PAM · Pampa Energía S.A.

Pampa Energía S.A. delivered strong Q1 2026 results with revenue nearly doubling year-over-year to $807,831 million, driven by robust growth across operations as evidenced by gross profit expansion to $259,580 million. Operating income more than doubled to $239,672 million, supported by significant share of profit from associates and joint ventures at $93,833 million, up from $48,144 million. Despite higher financial costs of $55,582 million and a net financial loss of $40,642 million, profit before tax reached $199,030 million, boosted by income tax expense of $97,637 million yielding net profit of $296,667 million. Profit attributable to owners surged 81% to $293,366 million, with EPS at 215.71. Balance sheet shows total assets up slightly to $9,697,513 million, though cash declined sharply to $326,131 million from $1,054,459 million at year-end, reflecting net operating cash use of $330,230 million amid working capital changes of -$673,565 million. Investing activities included $377,845 million in property, plant and equipment, while financing saw debt repayments. Equity dipped marginally to $5,235,000 million. PricewaterhouseCoopers reviewed the statements, finding no material issues under IAS 34. These results highlight operational strength in energy segments amid Argentine economic dynamics.