Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 43

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 43
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 a percentage of GDP remains low to sustain the growth rate of the past decades;
(iv) protests or strikes, such as those observed in recent past years, may negatively affect the stability of the political, social and
economic environment and could negatively impact global financial market confidence in the Argentine economy; (v) energy or natural gas
supply may not be sufficient to supply increased industrial activity (thereby limiting industrial development) and consumption; (vi)
unemployment and informal employment remain high; and (vii) the Argentine Government’s economic expectations may not be met and
the process of restoring the confidence in the Argentine economy may take longer than anticipated.

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  Table of Contents  

Argentina’s economy may
be adversely affected if political and social pressures inhibit the implementation by the Argentine Government of policies designed to
control inflation, generate growth and enhance consumer and investor confidence, or if policies implemented by the Argentine Government
that are designed to achieve these goals are not successful. These events could materially affect our financial condition and operational
results or cause the market value of our ADSs and our common shares to decline. Also, the Argentine economy could be affected by a regional
or global crisis. See“ The Argentine economy is vulnerable to external shocks that could be caused by significant economic difficulties
of Argentina’s major regional trading partners, or by more general “contagion” effects. Such external shocks and “contagion”
effects could have a material adverse effect on Argentina’s economic growth, and consequently, on our operational results and financial
condition”.

We cannot assure you that a decline
in economic growth will not adversely affect our business, financial condition or operational results and cause the market value of our
ADSs and our common shares to decline.

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

The Argentine Government has historically
exercised significant influence over the economy, and our Company operates in a highly regulated environment. In the recent past, the
Argentine Government has directly intervened in the economy, including through the implementation of expropriation and nationalization
measures, price controls and exchange controls. Since we operate in a context in which the governing law and applicable regulations change
frequently, in part as the result of changes in government administrations, it is difficult to predict if and how our activities will
be affected by such changes.

In 2023, Javier Milei was elected
President of Argentina, taking office on December