BUENOS AIRES, AR / ACCESS Newswire / May 6, 2026 / 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 quarter ended on March 31, 2026.

Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of March 31, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.

First quarter 2026 ('Q1 26') main results[¹]

Sales reached US$573 million in Q1 26^[2], up 38% year-on-year, driven primarily by higher shale oil production at Rincón de Aranda and the Wholesale Electricity Market's ('WEM') new power generation framework, which led to stronger spot prices and increased gas sales to our thermal power plants. Lower crude oil prices and volumes sold under the Plan Gas Gas Sale Agreements ('GSA') partially offset these effects.

The Q1 26 reflected sustained expansion in shale oil production at Rincón de Aranda, together with higher gas sales, supported by the vertical integration with the power generation business.

Pampa's main operational KPIs		Q1 26		Q1 25		Variation
Oil and gas	Production (kboe/day)		100.6		72.7		+38	%
	Gas production (kboepd)		81.2		69.5		+17	%
	Crude oil production (kbpd)		19.5		3.2		+502	%
	Average gas price (US$/MBTU)		2.9		3.0		-4	%
	Average oil price (US$/bbl)*		58.2		68.4		-15	%

Power	Generation (GWh)		5,738		5,951		-4	%
	Gross margin (US$/MWh)		29.4		24.5		+20	%

Petrochemicals	Volume sold (k ton)		83		84		-0	%
	Average price (US$/ton)		1,055		1,095		-4	%

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

Adjusted EBITDA[³] totaled US$325 million in Q1 26, a 48% year-on-year increase, reflecting higher shale oil contributions, stronger spot margins in power generation, and growth in gas sales, offset by lower realized crude oil prices due to hedging.

Net income attributable to shareholders was US$214 million, 40% higher than Q1 26, driven by stronger operating margins and a higher recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation. These effects were partially offset by the recovery of a customs contingency recorded in Q1 25.

Net debt stood at US$1.2 billion as of March 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures and increased collateral requirements due to oil hedging.

[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.

Consolidated balance sheet
(As of March 31, 2026 and December 31, 2025, in US$ million)

In US$ million	As of 03.31.2026			As of 12.31.2025
ASSETS
Property, plant and equipment		3,384			3,303
Intangible assets		88			89
Right-of-use assets		30			36
Deferred tax asset		293			43
Investments in associates and joint ventures		1,261			1,059
Financial assets at fair value through profit and loss		33			33
Trade and other receivables		66			43
Total non-current assets		5,155			4,606

Inventories		238			231
Financial assets at fair value through profit and loss		441			366
Derivatives		-			52
Trade and other receivables		947			614
Cash and cash equivalents		236			725
Total current assets		1,862			1,988

Total assets		7,017			6,594

EQUITY
Share capital		36			36
Share capital adjustment		191			191
Share premium		517			516
Treasury shares adjustment		1			1
Treasury shares cost		(54	)		(54	)
Legal reserve		44			44
Voluntary reserve		2,399			2,399
Other reserves		(13	)		(12	)
Other comprehensive income		18			124
Retained earnings		639			351
Equity attributable to owners of the company		3,778			3,596

Non-controlling interest		11			9

Total equity		3,789			3,605

LIABILITIES
Provisions		73			100
Income tax and minimum notional income tax provision		26			26
Tax liabilities		220			212
Deferred tax liability		46			56
Defined benefit plans		29			26
Borrowings		1,841			1,844
Trade and other payables		81			86
Total non-current liabilities		2,316			2,350

Provisions		14			13
Income tax liability		197			83
Tax liabilities		69			56
Defined benefit plans		7			6
Salaries and social security payable		24			36
Derivatives		181			-
Borrowings		39			48
Trade and other payables		381			397
Total current liabilities		912			639

Total liabilities		3,228			2,989

Total liabilities and equity		7,017			6,594

Consolidated income statement
(For the quarters ended on March 31, 2026 and 2025, in US$ million)

In US$ million	First quarter
In US$ million	2026			2025
Sales revenue		573			414
Domestic sales		451			352
Foreign market sales		122			62
Cost of sales		(380	)		(285	)

Gross profit		193			129

Selling expenses		(26	)		(21	)
Administrative expenses		(44	)		(43	)
Other operating income		9			32
Other operating expenses		(19	)		(22	)
Impairment of financial assets		(1	)		-
Impairment of inventories		(1	)		-
Results for part. in joint businesses & associates		67			46

Operating income		178			121

Financial income		4			33
Financial costs		(39	)		(41	)
Other financial results		7			37
Financial results, net		(28)			29

Profit before tax		150			150

Income tax		66			4

Net income for the period		216			154
Attributable to the owners of the Company		214			153
Attributable to the non-controlling interest		2			1

Net income per share to shareholders		0.2			0.1
Net income per ADR to shareholders		3.9			2.8

Average outstanding common shares¹		1,360			1,360
Outstanding shares by the end of period¹		1,360			1,360

Note: 1 Includes shares allocated to the employee compensation plan, which amounted to 3.9 million and 3.6 million shares as of March 31, 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 quarters ended on March 31, 2026 and 2025, in millions)

In US$ million	First quarter
In US$ million	2026			2025
OPERATING ACTIVITIES
Profit of the period		216			154
Adjustments to reconcile net profit to cash flows from operating activities		34			3
Changes in operating assets and liabilities		(483	)		(67	)
Increase in trade receivables and other receivables		(472)			(112)
Increase in inventories		(8)			(23)
Increase in trade and other payables		24			79
Decrease in salaries and social security payables		(14)			(13)
Defined benefit plans payments		(1)			(1)
(Decrease) increase in tax liabilities		(7)			5
Decrease in provisions		(1)			(2)
Payments for derivative financial instruments, net		(4)			-

Net cash generated by (used in) operating activities		(233	)		90

INVESTING ACTIVITIES
Payment for property, plant and equipment acquisitions		(265	)		(162	)
Collection for sales of public securities and shares, net		87			151
Subscription of mutual funds, net		(9	)		-
Capital integration in companies		(16	)		(31	)
Payment for right-of-use		-			(1	)

Net cash used in investing activities		(203	)		(43	)

FINANCING ACTIVITIES
Proceeds from borrowings		-			45
Payment of borrowings		(23	)		(70	)
Payment of borrowings interests		(22	)		(38	)
Repurchase and redemption of corporate bonds		(2	)		(360	)
Payment of leases		(6	)		(1	)

Net cash used in financing activities		(53	)		(424	)

Decrease in cash and cash equivalents		(489	)		(377	)

Cash and cash equivalents at the beginning of the period		725			738
Decrease in cash and cash equivalents		(489	)		(377	)

Cash and cash equivalents at the end of the period		236			361

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 Q1 26 results on Thursday, May 7, 2026, at
10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Horacio Turri, EVP and head of oil and gas, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.

For those interested in participating, please register here.

For further information about Pampa:

SOURCE: 1/3 Pampa Energía S.A.

View the original press release on ACCESS Newswire

Pampa Energía Announces First Quarter 2026 Results