# EDGAR Filing Document

**Accession Number:** 0001469395
**File Stem:** 0001292814-26-003016
**Filing Date:** 2026-5
**Character Count:** 30629
**Document Hash:** ae12ddf785e82af52d28e935f9a6fa5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-26-003016.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001292814-26-003016

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pampa Energy Inc.
- **CENTRAL INDEX KEY:** 0001469395
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34429
- **FILM NUMBER:** 26971006

**BUSINESS ADDRESS:**
- **STREET 1:** MAIPU 1
- **CITY:** CITY OF BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1084ABA
- **BUSINESS PHONE:** 54-11-4809-9500

**MAIL ADDRESS:**
- **STREET 1:** MAIPU 1
- **CITY:** CITY OF BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1084ABA

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 6-K**

**REPORT OF FOREIGN ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**SECURITIES EXCHANGE ACT OF 1934**

**For the month of May, 2026**

**(Commission File No. 001-34429),**

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**PAMPA ENERGIA S.A.<br> (PAMPA ENERGY INC.)**

**Argentina**

*(Jurisdiction of incorporation or organization)*

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**Maipú 1<br> C1084ABA<br> City of Buenos Aires<br> Argentina**

*(Address of principal executive offices)*

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(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)<br>Form 20-F ___X___ Form 40-F ______

(Indicate by check mark whether the registrant by furnishing the<br> information contained in this form is also thereby furnishing the<br> information to the Commission pursuant to Rule 12g3-2(b) under<br> the Securities Exchange Act of 1934.)<br>Yes ______ No ___X___

(If "Yes" is marked, indicate below the file number assigned to the<br> registrant in connection with Rule 12g3-2(b): 82- .)

This Form 6-K for Pampa Energía S.A. ("Pampa" or the "Company") contains:

**Exhibit 1:** [Three-month period ended March 31, 2026 compared to the three-month period ended March 31, 2025](ex99-1.htm)

**<u><br> SIGNATURE</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 11, 2026

---

| | |
|:---|:---|
| **Pampa Energía S.A.** | **Pampa Energía S.A.** |
| By: | /s/ Gustavo Mariani<br>|
|  | Name: Gustavo Mariani<br> Title: Chief Executive Officer |

---

**FORWARD-LOOKING STATEMENTS**

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

## Exhibit 99.1

The Company is an integrated energy company in Argentina mainly participating in the oil and gas production and electricity generation businesses.

Through its own activities, subsidiaries and shareholdings in joint ventures and associates and based on the business nature, customer portfolio and risks involved, the Company operates its businesses through the following reportable segments:

● Oil and Gas, principally consisting of the Company's interests in oil and gas areas, the activities of Pampa Energía S.A. - Sucursal Dedicada Proyecto RDA and through its interests in SESA and PECSA;

● Generation, principally consisting of the Company's direct and indirect interests in HINISA, HIDISA, VAR, CTB, TMB, TJSM and through our own electricity generation activities through thermal plants CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenergía, CTPP, CTIW, the HPPL hydroelectric complex and PEPE II, III, IV and VI wind farms;

● Petrochemicals, comprising the Company's own styrenics operations and the catalytic reformer plant operations conducted in Argentina; and

● Holding, Transportation and Others, principally consisting of the Company's interests in the joint businesses CITELEC, CIESA and their respective subsidiaries holding the concession over high-voltage electricity transmission and gas transportation, respectively, as well as the Company's stake in VMOS, OLDELVAL and OCP, other holding activities, and other investments activities.

The Company manages its operating segments based on its individual net result in U.S. dollars.

***Three-month period ended March 31, 2026 compared to the Three-month period ended March 31, 2025***

 ****

*Oil and Gas Segment*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil and Gas<br> (in millions of U.S.$)** | **Oil and Gas<br> (in millions of U.S.$)** | **Oil and Gas<br> (in millions of U.S.$)** | **Oil and Gas<br> (in millions of U.S.$)** |
|  | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** |
|  | **March 31, 2026** | **March 31, 2025** | **Variation** | **%** |
| Revenue | 247 | 146 | 101 | 69% |
| Cost of sales | (178) | (118) | (60) | 51% |
| **Gross profit** | 69 | 28 | 41 | 146% |
| Selling expenses | (22) | (17) | (5) | 29% |
| Administrative expenses | (21) | (21) |  |  |
| Other operating income and expenses, net | (1) | 1 | (2) | (200%) |
| Share of Profit from associates | 3 |  | 3 | 100% |
| Impairment of inventories | (1) |  | (1) | 100% |
| Impairment of financial assets | (1) | - | (1) | 100% |
| **Operating income (loss)** | 26 | (9) | 35 | 389% |
| Financial costs | (25) | (25) |  |  |
| Other financial results | 10 | (4) | 14 | 350% |
| Financial results, net | (15) | (29) | 14 | (48%) |
| **Profit (Loss) before income tax** | 11 | (38) | 49 | 129% |
| Income tax | 94 | (11) | 105 | (955%) |
| **Profit (Loss) of the period** | 105 | (49) | 154 | 314% |
| Owners of the company | 105 | (49) | 154 | 314% |

---

*Revenue*

Revenue from our oil and gas segment increased 69%, to U.S.$247 million for the three-month period ended March 31, 2026, compared to U.S.$146 million for the three-month period ended March 31, 2025. This increase is primarily attributable to the ramp-up in crude oil production at the Rincón de Aranda block, partially offset by lower oil sales prices under hedge accounting, as described in the following paragraph. To a lesser extent, the increase in revenues is driven by higher gas sales volumes to Enarsa under Plan GasAr, as well as to industrial clients and through higher export volumes, which were partially offset by lower gas export prices.

The average sales price for oil was U.S.$58.2/bbl for the three-month period ended March 31, 2026, 15% lower than the U.S.$68.4/bbl average sale price for the three-month period ended March 31, 2025, mainly due to the impact of crude oil sales contracts entered into during 2025 and 2026, a portion of which were designated as cash flow hedges of forecasted crude oil sales volumes for the period from May 2025 through April 2027. If such cash flow hedge contracts had not been in effect, average prices for oil sales would have reached U.S.$69.5/bbl.

The following table shows our production and sales for the oil and gas segment for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** |
|  | **March 31, 2026** | **March 31, 2025** | **Variation %** |
| **Production** |  |  |  |
| Oil (k bbl/day) | 19.5 | 3.2 | 504% |
| Gas (k m<sup>3</sup>/day) | 13.8 | 11.8 | 17% |
| **Total (k boe/day)** | **100.6** | **72.7** |  |
| **Sales** |  |  |  |
| Oil (k bbl/day) | 20.3 | 3.6 | 460% |
| Gas (k m<sup>3</sup>/day) | 13.7 | 11.9 | 15% |
| **Total (k boe/day)** | **100.8** | **73.6** |  |
| **Average Price** |  |  |  |
| US$/bbl | 58.2 | 68.4 | (15%) |
| US$/MBTU | 2.9 | 3.0 | (4%) |

---

*Cost of Sales*

 

The cost of sales from our oil and gas segment increased by 51%, to U.S.$178 million for the three-month period ended March 31, 2026, from U.S.$118 million for the three-month period ended March 31, 2025. The variation is mainly due to higher lifting costs related to higher treatment costs mainly due to the expansion of temporary production facilities at the Rincón de Aranda block to reach commercial specifications, increased property, plant and equipment depreciation, and increased royalties related to higher crude oil production and gas production.

*Gross Profit*

Gross profit from our oil and gas segment increased by 146%, from U.S.$28 million in the three-month period ended March 31, 2025, to U.S.$69 million for the three-month period ended March 31, 2026. This variation is mainly explained by the increase in crude oil and gas sales volumes, partially offset by higher costs, and lower average oil sales prices.

Additionally, the gross margin on sales increased to 28% for the three-month period ended March 31, 2026, compared to 19% for the same period in 2025.

*Selling Expenses*

 

Selling expenses from our oil and gas segment increased to U.S.$22 million for the three-month period ended March 31, 2026, compared to U.S.$17 million for the same period in 2025 due to increased oil and gas transportation expenses, driven by crude oil production growth at the Rincón de Aranda block, increased gas production at the Sierra Chata block and greater volume of gas exports to Chile.

 

*Administrative Expenses*

 

Administrative expenses from our oil and gas segment amounted to U.S.$21 million for each of the three-month periods ended March 31, 2026 and March 31, 2025.

 

*Other Operating Income and Expenses, net*

Other operating income and expenses, net from our oil and gas segment recorded a U.S.$1 million loss for the three-month period ended March 31, 2026, compared to a U.S.$1 million gain for the three-month period ended March 31, 2025, mainly due to lower GasAr Plan compensatory income in line with applicable seasonal gas prices.

*Share of profit from associates* 

 

The share of profit from associates from our oil and gas segment amounted to U.S.$3 million for the three-month period ended March 31, 2026 due to our 20% stake in SESA, which has commenced development of the FLNG Project for LNG export.

 

*Impairment of inventories*

 

Our oil and gas segment recorded an impairment of inventories of U.S.$1 million for the three-month period ended March 31, 2026 related to our non-operated Río Neuquén and Rincón del Mangrullo blocks. No impairment of inventories was recognized during the three-month period ended March 31, 2025.

*Impairment of financial assets*

 

Impairment of financial assets from our oil and gas segment amounted to U.S.$1 million for the three-month period ended March 31, 2026. No impairment of financial assets was recognized during the three-month period ended March 31, 2025.

*Operating Income (loss)*

 

The operating income from our oil and gas segment increased by U.S.$35 million to U.S.$26 million gain for the three-month period ended March 31, 2026 compared to a U.S.$9 million loss for the three-month period ended March 31, 2025.

The operating margin in relation to sales for the three-month period ended March 31, 2026, increased to 11% compared to -6% for the three-month period ended March 31, 2025.

*Financial Results, Net*

Financial results, net from our oil and gas segment amounted to a U.S.$15 million loss for the three-month period ended March 31, 2026, compared to a U.S.$29 million loss for the three-month period ended March 31, 2025, mainly attributable to foreign currency exchange gains compared to foreign currency exchange losses over the net monetary asset position in Argentine Pesos in line with the strengthening of the Argentine Peso as against the U.S. dollar in the three-month period ended March 31, 2026 compared to the devaluation of the Argentine Peso as against the U.S. dollar in the same period in 2025.

*Income Tax*

 

Our oil and gas segment recorded an income tax benefit of U.S.$94 million for the three-month period ended March 31, 2026, compared to an income tax charge of U.S.$11 million for the three-month period ended March 31, 2025. The variation is mainly related to higher recognition of a non-cash credit on deferred income tax due to inflation and the strengthening of the Argentine Peso as against the U.S. dollar.

*Profit (Loss) of the period*

 

As a result of the foregoing, our oil and gas segment recorded a U.S.$105 million profit for the three-month period ended March 31, 2026, compared to a U.S.$49 million loss for the three-month period ended March 31, 2025, both of which were entirely attributable to the owners of the Company.

*Generation Segment*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Generation<br> (in millions of U.S.$)** | **Generation<br> (in millions of U.S.$)** | **Generation<br> (in millions of U.S.$)** | **Generation<br> (in millions of U.S.$)** |
|  | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** |
|  | **March 31, 2026** | **March 31, 2025** | **Variation** | **%** |
| Revenue | 279 | 195 | 84 | 43% |
| Cost of sales | (170) | (103) | (67) | 65% |
| **Gross profit** | 109 | 92 | 17 | 18% |
| Selling expenses | (1) | (1) |  |  |
| Administrative expenses | (11) | (11) |  |  |
| Other operating income and expenses, net | (1) | 5 | (6) | (120%) |
| Share of Profit from joint ventures | 21 | 13 | 8 | 62% |
| **Operating income** | 117 | 98 | 19 | 19% |
| Financial income | 4 | 6 | (2) | (33%) |
| Financial costs | (9) | (12) | 3 | (25%) |
| Other financial results | 20 | 31 | (11) | (35%) |
| Financial results, net | 15 | 25 | (10) | (40%) |
| **Profit before income tax** | 132 | 123 | 9 | 7% |
| Income tax | (42) | 2 | (44) | (2,200%) |
| **Profit of the period** | 90 | 125 | (35) | (28%) |
| Owners of the company | 88 | 124 | (36) | (29%) |
| Non - controlling interest | 2 | 1 | 1 | 100% |

---

 

 

*Revenue*

Revenue from our generation segment increased by U.S.$84 million, amounting to U.S.$279 million in the three-month period ended March 31, 2026, compared to U.S.$195 million in the three-month period ended March 31, 2025.

This increase is mainly explained by higher spot prices driven by the implementation, effective November 1, 2025, of the new spot regime in Argentina pursuant to SE Resolution No. 400/25. This effect was partially offset by lower fuel recognition due to the reassignment of the Plan GasAr agreements' volumes, and by the unscheduled outage of CTLL's TG04, which has been out of service since January 14, 2026 and is expected to remain offline until the end of June 2026.

Power generation during the three-month period ended March 31, 2026 decreased by 3%, to 4,664 GWh compared to 4,795 GWh for the three-month period ended March 31, 2025, mainly due to lower hydroelectric generation and the outage of CTLL's TG04 as described above, partially offset by an increase in wind generation and higher CPB thermal generation.

The following table shows net power consolidated generation and total installed capacity for our power generation plants:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  | | **Installed capacity (In Mw)** | | **Installed capacity <br> (In Mw)** |
|  | **Net generation** <br>**(In GWh)** | **Installed capacity (In Mw)** | **Net generation** <br>**(In GWh)** | **Installed capacity <br> (In Mw)** |
| Hydroelectric | 316 | 938 | 485 | 938 |
| Wind | 438 | 427 | 418 | 427 |
| Thermal | 3909 | 4107 | 3893 | 4107 |
| **Total** | **4664** | **5472** | **4795** | **5472** |

---

*Cost of Sales*

 

Cost of sales increased by 65% to U.S.$170 million for the three-month period ended March 31, 2026, compared to U.S.$103 million for the three-month period ended March 31, 2025, mainly due to higher purchases for fuel self-supply and higher depreciation of property, plant and equipment.

*Gross Profit*

 

Gross profit from our generation segment increased by 18%, to U.S.$109 million for the three-month period ended March 31, 2026, compared to U.S.$92 million for the three-month period ended March 31, 2025.

The gross margin on sales decreased to 39% for the three-month period ended March 31, 2026, compared to 47% for the same period in 2025.

*Selling Expenses*

 

Selling expenses from our generation segment amounted to U.S.$1 million for each of the three-month periods ended March 31, 2026 and 2025.

*Administrative Expenses*

 

Administrative expenses from our generation segment amounted to U.S.$11 million for each of the three-month periods ended March 31, 2026 and 2025.

*Other Operating Income and Expenses, Net*

 

Other operating income and expenses, net from our generation segment amounted to a U.S.$1 million loss for the three-month period ended March 31, 2026, compared to a U.S.$5 million gain for the three-month period ended March 31, 2025. This variation is primarily attributable to lower insurance recoveries and the derecognition of property, plant and equipment resulting from the outage of CTLL's TG04.

*Share of profit from joint ventures*

 

The share of profit from joint ventures in our generation segment amounted to U.S.$21 million for the three-month period ended March 31, 2026, compared to U.S.$13 million for the three-month period ended March 31, 2025. This variation is mainly explained by higher profits in CTB due to the increase of the non-cash credit on deferred income tax.

*Operating Income*

 

Operating income from our generation segment increased by U.S.$19 million (19%), to U.S.$117 million for the three-month period ended March 31, 2026, compared to U.S.$98 million for the three-month period ended March 31, 2025. This variation is mainly attributable to the increase in gross profit and higher CTB profits. These effects were partially offset by lower insurance recoveries and property, plant and equipment derecognition related to CTLL's TG04 outage.

The operating margin on sales for the three-month period ended March 31, 2026, decreased to 42%, compared to 50% for the three-month period ended March 31, 2025.

*Financial Results, net*

Financial results, net, amounted to a U.S.$15 million gain for the three-month period ended March 31, 2026, compared to a U.S.$25 million gain for the three-month period ended March 31, 2025. This decrease is mainly due to lower gains from changes in the fair value of financial instruments, partially offset by foreign currency exchange gains in line with the strengthening of the Argentine Peso as against the U.S. dollar in the three-month period ended March 31, 2026, which impacted in the net monetary asset position in Argentine Pesos.

*Income Tax*

 

The generation segment recorded an income tax charge of U.S.$42 million for the three-month period ended March 31, 2026, compared to an income tax benefit of U.S.$2 million for the three-month period ended March 31, 2025. The variation is mainly related to higher fiscal profit and the effect of tax inflation adjustment.

 

*Profit of the period*

 

As a result of the foregoing, the generation segment recorded a U.S.$90 million profit for the three-month period ended March 31, 2026, compared to a U.S.$125 million profit for the three-month period ended March 31, 2025, mostly attributable to the owners of the Company.

 

 

*Petrochemicals Segment*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Petrochemical<br> (in millions of U.S.$)** | **Petrochemical<br> (in millions of U.S.$)** | **Petrochemical<br> (in millions of U.S.$)** | **Petrochemical<br> (in millions of U.S.$)** |
|  | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** | **For the three-month period ended** |
|  | **March 31, 2026** | **March 31, 2025** | **Variation** | **%** |
| Revenue | 88 | 92 | (4) | (4%) |
| Cost of sales | (81) | (90) | 9 | (10%) |
| **Gross profit** | 7 | 2 | 5 | 250% |
| Selling expenses | (3) | (3) |  |  |
| Administrative expenses | (2) | (2) |  |  |
| Other operating income and expenses, net | (5) | 15 | (20) | (133%) |
| **Operating (loss) income** | (3) | 12 | (15) | (125%) |
| Financial income |  | 27 | (27) | (100%) |
| Other financial results | (9) | (1) | (8) | 800% |
| Financial results, net | (9) | 26 | (35) | (135%) |
| **(Loss) Profit before income tax** | (12) | 38 | (50) | (132%) |
| Income tax | 4 | 4 | - | - |
| **(Loss) Profit of the period** | (8) | 42 | (50) | (119%) |
| Owners of the company | (8) | 42 | (50) | (119%) |

---

*Revenue*

Revenue from our petrochemicals segment amounted to U.S.$88 million for the three-month period ended March 31, 2026, 4% lower than the U.S.$92 million recorded for the three-month period ended March 31, 2025. This variation is mainly due to lower prices in line with the trend in international reference prices.

Total sold volumes during the three-month period ended March 31, 2026 did not show significant variation compared to the three-month period ended March 31, 2025. Lower sale volumes from the reforming plant were almost fully offset by higher styrene and polystyrene volumes.

The following table shows sales volumes in the petrochemicals segment during the specified periods:

---

| | | |
|:---|:---|:---|
| **Volume sold in k ton** | **For the three-month period ended** | **For the three-month period ended** |
| **Volume sold in k ton** | **March 31, 2026** | **March 31, 2025** |
| Reforma | 50 | 54 |
| Styrene & polystyrene | 22 | 19 |
| SBR | 11 | 11 |
| **Total** | **83** | **84** |

---

*Cost of Sales*

 

Cost of sales from our petrochemicals segment decreased by 10%, to U.S.$81 million for the three-month period ended March 31, 2026, compared to U.S.$90 million for the three-month period ended March 31, 2025. This variation resulted from reduced prices for raw materials primarily used at the reforming plant.

*Gross Profit*

 

Our petrochemical segment recorded a gross profit of U.S.$7 million for the three-month period ended March 31, 2026, compared to U.S.$2 million for the same period in 2025, mainly due to higher reforming plant margin.

The gross margin on sales reached 8% for the three-month period ended March 31, 2026, compared to 2% for the three-month period ended March 31, 2025.

*Selling Expenses*

 

Selling expenses from our petrochemicals segment amounted to U.S.$3 million for each of the three-month periods ended March 31, 2026 and March 31, 2025.

*Administrative Expenses*

 

Administrative expenses from our petrochemicals segment amounted to U.S.$2 million for each of the three-month periods ended March 31, 2026 and March 31, 2025.

*Other operating income and expenses, net*

 

Other operating income and expenses, net amounted to a U.S.$5 million expense for the three-month period ended March 31, 2026, compared to income of U.S.$15 million for the three-month period ended March 31, 2025. This variation is mainly explained by the reversal of customs contingency provisions in the three-month period ended March 31, 2025 and the recognition of expenses related to minor projects at the petrochemical plants in the three-month period ended March 31, 2026.

 

 

*Operating (loss) Income*

 

Our petrochemicals segment recorded a U.S.$3 million loss in the three-month period ended March 31, 2026, compared to income of U.S.$12 million for the three-month period ended March 31, 2025, mainly due to the reversal of customs contingency provisions in the three-month period ended March 31, 2025, partially offset by higher reforming plant margin.

*Financial Results, Net*

 

Financial results, net from our petrochemicals segment amounted to a U.S.$9 million loss for the three-month period ended March 31, 2026, compared to a U.S.$26 million gain for the three-month period ended March 31, 2025. This variation is mainly explained by the reversal of accrued interests related to the customs contingency provision in the three-month period ended March 31, 2025; higher losses from forward gasoline sale contracts; and, to a lesser extent, foreign currency exchange losses in line with the strengthening of the Argentine Peso as against the U.S. dollar which impacted the net monetary liability position in that [Argentine Pesos].

*Income Tax*

 

The petrochemicals segment recorded an income tax benefit of U.S.$4 million for each of the three-month periods ended March 31, 2026 and March 31, 2025.

 

*Profit (Loss) of the period*

 

The petrochemicals segment recorded a U.S.$8 million loss for the three-month period ended March 31, 2026, compared to U.S.$42 million profit for the three-month period ended March 31, 2025, both of which were entirely attributable to the owners of the Company.

 

*Holding, Transportation and Others Segment*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Holding, transportation and others <br> (in millions of U.S.$)** | **Holding, transportation and others <br> (in millions of U.S.$)** | **Holding, transportation and others <br> (in millions of U.S.$)** | **Holding, transportation and others <br> (in millions of U.S.$)** |
|  | **For the three-month periods** | **For the three-month periods** | **For the three-month periods** | **For the three-month periods** |
|  | **March 31, 2026** | **March 31, 2025** | **Variation** | **%** |
| Revenue | 8 | 7 | 1 | 14% |
| **Gross profit** | 8 | 7 | 1 | 14% |
| Administrative expenses | (10) | (9) | (1) | 11% |
| Other operating income and expenses, net | (3) | (11) | 8 | (73%) |
| Share of profit from joint ventures and associates | 43 | 33 | 10 | 30% |
| **Operating income** | 38 | 20 | 18 | 90% |
| Financial costs | (5) | (4) | (1) | 25% |
| Other financial results | (14) | 11 | (25) | (227%) |
| Financial results, net | (19) | 7 | (26) | (371%) |
| **Profit before income tax** | 19 | 27 | (8) | (30%) |
| Income tax | 10 | 9 | 1 | 11% |
| **Profit of the period** | 29 | 36 | (7) | (19%) |
| Owners of the company | 29 | 36 | (7) | (19%) |

---

*Revenue*

 

Revenue from our holding, transportation and others segment increased by 14% to U.S.$8 million in the three-month period ended March 31, 2026 compared to U.S.$7 million for the three-month period ended March 31, 2025, mainly explained by higher advisory services fees.

 

*Administrative Expenses*

 

Administrative expenses from our holding, transportation and others segment increased to U.S.$10 million for the three-month period ended March 31, 2026, compared to U.S.$9 million for the three-month period ended March 31, 2025, mainly due to higher fees and compensation for services expenses.

*Other Operating Income and Expenses, Net*

 

Other operating income and expenses, net from our holding, transportation and others segment recorded a U.S.$3 million expense for the three-month period ended March 31, 2026, compared to a U.S.$11 million expense for the three-month period ended March 31, 2025. The variation is mainly due to lower provisions for contingency charges in the three-month period ended March 31, 2026 compared to the same period in 2025.

*Share of profit from associates and joint ventures*

 

Share of profit from associates and joint ventures from our holding, transportation and others segment amounted to U.S.$43 million for the three-month period ended March 31, 2026, compared to U.S.$33 million for the three-month period ended March 31, 2025. This variation is explained by higher profits from our stakes in CIESA and CITELEC consistent with monthly rate increases received by TGS and Transener and, to a lesser extent, gains from our equity interest in VMOS.

*Operating Income*

 

Operating income from our holding, transportation and others segment amounted to U.S.$38 million for the three-month period ended March 31, 2026, compared to U.S.$20 million for the three-month period ended March 31, 2025, mainly attributable to higher profits from our stakes in CIESA and CITELEC and lower provisions for contingency charges.

 

*Financial Results, Net*

 

Our holding, transportation and others segment recorded a U.S.$19 million net financial loss for the three-month period ended March 31, 2026, compared to a U.S.$7 million net financial gain for the three-month period ended March 31, 2025. This variation is mainly due to foreign currency exchange losses compared to foreign currency exchange gains over the net monetary liability position in Argentine Pesos in line with the strengthening of the Argentine Peso as against the U.S. dollar in the three-month period ended March 31, 2026 compared to the devaluation in the same period in 2025.

*Income Tax*

 

Our holding, transportation and others segment recorded an income tax benefit of U.S.$10 million for the three-month period ended March 31, 2026, compared to an income tax benefit of U.S.$9 million for the three-month period ended March 31, 2025.

*Profit of the period*

 

Our holding, transportation and others segment recorded profits of U.S.$29 million for the three-month period ended March 31, 2026, compared to profits of U.S.$36 million for the three-month period ended March 31, 2025, both of which were entirely attributable to the owners of the Company.