PAM · Pampa Energía S.A.

This credit rating upgrade reflects Fitch Ratings’ assessment of strengthened credit fundamentals for Pampa Energía S.A., as evidenced by the one-notch improvement in both foreign and local currency long-term ratings. The affirmation of the 'B+' rating on senior unsecured bonds — accompanied by a recovery rating of 'RR4' — indicates Fitch’s expectation of moderate recovery rates (30%–50%) in the event of default, consistent with its recovery rating scale. A stable outlook implies that Fitch does not anticipate further rating actions in the near term, contingent on the company maintaining its current financial profile and operating performance. While the filing does not disclose underlying drivers (e.g., leverage ratios, EBITDA trends, or liquidity metrics), the upgrade carries tangible implications for the company’s cost of capital, access to international debt markets, and investor perception of sovereign and corporate risk exposure. For investors, this represents a positive signal on credit resilience but does not constitute a change in debt structure, maturity profile, or covenant terms — all of which remain unchanged per the disclosure.