Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 46

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 46
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 may also adversely affect the Argentine economy, the prices of our products,
our financial condition and operational results. The devaluation of the Argentine Peso may have a negative impact on the ability of certain
Argentine businesses to service their foreign currency-denominated debt, lead to high inflation, significantly reduce real wages, jeopardize
the stability of businesses whose success depends on domestic market demand, including public utilities and the financial industry, and
adversely affect the Argentine Government’s ability to honor its foreign debt obligations.

On the other hand, a significant
appreciation of the Argentine Peso against the U. S. Dollar could also present risks for the Argentine economy, including the possibility
of a reduction in exports (as a consequence of the loss of external competitiveness). Any such increase could also have a negative effect
on economic growth and employment, reduce the Argentine public sector’s revenues from tax collection in real terms and have a material
adverse effect on our business, our operational results and our ability to repay our debt within the respective maturity dates and may
affect the market value of our ADSs, as a result of the overall effects of the weakening of the Argentine economy.

Inflation
could adversely affect the Argentine economy and our operational results

Historically, inflation has
materially undermined the Argentine economy and the Argentine Government’s ability to create conditions that allow growth. In recent
years, Argentina has confronted inflationary pressures, evidenced by significantly higher fuel, energy and food prices, among other factors.

Since the new administration took
office, it has applied certain measures (see“ The policies or measures adopted by the Argentine Government from time to time
may adversely affect the Argentine economy and the sectors in which we operate”) in relation to price deregulations in food
supplies, health insurances, communications, transport, electricity and gas tariffs and the price of gasoline that have affected prices,
creating additional inflationary pressure at first.

According to data published by
the INDEC, during 2024 there was a significant deceleration of year-on-year inflation with respect to 2023. The National CPI variation
during 2024 was 117.8%, a significant deceleration compared to the 211.4% in 2023. Notwithstanding the deceleration of inflation during
2024, inflation continues to be high. During 2025, CPI rates for January, February and March were 2.2%, 2.4% and 3.7%, respectively; consolidating
a