Pampa Energía announces first quarter 2026 results
Pampa Energía announces first quarter 2026 results
Ciudad Autónoma de Buenos Aires, 05/06/2026 / 17:35, EST/EDT - EQS Newswire - 1/3 Pampa Energía S.A. (NYSE)
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
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
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.
