December 31, 2025, in US$ million)


In US$ million


As of 06.30.2026


As of 12.31.2025

ASSETS





Property, plant and equipment


3,479


3,303

Intangible assets


87


89

Right-of-use assets


24


36

Deferred tax asset


182


43

Investments in associates and joint ventures


1,354


1,059

Financial assets at fair value through profit and loss


33


33

Trade and other receivables


78


43

Total non-current assets


5,237


4,606






Inventories


283


231

Financial assets at fair value through profit and loss


302


366

Derivatives


-


52

Trade and other receivables


948


614

Cash and cash equivalents


979


725

Total current assets


2,512


1,988






Total assets


7,749


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


2,707


2,399

Other reserves


(13)


(12)

Other comprehensive income


97


124

Retained earnings


456


351

Equity attributable to owners of the company


4,027


3,596






Non-controlling interest


13


9






Total equity


4,040


3,605






LIABILITIES





Provisions


73


100

Income tax and minimum notional income tax provision


28


26

Tax liabilities


202


212

Deferred tax liability


46


56

Defined benefit plans


29


26

Borrowings


2,575


1,844

Trade and other payables


66


86

Total non-current liabilities


3,019


2,350






Provisions


13


13

Income tax liability


124


83

Tax liabilities


83


56

Defined benefit plans


6


6

Salaries and social security payable


26


36

Derivatives


54


-

Borrowings


25


48

Trade and other payables


359


397

Total current liabilities


690


639






Total liabilities


3,709


2,989






Total liabilities and equity


7,749


6,594

Consolidated income statement

(For the six-month periods and quarters ended on June 30, 2026 and 2025, in US$ million)


In US$ million


First half


Second quarter


2026


2025


2026


2025

Sales revenue


1,319


900


746


486

Domestic sales


1,006


750


555


398

Foreign market sales


313


150


191


88

Cost of sales


(862)


(625)


(482)


(340)










Gross profit


457


275


264


146










Selling expenses


(56)


(43)


(30)


(22)

Administrative expenses


(91)


(84)


(47)


(41)

Other operating income


28


53


19


21

Other operating expenses


(37)


(40)


(18)


(18)

Recovery of impairment/(Impairment) of financial assets


2


(2)


3


(2)

Impairment of intangible assets and inventories


(2)


(1)


(1)


(1)

Results for part. in joint businesses & associates


148


76


81


30










Operating income


449


234


271


113










Financial income


7


35


3


2

Financial costs


(87)


(99)


(48)


(58)

Other financial results


22


122


15


85

Financial results, net


(58)


58


(30)


29










Profit before tax


391


292


241


142










Income tax


(1)


(99)


(67)


(103)










Net income for the period


390


193


174


39

Attributable to the owners of the Company


386


193


172


40

Attributable to the non-controlling interest


4


-


2


(1)










Net income per share to shareholders


0.3


0.1


0.1


0.0

Net income per ADR to shareholders


7.1


3.5


3.2


0.7










Average outstanding common shares1


1,351


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 June 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 six-month periods and quarters ended on June 30, 2026 and 2025, in millions)


In US$ million


First half


Second quarter


2026


2025


2026


2025

OPERATING ACTIVITIES









Profit of the period


390


193


174


39

Adjustments to reconcile net profit to cash flows from operating activities


195


163


161


160

Changes in operating assets and liabilities


(604)


(209)


(121)


(142)

Increase (decrease) in trade receivables and other receivables


(444)


(254)


28


(142)

Increase (decrease) in inventories


(53)


(20)


(45)


3

Increase (decrease) in trade and other payables


17


65


(7)


(14)

(Decrease) increase in salaries and social security payables


(10)


(10)


4


3

Defined benefit plans payments


(2)


(1)


(1)


-

Increase in tax liabilities


38


13


45


8

Decrease in provisions


(3)


(4)


(2)


(2)

Income tax payment


(50)


-


(50)


-

(Payments) Collection for derivative financial instruments, net


(97)


2


(93)


2










Net cash (used in) generated by operating activities


(19)


147


214


57










INVESTING ACTIVITIES









Payment for property, plant and equipment acquisitions


(518)


(444)


(253)


(282)

Collection for sales of public securities and shares, net


205


316


118


165

Subscription of mutual funds, net


(9)


(4)


-


(4)

Capital integration in companies


(30)


(41)


(14)


(10)

Right-of-use


-


-


-


1

Collection for intangible assets sales


-


3


-


3

Dividends collection


1


-


1


-

Collection for interests in areas sales


5


2


5


2










Net cash used in investing activities


(346)


(168)


(143)


(125)










FINANCING ACTIVITIES









Proceeds from borrowings


732


380


732


335

Payment of borrowings


(32)


(108)


(9)


(38)

Payment of borrowings interests


(68)


(101)


(46)


(63)

Repurchase and redemption of corporate bonds


(2)


(725)


-


(365)

Payment of leases


(11)


(2)


(5)


(1)










Net cash generated by (used in) financing activities


619


(556)


672


(132)










Increase (decrease) in cash and cash equivalents


254


(577)


743


(200)










Cash and cash equivalents at the beginning of the period


725


738


236


361

Increase (Decrease) in cash and cash equivalents


254


(577)


743


(200)










Cash and cash equivalents at the end of the period


979


161


979


161

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 Q2 26 results on Wednesday, August 5, 2026, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, 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.'
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.

Cision View original content:https://www.prnewswire.com/news-releases/pampa-energia-announces-six-month-period-and-second-quarter-2026-results-302843004.html

SOURCE Pampa Energia S.A.

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