Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 41

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 41
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 less well-defined than in other jurisdictions  
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  Holders of ADSs may be unable                                                                                  
  to exercise voting rights with respect to the common shares underlying the ADSs at our shareholders’ meetings  
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  Our shareholders may be subject                     
  to liability for certain votes of their securities  
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  Provisions of our bylaws and                                                                                                   

  There can be no assurance that                                                                                                                 

   8  

  Table of Contents  

Risks Related to Argentina

Overview

We are a stock corporation ( sociedad
anónima) incorporated under the laws of the Republic of Argentina; most of our revenues are earned in Argentina and most of
our operations, facilities and customers are located in Argentina. Our financial condition and operational results depend to a significant
extent on macroeconomic, regulatory, political and financial conditions prevailing in Argentina, including, among others, growth rates,
inflation rates, currency exchange rates, interest rates and taxes. Our business is subject to the effects of other local, regional and
international events and conditions that may impact Argentina in any manner. For example, a slowdown in economic growth or economic recession
could lead to a decreased demand for electricity in the service areas in which we operate or a decline in the purchasing power of our
customers, which, in turn, could lead to a higher delinquency rate from our customers or increased energy losses due to illegal use of
our services. Actions of the Argentine Government concerning the economy, including measures with respect to inflation, interest rates,
price controls (including tariffs and other compensation of utility companies), foreign exchange controls and taxes, have had and may
in the future have a material adverse effect on private sector entities, including us. Our activities are highly regulated and subject
to uncertainties due to political and economic factors, changes in legislation, expropriations, termination and modification of contractual
rights, revocation of permits and consents, the need to obtain permits from regulatory authorities, foreign currency restrictions, price
controls, currency fluctuations and increases in royalties, among others.

We cannot assure you that the
Argentine Government will not adopt policies that could adversely affect the Argentine economy or our business, financial condition or
operational results. In addition, we cannot assure you that future economic, regulatory, social and political developments in Argentina
will not impair our business, financial condition