# EDGAR Filing Document

**Accession Number:** 0001469395
**File Stem:** 0001292814-26-000623
**Filing Date:** 2026-3
**Character Count:** 90529
**Document Hash:** e4c6c494cd98d7d6516ceed02edd8dff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-26-000623.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001292814-26-000623

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**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:** 26707372

**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 February, 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:** [Earnings Release Q4 25](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: February 27, 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

![](image_032.jpg)

Pampa Energía, an independent company with active participation in the Argentine oil, gas and electricity, announces the results for the fiscal year and quarter ended on December 31, 2025.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Stock information** | &nbsp;&nbsp;Buenos Aires, March 2, 2026<br> **Basis of presentation**<br> Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS's figures are adjusted for inflation as of December 31, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.<br> **Q4 25 main results<sup>[1]</sup>**<br> **Sales recorded US$507 million in Q4 25<sup>[2]</sup>, a 16% year-on-year increase,** driven by higher crude oil production at Rincón de Aranda, improved spot prices under the new WEM framework for our thermal units and higher gas exports to Chile, offset by lower income from the styrenics business and from units under PPAs.<br> Q4 25 was marked by **sustained shale oil growth at Rincón de Aranda** and **strong performance across our thermal power plants**.<br> ![](image_035.jpg) <br>**Adjusted EBITDA<sup>[3]</sup> reached US$230 million in Q4 25, a 26% year-on-year increase**, mainly reflecting the growing contribution from Rincón de Aranda, the impact of the WEM's new framework in power generation, higher gas exports and stronger reforming margins. These effects were partially offset by lower contributions from PPAs and by the deconsolidation of OCP Ecuador within the holding, transport, and others.<br> **Net income attributable to shareholders was US$161 million, 52% higher than Q4 24,** driven by stronger operating margins and the recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation during Q4 25, offset by weaker net financial results.<br> **Net debt decreased to US$801 million as of December 2025**, compared to US$874 million as of September 2025, reflecting solid free cash flow generation and reduced collateral requirements. |
| **Buenos Aires Stock Exchange<br> Ticker: PAMP** | &nbsp;&nbsp;Buenos Aires, March 2, 2026<br> **Basis of presentation**<br> Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS's figures are adjusted for inflation as of December 31, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.<br> **Q4 25 main results<sup>[1]</sup>**<br> **Sales recorded US$507 million in Q4 25<sup>[2]</sup>, a 16% year-on-year increase,** driven by higher crude oil production at Rincón de Aranda, improved spot prices under the new WEM framework for our thermal units and higher gas exports to Chile, offset by lower income from the styrenics business and from units under PPAs.<br> Q4 25 was marked by **sustained shale oil growth at Rincón de Aranda** and **strong performance across our thermal power plants**.<br> ![](image_035.jpg) <br>**Adjusted EBITDA<sup>[3]</sup> reached US$230 million in Q4 25, a 26% year-on-year increase**, mainly reflecting the growing contribution from Rincón de Aranda, the impact of the WEM's new framework in power generation, higher gas exports and stronger reforming margins. These effects were partially offset by lower contributions from PPAs and by the deconsolidation of OCP Ecuador within the holding, transport, and others.<br> **Net income attributable to shareholders was US$161 million, 52% higher than Q4 24,** driven by stronger operating margins and the recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation during Q4 25, offset by weaker net financial results.<br> **Net debt decreased to US$801 million as of December 2025**, compared to US$874 million as of September 2025, reflecting solid free cash flow generation and reduced collateral requirements. |
| **New York Stock Exchange<br> Ticker: PAM<br> 1 ADS = 25 common shares** | &nbsp;&nbsp;Buenos Aires, March 2, 2026<br> **Basis of presentation**<br> Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS's figures are adjusted for inflation as of December 31, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.<br> **Q4 25 main results<sup>[1]</sup>**<br> **Sales recorded US$507 million in Q4 25<sup>[2]</sup>, a 16% year-on-year increase,** driven by higher crude oil production at Rincón de Aranda, improved spot prices under the new WEM framework for our thermal units and higher gas exports to Chile, offset by lower income from the styrenics business and from units under PPAs.<br> Q4 25 was marked by **sustained shale oil growth at Rincón de Aranda** and **strong performance across our thermal power plants**.<br> ![](image_035.jpg) <br>**Adjusted EBITDA<sup>[3]</sup> reached US$230 million in Q4 25, a 26% year-on-year increase**, mainly reflecting the growing contribution from Rincón de Aranda, the impact of the WEM's new framework in power generation, higher gas exports and stronger reforming margins. These effects were partially offset by lower contributions from PPAs and by the deconsolidation of OCP Ecuador within the holding, transport, and others.<br> **Net income attributable to shareholders was US$161 million, 52% higher than Q4 24,** driven by stronger operating margins and the recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation during Q4 25, offset by weaker net financial results.<br> **Net debt decreased to US$801 million as of December 2025**, compared to US$874 million as of September 2025, reflecting solid free cash flow generation and reduced collateral requirements. |
| &nbsp;&nbsp; **Share capital net of repurchases as of February 27, 2026:<br> 1,343.6 million common shares/ 53.7 million ADS<br> Market capitalization: <br> AR$6,039 billion/<br> US$4,180 million<br> Information about the videoconference<br> Date and time: <br> Monday, March 2<br> 4.30 PM Eastern Standard Time<br> 6.30 PM Buenos Aires Time<br> Access link: bit.ly/Pampa4Q2025VC<br> For further information about Pampa<br> Email<br> investor@pampa.com<br> **Website for investors**<br> ri.pampa.com/en<br> **Argentina's Securities and Exchange Commission**<br> www.argentina.gob.ar/cnv<br> **US Securities and<br> Exchange Commission**<br> sec.gov<br>**  | &nbsp;&nbsp;Buenos Aires, March 2, 2026<br> **Basis of presentation**<br> Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS's figures are adjusted for inflation as of December 31, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.<br> **Q4 25 main results<sup>[1]</sup>**<br> **Sales recorded US$507 million in Q4 25<sup>[2]</sup>, a 16% year-on-year increase,** driven by higher crude oil production at Rincón de Aranda, improved spot prices under the new WEM framework for our thermal units and higher gas exports to Chile, offset by lower income from the styrenics business and from units under PPAs.<br> Q4 25 was marked by **sustained shale oil growth at Rincón de Aranda** and **strong performance across our thermal power plants**.<br> ![](image_035.jpg) <br>**Adjusted EBITDA<sup>[3]</sup> reached US$230 million in Q4 25, a 26% year-on-year increase**, mainly reflecting the growing contribution from Rincón de Aranda, the impact of the WEM's new framework in power generation, higher gas exports and stronger reforming margins. These effects were partially offset by lower contributions from PPAs and by the deconsolidation of OCP Ecuador within the holding, transport, and others.<br> **Net income attributable to shareholders was US$161 million, 52% higher than Q4 24,** driven by stronger operating margins and the recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation during Q4 25, offset by weaker net financial results.<br> **Net debt decreased to US$801 million as of December 2025**, compared to US$874 million as of September 2025, reflecting solid free cash flow generation and reduced collateral requirements. |

---

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<sup>[1]</sup> The information is based on FS prepared according to IFRS in force in Argentina.

<sup>[2]</sup> Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as 'Results for participation in joint businesses and associates.'

<sup>[3]</sup> Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.

<br> Earnings release Q4 25 ● 1

![](image_036.jpg)

1. Relevant events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Oil & gas** 

***Reserves report as of December 31, 2025***

As of December 31, 2025, Pampa's proven reserves (P1) totaled 296 mboe, a 28% increase from 231 mboe at year-end 2024. This growth was mainly driven by a significant expansion of shale reserves in Vaca Muerta, supported by an intensified drilling and completion program. Rincón de Aranda was the main growth engine (+352%/+43.7 mboe year-on-year), followed by Sierra Chata (+41%/+28 mboe year-on-year), partially offset by El Mangrullo, where no new wells were drilled or tied-in (-5%/-4.7 mboe year-on-year).

As a result, certified P1 shale reserves grew 54% to 204 mboe in 2025, representing 69% of Pampa's total P1 reserves (vs. 57% as of December 2024). 81% of total proven reserves correspond to natural gas, and 19% to crude oil.

In 2025, the reserve replacement ratio was 3.2x, reflecting that additions significantly outpaced the period's rising production. The average reserve life extended from 8.6 years as of December 2024 to 10.2 years at year-end 2025.

---

| | | | |
|:---|:---|:---|:---|
| <br> **Proven reserves (P1)<br> in Argentina, in mboe** | **Crude oil, condensed and NGL** | **Natural gas** | **Total** |
| Proven developed (P1-D) | 24.0 | 135.7 | **159.7** |
| Proven undeveloped (P1-U) | 33.0 | 103.2 | **136.1** |
| **Total as of December 31, 2025** | **57.0** | **238.9** | **295.8** |
|  ***% shale*** | ***92%*** | ***64%*** | ***69%*** |
| Total as of December 31, 2024 | 17.2 | 214.0 | **231.2** |
| *% shale* | *68%* | *56%* | ***57%*** |

---

As of December 31, 2025, Pampa had 470 producing wells, compared to 688 at the end of 2024. This decrease is explained by the divestment of the El Tordillo and La Tapera–Puesto Quiroga blocks, partially offset by increased activity in Rincón de Aranda, which had 28 producing wells, and 150 wells in the Río Neuquén block.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Pampa's total proven reserves**<br> As of December 31, 2025<br> 100% = 296 million boe<br>![](image_037.jpg) | &nbsp;&nbsp; **Evolution of Pampa's<br> certified proven reserves** <br> In million boe<br> ![](image_038.jpg)  |

---

<br> Earnings release Q4 25 ● 2

![](image_036.jpg)

***Pass-through of Plan Gas contracts***

In December 2025, the SE established guidelines for the pass-through of Plan Gas volumes by producers holding GSAs with CAMMESA and/or ENARSA, in line with Res. SE No. 400/2025 (Res. No. 501/25). On December 12, 2025, Pampa requested CAMMESA to assign up to 4.9 mcmpd of gas corresponding to Round 1, together with the full volumes awarded under Round 3. On December 30, CAMMESA, in its capacity as operator of thermal generation units in the WEM, approved the request.

Furthermore, the SE introduced amendments to the Plan Gas GSA applicable for producers that agree to pass through supply contracts with ENARSA, as offtaker, to distribution companies and CAMMESA (Res. No. 606/25). ENARSA will define and oversee the procedures and volume allocation.

Producers adhering to this scheme will receive 90% of the Government compensation, subject to the submission of an affidavit. The resolution also reduces injection commitments and eliminates the quarterly reporting requirement on investment plan progress (Res. SE No. 36/26). Pampa is currently assessing the implications of this resolution.

***Extension of RIGI and inclusion of upstream hydrocarbons***

On February 19, 2026, the DNU No. 105/26 extended the deadline to adhere to RIGI until July 8, 2027, and incorporated hydrocarbon production in greenfield blocks within the eligible sectoral scope. Only new projects qualify for the regime, including hydrocarbon exploration and production, as well as the development of related treatment, storage, and transportation infrastructure. A minimum investment requirement of US$600 million was set for onshore developments and US$200 million for offshore projects.

Where RIGI and non-RIGI activities coexist within the same block, beneficiaries must ensure strict financial and corporate ring-fencing, as well as production traceability through separate measurement systems. These activities must be conducted through a dedicated legal vehicle exclusively holding the assets, rights, and operations.

The development of Rincón de Aranda began following the approval of the RIGI framework for midstream projects. Within that scheme, the original plan contemplated the construction of all associated infrastructure and the required processing plant to reach a plateau of 45 kbpd by 2027. The development capex exceeds US$1.5 billion, representing the largest capital allocation to a single asset in Pampa's history. Subsequently, the inclusion of upstream activities under the RIGI broadened the project's scope, enabling the development of the block's northern area, accelerating the production ramp-up, bringing forward the production target, and extending its duration. As a result, Rincón de Aranda's growth profile is strengthened and enhancing long-term value creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Power generation** 

Until October 31, 2025, all power generation units without PPAs were remunerated under the regulated scheme established by Res. SE No. 381/25. Effective as of November 1, 2025, all our thermal units without contracts and HINISA transitioned to the new framework defined by Res. SE No. 400/25, which introduced a marginal pricing spot market and the MAT. HIDISA and HPPL continue to operate under the legacy regulated scheme. Since December 2025, Pampa has also been self-supplying natural gas to CTLL and CTGEBA in accordance with the new guidelines set forth in Res. SE No. 400/25.

***Extension of the additional remuneration scheme –Res. SE No. 294/24***

The Res. SE No. 294/24 establishes a temporary additional remuneration scheme aimed at increasing the availability of open-cycle units during peak demand periods, initially effective from December 2024 to March 2026.

On January 21, 2026, following the submission of the required maintenance plans, CAMMESA confirmed that the SE extended this additional remuneration scheme for CPB, CTG, CTP, CTLL, CTGEBA and EcoEnergía through March 31, 2027 (Notes No. B-183719-1, B-183724-1, B-183727-1, B-183729-1, B-183731-1 and B-183082-1).

<br> Earnings release Q4 25 ● 3

![](image_036.jpg)

***Last updates for the legacy regulated scheme***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Effective as of:** | **Legacy regulated remuneration scheme** | **Legacy regulated remuneration scheme** |
| &nbsp;&nbsp;**Effective as of:** | Increase | Resolution |
| &nbsp;&nbsp;October 2025 | 0.5% | SE No. 381/25 |
| &nbsp;&nbsp;November 2025 | Thermal: 3.5%; hydro: 12-20% | SE No. 483/25 |
| &nbsp;&nbsp;December 2025 | 2.0% | SE No. 602/25 |
| &nbsp;&nbsp;**Cumulative 2025** | **24.7%** |  |
| &nbsp;&nbsp;January 2026 | 2.0% | SE No. 34/26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Transener and TGS: last tariff updates** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Effective as of:** | **Transener/Transba** | **Transener/Transba** | **TGS** | **TGS** |
| &nbsp;&nbsp;**Effective as of:** | Increase | Resolution | Increase | Resolution |
| &nbsp;&nbsp;October 2025 | 7.1%/3.9% | ENRE No. 675 and 676/25 | 2.7% | ENARGAS No. 732/25 |
| &nbsp;&nbsp;November 2025 | 7.6%/4.4% | ENRE No. 724 and 731/25 | 3.2% | ENARGAS No. 812/25 |
| &nbsp;&nbsp;December 2025 | 5.9%/2.7% | ENRE No. 778 and 779/25 | 1.9% | ENARGAS No. 907/25 |
| &nbsp;&nbsp;**Cumulative 2025** | **93.5%/47.4%** |  | **24.0%** |  |
| &nbsp;&nbsp;January 2026 | 1.9%/1.9% | ENRE No. 823 and 824/25 | 2.4% | ENARGAS No. 1,000/25 |
| &nbsp;&nbsp;February 2026 | 2.5%/2.5% | ENRE No. 28 and 29/26 | 2.9% | ENARGAS No. 32/26 |
| &nbsp;&nbsp;March 2026 | 2.1%/2.1% | ENRE No. 110 and 111/26 | 2.5% | ENARGAS No. 77/26 |

---

<br> Earnings release Q4 25 ● 4

![](image_036.jpg)

 ****

2. Analysis of Q4 25 results

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Breakdown by segment<br> In US$ million** | **Q4 25** | **Q4 25** | **Q4 25** | **Q4 24** | **Q4 24** | **Q4 24** | ***Variation*** | ***Variation*** | ***Variation*** |
| **Breakdown by segment<br> In US$ million** | Sales | Adjusted EBITDA | Net Income | Sales | Adjusted EBITDA | Net Income | *Sales* | *Adjusted EBITDA* | *Net Income* |
| Oil and Gas | 204 | 77 | (17) | 134 | 36 | (76) | *+52%* | *+111%* | *-78%* |
| Power generation | 207 | 111 | 172 | 167 | 86 | 133 | *+24%* | *+28%* | *+29%* |
| Petrochemicals | 114 | 1 | (23) | 122 | (7) | 39 | *-7%* | *NA* | *NA* |
| Holding, transport and others | 6 | 42 | 29 | 36 | 67 | 10 | *-83%* | *-38%* | *+190%* |
| Eliminations | (24) | - | - | (24) | - | - | *+2%* | *NA* | *NA* |
| **Total** | **507** | **230** | **161** | **435** | **182** | **106** | ***+16%*** | ***+26%*** | ***+52%*** |

---

**Note**: Net income is attributable to the Company's shareholders.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of adjusted EBITDA,<br> in US$ million** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** |
| **Reconciliation of adjusted EBITDA,<br> in US$ million** | 2025 | 2024 | 2025 | 2024 |
| Consolidated operating income | 503 | 440 | 101 | 48 |
| Consolidated depreciations and amortizations | 414 | 342 | 109 | 85 |
| **Reporting EBITDA** | **917** | **782** | **210** | **133** |
| Adjustments from oil and gas segment | (8) | 40 | 3 | 35 |
| Adjustments from generation segment | (19) | 86 | (48) | 6 |
| Adjustments from petrochemicals segment | 20 | (27) | 37 | (27) |
| Adjustments from holding, transport & others segment | 98 | 55 | 29 | 35 |
| **Consolidated adjusted EBITDA** | **1009** | **937** | **230** | **182** |
| &nbsp;&nbsp;&nbsp;&nbsp;***At our ownership*** | ***1005*** | ***935*** | ***228*** | ***181*** |

---

<br> Earnings release Q4 25 ● 5

![](image_036.jpg)

**2.1** **Analysis of the oil and gas segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Oil & gas segment, consolidated<br> Figures in US$ million** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** | **Fourth quarter** |
| **Oil & gas segment, consolidated<br> Figures in US$ million** | 2025 | 2024 | *∆%* | 2025 | 2024 | *∆%* |
| Sales revenue | 862 | 730 | *+18%* | 204 | 134 | *+52%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Domestic sales* | *663* | *622* | *+7%* | *148* | *110* | *+34%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Foreign market sales* | *199* | *108* | *+84%* | *56* | *24* | *+135%* |
| Cost of sales | (613) | (515) | *+19%* | (152) | (128) | *+19%* |
| **Gross profit** | **249** | **215** | ***+16%*** | **52** | **6** | ***NA*** |
| Selling expenses | (80) | (58) | *+38%* | (24) | (12) | *+100%* |
| Administrative expenses | (83) | (82) | *+1%* | (23) | (25) | *-8%* |
| Exploration expenses |  | (21) | *-100%* |  | (21) | *-100%* |
| Other operating income | 49 | 87 | *-44%* | 8 | 20 | *-60%* |
| Other operating expenses | (23) | (28) | *-18%* | (7) | (6) | *+17%* |
| Impairment of financial assets | (21) | (10) | *+110%* | (16) |  | *NA* |
| Recovery of impairment (Impairment) of PPE, int. assets and inventories | (3) | (34) | *-91%* | 5 | (15) | *NA* |
| Results for participation in joint businesses | 3 |  | *NA* | 1 |  | *NA* |
| **Operating income** | **91** | **69** | ***+32%*** | **(4)** | **(53)** | ***-92%*** |
| Finance income |  | 2 | *-100%* |  | 1 | *-100%* |
| Finance costs | (101) | (96) | *+5%* | (24) | (25) | *-4%* |
| Other financial results | (35) | (11) | *+218%* | (10) | 6 | *NA* |
| ***Financial results, net*** | ***(136)*** | ***(105)*** | ***+30%*** | ***(34)*** | ***(18)*** | ***+89%*** |
| **Loss before tax** | **(45)** | **(36)** | ***+25%*** | **(38)** | **(71)** | ***-46%*** |
| Income tax | (10) | 31 | *NA* | 21 | (5) | *NA* |
| **Net (loss)/income for the period** | **(55)** | **(5)** | ***NA*** | **(17)** | **(76)** | ***-78%*** |
| **Adjusted EBITDA** | **375** | **346** | ***+8%*** | **77** | **36** | ***+111%*** |
| Increases in PPE and right-of-use assets | 1039 | 354 | *+194%* | 320 | 111 | *+188%* |
| Depreciation and amortization | 292 | 237 | *+23%* | 78 | 54 | *+44%* |
| Lifting cost | 221 | 180 | *+23%* | 59 | 49 | *+21%* |
| Lifting cost per boe | 7.2 | 6.3 | *+14%* | 8.0 | 8.7 | *-8%* |

---

**Sales** in the oil and gas segment rose 52% year-on-year, driven by accelerated crude oil production at Rincón de Aranda, increased gas exports to Chile and, to a lesser extent, higher sales to industrial customers. These effects were partially offset by lower Brent prices, which reduced realized crude oil prices, though this was mitigated by hedging instruments in place since April 2025. Gas export prices also declined in line with Brent.

Regarding the **operational performance**, total production averaged 81.2 kboepd in Q4 25<br> (+32% vs. Q4 24, but -18% vs. Q3 25), mainly explained by strong shale oil growth at Rincón de Aranda and higher gas output at Sierra Chata. The quarter-on-quarter decrease was explained by gas seasonality, offset by sustained oil growth.

**Gas production** averaged 10.7 mcmpd in Q4 25 (+10% vs. Q4 24, -23% vs. Q3 25). **Analyzing the gas output by block**, El Mangrullo accounted for 46% of the total gas output at 5.0 mcmpd (-5% vs. Q4 24, -29% vs. Q3 25), followed by Sierra Chata with 4.0 mcmpd following the tie-in of 4 new wells, contributing 38% of the production (+39% vs. Q4 24, -24% vs. Q3 25). Associated gas from Rincón de Aranda continued to ramp up, reaching 0.2 mcmpd (+231% vs. Q3 25). At non-operated blocks, Río Neuquén produced 1.1 mcmpd (-13% vs. Q4 24, -16% vs. Q3 25), while Rincón del Mangrullo and Aguaragüe continued their natural depletion, producing a total of 0.3 mcmpd.

<br> Earnings release Q4 25 ● 6

![](image_036.jpg)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Oil and gas'<br> key performance indicators** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | ***Variation*** | ***Variation*** | ***Variation*** |
| **Oil and gas'<br> key performance indicators** | Oil | Gas | **Total** | Oil | Gas | **Total** | *Oil* | *Gas* | ***Total*** |
| **Fiscal year** |  |  |  |  |  |  |  |  |  |
| **Volume** |  |  |  |  |  |  |  |  |  |
| **Production** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand m<sup>3</sup>/day | 1.9 | 12362 |  | 0.8 | 12478 |  | *+145%* | *-1%* | ***+8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In million cubic feet/day |  | 437 |  |  | 441 |  | *+145%* | *-1%* | ***+8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand boe/day | 11.7 | 72.8 | **84.4** | 4.8 | 73.4 | **78.2** | *+145%* | *-1%* | ***+8%*** |
| **Sales** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand m<sup>3</sup>/day | 1.9 | 12390 |  | 0.8 | 12468 |  | *+139%* | *-1%* | ***+8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In million cubic feet/day |  | 438 |  |  | 440 |  | *+139%* | *-1%* | ***+8%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand boe/day | 11.8 | 72.9 | **84.8** | 5.0 | 73.4 | **78.3** | *+139%* | *-1%* | ***+8%*** |
| **Average Price** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In US$/bbl | 61.5 |  |  | 70.2 |  |  | *-12%* | *-1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In US$/MBTU |  | 3.7 |  |  | 3.7 |  | *-12%* | *-1%* |  |
| **Fourth quarter** |  |  |  |  |  |  |  |  |  |
| **Volume** |  |  |  |  |  |  |  |  |  |
| **Production** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand m<sup>3</sup>/day | 2.9 | 10736 |  | 0.6 | 9785 |  | *+355%* | *+10%* | ***+32%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In million cubic feet/day |  | 379 |  |  | 346 |  | *+355%* | *+10%* | ***+32%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand boe/day | 18.0 | 63.2 | **81.2** | 4.0 | 57.6 | **61.6** | *+355%* | *+10%* | ***+32%*** |
| **Sales** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand m<sup>3</sup>/day | 2.7 | 10783 |  | 0.9 | 9897 |  | *+212%* | *+9%* | ***+26%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In million cubic feet/day |  | 381 |  |  | 350 |  | *+212%* | *+9%* | ***+26%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;In thousand boe/day | 16.9 | 63.5 | **80.3** | 5.4 | 58.3 | **63.7** | *+212%* | *+9%* | ***+26%*** |
| **Average Price** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In US$/bbl | 60.9 |  |  | 67.6 |  |  | *-10%* | *+4%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In US$/MBTU |  | 3.0 |  |  | 2.9 |  | *-10%* | *+4%* |  |

---

**Note**: Net production in Argentina. Gas volume standardized at 9,300 kilocalories (kCal). Oil price is net of export duty and quality/logistic discounts.

The **gas price** averaged US$3.0 per MBTU in Q4 25 (+4% vs. Q4 24, -33% vs. Q3 25 due to seasonality), supported by improved industry prices, partially offset by lower export prices in line with the drop of Brent and by the impact of AR$ devaluation on retail tariffs, which spread to the GSA price is collected through Plan Gas compensation paid by the Government.

Regarding our **gas deliveries by commercial channel** during Q4 25, 59% was destined for CAMMESA's thermal generation (vs. 68% in Q4 24) and 13% to retail distribution companies (flat vs.<br> Q4 24), both under Plan Gas GSA. The industrial/spot market represented 13% (vs. 12% in Q4 24), 9% was exported (vs. 3% in Q4 24 due to stronger demand), and the remaining 7% was allocated to intersegment consumption (vs. 4% in Q3 24). Within this channel, 44% was supplied to our petrochemical plants, and 56% was directed mainly to CTLL, following the authorization of fuel self-procurement for power plants under the new WEM framework. After the partial pass-through of Plan Gas GSAs in December 2025, Pampa began vertically integrating fuel supply to CTLL and CTGEBA's CCGTs, both with high load factors. Said integration represented 10% of gas production in December and increased to 29% in January, enhancing margins and operational efficiency.

**Oil production** reached 18.2 kbpd in Q4 25 (4.5x vs. Q4 24, +4% vs. Q3 25), driven by Rincón de Aranda, which averaged 17.1 kbpd in Q4 25 (+16.1 kbpd vs. Q4 24, +2.7 kbpd vs. Q3 25), supported by 28 producing wells (vs. 2 in Q4 24, 20 in Q3 25). This growth more than offset the divestment of Gobernador Ayala in October 2024 and El Tordillo and La Tapera-Puesto Quiroga in October 2025 (-1.8 kbpd vs. Q4 24), as well as lower volumes from non-operated conventional blocks (-0.2 kbpd vs. Q4 24).

The average **oil price**, net of export duty and commercial discounts, was US$60.9 per barrel (-10% vs. Q4 24, flat vs. Q3 25), due to lower Brent prices. Without hedging at Rincón de Aranda, the average oil price would have been US$53.4 per barrel. Exports represented 48% of total volume sold in Q4 25, vs. 41% in Q4 24.

<br> Earnings release Q4 25 ● 7

![](image_036.jpg)

The **lifting cost<sup>[4]</sup>** totaled US$59 million in Q4 25 (+21% vs. Q4 24, flat vs. Q3 25), explained by higher crude oil treatment costs related to shale oil growth and temporary facilities at Rincón de Aranda, as well as increased gas treatment costs at Sierra Chata. Lower maintenance and labor costs, and the divestment of mature non-operated blocks, offset those effects. The **lifting cost per boe** decreased 8% to US$8.0 per boe produced in Q4 25 vs. US$8.7 per boe in Q4 24, explained by the rising production at Rincón de Aranda and higher year-on-year gas demand. Compared to Q3 25, the 24% increase in lifting cost per boe reflects the gas seasonality and, to a lesser extent, higher temporary infrastructure costs at Rincón de Aranda.

Excluding depreciation and amortization and lifting costs, **other operating costs** increased 9% vs. Q4 24 but decreased 23% vs. Q3 25, mainly due to higher transportation costs, royalties and levies linked to increased production, partially offset by lower crude purchases for trading.

**Other operating income and expenses** dropped to US$1 million vs. US$14 million in Q4 24. The profit from the sale of Gobernador Ayala in Q4 24 was partially offset by lower financial transaction taxes and improved collection periods from CAMMESA and ENARSA, resulting in reduced commercial interest income (-26% vs. Q4 24). Compared to Q3 25, net other operating income decreased by US$16 million, explained by higher Plan Gas compensation due to seasonality and improved days sales outstanding, partially offset by lower environmental provisions.

**Financial results** in Q4 25 posted net losses of US$34 million (+89% vs. Q4 24, -28% vs. Q3 25), mainly explained by lesser gains from holding financial securities and higher FX losses from a steeper AR$ devaluation impacting the segment's net monetary asset position in AR$, partially offset by lower interest expense following bond refinancing.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of adjusted EBITDA from oil & gas,<br> in US$ million** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** |
| **Reconciliation of adjusted EBITDA from oil & gas,<br> in US$ million** | 2025 | 2024 | 2025 | 2024 |
| Consolidated operating income | 91 | 69 | (4) | (53) |
| Consolidated depreciations and amortizations | 292 | 237 | 78 | 54 |
| **Reporting EBITDA** | **383** | **306** | **74** | **1** |
| Deletion of PPE, int. assets and inventories' recovery of impairment (impairment) | 3 | 34 | (5) | 15 |
| Deletion of gain from commercial interests | (9) | (21) | (2) | (3) |
| Deletion of provision for well closing | 4 | 1 | 4 | 1 |
| Deletion of CAMMESA's receivable impairment |  | 4 |  |  |
| Deletion of Rincón del Mangrullo's unproductive wells |  | 20 |  | 20 |
| Deletion of deferred executive compensation payment |  | 3 |  | 3 |
| Deletion of SESA's equity income | (3) |  | (1) |  |
| Deletion of TPF lease amortization | (16) |  | (6) |  |
| Deletion of ENARSA's receivable impairment | 13 | - | 13 | - |
| **Adjusted EBITDA from oil & gas** | **375** | **346** | **77** | **36** |

---

Our oil and gas **adjusted EBITDA** amounted to US$77 million in Q4 25 (+111% vs. Q4 24, -55% vs. Q3 25), mainly driven by shale oil growth, higher gas exports and industrial sales, and lower crude oil purchases and costs from mature blocks. These effects were partially offset by the sale of our non-operator stake in Gobernador Ayala in Q4 24 and by higher crude oil transport and treatment costs. Gas seasonality explains the quarter-on-quarter decrease in EBITDA. The adjusted EBITDA excludes non-recurring and non-cash income and expenses, as well as overdue commercial interests, equity income from affiliates and ENARSA's US$13 million bad debt, and includes a US$6 million adjustment to the rights-of-use amortization, related to the reclassification of temporary processing facility leases as lifting cost.

**Capital expenditures** amounted to US$320 million (2.9x vs. Q4 24, +20% vs. Q3 25), with 75% allocated to the development of Rincón de Aranda.

------

<sup>[4]</sup> It only considers maintenance, treatment, internal transportation, wellhead staff and the TPF costs at Rincón de Aranda, which under IFRS it is recorded as Leases, recording rights-of-use amortization in the cost of sales. Lifting cost does not include amortizations and depreciations.

<br> Earnings release Q4 25 ● 8

![](image_036.jpg)

**2.2** **Analysis of the power generation segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Power generation segment, consolidated<br> Figures in US$ million** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** | **Fourth quarter** |
| **Power generation segment, consolidated<br> Figures in US$ million** | 2025 | 2024 | *∆%* | 2025 | 2024 | *∆%* |
| Sales revenue | 792 | 672 | *+18%* | 207 | 167 | *+24%* |
| Cost of sales | (450) | (367) | *+23%* | (131) | (107) | *+22%* |
| **Gross profit** | **342** | **305** | ***+12%*** | **76** | **60** | ***+27%*** |
| Selling expenses | (4) | (3) | *+33%* | (1) | (1) | *-* |
| Administrative expenses | (42) | (52) | *-19%* | (11) | (13) | *-15%* |
| Other operating income | 23 | 35 | *-34%* | 6 | 1 | *NA* |
| Other operating expenses | (11) | (14) | *-21%* | (2) | (3) | *-33%* |
| Impairment of financial assets |  | (46) | *-100%* |  |  | *NA* |
| Recovery of impairment of PPE, int. assets and inventories | 55 |  | *NA* | 55 |  | *NA* |
| Results for participation in joint businesses | 12 | (21) | *NA* | 7 | 7 | *-* |
| **Operating income** | **375** | **204** | ***+84%*** | **130** | **51** | ***+155%*** |
| Finance income | 18 | 8 | *+125%* | 3 | 5 | *-40%* |
| Finance costs | (46) | (53) | *-13%* | (10) | (14) | *-29%* |
| Other financial results | 168 | 183 | *-8%* | 87 | 81 | *+7%* |
| ***Financial results, net*** | ***140*** | ***138*** | ***+1%*** | ***80*** | ***72*** | ***+11%*** |
| **Profit before tax** | **515** | **342** | ***+51%*** | **210** | **123** | ***+71%*** |
| Income tax | (217) | 119 | *NA* | (37) | 10 | *NA* |
| **Net income for the period** | **298** | **461** | ***-35%*** | **173** | **133** | ***+30%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Attributable to owners of the Company* | *297* | *461* | *-36%* | *172* | *133* | *+29%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Attributable to non-controlling interests* | *1* | *-* | *NA* | *1* | *-* | *NA* |
| **Adjusted EBITDA** | **472** | **390** | ***+21%*** | **111** | **86** | ***+28%*** |
| ***Adjusted EBITDA at our share ownership*** | ***469*** | ***389*** | ***+20%*** | ***109*** | ***85*** | ***+27%*** |
| Increases in PPE and right-of-use assets | 66 | 105 | *-37%* | 20 | 38 | *-49%* |
| Depreciation and amortization | 116 | 100 | *+16%* | 29 | 29 | *-* |

---

In Q4 25, power generation **sales** increased 24% year-on-year, mainly driven by higher spot remuneration for our thermal units following the implementation of the new WEM framework in November 2025, in addition to a higher load factor at CTGEBA's legacy CCGT, after life-extension works were completed in Q4 24 and, to a lesser extent, the contribution of PEPE 6. These effects were partially offset by a scheduled overhaul at CTGEBA's new CCGT during Q4 25, which is remunerated under a PPA, and by lower fuel recognition, as fuel is now billed as energy under the new scheme. Compared to Q3 25, sales remained flat, driven by higher spot energy prices, offset by seasonally lower demand.

Within the spot segment, capacity payments for CCGTs averaged US$4.5 thousand per MW-month (+27% vs. Q4 24, -16% vs. Q3 25), reflecting the new WEM guidelines. Moreover, open cycles (GT and ST) averaged US$5.8 thousand per MW-month (+12% vs. Q4 24 and flat vs. Q3 25), supported by higher capacity payments at CPB, which can operate with alternative fuels. Hydros averaged US$2.1 thousand per MW-month (-12% vs. Q4 24, +2% vs. Q3 25), as HIDISA and HPPL were excluded in the new WEM framework. The most significant impact of Res. SE No. 400/25 is reflected in the variable dispatch margins, as the marginal pricing mechanism benefits more efficient units, particularly CCGTs, as well as power units with self-supplied fuel, allowing them to capture higher margins.

Regarding **operational performance**, operated power generation increased 3% year-on-year, in line with the national grid's performance. Higher output was driven by CTGEBA's legacy CCGT (+849 GWh), CTLL's CCGT (+214 GWh) and improved wind conditions at the PEPEs (+55 GWh). These effects were partially offset by lower generation at CTGEBA's new CCGT due to programmed maintenance in October 2025 (-465 GWh), the continued outage at HINISA following the January 2025 climate event (-200 GWh), reduced water input at HPPL and scheduled overhaul at HIDISA (-188 GWh), in addition to lower dispatch from our open-cycle units amid softer demand (-130 GWh).

<br> Earnings release Q4 25 ● 9

![](image_036.jpg)

The average **availability** of Pampa's operated units reached 91.3% in Q4 25, down from 94.3% in Q4 24 (-287 basis points), mainly impacted by HINISA's forced outage and programmed maintenance at CTGEBA, CTLL and CTG. These variations were partially offset by scheduled overhauls in CTLL and CTGEBA during Q4 24. Thermal availability, however, improved 75 basis points to 93.2% in Q4 25, underscoring the solid operational performance of our thermal assets.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Power generation's <br> key performance indicators** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | ***Variation*** | ***Variation*** | ***Variation*** | ***Variation*** |
| **Power generation's <br> key performance indicators** | Wind | Hydro | Thermal | **Total** | Wind | Hydro | Thermal | **Total** | *Wind* | *Hydro* | *Thermal* | ***Total*** |
| **Installed capacity (MW)** | 427 | 938 | 4107 | **5472** | 427 | 938 | 4107 | **5472** | *+0%* | *-* | *+0%* | ***-0%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contracted capacity (MW) | 427 | 41 | 1299 | **1767** | 427 |  | 1343 | **1769** | *+0%* | *na* | *-3%* | ***-0%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Market share (%) | 1.0% | 2.1% | 9.3% | **12.4%** | 1.0% | 2.2% | 9.5% | **12.6%** | *-0%* | *-0%* | *-0%* | ***-0%*** |
| **Fiscal year** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net generation (GWh) | 1714 | 1360 | 17950 | **21024** | 1270 | 2363 | 18111 | **21743** | *+35%* | *-42%* | *-1%* | ***-3%*** |
| Volume sold (GWh) | 1723 | 1361 | 18542 | **21625** | 1280 | 2363 | 18914 | **22557** | *+35%* | *-42%* | *-2%* | ***-4%*** |
| Average price (US$/MWh) | 69 | 23 | 42 | **43** | 71 | 15 | 36 | **36** | *-3%* | *+51%* | *+18%* | ***+21%*** |
| Average gross margin (US$/MWh) | 54 | 10 | 24 | **26** | 58 | 6 | 22 | **23** | *-7%* | *+69%* | *+10%* | ***+15%*** |
| **Fourth quarter** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net generation (GWh) | 470 | 334 | 4143 | **4947** | 431 | 722 | 3644 | **4797** | *+9%* | *-54%* | *+14%* | ***+3%*** |
| Volume sold (GWh) | 469 | 334 | 4165 | **4968** | 436 | 722 | 3859 | **5018** | *+7%* | *-54%* | *+8%* | ***-1%*** |
| Average price (US$/MWh) | 68 | 25 | 52 | **51** | 71 | 15 | 41 | **40** | *-4%* | *+59%* | *+25%* | ***+28%*** |
| Average gross margin (US$/MWh) | 55 | 11 | 25 | **27** | 50 | 7 | 23 | **23** | *+9%* | *+64%* | *+9%* | ***+16%*** |

---

**Note**: Gross margin before amortization and depreciation. Includes CTEB (co-operated by Pampa, 50% equity stake).

Excluding depreciation and amortization, **net operating costs** increased 17% year-on-year to US$110 million in Q4 25, mainly due to higher gas procurement for our thermal generation, partially offset by lower labor and maintenance expenses. Compared to Q3 25, operating expenses increased 11%, mainly driven by gas purchases and, to a lesser extent, higher maintenance and materials costs, partially offset by lower transportation costs following the discontinuation of the Energía Plus B2B segment in late October 2025.

**Other operating income and expenses** improved to a US$4 million profit from a US$2 million loss in Q4 24, mainly due to higher insurance recoveries net of repair costs.

**Financial results** in Q4 25 recorded a net profit of US$80 million, 11% higher than the US$72 million in Q4 24, reflecting lower debt interest expense following bond refinancing, partially offset by decreased gains on financial instruments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of adjusted EBITDA from power generation, <br> in US$ million** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** |
| **Reconciliation of adjusted EBITDA from power generation, <br> in US$ million** | 2025 | 2024 | 2025 | 2024 |
| Consolidated operating income | 375 | 204 | 130 | 51 |
| Consolidated depreciations and amortizations | 116 | 100 | 29 | 29 |
| **Reporting EBITDA** | **491** | **304** | **159** | **80** |
| Deletion of CTEB's equity income | (12) | 21 | (7) | (7) |
| Deletion of PPE, int. assets and inventories' recovery of impairment | (55) |  | (55) |  |
| Deletion of commercial interests to CAMMESA | (5) | (29) | (1) | (1) |
| Deletion of CAMMESA's receivable impairment |  | 32 |  |  |
| Deletion of PPE activation in operating expenses |  | 3 |  | 1 |
| Deletion of provision in hydros |  | 6 |  | 1 |
| CTEB's EBITDA, at our 50% ownership | 53 | 53 | 15 | 13 |
| **Adjusted EBITDA from power generation** | **472** | **390** | **111** | **86** |

---

**Adjusted EBITDA** for the power generation segment was US$111 million (+28% vs. Q4 24, -8% vs. Q3 25), supported by improved remuneration for our thermal units under the new WEM framework and lower labor and maintenance costs. These effects were partially offset by increased gas purchases and reduced output at CTGEBA's new CCGT during programmed maintenance. Seasonality explains the 7% quarter-on-quarter decrease in EBITDA. Adjusted EBITDA excludes non-operating, non-recurrent and non-cash items and considers CTEB's 50% ownership, which contributed US$15 million in Q4 25 (+16% vs. Q4 24, flat vs. Q3 25).

<br> Earnings release Q4 25 ● 10

![](image_036.jpg)

**Capital expenditures**, excluding CTEB, totaled US$20 million in Q4 25, down from US$38 million in Q4 24, mainly allocated to maintenance activities.

**2.3** **Analysis of the petrochemicals segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Petrochemicals segment, consolidated<br> Figures in US$ million** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** | **Fourth quarter** |
| **Petrochemicals segment, consolidated<br> Figures in US$ million** | 2025 | 2024 | *∆%* | 2025 | 2024 | *∆%* |
| Sales revenue | 443 | 516 | *-14%* | 114 | 122 | *-7%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Domestic sales* | *265* | *326* | *-19%* | *75* | *79* | *-5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Foreign market sales* | *178* | *190* | *-6%* | *39* | *43* | *-8%* |
| Cost of sales | (429) | (487) | *-12%* | (110) | (126) | *-13%* |
| **Gross profit** | **14** | **29** | ***-52%*** | **4** | **(4)** | ***NA*** |
| Selling expenses | (12) | (13) | *-8%* | (3) | (4) | *-25%* |
| Administrative expenses | (6) | (7) | *-14%* | (1) | (2) | *-50%* |
| Other operating income | 19 | 41 | *-54%* |  | 30 | *-100%* |
| Other operating expenses | (9) | (7) | *+29%* | (1) | (2) | *-50%* |
| Impairment of PPE, int. assets and inventories | (37) |  | *NA* | (37) |  | *NA* |
| **Operating income** | **(31)** | **43** | ***NA*** | **(38)** | **18** | ***NA*** |
| Finance income | 27 | 21 | *+29%* |  | 21 | *-100%* |
| Finance costs |  | (3) | *-100%* |  |  | *NA* |
| Other financial results | 3 | 7 | *-57%* | (1) | 3 | *NA* |
| ***Financial results, net*** | ***30*** | ***25*** | ***+20%*** | ***(1)*** | ***24*** | ***NA*** |
| **Profit before tax** | **(1)** | **68** | ***NA*** | **(39)** | **42** | ***NA*** |
| Income tax | 5 | 4 | *+25%* | 16 | (3) | *NA* |
| **Net income for the period** | **4** | **72** | ***-94%*** | **(23)** | **39** | ***NA*** |
| **Adjusted EBITDA** | **(5)** | **21** | ***NA*** | **1** | **(7)** | ***NA*** |
| Increases in PPE | 15 | 6 | *+150%* | 1 | 2 | *-36%* |
| Depreciation and amortization | 6 | 5 | *+20%* | 2 | 2 | *-* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of adjusted EBITDA from petrochemicals, <br> in US$ million** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** |
| **Reconciliation of adjusted EBITDA from petrochemicals, <br> in US$ million** | 2025 | 2024 | 2025 | 2024 |
| Consolidated operating income | (31) | 43 | (38) | 18 |
| Consolidated depreciations and amortizations | 6 | 5 | 2 | 2 |
| **Reporting EBITDA** | **(25)** | **48** | **(36)** | **20** |
| Deletion of PPE, int. assets and inventories' impairment | 37 |  | 37 |  |
| Deletion of gain from commercial interests | (0) | (0) | (0) | 0 |
| Deletion of contingencies adjustment | (17) | (27) | - | (27) |
| **Adjusted EBITDA from petrochemicals** | **(5)** | **21** | **1** | **(7)** |

---

The **adjusted EBITDA** for the petrochemicals segment posted a US$1 million profit in Q4 25, compared to a US$7 million loss in Q4 24, mainly driven by higher domestic sales in the Reforming, which achieved record octane base volumes in December, improved spreads between international and domestic styrenics prices, and lower operating costs. These effects were partially offset by lower styrenics and SBR sales, a decline in international reference prices and, to a lesser extent, the US$2 million extraordinary gain recorded in Q4 24 from export settlements at a differential FX rate. The quarter-on-quarter improvement in EBITDA is mainly due to lower idle capacity and tighter cost management.

<br> Earnings release Q4 25 ● 11

![](image_036.jpg)

The total **volume** sold reached 129 thousand tons (+7% vs. Q4 24, +6% vs. Q3 25), mainly driven by increased domestic demand for reforming products, partially offset by softer demand for styrene, polystyrene, and SBR.

**Financial results** recorded a loss of US$1 million in Q4 25 (-US$25 million vs. Q4 24, -US$2 million vs. Q3 25), mainly explained by the extraordinary gain recorded in Q4 24, related to the recovery of interest from customs contingencies.

Finally, **capital expenditures** totaled US$1 million in Q4 25, compared to US$2 million in Q4 24, mainly allocated to maintenance of facilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Petrochemicals'<br> key performance indicators** | **Products** | **Products** | **Products** | **Total** |
| **Petrochemicals'<br> key performance indicators** | Styrene & polystyrene<sup>1</sup> | SBR | Reforming & others | **Total** |
| **Fiscal year** |  |  |  |  |
| **Volume sold 2025 (thousand ton)** | **84** | **41** | **335** | **460** |
| Volume sold 2024 (thousand ton) | 88 | 45 | 336 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Variation 2025 vs. 2024* | *-5%* | *-8%* | *-0%* | *-2%* |
| **Average price 2025 (US$/ton)** | **1486** | **1615** | **752** | **963** |
| Average price 2024 (US$/ton) | 1744 | 1843 | 832 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Variation 2025 vs. 2024* | *-15%* | *-12%* | *-10%* | *-12%* |
| **Fourth quarter** |  |  |  |  |
| **Volume sold Q4 25 (thousand ton)** | **22** | **11** | **97** | **129** |
| Volume sold Q4 24 (thousand ton) | 24 | 12 | 85 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Variation Q4 25 vs. Q4 24* | *-9%* | *-7%* | *+14%* | *+7%* |
| **Average price Q4 25 (US$/ton)** | **1406** | **1433** | **708** | **886** |
| Average price Q4 24 (US$/ton) | 1584 | 1851 | 743 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Variation Q4 25 vs. Q4 24* | *-11%* | *-23%* | *-5%* | *-13%* |

---

**Note**: **1** Includes Propylene.

<br> Earnings release Q4 25 ● 12

![](image_036.jpg)

**2.4** **Analysis of the holding, transport and others segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Holding, transport and others segment, consolidated<br> Figures in US$ million** | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** | **Fourth quarter** |
| **Holding, transport and others segment, consolidated<br> Figures in US$ million** | 2025 | 2024 | *∆%* | 2025 | 2024 | *∆%* |
| Sales revenue | 24 | 65 | *-63%* | 6 | 36 | *-83%* |
| Cost of sales |  | (17) | *-100%* |  | (12) | *-100%* |
| **Gross profit** | **24** | **48** | ***-50%*** | **6** | **24** | ***-75%*** |
| Selling expenses | (2) |  | *NA* | (1) |  | *NA* |
| Administrative expenses | (61) | (98) | *-38%* | (26) | (60) | *-57%* |
| Other operating income | 9 | 12 | *-25%* | 1 | 8 | *-88%* |
| Other operating expenses | (29) | (39) | *-26%* |  | (5) | *-100%* |
| Income from the sale of associates |  | 34 | *-100%* |  | 27 | *-100%* |
| Results for participation in joint businesses | 127 | 167 | *-24%* | 33 | 38 | *-13%* |
| **Operating income** | **68** | **124** | ***-45%*** | **13** | **32** | ***-59%*** |
| Finance income |  | 1 | *-100%* |  | 1 | *-100%* |
| Finance costs | (49) | (33) | *+48%* | (11) | (9) | *+22%* |
| Other financial results | 94 | 32 | *+194%* | 17 | 7 | *+143%* |
| ***Financial results, net*** | ***45*** | ***-*** | ***NA*** | ***6*** | ***(1)*** | ***NA*** |
| **Profit before tax** | **113** | **124** | ***-9%*** | **19** | **31** | ***-39%*** |
| Income tax | 18 | (33) | *NA* | 10 | (21) | *NA* |
| **Net income for the period** | **131** | **91** | ***+44%*** | **29** | **10** | ***+190%*** |
| **Adjusted EBITDA** | **166** | **179** | ***-7%*** | **42** | **67** | ***-38%*** |
| Increases in PPE | 9 | 7 | *+23%* | 1 | 3 | *-57%* |
| Depreciation and amortization |  |  | *NA* |  |  | *NA* |

---

The holding, transport and others segment, excluding equity income from affiliates, posted a loss on **operating margin** of US$20 million in Q4 25, compared to a US$6 million loss in Q4 24, mainly explained by the deconsolidation of OCP Ecuador, which had contributed oil transportation income from August 30, 2024 until the concession ended on November 29, 2024, and lower fee income. These effects were partially offset by lower executive compensation accrual linked to share price performance.

**Financial results** showed a net profit of US$6 million (+US$7 million vs. Q4 24, -68% vs. Q3 25), mainly because of improved equity valuation from Oldelval and higher FX gains resulting from the AR$ devaluation on the segment's net liability position in local currency, partially offset by higher interest expenses associated with tax contingencies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of adjusted EBITDA from holding, transport and others, <br> in US$ million** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** |
| **Reconciliation of adjusted EBITDA from holding, transport and others, <br> in US$ million** | 2025 | 2024 | 2025 | 2024 |
| Consolidated operating income | 68 | 124 | 13 | 32 |
| Consolidated depreciations and amortizations |  |  |  |  |
| **Reporting EBITDA** | **68** | **124** | **13** | **32** |
| Deletion of equity income | (127) | (167) | (33) | (38) |
| Deletion of gain from commercial interests |  | (0) |  | (0) |
| Deletion of contigencies provision |  | 16 |  |  |
| Deletion of deferred executive compensation payment |  | 43 |  | 43 |
| Deletion of the sale of associates |  | (34) |  | (27) |
| Deletion of arbitration costs in OCP | 0 |  | (8) |  |
| Deletion of gain from the end of the concession in OCP |  | (4) |  | (4) |
| TGS's EBITDA adjusted by ownership | 165 | 163 | 50 | 49 |
| Transener's EBITDA adjusted by ownership | 60 | 38 | 19 | 11 |
| **Adjusted EBITDA from holding and others** | **166** | **179** | **42** | **67** |

---

<br> Earnings release Q4 25 ● 13

![](image_036.jpg)

The **adjusted EBITDA** for the segment excludes non-operating, non-recurring, and non-cash items and includes EBITDA adjusted for equity ownership in TGS and Transener. In Q4 25, the US$42 million profit (-38% vs. Q4 24, +15% vs. Q3 25) was mainly due to OCP Ecuador's consolidation in Q4 24, partially offset by improved performance at Transener.

At **TGS**, the EBITDA adjusted for our stake was US$50 million in Q4 25, in line with US$49 million in Q4 24, explained by higher contributions from the midstream business due to increased natural gas transportation and conditioning services in Vaca Muerta, along with higher NGL processed volumes, particularly ethane. These effects were partially offset by lower international LPG and gasoline prices, narrower premium spreads, and higher operating charges in the NGL segment related to the March 2025 climate event at Cerri. The EBITDA from the regulated segment remained stable, following an 8% tariff increase in Q4 25, in line with inflation (8%).

At **Transener**, the EBITDA adjusted for our stake reached US$19 million in Q4 25, up from US$11 million in Q4 24, supported by a 22% tariff hike that outpaced both inflation and devaluation (5%).

<br> Earnings release Q4 25 ● 14

![](image_036.jpg)

3. Cash and financial borrowings

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025,<br> in US$ million | **Cash<sup>1</sup>** |  | **Financial debt** |  | **Net debt** |  |
|  | Consolidated <br> in FS | Ownership adjusted | Consolidated <br> in FS | Ownership adjusted | **Consolidated <br> in FS** | **Ownership adjusted** |
| Power generation | 1091 | 1083 | 471 | 471 | **(620)** | **(612)** |
| Petrochemicals |  |  |  |  | **-** | **-** |
| Holding and others | (0) | (0) |  |  | **0** | **0** |
| Oil and gas |  |  | 1421 | 1421 | **1421** | **1421** |
| **Total under IFRS/Restricted Group** | **1091** | **1083** | **1892** | **1892** | **801** | **808** |
| Affiliates at O/S<sup>2</sup> | 366 | 366 | 394 | 394 | **28** | **28** |
| **Total with affiliates** | **1457** | **1449** | **2286** | **2286** | **829** | **836** |

---

**Note**: Financial debt includes accrued interest. **1** It includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost. **2** Under IFRS, the affiliates CTBSA, Transener and TGS are excluded from Pampa's consolidated figures.

**3.1** **Debt transactions** 

During Q4 25, Pampa issued an international CB Series 26 for US$450 million, maturing on a bullet basis in November 2037, with a 7.75% fixed coupon paid semiannually. The 12-year tenor represents a landmark transaction for the Argentine corporate market, marking the first long-dated issuance in more than a decade and doubling Pampa's average debt life to nearly 8 years.

Pampa continued actively managing its maturity debt profile by paying US$56 million corresponding to Series 16 CB and US$59 million related to the second principal installment of the 2026 Notes. The Company also early redeemed the remaining US$61 million of the 2026 Notes and US$36 million of Series 20, further reducing short- and medium-term maturities.

As of December 31, 2025, Pampa's financial debt under IFRS totaled US$1,892 million, 9% lower than at year-end 2024. This decrease is mainly due to the early redemption of the 2027 and 2029 Notes, funded with proceeds from the 2034 issuance. However, net debt increased to US$801 million, driven by higher capital expenditures in Rincón de Aranda, collateral posted under crude oil price hedging, and share buybacks, offset by robust free cash flow from the power and gas businesses. Compared to September 2025, net debt decreased by US$72 million, driven by winter cash collections, softer capex requirements in E&P gas and power generation, and lower hedge-related collateral, partially offset by higher investments at Rincón de Aranda.

As of December 31, 2025, 96% of total gross debt was issued in the capital markets, with the remaining 4% corresponding to bank financing. The gross debt principal breakdown is shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type of debt** | **Currency** | **Legislation** | **Amount<br> in million US$** | **% over <br> total gross debt** | **Average rate** | **Average life** |
| Loans | US$ | Argentine | 77 | 4% | 4.94% | 1.1 |
| CB | US$ MEP | Argentine | 84 | 4% | 5.75% | 2.8 |
| CB | US$ | Argentine | 105 | 5% | 7.25% | 2.6 |
| CB | US$-link | Argentine | 82 | 4% | 0.00% | 2.0 |
| CB | US$ | Foreign | 1560 | 82% | 7.86% | 8.9 |
| **Total** |  |  | **1907** | **100%** | **7.28%** | **7.7** |

---

Proactive liability management allowed Pampa to strengthen its capital structure, extending the average maturity to 7.7 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million by the end of Q4 25:

<br> Earnings release Q4 25 ● 15

![](image_036.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](image_039.jpg) | &nbsp;&nbsp;&nbsp;**Note:** The chart only considers Pampa's consolidated figures under IFRS and excludes affiliates TGS, Transener, and CTBSA. The cash position includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost. |

---

Regarding our affiliates, CTEB repaid US$9 million in bank debt, while TGS obtained new loans for US$101 million and issued international CB Series 4 for US$500 million, maturing in November 2035 with a 7.75% coupon and an 8% yield.

As of today, Pampa remains in full compliance with all debt covenants.

**3.2** **Summary of debt securities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company<br> In US$ million** | **Security** | **Maturity** | **Amount outstanding** | **Coupon** |
| **In US$-Foreign Law** |  |  |  |  |
| Pampa | CB Series 21 at discount & fixed rate | 2031 | 410 | 7.95% |
| Pampa | CB Series 23 at discount & fixed rate | 2034 | 700 | 7.875% |
| Pampa | CB Series 26 at discount & fixed rate | 2037 | 450 | 7.750% |
| TGS<sup>1</sup> | CB Series 3 at discount at fixed rate | 2031 | 490 | 8.5% |
| TGS<sup>1</sup> | CB Series 4 at discount at fixed rate | 2035 | 500 | 7.75% |
| **In US$-Argentine Law** |  |  |  |  |
| Pampa | CB Series 25 | 2028 | 105 | 7.25% |
| **In US$-link** |  |  |  |  |
| Pampa | CB Series 13 | 2027 | 82 | 0% |
| CTEB<sup>1</sup> | CB Series 9 | 2026 | 26 | 0% |
| **In US$-MEP** |  |  |  |  |
| Pampa | CB Series 22 | 2028 | 84 | 5.75% |

---

**Note**: **1** Under IFRS, affiliates are not consolidated in Pampa's FS.

**3.3** **Credit ratings** 

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Agency** | **Rating** | **Rating** |
| **Company** | **Agency** | Global | Local |
| Pampa | S&P | B-, bb- (stand-alone) | na |
| Pampa | FitchRatings | B- | AAA (long-term)<sup>1</sup> A1+ (short-term)<sup>1</sup> |
| TGS | S&P | B-, b+ (stand-alone) | na |
| TGS | FitchRatings | B- | na |
| Transener | FitchRatings | na | AA (long-term)<sup>1</sup> |
| CTEB | FitchRatings | na | AA+<sup>1</sup> |

---

**Note**: **1** Issued by FIX SCR.

<br> Earnings release Q4 25 ● 16

![](image_036.jpg)

4. Appendix

**4.1** **Analysis of the fiscal year, by subsidiary and segment** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subsidiary<br> In US$ million** | **Fiscal year 2025** | **Fiscal year 2025** | **Fiscal year 2025** | **Fiscal year 2025** | **Fiscal year 2024** | **Fiscal year 2024** | **Fiscal year 2024** | **Fiscal year 2024** |
| **Subsidiary<br> In US$ million** | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> |
| **Subsidiary<br> In US$ million** | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> |
| **Oil & gas segment** |  |  |  |  |  |  |  |  |
| Pampa Energía | 100.0% | 375 | 1422 | (55) | 100.0% | 346 | 987 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal oil & gas** |  | **375** | **1422** | **(55)** |  | **346** | **987** | **(5)** |
| **Power generation segment** |  |  |  |  |  |  |  |  |
| Diamante | 61.0% | 7 | (0) | 3 | 61.0% | 3 | (0) | 1 |
| Los Nihuiles | 52.0% | 1 | (0) | (0) | 52.0% | (0) | (0) | (0) |
| VAR | 100.0% | 17 | (0) | 6 | 100.0% | 22 | (0) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;*CTBSA* |  | *105* | *139* | *25* |  | *107* | *33* | *(41)* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Non-controlling stake adjustment* |  | *(53)* | *(69)* | *(12)* |  | *(53)* | *(16)* | *21* |
| Subtotal CTBSA adjusted by ownership | 50.0% | 53 | 69 | 12 | 50.0% | 53 | 16 | (21) |
| Pampa stand-alone, other companies, & adj.<sup>1</sup> |  | 394 | (620) | 276 |  | 312 | (590) | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal power generation** |  | **472** | **(551)** | **297** |  | **390** | **(573)** | **461** |
| **Petrochemicals segment** |  |  |  |  |  |  |  |  |
| Pampa Energía | 100.0% | (5) |  | 4 | 100.0% | 21 |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal petrochemicals** |  | **(5)** | **-** | **4** |  | **21** | **-** | **72** |
| **Holding, transport & others segment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transener* |  | *228* | *(84)* | *134* |  | *143* | *(97)* | *68* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Non-controlling stake adjustment* |  | *(168)* | *62* | *(98)* |  | *(105)* | *72* | *(50)* |
| Subtotal Transener adjusted by ownership | 26.3% | 60 | (22) | 35 | 26.3% | 38 | (26) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;*TGS* |  | *622* | *(71)* | *289* |  | *630* | *(210)* | *359* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Non-controlling stake adjustment* |  | *(457)* | *52* | *(213)* |  | *(467)* | *155* | *(266)* |
| Subtotal TGS adjusted by ownership | 26.9% | 165 | (19) | 76 | 25.9% | 163 | (54) | 93 |
| Pampa stand-alone, other companies, & adj.<sup>1</sup> |  | (59) | 0 | 19 |  | (21) | 13 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal holding & others** |  | **166** | **(41)** | **131** |  | **179** | **(67)** | **91** |
| Deletions |  | - | (28) | - |  | - | 63 | - |
| **Total consolidated** |  | **1009** | **801** | **377** |  | **937** | **410** | **619** |
| &nbsp;&nbsp;&nbsp;&nbsp;***At our share ownership*** |  | ***1005*** | ***836*** | ***377*** |  | ***935*** | ***353*** | ***619*** |

---

**Note: 1** The deletion corresponds to other companies or inter-companies. **2** Attributable to the Company's shareholders.

<br> Earnings release Q4 25 ● 17

![](image_036.jpg)

**4.2** **Analysis of the quarter, by subsidiary and segment** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subsidiary<br> In US$ million** | **Q4 25** | **Q4 25** | **Q4 25** | **Q4 25** | **Q4 24** | **Q4 24** | **Q4 24** | **Q4 24** |
| **Subsidiary<br> In US$ million** | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> |
| **Subsidiary<br> In US$ million** | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> | % Pampa | Adjusted EBITDA | Net <br> debt | Net <br> income<sup>2</sup> |
| **Oil & gas segment** |  |  |  |  |  |  |  |  |
| Pampa Energía | 100.0% | 77 | 1422 | (17) | 100.0% | 36 | 987 | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal oil & gas** |  | **77** | **1422** | **(17)** |  | **36** | **987** | **(76)** |
| **Power generation segment** |  |  |  |  |  |  |  |  |
| Diamante | 61.0% | 1 | (0) | 41 | 61.0% | 1 | (0) | 1 |
| Los Nihuiles | 52.0% | 3 | (0) | (0) | 52.0% | 1 | (0) | 1 |
| VAR | 100.0% | 6 | (0) | 44 | 100.0% | 7 | (0) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;*CTBSA* |  | *29* | *139* | *14* |  | *25* | *33* | *15* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Non-controlling stake adjustment* |  | *(15)* | *(69)* | *(7)* |  | *(13)* | *(16)* | *(8)* |
| Subtotal CTBSA adjusted by ownership | 50.0% | 15 | 69 | 7 | 50.0% | 13 | 16 | 8 |
| Pampa stand-alone, other companies, & adj.<sup>1</sup> |  | 86 | (620) | 80 |  | 64 | (590) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal power generation** |  | **111** | **(551)** | **172** |  | **86** | **(573)** | **133** |
| **Petrochemicals segment** |  |  |  |  |  |  |  |  |
| Pampa Energía | 100.0% | 1 |  | (23) | 100.0% | (7) |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal petrochemicals** |  | **1** | **-** | **(23)** |  | **(7)** | **-** | **39** |
| **Holding, transport & others segment** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Transener* |  | *74* | *(84)* | *41* |  | *43* | *(97)* | *21* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Non-controlling stake adjustment* |  | *(54)* | *62* | *(30)* |  | *(32)* | *72* | *(16)* |
| Subtotal Transener adjusted by ownership | 26.3% | 19 | (22) | 11 | 26.3% | 11 | (26) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;*TGS* |  | *185* | *(71)* | *90* |  | *194* | *(210)* | *129* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Non-controlling stake adjustment* |  | *(135)* | *52* | *(66)* |  | *(144)* | *156* | *(96)* |
| Subtotal TGS adjusted by ownership | 26.9% | 50 | (19) | 24 | 25.5% | 49 | (53) | 33 |
| Pampa stand-alone, other companies, & adj.<sup>1</sup> |  | (28) | 0 | (6) |  | 6 | 12 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Subtotal holding & others** |  | **42** | **(41)** | **29** |  | **67** | **(67)** | **10** |
| Deletions |  | - | (28) | - |  | - | 63 | - |
| **Total consolidated** |  | **230** | **801** | **161** |  | **182** | **410** | **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;***At our share ownership*** |  | ***228*** | ***836*** | ***161*** |  | ***181*** | ***353*** | ***106*** |

---

**N** **ote**: **1** The deletion corresponds to other companies or inter-companies. **2** Attributable to the Company's shareholders.

<br> Earnings release Q4 25 ● 18

![](image_036.jpg)

**4.3** **Consolidated balance sheet** 

---

| | | |
|:---|:---|:---|
| In US$ million | **As of 12.31.2025** | **As of 12.31.2024** |
| **ASSETS** |  |  |
| Property, plant and equipment | 3303 | 2607 |
| Intangible assets | 89 | 95 |
| Right-of-use assets | 36 | 11 |
| Deferred tax asset | 43 | 157 |
| Investments in associates and joint ventures | 1059 | 993 |
| Financial assets at fair value through profit and loss | 33 | 27 |
| Trade and other receivables | 43 | 75 |
| **Total non-current assets** | **4606** | **3965** |
| Inventories | 231 | 223 |
| Financial assets at amortized cost |  | 80 |
| Financial assets at fair value through profit and loss | 366 | 850 |
| Derivative financial instruments | 52 | 1 |
| Trade and other receivables | 614 | 488 |
| Cash and cash equivalents | 725 | 738 |
| **Total current assets** | **1988** | **2380** |
| **Total assets** | **6594** | **6345** |
| **EQUITY** |  |  |
| Share capital | 36 | 36 |
| Share capital adjustment | 191 | 191 |
| Share premium | 516 | 516 |
| Treasury shares adjustment | 1 | 1 |
| Treasury shares cost | (54) | (7) |
| Legal reserve | 44 | 44 |
| Voluntary reserve | 2399 | 1657 |
| Other reserves | (12) | (13) |
| Other comprehensive income | 124 | 119 |
| Retained earnings | 351 | 742 |
| **Equity attributable to owners of the company** | **3596** | **3286** |
| Non-controlling interest | 9 | 9 |
| **Total equity** | **3605** | **3295** |
| **LIABILITIES** |  |  |
| Provisions | 100 | 137 |
| Income tax and minimum notional income tax provision | 26 | 75 |
| Tax liabilities | 212 |  |
| Deferred tax liability | 56 | 49 |
| Defined benefit plans | 26 | 30 |
| Borrowings | 1844 | 1373 |
| Trade and other payables | 86 | 84 |
| **Total non-current liabilities** | **2350** | **1748** |
| Provisions | 13 | 10 |
| Income tax liability | 83 | 257 |
| Tax liabilities | 56 | 30 |
| Defined benefit plans | 6 | 7 |
| Salaries and social security payable | 36 | 39 |
| Borrowings | 48 | 706 |
| Trade and other payables | 397 | 253 |
| **Total current liabilities** | **639** | **1302** |
| **Total liabilities** | **2989** | **3050** |
| **Total liabilities and equity** | **6594** | **6345** |

---

<br> Earnings release Q4 25 ● 19

![](image_036.jpg)

**4.4** **Consolidated income statement** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| In US$ million | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** |
| In US$ million | 2025 | 2024 | 2025 | 2024 |
| Sales revenue | 1998 | 1876 | 507 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Domestic sales* | *1618* | *1575* | *411* | *368* |
| &nbsp;&nbsp;&nbsp;&nbsp;*Foreign market sales* | *380* | *301* | *96* | *67* |
| Cost of sales | (1369) | (1279) | (369) | (349) |
| **Gross profit** | **629** | **597** | **138** | **86** |
| Selling expenses | (98) | (74) | (29) | (17) |
| Administrative expenses | (192) | (239) | (61) | (100) |
| Exploration expenses |  | (21) |  | (21) |
| Other operating income | 100 | 175 | 15 | 59 |
| Other operating expenses | (72) | (88) | (10) | (16) |
| Impairment of financial assets | (21) | (56) | (16) |  |
| Recovery of impairment (Impairment) of PPE, int. assets and inventories | 15 | (34) | 23 | (15) |
| Results for part. in joint businesses & associates | 142 | 146 | 41 | 45 |
| Income from the sale of associates |  | 34 |  | 27 |
| **Operating income** | **503** | **440** | **101** | **48** |
| Financial income | 45 | 32 | 3 | 28 |
| Financial costs | (196) | (185) | (45) | (48) |
| Other financial results | 230 | 211 | 93 | 97 |
| ***Financial results, net*** | ***79*** | ***58*** | ***51*** | ***77*** |
| **Profit before tax** | **582** | **498** | **152** | **125** |
| Income tax | (204) | 121 | 10 | (19) |
| **Net income for the period** | **378** | **619** | **162** | **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Attributable to the owners of the Company*** | ***377*** | ***619*** | ***161*** | ***106*** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Attributable to the non-controlling interest*** | ***1*** | ***-*** | ***1*** | ***-*** |
| **Net income per share to shareholders** | **0.3** | **0.5** | **0.1** | **0.1** |
| **Net income per ADR to shareholders** | **6.9** | **11.4** | **3.0** | **1.9** |
| ***Average outstanding common shares*<sup>1</sup>*** | ***1360*** | ***1360*** | ***1360*** | ***1360*** |
| ***Outstanding shares by the end of period*<sup>1</sup>*** | ***1360*** | ***1360*** | ***1360*** | ***1360*** |

---

**Note**: **1** It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of December 31, 2024 and 2025. Repurchased stock can only be canceled if it is ordinary shares.

<br> Earnings release Q4 25 ● 20

![](image_036.jpg)

**4.5** **Consolidated cash flow statement** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| In US$ million | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** |
| In US$ million | 2025 | 2024 | 2025 | 2024 |
| **OPERATING ACTIVITIES** |  |  |  |  |
| Profit of the period | 378 | 619 | 162 | 106 |
| Adjustments to reconcile net profit to cash flows from operating activities | 418 | 152 | 11 | 12 |
| Changes in operating assets and liabilities | (18) | (336) | 115 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Increase) decrease in trade receivables and other receivables* | *(100)* | *(411)* | *119* | *47* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Increase) decrease in inventories* | *(13)* | *(20)* | *21* | *13* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Increase in trade and other payables* | *69* | *75* | *(25)* | *(5)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Increase in salaries and social security payables* | *10* | *25* | *8* | *10* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defined benefit plans payments* | *(3)* | *(3)* | *(1)* | *(1)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Increase (decrease) in tax liabilities* | *22* | *17* | *(3)* | *(17)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Decrease in provisions* | *(10)* | *(19)* | *(3)* | *(16)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Income tax payment* | *(8)* | *-* | *(8)* | *-* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Collection for derivative financial instruments, net* | *15* | *-* | *7* | *-* |
| **Net cash generated by (used in) operating activities** | **778** | **435** | **288** | **149** |
| **INVESTING ACTIVITIES** |  |  |  |  |
| Payment for property, plant and equipment acquisitions | (993) | (447) | (242) | (97) |
| Collection for sales (Payment for purchases) of public securities and shares, net | 592 | (5) | 216 | 21 |
| Recovery (Suscription) of mutual funds, net | 3 | (10) | (8) | (9) |
| Capital integration in companies | (44) |  | (3) |  |
| Payment for companies' acquisitions | (1) | (48) | (1) |  |
| Collection for equity interests in companies sales | 1 | 39 |  | 21 |
| Collection for joint ventures' share repurchase |  | 37 |  |  |
| Collections for intangible assets sales | 9 |  |  |  |
| Dividends collection | 25 | 9 |  | 1 |
| Collection for equity interests in areas sales | 7 | 9 | 5 | 9 |
| Cash addition from purchase of subsidiary |  | 71 |  |  |
| Collection of loans, net |  | 1 |  | 1 |
| **Net cash generated by (used in) investing activities** | **(401)** | **(344)** | **(33)** | **(53)** |
| **FINANCING ACTIVITIES** |  |  |  |  |
| Proceeds from borrowings | 986 | 1174 | 432 | 464 |
| Payment of borrowings | (306) | (236) | (178) | (142) |
| Payment of borrowings interests | (161) | (145) | (39) | (27) |
| Repurchase and redemption of corporate bonds | (837) | (313) | (111) | 16 |
| Payment for treasury shares acquisition | (47) |  | (31) |  |
| Payment of dividends | (1) |  | (1) |  |
| Payment of leases | (24) | (4) | (13) | (1) |
| **Net cash (used in) generated by financing activities** | **(390)** | **476** | **59** | **310** |
| **(Decrease) Increase in cash and cash equivalents** | **(13)** | **567** | **314** | **406** |
| Cash and cash equivalents at the beginning of the period | 738 | 171 | 411 | 332 |
| (Decrease) Increase in cash and cash equivalents | (13) | 567 | 314 | 406 |
| **Cash and cash equivalents at the end of the period** | **725** | **738** | **725** | **738** |

---

<br> Earnings release Q4 25 ● 21

![](image_036.jpg)

**4.6** **Power generation's main operational KPIs by plant** 

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Power generation's<br> key performance indicators** | **Wind** | **Wind** | **Wind** | **Wind** | **Wind** | **Hydroelectric** | **Hydroelectric** | **Hydroelectric** | **Subtotal<br> hydro<br> +wind** | **Thermal** | **Thermal** | **Thermal** | **Thermal** | **Thermal** | **Thermal** | **Thermal** | **Thermal** | **Thermal** | **Thermal** | **Total** |
| **Power generation's<br> key performance indicators** | PEPE2 | PEPE3 | PEPE4 | PEA | PEPE6 | HINISA | HIDISA | HPPL | **Subtotal<br> hydro<br> +wind** | CTLL | CTG | CTP | CPB | CTPP | CTIW | CTGEBA | Eco-<br> Energía | CTEB<sup>1</sup> | **Subtotal<br> thermal** | **Total** |
| Installed capacity (MW) | 53 | 53 | 81 | 100 | 140 | 265 | 388 | 285 | **1365** | 780 | 361 | 30 | 620 | 100 | 100 | 1254 | 14 | 848 | **4107** | **5472** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Contracted capacity (MW)* | *53* | *53* | *81* | *100* | *140* | *41* | *-* | *-* | ***469*** | *224* | *85* | *-* | *-* | *100* | *100* | *497* | *14* | *279* | ***1299*** | ***1768*** |
| Market share | 0.1% | 0.1% | 0.2% | 0.2% | 0.3% | 0.6% | 0.9% | 0.6% | **3.1%** | 1.8% | 0.8% | 0.1% | 1.4% | 0.2% | 0.2% | 2.8% | 0.03% | 1.9% | **9.3%** | **12%** |
| **Fiscal year** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Net generation 2025 (GWh)** | **206** | **241** | **361** | **322** | **583** | **283** | **520** | **558** | **3074** | **4326** | **261** | **53** | **514** | **139** | **134** | **8144** | **54** | **4325** | **17950** | **21024** |
| **Market share** | **0.1%** | **0.2%** | **0.3%** | **0.2%** | **0.4%** | **0.2%** | **0.4%** | **0.4%** | **2.2%** | **3.1%** | **0.2%** | **0.0%** | **0.4%** | **0.1%** | **0.1%** | **5.8%** | **0.0%** | **3.1%** | **12.7%** | **14.8%** |
| **Sales 2025 (GWh)** | **215** | **241** | **361** | **322** | **583** | **283** | **520** | **558** | **3083** | **4244** | **448** | **53** | **514** | **139** | **134** | **8566** | **123** | **4321** | **18542** | **21625** |
| Net generation 2024 (GWh) | 188 | 202 | 341 | 343 | 197 | 857 | 616 | 890 | **3633** | 4754 | 303 | 59 | 262 | 192 | 145 | 7584 | 70 | 4741 | **18111** | **21743** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Variation 2025 vs. 2024* | *+10%* | *+20%* | *+6%* | *-6%* | *na* | *-67%* | *-16%* | *-37%* | ***-15%*** | *-9%* | *-14%* | *-9%* | *+96%* | *-27%* | *-8%* | *+7%* | *-23%* | *-9%* | ***-1%*** | ***-3%*** |
| Sales 2024 (GWh) | 201 | 202 | 341 | 343 | 195 | 857 | 616 | 890 | **3643** | 4705 | 625 | 59 | 262 | 192 | 145 | 8043 | 150 | 4733 | **18914** | **22557** |
| **Avg. price 2025 (US$/MWh)** | **89** | **63** | **63** | **79** | **63** | **21** | **28** | **20** | **49** | **32** | **88** | **62** | **92** | **na** | **na** | **39** | **39** | **36** | **42** | **43** |
| Avg. price 2024 (US$/MWh) | 81 | 64 | 64 | 82 | 64 | 13 | 21 | 13 | **35** | 20 | 54 | 30 | 124 | na | na | 38 | 36 | 30 | **36** | **36** |
| **Avg. gross margin 2025 (US$/MWh)** | **48** | **54** | **54** | **56** | **55** | **3** | **17** | **7** | **35** | **18** | **38** | **23** | **46** | **na** | **na** | **20** | **14** | **26** | **24** | **26** |
| Avg. gross margin 2024 (US$/MWh) | 49 | 57 | 57 | 64 | 59 | 5 | 10 | 5 | **24** | 17 | 21 | 3 | 24 | na | 142 | 19 | 10 | 24 | **22** | **23** |
| **Fourth quarter** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Net generation Q4 25 (GWh)** | **57** | **64** | **94** | **96** | **159** | **88** | **154** | **92** | **804** | **1078** | **54** | **22** | **75** | **25** | **35** | **1644** | **15** | **1195** | **4143** | **4947** |
| **Market share** | **0.2%** | **0.2%** | **0.3%** | **0.3%** | **0.5%** | **0.3%** | **0.5%** | **0.3%** | **2.4%** | **3.2%** | **0.2%** | **0.1%** | **0.2%** | **0.1%** | **0.1%** | **4.8%** | **0.0%** | **3.5%** | **12.1%** | **14.5%** |
| **Sales Q4 25 (GWh)** | **56** | **63** | **94** | **96** | **159** | **88** | **154** | **92** | **803** | **1006** | **70** | **22** | **75** | **25** | **35** | **1716** | **32** | **1185** | **4165** | **4968** |
| Net generation Q4 24 (GWh) | 48 | 57 | 88 | 112 | 125 | 288 | 203 | 231 | **1153** | 975 | 84 | 15 | 22 | 67 | 42 | 1260 | 16 | 1162 | **3644** | **4797** |
| &nbsp;&nbsp;&nbsp;&nbsp;*Variation Q4 25 vs. Q4 24* | *+17%* | *+11%* | *+8%* | *-14%* | *+27%* | *-69%* | *-24%* | *-60%* | ***-30%*** | *+11%* | *-36%* | *+46%* | *na* | *-62%* | *-18%* | *+30%* | *-6%* | *+3%* | ***+14%*** | ***+3%*** |
| Sales Q4 24 (GWh) | 54 | 57 | 88 | 112 | 125 | 288 | 203 | 231 | **1159** | 973 | 152 | 15 | 22 | 67 | 42 | 1399 | 35 | 1154 | **3859** | **5018** |
| **Avg. price Q4 25 (US$/MWh)** | **75** | **63** | **63** | **80** | **63** | **29** | **22** | **25** | **50** | **40** | **112** | **56** | **na** | **na** | **na** | **49** | **36** | **43** | **52** | **51** |
| Avg. price Q4 24 (US$/MWh) | 83 | 63 | 63 | 82 | 63 | 13 | 20 | 15 | **36** | 21 | 62 | 36 | na | 135 | na | 48 | 31 | 30 | **41** | **40** |
| **Avg. gross margin Q4 25 (US$/MWh)** | **44** | **55** | **55** | **59** | **55** | **15** | **13** | **6** | **37** | **19** | **39** | **13** | **76** | **na** | **136** | **18** | **13** | **26** | **25** | **27** |
| Avg. gross margin Q4 24 (US$/MWh) | 32 | 37 | 37 | 68 | 58 | 5 | 10 | 7 | **23** | 15 | 23 | 9 | 74 | 115 | 117 | 20 | 8 | 23 | **23** | **23** |

---

**Note:** Gross margin before amortization and depreciation. **1** Co-operated by Pampa (50% equity stake).

<br> Earnings release Q4 25 ● 22

![](image_036.jpg)

**4.7** **Production in the main oil and gas blocks** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| In kboe/day at ownership | **Fiscal year** | **Fiscal year** | **Fiscal year** | **Fourth quarter** | **Fourth quarter** | **Fourth quarter** |
| In kboe/day at ownership | 2025 | 2024 | *Variation* | 2025 | 2024 | *Variation* |
| **Gas** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;El Mangrullo | 38.2 | 43.9 | *-13%* | 29.3 | 30.9 | *-5%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Sierra Chata | 24.5 | 18.5 | *+32%* | 23.7 | 17.1 | *+39%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Río Neuquén | 7.7 | 9 | *-14%* | 6.6 | 7.6 | *-13%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Rincón del Mangrullo<sup>1</sup> | 1 | 1.2 | *-21%* | 1 | 1.1 | *-16%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | 1.4 | 0.8 | *+78%* | 2.6 | 0.9 | *+203%* |
| **Total gas at working interest** | **72.8** | **73.4** | ***-1%*** | **63.2** | **57.6** | ***+10%*** |
| **Oil** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rincón de Aranda | 9.5 | 0.9 | *na* | 17.1 | 1 | *na* |
| &nbsp;&nbsp;&nbsp;&nbsp;El Tordillo<sup>2</sup> | 1.1 | 1.6 | *-30%* |  | 1.5 | *-100%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Associated oil<sup>3</sup> | 1 | 1.2 | *-16%* | 0.9 | 1 | *-12%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Blancos | 0.1 | 0.2 | *-70%* |  | 0.1 | *-100%* |
| &nbsp;&nbsp;&nbsp;&nbsp;Gobernador Ayala<sup>4</sup> |  | 0.9 | *-100%* |  | 0.4 | *-100%* |
| **Total oil at working interest** | **11.7** | **4.8** | ***+145%*** | **18.0** | **4.0** | ***+355%*** |
| **Total** | **84.4** | **78.2** | ***+8%*** | **81.2** | **61.6** | ***+32%*** |

---

**N** **ote**: Production in Argentina. **1** It does not include shale formation. **2** Pampa transferred the 35.67% stake in the concession to Crown Point Energía in October 2025, including the La Tapera – Puesto Quiroga block. **3** From gas fields. **4** In October 2024, Pampa transferred its 22.51% stake in the concession to Pluspetrol.

**4.8** **Proven reserves (P1), by block and hydrocarbon** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| In million boe | **Oil** | **Natural gas** | **Total** | ***Variation vs. 2024*** |
| Sierra Chata | 0.2 | 95.9 | **96.1** | ***+41%*** |
| El Mangrullo | 0.0 | 85.2 | **85.3** | ***-5%*** |
| Rincón de Aranda | 52.2 | 3.9 | **56.1** | ***+352%*** |
| Río Neuquén | 3.7 | 50.9 | **54.6** | ***-1%*** |
| Aguaragüe | 0.2 | 1.7 | **1.9** | ***-5%*** |
| Rincón del Mangrullo | 0.0 | 1.2 | **1.2** | ***-13%*** |
| Los Blancos | 0.7 |  | **0.7** | ***-2%*** |
| El Tordillo | - | - | **-** | ***-100%*** |
| **Total as of December 31, 2025** | **57.0** | **238.9** | **295.8** | ***+28%*** |

---

<br> Earnings release Q4 25 ● 23

![](image_036.jpg)

5. Glossary of terms

---

| | |
|:---|:---|
| **2027 Notes**: Corporate Bonds maturing in 2027<br> **2029 Notes**: Corporate Bonds maturing in 2029<br> **2034 Notes**: Corporate Bonds maturing in 2034<br> **A** **DR/ADS**: American Depositary Receipt<br> **AR$**: Argentine pesos<br> **B** **2B**: Business to business<br> **Bases Law**: Law No. 27,742 enacted on July 8, 2024<br> **Bbl**: Barrel<br> **Boe**: Barrels of oil equivalent<br> **BTU/MBTU**: British Thermal Units/million British Thermal Units<br> **ByMA**: Bolsas y Mercados Argentinos or Buenos Aires Stock Exchange<br> **C** **AMMESA**: Compañía Administradora del Mercado Mayorista Eléctrico S.A. or Argentine Wholesale Electricity Market Clearing Company<br> **CB/Notes**: Corporate Bonds<br> **CCGT**: Combined cycle<br> **CPB**: Piedra Buena Thermal Power Plant<br> **CTBSA**: CT Barragán S.A.<br> **CTEB**: Ensenada Barragán Thermal Power Plant<br> **CTG**: Güemes Thermal Power Plant<br> **CTGEBA**: Genelba Thermal Power Plant<br> **CTIW**: Ingeniero White Thermal Power Plant<br> **CTLL**: Loma De La Lata Thermal Power Plant<br> **CTP**: Piquirenda Thermal Power Plant<br> **CTPP**: Parque Pilar Thermal Power Plant<br> **D** **NU**: Emergency Executive Order<br> **E** **&P**: Exploration and Production<br> **EBITDA**: Earnings before interest, tax, depreciation and amortization<br> **EcoEnergía**: EcoEnergía Co-Generation Power Plant<br> **ENARGAS**: Ente Nacional Regulador del Gas or National Gas Regulatory Entity<br> **ENARSA**: Energía Argentina S.A.<br> **ENRE**: Ente Nacional Regulador de la Electricidad or National Electricity Regulatory Entity<br> **F** **RA**: Adjusted Rent Factor<br> **FS**: Financial Statements<br> **FX**: Nominal exchange rate<br> **G** **PM, former GPNK**: Francisco Pascasio Moreno Gas Pipeline, formerly President Nestor Kirchner <br> **GSA**: Long-term gas sale agreement<br> **GT**: Gas turbine<br> **GWh**: Gigawatt-hour<br> **H** **IDISA**: Diamante Hydro Power Plant<br> **HINISA**: Los Nihuiles Hydro Power Plant<br> **HPPL**: Pichi Picun Leufu Hydro Power Plant | **I** **FRS**: International Financial Reporting Standards<br> **k** **b/kboe**: Thousands of barrels/thousand barrels of oil equivalent<br> **kbpd/kboepd**: Thousands of barrels per day/thousand barrels of oil equivalent per day<br> **m** **3**: Cubic meter<br> **MAT**: Term power market<br> **mboe**: Million barrels of oil equivalent<br> **mcmpd**: Million cubic meters per day<br> **MECON**: Ministry of Economy<br> **MW/MWh**: Megawatt/Megawatt-hour<br> **N** **.a.**: Not applicable<br> **NGL**: Natural gas liquids<br> **O** **/S**: Share ownership<br> **OCP Ecuador**: Oleoducto de Crudos Pesados S.A.<br> **P** **ampa/The Company**: Pampa Energía S.A.<br> **PEA**: Arauco II Wind Farm, stages 1 and 2<br> **PEPE**: Pampa Energía Wind Farm<br> **Plan Gas**: Argentine Natural Gas Production Promotion Plan, 2020–2024 Supply and Demand Scheme (DNU No. 892/20, 730/22 and supplementary provisions)<br> **PPA**: Power purchase agreement<br> **PPE**: Property, plant and equipment<br> **Q** **3 25**: Third quarter of 2025<br> **Q4 25/Q4 24**: Fourth quarter of 2025/Fourth quarter of 2024<br> **R** **es.**: Resolution/Resolutions<br> **RIGI**: Régimen de Incentivo para Grandes Inversiones or Incentives Regime for Large Investments<br> **RMA**: Adjusted Marginal Rent<br> **S** **E**: Secretariat of Energy<br> **ST**: Steam turbine<br> **T** **GS**: Transportadora de Gas del Sur S.A.<br> **Ton**: Metric ton<br> **TPF**: Temporary processing facility<br> **Transba**: Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A.<br> **Transener**: Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.<br> **U** **S$**: US Dollar<br> **US$-link**: A security in which the underlying is linked to a US$ wholesale exchange rate<br> **US$-MEP**: A security in which the settlement uses US$ in the domestic market<br> **W** **EM**: Wholesale electricity market |

---

<br> Earnings release Q4 25 ● 24