PAM · Pampa Energía S.A.

Pampa Energía S.A. delivered stronger Q1 2026 results with revenue surging 38% year-over-year to $573 million, primarily fueled by its core oil & gas and power generation segments. Gross profit expanded to $193 million from $129 million, reflecting improved cost dynamics despite higher cost of sales at $380 million. Operating income reached $178 million, bolstered by a $67 million share of profit from associates and joint ventures, up from $46 million prior year. Financial results showed a net expense of $28 million versus a $29 million gain last year, yet profit before tax held steady at $150 million, with income tax at $66 million leading to net profit of $216 million, attributable mostly to owners at $214 million. EPS improved to $0.16 from $0.11. Balance sheet remains solid with total assets at $7,017 million, driven by higher investments in associates ($1,261 million) and receivables, though equity attributable to owners rose modestly to $3,778 million. Cash position weakened significantly to $236 million from $725 million year-end, reflecting $233 million operating cash use amid working capital changes of -$483 million, $203 million investing outflows mainly for $265 million PPE acquisitions, and $53 million financing outflows including debt repayments. Operational highlights include steady upstream production of 13.8 million m³/day natural gas and 19.2 thousand boe/day oil across Neuquén blocks, 5,472 MW generation capacity (12% of Argentina's total), and key stakes in transmission via Citelec/Transener and gas transport via CIESA/TGS. The economic context notes Argentina's 9.4% Q1 inflation and rising Brent prices to over $100/bbl amid Middle East tensions, underscoring sector volatility but supporting energy segment performance.