BUENOS AIRES, Argentina, Nov. 2, 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 nine-month period and quarter ended on September 30, 2026.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of September 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.
Third quarter 2026 ('Q3 26') main results(1)
Sales reached US$790 million in Q3 26(2) , up 34% year-on-year, mainly driven by the normalization of the Wholesale Electricity Market's ('WEM'), which supported higher spot energy prices and B2B ('Business to Business') sales, increased gas sales to our CCGTs ('Combined Cycles'), growing crude oil sales and stronger Reformer prices. These effects were partially offset by lower gas deliveries under Plan Gas GSA ('Gas Sale Agreement') and to industrial customers, as well as the impact of crude oil hedges
Thermal power generation margins stood out during Q3 26, supported by their efficiency and vertical integration with our gas upstream business.
Pampa's main operational KPIs Q3 26 Q3 25 Variation Oil and gas Production (kboe/day) 99.7 99.5 +0 % Gas production (kboepd) 77.6 82.2 -6 % Crude oil production (kbpd) 22.1 17.3 +28 % Average gas price (US$/MBTU) 5.0 4.4 +12 % Average oil price (US$/bbl)* 55.7 61.1 -9 % Power Generation (GWh) 5,315 5,421 -2 % Gross margin (US$/MWh) 35.0 26.5 +32 % Petrochemicals Volume sold (k ton) 115 122 -6 % Average price (US$/ton) 1,309 937 +40 %
(Note: * Realized price, net of hedge, export duty and quality/logistic discounts.)
Adjusted EBITDA totaled US$398 million, up 23% year-on-year, reflecting higher thermal generation margins in the spot and B2B markets, together with the benefits of vertical integration between gas production and thermal power generation, offset by the impact on crude oil hedges.
Net income attributable to shareholders reached US$129 million, 6 times Q3 25, mainly driven by lower deferred income tax expense and improved operating margins, partially offset by lower FX gains.
Net debt stood at US$1.731 billion as of September 2026, vs. US$1.319 billion as of June 2026, reflecting higher capital expenditures, mainly at FEPASA ('Fértil Pampa S.A.U.'), equity contributions to affiliates under development, prepayments related to the GPM expansion, and collateral posted for crude oil hedging, partially offset by operating cash flow generation and dividends received from Transener.
Consolidated balance sheet
(As of September 30, 2026 and December 31, 2025, in US$ million)
In US$ million As of 09.30.2026 As of 12.31.2025
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ASSETS
Property, plant and equipment 3,863 3,303
Intangible assets 87 89
Right-of-use assets 17 36
Deferred tax asset 234 43
Investments in associates and joint
ventures 1,408 1,059
Financial assets at fair value through
profit and loss 34 33
Trade and other receivables 85 43
Total non-current assets 5,728 4,606
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Inventories 269 231
Financial assets at fair value through
profit and loss 503 366
Derivatives - 52
Trade and other receivables 1,090 614
Cash and cash equivalents 532 725
Total current assets 2,394 1,988
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Total assets 8,122 6,594
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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 2,706 2,399
Other reserves (13) (12)
Other comprehensive income 39 124
Retained earnings 605 351
Equity attributable to owners of the
company 4,117 3,596
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Non-controlling interest 13 9
Total equity 4,130 3,605
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LIABILITIES
Provisions 76 100
Income tax and minimum notional income
tax provision 28 26
Tax liabilities 194 212
Deferred tax liability 47 56
Defined benefit plans 28 26
Borrowings 2,692 1,844
Trade and other payables 68 86
Total non-current liabilities 3,133 2,350
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Provisions 11 13
Income tax liability 156 83
Tax liabilities 100 56
Defined benefit plans 5 6
Salaries and social security payable 44 36
Derivatives 167 -
Borrowings 74 48
Trade and other payables 302 397
Total current liabilities 859 639
-------------------------------------- ---------------- ----------------
Total liabilities 3,992 2,989
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Total liabilities and equity 8,122 6,594
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Consolidated income statement
Nine-month period Third quarter
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In US$ million 2026 2025 2026 2025
Sales revenue 2,109 1,491 790 591
Domestic sales 1,681 1,207 675 457
Foreign market sales 428 284 115 134
Cost of sales (1,392) (1,000) (530) (375)
Gross profit 717 491 260 216
-------------------------------- --------- -------- ------- ------
Selling expenses (88) (69) (32) (26)
Administrative expenses (142) (131) (51) (47)
Other operating income 47 85 19 32
Other operating expenses (83) (62) (46) (22)
Recovery of
impairment/(Impairment) of
financial assets 3 (5) 1 (3)
Recovery of
impairment/(Impairment) of PPE,
inventories and int. assets (1) (8) 1 (7)
Results for part. in joint
businesses & associates 192 101 44 25
Operating income 645 402 196 168
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Financial income 13 42 6 7
Financial costs (140) (151) (53) (52)
Other financial results 22 137 - 15
Financial results, net (105) 28 (47) (30)
Profit before tax 540 430 149 138
-------------------------------- --------- -------- ------- ------
Income tax (21) (214) (20) (115)
Net income for the period 519 216 129 23
Attributable to the owners of
the Company 515 216 129 23
Attributable to the
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