# EDGAR Filing Document

**Accession Number:** 0001469395
**File Stem:** 0001292814-25-004246
**Filing Date:** 2025-12
**Character Count:** 13398
**Document Hash:** 53071566df69a99a41fb021c18808a2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-004246.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001292814-25-004246

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85324
- **FILM NUMBER:** 251566663

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mindlin Marcos Marcelo
- **CENTRAL INDEX KEY:** 0002022936

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** MAIPU 1
- **CITY:** BUENOS AIRES
- **STATE:** C1
- **ZIP:** 1084

## Exhibit 99.1

**Exhibit 99.1**

The Reporting Person has, as of the date hereof, the following interests in the Pampa Shares:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pampa Shares Beneficially Owned** | **% of Class** | **Sole Power to Vote** | **Shared Power to Vote** | **Sole Power to Dispose** | **Shared Power to Dispose** |
| &nbsp;&nbsp;Marcelo Mindlin | &nbsp;&nbsp;190035798 | &nbsp;&nbsp;13.94% | &nbsp;&nbsp;190035798 | &nbsp;&nbsp;0 | &nbsp;&nbsp;190035798 | &nbsp;&nbsp;0 |

---

## Exhibit 99.2

**Exhibit 99.2**

Since the most recent filing on Schedule 13D, the following transactions by Reporting Persons took place with respect to Pampa Shares:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Reporting Person</u>** | &nbsp;&nbsp;**<u>Date of Transaction</u>** | &nbsp;&nbsp;**<u>Pampa Shares Acquired/(Sold)</u>** | &nbsp;&nbsp;**<u>Pampa ADSs Acquired (Sold)</u>** | &nbsp;&nbsp; **<u>Price per Pampa Shares/ ADS</u>** <br> **<u>(AR$ or USD)</u>** | &nbsp;&nbsp;**<u>Broker</u>** | &nbsp;&nbsp;**<u>Observations</u>** |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-02-2025 | &nbsp;&nbsp;(515098) |  | &nbsp;&nbsp; AR$2.267.056.553 | &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-03-2025 | &nbsp;&nbsp;(28764) |  | &nbsp;&nbsp; AR$126.534.590 | &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-03-2025 | &nbsp;&nbsp;(21705) |  | &nbsp;&nbsp; AR$96.022.898 | &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-03-2025 | &nbsp;&nbsp;(224951) |  | &nbsp;&nbsp; AR$997.060.511 | &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-06-2025 | &nbsp;&nbsp;(93209) |  | &nbsp;&nbsp; AR$418.394.412<br>| &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-08-2025 | &nbsp;&nbsp;(495187) |  | &nbsp;&nbsp; AR$2.237.174.190 | &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-08-2025 | &nbsp;&nbsp;(156.353) |  | &nbsp;&nbsp; AR$713.482.386 | &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;04-23-2025 | &nbsp;&nbsp;(717491) |  | &nbsp;&nbsp; AR$2.666.235.079 | &nbsp;&nbsp;Cocos Capital |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;05-15-2025 | &nbsp;&nbsp;(1750000) |  | &nbsp;&nbsp; AR$6.690.200.799 | &nbsp;&nbsp;Latin Securities |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;06-27-2025 | &nbsp;&nbsp;1284030 |  | &nbsp;&nbsp; AR$4.342.567.011 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;09-18-2025 | &nbsp;&nbsp;(9150000) |  | &nbsp;&nbsp; AR$32.424.169.203 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-02-2025 |  | &nbsp;&nbsp;(7019) | &nbsp;&nbsp; USD<br> 656.125,87 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-02-2025 |  | &nbsp;&nbsp;(17294) | &nbsp;&nbsp; USD<br> 1.634.396,69 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-03-2025 |  | &nbsp;&nbsp;(17394) | &nbsp;&nbsp; USD<br> 1.635.672,33 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-06-2025 |  | &nbsp;&nbsp;(1342) | &nbsp;&nbsp; USD<br> 128.054,73 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-07-2025 |  | &nbsp;&nbsp;(15000) | &nbsp;&nbsp; USD<br> 1.433.439,66 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-21-2025 |  | &nbsp;&nbsp;(260000) | &nbsp;&nbsp; USD<br> 22.786.400 | &nbsp;&nbsp;BCP |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;01-27-2025 |  | &nbsp;&nbsp;(56000) | &nbsp;&nbsp; USD<br> 4.640.031 | &nbsp;&nbsp;BCP |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;02-07-2025 |  | &nbsp;&nbsp;(50000) | &nbsp;&nbsp; USD<br> 4.270.881,26 | &nbsp;&nbsp;BCP |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;04-07-2025 |  | &nbsp;&nbsp;12535 | &nbsp;&nbsp; USD<br> 802.143,64 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;04-07-2025 |  | &nbsp;&nbsp;235 | &nbsp;&nbsp; USD<br> 15.027,75 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;04-08-2025 |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp; USD<br> 3.119.218,35 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;04-08-2025 |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp; USD<br> 3.033.390,67 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;04-09-2025 |  | &nbsp;&nbsp;348 | &nbsp;&nbsp; USD<br> 20.829,98 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;04-14-2025 |  | &nbsp;&nbsp;(13957) | &nbsp;&nbsp; USD<br> 1.120.626,69<br>| &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;09-08-2025 |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp; USD<br> 2.869.496,21 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;09-08-2025 |  | &nbsp;&nbsp;75869 | &nbsp;&nbsp; USD<br> 4.363.984,88 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;09-08-2025 |  | &nbsp;&nbsp;49131 | &nbsp;&nbsp; USD<br> 2.824.885,45 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;09-18-2025 |  | &nbsp;&nbsp;74201 | &nbsp;&nbsp; USD<br> 4.156.541,84<br>| &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;09-19-2025 |  | &nbsp;&nbsp;1292 | &nbsp;&nbsp; USD<br> 71.158,24 | &nbsp;&nbsp;UBS |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-07-2025 | &nbsp;&nbsp;(1505500) |  | &nbsp;&nbsp; AR$7.484.215.156 | &nbsp;&nbsp;Latin Securities |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-10-2025 | &nbsp;&nbsp;(950000) |  | &nbsp;&nbsp; AR$4.857.345.405 | &nbsp;&nbsp;Latin Securities |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-11-2025 | &nbsp;&nbsp;(685000) |  | &nbsp;&nbsp; USD<br> 2.443.005 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-11-2025 | &nbsp;&nbsp;(630500) |  | &nbsp;&nbsp; AR$3.293.904.766 | &nbsp;&nbsp;Latin Securities |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-12-2025 | &nbsp;&nbsp;(514000) |  | &nbsp;&nbsp; AR$2.675.571.498 | &nbsp;&nbsp;Latin Securities |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-12-2025 | &nbsp;&nbsp;(50000) |  | &nbsp;&nbsp; USD<br> 180.320 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-13-2025 | &nbsp;&nbsp;(81975) |  | &nbsp;&nbsp; USD<br> 294.405 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-14-2025 | &nbsp;&nbsp;(215000) |  | &nbsp;&nbsp; USD<br> 775.075 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-17-2025 | &nbsp;&nbsp;(250000) |  | &nbsp;&nbsp; USD<br> 901.098 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-18-2025 | &nbsp;&nbsp;(225000) |  | &nbsp;&nbsp; USD<br> 809.190 | &nbsp;&nbsp;Allaria Ledesma |  |
| &nbsp;&nbsp;Marcos Marcelo Mindlin | &nbsp;&nbsp;11-19-2025 | &nbsp;&nbsp;(275000) |  | &nbsp;&nbsp; USD<br> 996.702 | &nbsp;&nbsp;Allaria Ledesma |  |

---

Except as described above, no Reporting Persons have and, to the knowledge of the Reporting Persons, no persons otherwise identified in Item 2 have effected any transactions in the Pampa Shares or Pampa ADSs since the most recent filing on Schedule 13D.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 13)**

**Pampa Energy Inc.**

*(Name of Issuer)*

**Common Shares, par value Ps.1.00 (the "Pampa Shares") American Depositary Shares, each representing 25 Pampa Shares (the "Pampa ADSs")**

*(Title of Class of Securities)*

**697660207**

*(CUSIP Number)*

**Maria Carolina Sigwald**<br>Maipu 1<br>Buenos Aires C1 1084<br>54-11-4344-6000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/12/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **697660207** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Marcos Marcelo Mindlin** | Name of reporting person<br>**Marcos Marcelo Mindlin** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**C1** | Citizenship or place of organization<br>**C1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**190035798.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**190035798.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**190035798.00** | Aggregate amount beneficially owned by each reporting person<br>**190035798.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.94%** | Percent of class represented by amount in Row (11)<br>**13.94%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, par value Ps.1.00 (the "Pampa Shares") American Depositary Shares, each representing 25 Pampa Shares (the "Pampa ADSs")

**(b) Name of Issuer:**
Pampa Energy Inc.

**(c) Address of Issuer's Principal Executive Offices:**
MAIPU 1, City of Buenos Aires, C1, C1084ABA

This Amendment No. 13 (this "Amendment No. 13") amends and supplements the Schedule 13D previously filed with the U.S. Securities and Exchange Commission (the "SEC") on December 21, 2010 (as amended from time to time, the "Schedule 13D"), with respect to the common shares (the "Pampa Shares") of Pampa Energia S.A., a sociedad anonima organized under the laws of the Republic of Argentina (the "Issuer"), and the American depositary shares (the "Pampa ADSs") of the Issuer, each representing 25 Pampa Shares, that are traded on the New York Stock Exchange. The principal executive offices of the Issuer are located at Maipu 1, C1084ABA, City of Buenos Aires, Argentina.  Unless otherwise stated herein, the Schedule 13D remains in full force and effect. Capitalized terms used in this Amendment No. 13 and not otherwise defined shall have the same meanings ascribed to them in the Original Schedule 13D.

**Item 4. Purpose of Transaction**

No material changes.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Attached hereto as Exhibit No.1.

**(b)**
Attached hereto as Exhibit No.1.

**(c)**
Attached hereto as Exhibit No.2.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

No material changes.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Marcos Marcelo Mindlin

**Signature:** Marcos Marcelo Mindlin

**Name/Title:** Chairman of the Board of Directors and Executive Director

**Date:** 12/11/2025