Pampa Energía announces six-month period and second quarter 2025 results
Ciudad Autónoma de Buenos Aires, 08/06/2025 / 16:55, EST/EDT - EQS Newswire - 1/3 Pampa Energía S.A. (NYSE)
Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the six-month period and quarter ended on June 30, 2025.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate (‘FX') is applied. However, Transener and Transportadora de Gas del Sur's (‘TGS') figures are adjusted for inflation as of June 30, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.
Second quarter 2025 (‘Q2 25') main results1
Sales recorded US$486 million in US$486 million in Q2 252, a 3% year-on-year slight decline, driven by lower deliveries under the Plan Gas Long-term gas sale agreement (‘GSA') and a drop in petrochemical and crude oil prices, partially offset by contributions from Parque Eólico Pampa Energía 6 (‘PEPE 6'), higher spot energy prices and increased export volumes of gas, crude and reformer products.
During Q2 25, oil production rose at Rincón de Aranda and wind power generation achieved a high load factor.
Pampa's main operational KPIs
Q2 25
Q2 24
Variation
Oil and gas
Production (k boe/day)
84.1
90.8
-7
%
Gas production (kboepd)
76.1
85.4
-11
%
Crude oil production (kbpd)
8.0
5.4
+47
%
Average gas price (US$/MBTU)
4.0
4.0
-1
%
Average oil price (US$/bbl)
61.6
71.8
-14
%
Power
Generation (GWh)
4,704
5,067
-7
%
Gross margin (US$/MWh)
25.8
24.7
+5
%
Petrochemicals
Volume sold (k ton)
125
111
+12
%
Average price (US$/ton)
978
1,199
-18
%
Adjusted EBITDA reached US$239 million in Q2 25, 17% less than Q2 24, explained by lower gas deliveries under Plan Gas and weaker domestic demand, a decline in petrochemical prices and higher operating expenses, partially offset by higher spot prices, PEPE 6 and increased oil output and gas exports.
Net income attributable to shareholders was US$40 million, 60% decrease year-on-year3, mainly explained by higher non-cash deferred tax charges and a lower operating margin, offset by gains from holding financial instruments and the absence of impairments recorded on Q2 24.
Net debt totaled US$712 million, representing a net-debt to EBITDA ratio of 1.1x, mainly due to higher working capital needs and continued investments in the development of Rincón de Aranda.
1 The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina. 2 Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.' 3 Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.
Consolidated balance sheet (As of June 30, 2025 and December 2024, in millions)
As of 06.30.2025
As of 12.31.2024
Figures in million
AR$
US$
AR$
US$
ASSETS
Property, plant and equipment
3,519,259
2,921
2,690,533
2,607
Intangible assets
111,806
92
99,170
95
Right-of-use assets
11,481
10
11,330
11
Deferred tax asset
139,295
116
161,694
157
Investments in associates and joint ventures
1,274,813
1,058
1,024,769
993
Financial assets at amortized cost
-
-
-
-
Financial assets at fair value through profit and loss
32,842
27
28,127
27
Other assets
436
-
366
-
Trade and other receivables
166,569
139
76,798
75
Total non-current assets
5,256,501
4,363
4,092,787
3,965
Inventories
294,050
244
230,095
223
Financial assets at amortized cost
51,012
42
82,628
80
Financial assets at fair value through profit and loss
814,863
676
877,623
850
Derivative financial instruments
45,748
38
979
1
Trade and other receivables
720,687
598
503,529
488
Cash and cash equivalents
193,570
161
761,231
738
Total current assets
2,119,930
1,759
2,456,085
2,380
Total assets
7,376,431
6,122
6,548,872
6,345
EQUITY
Equity attributable to owners of the company
4,199,021
3,485
3,391,127
3,286
Non-controlling interest
10,344
9
9,167
9
Total equity
4,209,365
3,494
3,400,294
3,295
LIABILITIES
Provisions
125,411
104
141,436
137
Income tax and minimum notional income tax provision
411,483
341
77,284
75
Deferred tax liability
58,729
49
50,223
49
Defined benefit plans
36,817
31
31,293
30
Borrowings
1,650,036
1,369
1,416,917
1,373
Trade and other payables
99,868
83
87,992
84
Total non-current liabilities
2,382,344
1,977
1,805,145
1,748
Provisions
10,215
8
10,725
10
Income tax liability
19,732
16
265,008
257
Tax liabilities
43,865
36
30,989
30
Defined benefit plans
6,942
6
7,077
7
Salaries and social security payable
28,461
24
40,035
39
Derivative financial instruments
2
-
2
-
Borrowings
267,715
222
728,096
706
Trade and other payables
407,790
339
261,501
253
Total current liabilities
784,722
651
1,343,433
1,302
Total liabilities
3,167,066
2,628
3,148,578
3,050
Total liabilities and equity
7,376,431
6,122
6,548,872
6,345
Consolidated income statement (For the six-month periods and quarters ended on June 30, 2025 and 2024, in millions)
First half
Second quarter
Figures in million
2025
2024
2025
2024
AR$
US$
AR$
US$
AR$
US$
AR$
US$
Sales revenue
1,008,884
900
783,788
901
570,169
486
446,412
500
Domestic sales
839,685
750
649,186
742
466,791
398
374,607
416
Foreign market sales
169,199
150
134,602
159
103,378
88
71,805
84
Cost of sales
(700,707
)
(625
)
(487,428
)
(565
)
(399,697
)
(340
)
(272,245
)
(307
)
Gross profit
308,177
275
296,360
336
170,472
146
174,167
193
Selling expenses
(47,845
)
(43
)
(31,582
)
(36
)
(25,355
)
(22
)
(18,002
)
(20
)
Administrative expenses
(93,701
)
(84
)
(71,674
)
(83
)
(48,646
)
(41
)
(37,436
)
(42
)
Exploration expenses
(225
)
-
(167
)
-
(167
)
-
(85
)
-
Other operating income
60,181
53
70,781
83
24,708
21
41,789
48
Other operating expenses
(44,759
)
(40
)
(43,054
)
(52
)
(21,048
)
(18
)
(16,669
)
(21
)
Impairment on PPE, int. assets & inventories
(776
)
(1
)
(142
)
-
31
(1
)
(110
)
-
Impairment of financial assets
(2,508
)
(2
)
(49,592
)
(56
)
(2,296
)
(2
)
(19,762
)
(22
)
Results for part. in joint businesses & associates
91,347
76
31,894
39
43,203
30
(19,522
)
(22
)
Income from the sale of associates
-
-
5,765
7
-
-
4,307
5
Operating income
269,891
234
208,589
238
140,902
113
108,677
119
Financial income
38,744
35
2,009
2
3,250
2
662
-
Financial costs
(111,459
)
(99
)
(81,688
)
(94
)
(68,615
)
(58
)
(37,733
)
(41
)
Other financial results
138,110
122
62,861
74
100,060
85
19,056
22
Financial results, net
65,395
58
(16,818
)
(18
)
34,695
29
(18,015
)
(19
)
Profit before tax
335,286
292
191,771
220
175,597
142
90,662
100
Income tax
(115,125
)
(99
)
121,166
147
(118,154
)
(103
)
(1,521
)
(1
)
Net income for the period
220,161
193
312,937
367
57,443
39
89,141
99
Attributable to the owners of the Company
220,570
193
313,160
367
58,684
40
90,061
100
Attributable to the non-controlling interest
(409
)
-
(223
)
-
(1,241
)
(1.0
)
(920
)
(1
)
Net income per share to shareholders
162.2
0.1
230.3
0.3
43.2
0.0
66.2
0.1
Net income per ADR to shareholders
4,054.6
3.5
5,756.6
6.7
1,078.8
0.7
1,655.5
1.8
Average outstanding common shares1
1,360
1,360
1,360
1,360
Outstanding shares by the end of period1
1,360
1,360
1,360
1,360
Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of June 30, 2024 and 2025.
Consolidated cash flow statement (For the six-month periods ended on June 30, 2025 and 2024, in millions)
First half 2025
First half 2024
Figures in millions
AR$
US$
AR$
US$
OPERATING ACTIVITIES
Profit of the period
220,161
193
312,937
367
Adjustments to reconcile net profit to cash flows from operating activities
170,306
163
52,945
47
Changes in operating assets and liabilities
(267,928
)
(209
)
(294,654
)
(350
)
Increase in trade receivables and other receivables
(310,052
)
(254
)
(369,488
)
(432
)
Increase in inventories
(23,792
)
(20
)
(24,392
)
(30
)
Increase in trade and other payables
66,873
65
71,280
81
(Decrease) Increase in salaries and social security payables
(11,709
)
(10
)
3,122
3
Defined benefit plans payments
(1,314
)
(1
)
(1,074
)
(1
)
Increase in tax liabilities
13,739
13
26,664
30
Decrease in provisions
(4,245
)
(4
)
(916
)
(1
)
Collection for derivative financial instruments, net
2,572
2
150
-
Net cash generated by (used in) operating activities
122,539
147
71,228
64
INVESTING ACTIVITIES
Payment for property, plant and equipment acquisitions
(473,948
)
(444
)
(216,377
)
(260
)
Payment for intangible assets acquisitions
-
-
(2,457
)
(3
)
Collection for sales of public securities and shares, net
350,106
316
32,883
86
Subscription of mutual funds, net
(4,906
)
(4
)
(755
)
(1
)
Capital integration in companies
(44,726
)
(41
)
(19,750
)
(23
)
Payment for right-of-use
-
-
(11,192
)
(13
)
Collection for equity interests in companies sales
-
-
15,802
18
Collection for joint ventures?? share repurchase
-
-
30,138
37
Collections for intangible assets sales
4,608
3
-
-
Dividends collection
4
-
6,955
8
Collection for equity interests in areas sales
2,410
2
-
-
Collection (Payment) of loans
-
-
(115
)
-
Net cash generated by (used in) investing activities
(166,452
)
(168
)
(164,868
)
(151
)
FINANCING ACTIVITIES
Proceeds from borrowings
434,160
380
265,785
306
Payment of borrowings
(115,152
)
(108
)
(60,169
)
(69
)
Payment of borrowings interests
(113,675
)
(101
)
(71,365
)
(83
)
Repurchase and redemption of corporate bonds
(804,524
)
(725
)
(66,329
)
(75
)
Payments of dividends
-
-
(37
)
-
Payments of leases
(2,035
)
(2
)
(1,564
)
(2
)
Net cash (used in) generated by financing activities
(601,226
)
(556
)
66,321
77
(Decrease) Increase in cash and cash equivalents
(645,139
)
(577
)
(27,319
)
(10
)
Cash and cash equivalents at the beginning of the year
761,231
738
137,973
171
Exchange difference generated by cash and cash equivalents
77,487
n.a.
27,860
n.a.
Decrease in cash and cash equivalents
(645,139
)
(577
)
(27,319
)
(10
)
Cash and cash equivalents at the end of the period
193,570
161
138,514
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 25 results on Thursday, August 7, 2025, 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, Horacio Turri, EVP and head of oil and gas and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
