BUENOS AIRES, Argentina, Aug. 4, 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 semester and quarter ended on June 30, 2026.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of June 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.
Second quarter 2026 ('Q2 26') main results(1)
Sales reached US$746 million in Q2 26(2) , up 53% year-on-year, driven by the Wholesale Electricity Market's ('WEM') new deregulation framework, which supported higher spot energy prices and B2B PPA ('Business to Business') ('Power Purchase Agreements') sales, in addition to higher crude oil output and increased gas sales to power generation, and stronger Reformer prices. Lower Plan Gas and petrochemical volumes offset these effects
The Q2 26 reflected the continued ramp-up at Rincón de Aranda, alongside strong power generation performance, boosted by higher seasonal spot prices and the vertical integration with gas upstream.
Pampa's main operational KPIs Q2 26 Q2 25 Variation ---------------------------------------------- ----- ----- --------- Oil and gas Production (kboe/day) 107.5 84.1 +28 % Gas production (kboepd) 84.1 76.1 +10 % Crude oil production (kbpd) 23.4 8.0 +194 % Average gas price (US$/MBTU) 4.6 4.0 +15 % Average oil price (US$/bbl)* 58.8 61.6 -4 % Power Generation (GWh) 5,363 4,704 +14 % Gross margin (US$/MWh) 33.6 25.8 +30 % Petrochemicals Volume sold (k ton) 95 125 -24 % Average price (US$/ton) 1,459 978 +49 % --------------------------------------------- ----- ----- --------- Note: * Price net of export duty and quality/logistic discounts.
Adjusted EBITDA(3) totaled US$415 million, a 75% year-on-year increase, explained by higher contribution from RDA ('Rincón de Aranda'), greater power and gas vertical integration and increased spot and B2B margins in power generation, partially offset by lower realized crude oil prices due to hedging.
Net income attributable to shareholders was US$172 million, 4.3x Q2 25, driven by stronger operating margins and lower income tax, partially offset by lower gains from financial instruments.
Net debt stood at US$1.3 billion as of June 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures on RDA and increased collateral requirements due to oil hedging.
Consolidated balance sheet
(As of June 30, 2026 and December 31, 2025, in US$ million)
In US$ million As of 06.30.2026 As of 12.31.2025
------------------------------------- ---------------- ----------------
ASSETS
Property, plant and equipment 3,479 3,303
Intangible assets 87 89
Right-of-use assets 24 36
Deferred tax asset 182 43
Investments in associates and joint
ventures 1,354 1,059
Financial assets at fair value through
profit and loss 33 33
Trade and other receivables 78 43
Total non-current assets 5,237 4,606
-------------------------------------- ---------------- ----------------
Inventories 283 231
Financial assets at fair value through
profit and loss 302 366
Derivatives - 52
Trade and other receivables 948 614
Cash and cash equivalents 979 725
Total current assets 2,512 1,988
-------------------------------------- ---------------- ----------------
Total assets 7,749 6,594
-------------------------------------- ---------------- ----------------
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 2,707 2,399
Other reserves (13) (12)
Other comprehensive income 97 124
Retained earnings 456 351
Equity attributable to owners of the
company 4,027 3,596
-------------------------------------- ---------------- ----------------
Non-controlling interest 13 9
Total equity 4,040 3,605
-------------------------------------- ---------------- ----------------
LIABILITIES
Provisions 73 100
Income tax and minimum notional income
tax provision 28 26
Tax liabilities 202 212
Deferred tax liability 46 56
Defined benefit plans 29 26
Borrowings 2,575 1,844
Trade and other payables 66 86
Total non-current liabilities 3,019 2,350
-------------------------------------- ---------------- ----------------
Provisions 13 13
Income tax liability 124 83
Tax liabilities 83 56
Defined benefit plans 6 6
Salaries and social security payable 26 36
Derivatives 54 -
Borrowings 25 48
Trade and other payables 359 397
Total current liabilities 690 639
-------------------------------------- ---------------- ----------------
Total liabilities 3,709 2,989
-------------------------------------- ---------------- ----------------
Total liabilities and equity 7,749 6,594
-------------------------------------- ---------------- ----------------
Consolidated income statement
(For the six-month periods and quarters ended on June 30, 2026 and
2025, in US$ million)
In US$ million First half Second quarter
------------------------------------ ------------- ----------------
2026 2025 2026 2025
------------------------------------ ------ ----- ------- -------
Sales revenue 1,319 900 746 486
Domestic sales 1,006 750 555 398
Foreign market sales 313 150 191 88
Cost of sales (862) (625) (482) (340)
Gross profit 457 275 264 146
------------------------------------- ------ ----- ------- -------
Selling expenses (56) (43) (30) (22)
Administrative expenses (91) (84) (47) (41)
Other operating income 28 53 19 21
Other operating expenses (37) (40) (18) (18)
Recovery of impairment/(Impairment)
of financial assets 2 (2) 3 (2)
Impairment of intangible assets and
inventories (2) (1) (1) (1)
Results for part. in joint businesses
& associates 148 76 81 30
Operating income 449 234 271 113
------------------------------------- ------ ----- ------- -------
Financial income 7 35 3 2
Financial costs (87) (99) (48) (58)
Other financial results 22 122 15 85
Financial results, net (58) 58 (30) 29
Profit before tax 391 292 241 142
------------------------------------- ------ ----- ------- -------
Income tax (1) (99) (67) (103)
Net income for the period 390 193 174 39
Attributable to the owners of the
Company 386 193 172 40
Attributable to the non-controlling
interest 4 - 2 (1)
Net income per share to shareholders 0.3 0.1 0.1 0.0
Net income per ADR to shareholders 7.1 3.5 3.2 0.7
Average outstanding common shares(1) 1,351 1,360 1,340 1,360
Outstanding shares by the end of
period(1) 1,340 1,360 1,340 1,360
------------------------------------- ------ ----- ------- -------
Note: 1 Includes shares allocated to the employee compensation plan as
treasury shares, which amounted to 3.9 million and 3.5 million shares as of
June 30, 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 six-month periods and quarters ended on June 30, 2026 and
2025, in millions)
In US$ million First half Second quarter
------------------------------------- ------------ ----------------
2026 2025 2026 2025
------------------------------------- ----- ----- ------- -------
OPERATING ACTIVITIES
Profit of the period 390 193 174 39
Adjustments to reconcile net profit to
cash flows from operating activities 195 163 161 160
Changes in operating assets and
liabilities (604) (209) (121) (142)
Increase (decrease) in trade
receivables and other receivables (444) (254) 28 (142)
Increase (decrease) in inventories (53) (20) (45) 3
Increase (decrease) in trade and other
payables 17 65 (7) (14)
(Decrease) increase in salaries and
social security payables (10) (10) 4 3
Defined benefit plans payments (2) (1) (1) -
Increase in tax liabilities 38 13 45 8
Decrease in provisions (3) (4) (2) (2)
Income tax payment (50) - (50) -
(Payments) Collection for derivative
financial instruments, net (97) 2 (93) 2
Net cash (used in) generated by
operating activities (19) 147 214 57
-------------------------------------- ----- ----- ------- -------
INVESTING ACTIVITIES
Payment for property, plant and
equipment acquisitions (518) (444) (253) (282)
Collection for sales of public
securities and shares, net 205 316 118 165
Subscription of mutual funds, net (9) (4) - (4)
Capital integration in companies (30) (41) (14) (10)
Right-of-use - - - 1
Collection for intangible assets sales - 3 - 3
Dividends collection 1 - 1 -
Collection for interests in areas
sales 5 2 5 2
Net cash used in investing activities (346) (168) (143) (125)
-------------------------------------- ----- ----- ------- -------
FINANCING ACTIVITIES
Proceeds from borrowings 732 380 732 335
Payment of borrowings (32) (108) (9) (38)
Payment of borrowings interests (68) (101) (46) (63)
Repurchase and redemption of corporate
bonds (2) (725) - (365)
Payment of leases (11) (2) (5) (1)
Net cash generated by (used in)
financing activities 619 (556) 672 (132)
-------------------------------------- ----- ----- ------- -------
Increase (decrease) in cash and cash
equivalents 254 (577) 743 (200)
-------------------------------------- ----- ----- ------- -------
Cash and cash equivalents at the
beginning of the period 725 738 236 361
Increase (Decrease) in cash and cash
equivalents 254 (577) 743 (200)
Cash and cash equivalents at the end
of the period 979 161 979 161
-------------------------------------- ----- ----- ------- -------
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 Q2 26 results on Wednesday, August 5, 2026, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
investor@pampa.com www.argentina.gob.ar/cnv ri.pampa.com/en www.sec.gov -------------------
(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.
View original content:https://www.prnewswire.com/news-releases/pampa-energia-announces-six-month-period-and-second-quarter-2026-results-302843004.html
SOURCE Pampa Energia S.A.