PR Newswire
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 results1
Sales reached US$746 million in Q2 262, up 53% year-on-year, driven by the Wholesale Electricity Market’s (‘WEM’) new deregulation framework, which supported higher spot energy prices and B2B PPA (‘Business to Business’) (‘Power Purchase Agreements’) sales, in addition to higher crude oil output and increased gas sales to power generation, and stronger Reformer prices. Lower Plan Gas and petrochemical volumes offset these effects
The Q2 26 reflected the continued ramp-up at Rincón de Aranda, alongside strong power generation performance, boosted by higher seasonal spot prices and the vertical integration with gas upstream.
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Production (kboe/day) |
107.5 |
84.1 |
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Average gas price (US$/MBTU) |
4.6 |
4.0 |
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Average oil price (US$/bbl)* |
58.8 |
61.6 |
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Generation (GWh) |
5,363 |
4,704 |
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Gross margin (US$/MWh) |
33.6 |
25.8 |
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Volume sold (k ton) |
95 |
125 |
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Average price (US$/ton) |
1,459 |
978 |
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Adjusted EBITDA3 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$801 million as of December 2025, reflecting higher capital expenditures on RDA and increased collateral requirements due to oil hedging.
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In US$ million |
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Property, plant and equipment |
3,479 |
3,303 |
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Intangible assets |
87 |
89 |
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Right-of-use assets |
24 |
36 |
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Deferred tax asset |
182 |
43 |
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Investments in associates and joint ventures |
1,354 |
1,059 |
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Financial assets at fair value through profit and loss |
33 |
33 |
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Trade and other receivables |
78 |
43 |
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Inventories |
283 |
231 |
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Financial assets at fair value through profit and loss |
302 |
366 |
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Derivatives |
– |
52 |
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Trade and other receivables |
948 |
614 |
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Cash and cash equivalents |
979 |
725 |
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Share capital |
35 |
36 |
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Share capital adjustment |
189 |
191 |
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Share premium |
517 |
516 |
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Treasury shares adjustment |
1 |
1 |
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Treasury shares cost |
(6) |
(54) |
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Legal reserve |
44 |
44 |
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Voluntary reserve |
2,707 |
2,399 |
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Other reserves |
(13) |
(12) |
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Other comprehensive income |
97 |
124 |
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Retained earnings |
456 |
351 |
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Non-controlling interest |
13 |
9 |
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Provisions |
73 |
100 |
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Income tax and minimum notional income tax provision |
28 |
26 |
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Tax liabilities |
202 |
212 |
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Deferred tax liability |
46 |
56 |
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Defined benefit plans |
29 |
26 |
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Borrowings |
2,575 |
1,844 |
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Trade and other payables |
66 |
86 |
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Provisions |
13 |
13 |
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Income tax liability |
124 |
83 |
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Tax liabilities |
83 |
56 |
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Defined benefit plans |
6 |
6 |
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Salaries and social security payable |
26 |
36 |
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Derivatives |
54 |
– |
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Borrowings |
25 |
48 |
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Trade and other payables |
359 |
397 |
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In US$ million |
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2026 |
2025 |
2026 |
2025 |
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Sales revenue |
1,319 |
900 |
746 |
486 |
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191 |
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Cost of sales |
(862) |
(625) |
(482) |
(340) |
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Selling expenses |
(56) |
(43) |
(30) |
(22) |
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Administrative expenses |
(91) |
(84) |
(47) |
(41) |
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Other operating income |
28 |
53 |
19 |
21 |
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Other operating expenses |
(37) |
(40) |
(18) |
(18) |
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Recovery of impairment/(Impairment) of financial assets |
2 |
(2) |
3 |
(2) |
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Impairment of intangible assets and inventories |
(2) |
(1) |
(1) |
(1) |
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Results for part. in joint businesses & associates |
148 |
76 |
81 |
30 |
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Financial income |
7 |
35 |
3 |
2 |
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Financial costs |
(87) |
(99) |
(48) |
(58) |
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Other financial results |
22 |
122 |
15 |
85 |
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Income tax |
(1) |
(99) |
(67) |
(103) |
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In US$ million |
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2026 |
2025 |
2026 |
2025 |
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Profit of the period |
390 |
193 |
174 |
39 |
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Adjustments to reconcile net profit to cash flows from operating activities |
195 |
163 |
161 |
160 |
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Changes in operating assets and liabilities |
(604) |
(209) |
(121) |
(142) |
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Payment for property, plant and equipment acquisitions |
(518) |
(444) |
(253) |
(282) |
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Collection for sales of public securities and shares, net |
205 |
316 |
118 |
165 |
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Subscription of mutual funds, net |
(9) |
(4) |
– |
(4) |
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Capital integration in companies |
(30) |
(41) |
(14) |
(10) |
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Right-of-use |
– |
– |
– |
1 |
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Collection for intangible assets sales |
– |
3 |
– |
3 |
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Dividends collection |
1 |
– |
1 |
– |
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Collection for interests in areas sales |
5 |
2 |
5 |
2 |
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Proceeds from borrowings |
732 |
380 |
732 |
335 |
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Payment of borrowings |
(32) |
(108) |
(9) |
(38) |
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Payment of borrowings interests |
(68) |
(101) |
(46) |
(63) |
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Repurchase and redemption of corporate bonds |
(2) |
(725) |
– |
(365) |
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Payment of leases |
(11) |
(2) |
(5) |
(1) |
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Cash and cash equivalents at the beginning of the period |
725 |
738 |
236 |
361 |
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Increase (Decrease) in cash and cash equivalents |
254 |
(577) |
743 |
(200) |
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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:
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.
