Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 52

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 52
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 may negatively impact the Argentine economy. In turn,
the decrease in investor confidence resulting from any of these, among other issues, could have a significant adverse effect on the growth
of the Argentine economy, which could, in turn, harm our business, financial condition and operational results and affect the trading
price of our common shares and ADSs.

Our operating costs could
increase as a result of the promotion or adoption of certain measures by the Argentine Government as well as pressure from union sectors

In the past, the National Government
has promoted and adopted laws and collective labor agreements that imposed on private sector employers the obligation to maintain certain
salary levels and provide additional benefits to their employees. In addition, employers have come under strong pressure from their employees
and from unions to grant wage increases and other benefits.

By virtue of Decree No. 70/2023
and the Bases Law, the Argentine Government enacted a series of measures aimed at easing existing labor regulations and alleviating the
labor burdens on employers.

Although the plans and first measures
implemented by the current administration (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”)are aimed at reducing the involvement of the
government in the private sector and, consequently, decreasing compliance expenses, we cannot assure that such measures will achieve their
purpose and that, in the near or distant future, the Argentine Government will not enact measures that result in increases in the minimum
salary and/or in benefits, compensation or other labor costs that employers must bear. Any salary increase and/or any other labor cost
could result in higher costs and a decrease in the results of the Company’s operations. See “ We employ a largely unionized
labor force and could be subject to organized labor action, including work stoppages, that could have a material adverse effect on our
business”.

Government intervention
in the electricity sector may have an impact on our business operations, financial condition and/or results of operations

Historically, the Argentine Government
has exerted a significant influence on the economy, including the energy sector, and companies such as us that operate in this sector
have done so in a highly regulated context that aims mainly at guaranteeing the supply of domestic demand.

To address the Argentine economic
crisis in 2001 and 2002, the Argentine Government adopted the Public Emergency Law No. 25,561 (the “ Public Emergency Law”)
and other regulations, which made a number of