# EDGAR Filing Document

**Accession Number:** 0001469395
**File Stem:** 0001292814-25-003813
**Filing Date:** 2025-11
**Character Count:** 36571
**Document Hash:** 4eb92d9f94e67cc100116aa443998a6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-003813.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001292814-25-003813

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**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:** 251456448

**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 November, 2025**

**(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:** [Nine-month period ended September 30, 2025 compared to the nine-month period ended September 30, 2024](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: November 4, 2025

---

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

---

**FORWARD-LOOKING STATEMENTS**

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

## Exhibit 99.1

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

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

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

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

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

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

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

***Nine-month period ended September 30, 2025 compared to the Nine-month period ended September 30, 2024***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Oil and Gas Segment*<br>|  |  |  |  |
|  | **Oil and Gas<br> (in millions of U.S.$)** | **Oil and Gas<br> (in millions of U.S.$)** | **Oil and Gas<br> (in millions of U.S.$)** | **Oil and Gas<br> (in millions of U.S.$)** |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2024** | **Variation** | **%** |
| Revenue | 658 | 596 | 62 | 10% |
| Cost of sales | (461) | (387) | (74) | 19% |
| **Gross profit** | 197 | 209 | (12) | (6%) |
| Selling expenses | (56) | (46) | (10) | 22% |
| Administrative expenses | (60) | (57) | (3) | 5% |
| Other operating income and expenses, net | 25 | 45 | (20) | (44%) |
| Share of profit from associates and joint ventures | 2 |  | 2 | 100% |
| Impairment of property, plant and equipment | (8) | (19) | 11 | (58%) |
| Impairment of financial assets | (5) | (10) | 5 | (50%) |
| **Operating income** | 95 | 122 | (27) | (22%) |
| Financial income |  | 1 | (1) | 100% |
| Financial costs | (77) | (71) | (6) | 8% |
| Other financial results | (25) | (17) | (8) | 47% |
| Financial results, net | (102) | (87) | (15) | 17% |
| **(Loss) Profit before income tax** | (7) | 35 | (42) | (120%) |
| Income tax | (31) | 36 | (67) | (186%) |
| **(Loss) / Profit of the period** | (38) | 71 | (109) | (154%) |
| Owners of the company | (38) | 71 | (109) | (154%) |

---

 

*Revenue*

Revenue from our oil and gas segment increased 10%, to U.S.$658 million for the nine-month period ended September 30, 2025, compared to U.S.$596 million for the nine-month period ended September 30, 2024. This increase is primarily attributable to the ramp-up of shale oil output at the Rincón de Aranda block and was partially offset by weaker gas demand resulting from milder weather and the expiration of Plan Gas winter peak commitments, as well as lower crude oil and gas export prices.

The average sale price for gas was U.S.$3.87/MBTU for the nine-month period ended September 30, 2025, 2% lower than U.S.$3.93/MBTU recorded in the nine-month period ended September 30, 2024. The average sale price for oil was U.S.$61.9/bbl for the nine-month period ended September 30, 2025, 13% lower than U.S.$71/bbl recorded in the nine-month period ended September 30, 2024.

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

---

| | | |
|:---|:---|:---|
|  | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Production** |  |  |
| Oil (k bbl/day) | 9.6 | 5.0 |
| Gas (k m<sup>3</sup>/day) | 12.9 | 13.4 |
| **Total (k boe/day)** | **85.5** | **83.8** |
| **Sales** |  |  |
| Oil (k bbl/day) | 10.1 | 4.8 |
| Gas (k m<sup>3</sup>/day) | 12.9 | 13.3 |
| **Total (k boe/day)** | **86.3** | **83.3** |

---

*Cost of Sales*

 

The cost of sales from our oil and gas segment increased by 19%, to U.S.$461 million for the nine-month period ended September 30, 2025, from U.S.$387 million for the nine-month period ended September 30, 2024. The variation is mainly due to higher lifting costs related to gas treatment expenses, higher property, plant and equipment depreciation, costs from the sale of crude oil stock, and increased royalties related to higher production volumes.

*Gross Profit*

Gross profit from our oil and gas segment decreased by 6%, from U.S.$209 million in the nine-month period ended September 30, 2024, to U.S.$197 million for the nine-month period ended September 30, 2025. This variation is explained by higher costs, weaker gas demand and lower average gas and oil sale prices, which were partially offset by higher crude oil sale volumes.

Additionally, the gross margin on sales decreased to 30% in the nine-month period ended September 30, 2025, compared to 35% for the nine-month period ended September 30, 2024.

*Selling Expenses*

 

Selling expenses from our oil and gas segment increased to U.S.$56 million for the nine-month period ended September 30, 2025, compared to U.S.$46 million for the same period in 2024 due to increased oil and gas transportation expenses, driven by strong crude oil production growth at the Rincón de Aranda block, higher gas production at the Sierra Chata block and higher gas exports to Chile.

*Administrative Expenses*

 

Administrative expenses from our oil and gas segment increased to U.S.$60 million for the nine-month period ended September 30, 2025, compared to U.S.$57 million for the nine-month period ended September 30, 2024 due to increased fees and compensation for services.

*Other Operating Income and Expenses, net*

Other operating income and expenses, net from our oil and gas segment recorded gains of U.S.$25 million for the nine-month period ended September 30, 2025, compared to gains of U.S.$45 million for the nine-month period ended September 30, 2024, mainly due to reduced overdue interest driven by a decrease in CAMMESA's and ENARSA's days sales outstanding ratio and lower GasAr Plan income.

*Share of profit from associates and joint ventures*

 

The share of profit from joint ventures from our oil and gas segment amounted to U.S.$2 million for the nine-month period ended September 30, 2025 due to our 20% stake in SESA, the company aiming to develop the FLNG Project for LNG export.

 

*Impairment of property, plant and equipment*

 

Our oil and gas segment recorded an impairment of property, plant and equipment of U.S.$8 million for the nine-month period ended September 30, 2025, compared to U.S.$19 million for the nine-month period ended September 30, 2024, both in El Tordillo/La Tapera blocks. On October 1, 2025, the Company transferred a 35.6706% interest in the concessions of such blocks and collected U.S.$2 million.

*Impairment of financial assets*

 

Impairment of financial assets from our oil and gas segment decreased to U.S.$5 million for the nine-month period ended September 30, 2025, compared to U.S.$10 million for the nine-month period ended September 30, 2024. The variation was primarily due to an agreement entered into with CAMMESA on May 27, 2024, pursuant to which CAMMESA settled certain overdue wholesale electricity payments through (i) the delivery of sovereign bonds valued at 65.0% of their face amount to settle December 2023 and January 2024 WEM´s transactions and (ii) a cash payment to settle February 2024 WEM's transaction.

*Operating Income*

 

The operating income from our oil and gas segment decreased by U.S.$27 million (22%) to U.S.$95 million for the nine-month period ended September 30, 2025 compared to U.S.$122 million for the nine-month period ended September 30, 2024.

The operating margin in relation to sales for the nine-month period ended September 30, 2025, decreased to 14% compared to 20% for the nine-month period ended September 30, 2024.

*Financial Results, Net*

 

Financial results, net from our oil and gas segment amounted to a U.S.$102 million loss for the nine-month period ended September 30, 2025, compared to a U.S.$87 million loss for the nine-month period ended September 30, 2024. This increase is mainly due to higher foreign currency exchange losses over the net monetary asset position in Argentine Pesos and higher financial interest expenses, partially offset by higher gains from changes in the fair value of financial instruments.

*Income Tax*

 

Our oil and gas segment recorded an income tax charge of U.S.$31 million for the nine-month period ended September 30, 2025, compared to a tax benefit of U.S.$36 million for the nine-month period ended September 30, 2024. The variation is mainly related to a non-cash credit on deferred income tax due to inflation exceeding Peso devaluation for the nine-month period ended September 30, 2024, while during the current period the inflation and devaluation variables exhibited the opposite behavior.

*Loss / Profit of the period*

 

As a result of the foregoing, our oil and gas segment recorded a loss of U.S.$38 million for the nine-month period ended September 30, 2025, compared to a profit of U.S.$71 million for the nine-month period ended September 30, 2024, both of which were entirely attributable to the owners of the Company.

 

 

 

*Generation Segment*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Generation<br> (in millions of U.S.$)** | **Generation<br> (in millions of U.S.$)** | **Generation<br> (in millions of U.S.$)** | **Generation<br> (in millions of U.S.$)** |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2024** | **Variation** | **%** |
| Revenue | 585 | 505 | 80 | 16% |
| Cost of sales | (319) | (260) | (59) | 23% |
| **Gross profit** | 266 | 245 | 21 | 9% |
| Selling expenses | (3) | (2) | (1) | 50% |
| Administrative expenses | (31) | (39) | 8 | (21%) |
| Other operating income and expenses, net | 8 | 23 | (15) | (65%) |
| Share of profit (loss) from joint ventures | 5 | (28) | 33 | (118%) |
| Impairment of financial assets | - | (46) | 46 | 100% |
| **Operating income** | 245 | 153 | 92 | 60% |
| Financial income | 15 | 3 | 12 | 400% |
| Financial costs | (36) | (39) | 3 | (8%) |
| Other financial results | 81 | 102 | (21) | (21%) |
| Financial results, net | 60 | 66 | (6) | (9%) |
| **Profit before income tax** | 305 | 219 | 86 | 39% |
| Income tax | (180) | 109 | (289) | (265%) |
| **Profit of the period** | 125 | 328 | (203) | (62%) |
| Owners of the company | 125 | 328 | (203) | (62%) |

---

 

*Revenue*

Revenue from our generation segment increased by U.S.$80 million, amounting to U.S.$585 million in the nine-month period ended September 30, 2025, compared to U.S.$505 million in the nine-month period ended September 30, 2024.

This increase is mainly explained by higher renewable generation due to the gradual commissioning of PEPE VI at the end of 2024, increased recognition from fuel self-procurement and higher spot capacity prices. These effects were partially offset by lower thermal dispatch and forced outage at HINISA since January 2025.

Power generation during the nine-month period ended September 30, 2025 decreased by 3%, to 12,947 GWh compared to 13,367 GWh for the nine-month period ended September 30, 2024, mainly due to lower dispatch of our thermal units and a decrease in hydroelectric generation, which were partially offset by an increase in wind generation.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
| **in GWh** | | **Installed capacity<br> (In Mw)** | | **Installed capacity <br> (In Mw)** |
| **in GWh** | **Net generation**<br>**(In GWh)** | **Installed capacity<br> (In Mw)** | **Net generation** <br>**(In GWh)** | **Installed capacity <br> (In Mw)** |
| Hydroelectric | 1027 | 938 | 1641 | 938 |
| Wind | 1244 | 427 | 839 | 381 |
| Thermal | 10676 | 4107 | 10887 | 4107 |
| **Total** | **12947** | **5472** | **13367** | **5426** |

---

*Cost of Sales*

 

Cost of sales increased by 23% to U.S.$319 million for the nine-month period ended September 30, 2025, compared to U.S.$260 million for the nine-month period ended September 30, 2024, mainly explained by higher depreciation of property, plant and equipment, higher gas purchases for self-procurement and maintenance expenses.

*Gross Profit*

 

Gross profit from our generation segment increased by 9%, to U.S.$266 million for the nine-month period ended September 30, 2025, compared to U.S.$245 million for the nine-month period ended September 30, 2024.

The gross margin as a percentage of sales decreased to 45% for the nine-month period ended September 30, 2025, compared to 49% for the same period in 2024.

*Selling Expenses*

 

Selling expenses from our generation segment increased to U.S.$3 million for the nine-month period ended September 30, 2025, compared to U.S.$2 million for the nine-month period ended September 30, 2024.

*Administrative Expenses*

 

Administrative expenses from our generation segment decreased to U.S.$31 million for the nine-month period ended September 30, 2025, compared to U.S.$39 million for the nine-month period ended September 30, 2024, mainly explained by lower labor costs.

*Other Operating Income and Expenses, Net*

 

Other operating income and expenses, net from our generation segment decreased to a U.S.$8 million gain for the nine-month period ended September 30, 2025, compared to a U.S.$23 million gain for the nine-month period ended September 30, 2024. This variation is primarily attributable to lower overdue interests resulting from a drop in CAMMESA's days sales outstanding ratio, and was partially offset by higher insurance recoveries net of repair expenses.

*Share of profit (loss) from joint ventures*

 

The share of profit (loss) from joint ventures in our generation segment amounted to a U.S.$5 million gain for the nine-month period ended September 30, 2025, compared to a U.S.$28 million loss for the nine-month period ended September 30, 2024. This variation is mainly explained by the impairment of property, plant and equipment recorded by CTB in 2024, and was partially offset by the loss linked to the non-monetary credit for deferred income tax, driven by the Argentine peso's devaluation outpacing inflation during 2025.

*Impairment of financial assets*

 

Our generation segment recorded an impairment of financial assets of U.S.$46 million for the nine-month period ended September 30, 2024, while no impairment was recorded for the nine-month period ended September 30, 2025. The variation was primarily due to an agreement entered into with CAMMESA on May 27, 2024, pursuant to which CAMMESA settled certain overdue wholesale electricity payments through (i) the delivery of sovereign bonds valued at 65.0% of their face amount to settle December 2023 and January 2024 WEM´s transactions and (ii) a cash payment to settle February 2024 WEM's transaction.

*Operating Income*

 

Operating income from our generation segment increased by U.S.$92 million (60%), to U.S.$245 million for the nine-month period ended September 30, 2025, compared to U.S.$153 million for the nine-month period ended September 30, 2024. This variation is mainly attributable to the increase in gross profit in 2025; and the impairment of CAMMESA's receivables recorded by Pampa and CTB, and the impairment of property, plant and equipment recorded by CTB, recorded in 2024. These effects were partially offset by the decrease in CAMMESA's commercial interests in 2025.

The operating margin in relation to sales for the nine-month period ended September 30, 2025, increased to 42%, compared to 30% for the nine-month period ended September 30, 2024.

*Financial Results, net*

 

Financial results, net, amounted to a U.S.$60 million gain for the nine-month period ended September 30, 2025, compared to U.S.$66 million gain for the nine-month period ended September 30, 2024. This decrease is mainly due to lower gains from changes in the fair value of financial instruments, and was partially offset by lower financial interest expenses.

*Income Tax*

 

The generation segment recorded an income tax charge of U.S.$180 million for the nine-month period ended September 30, 2025, compared to an income tax benefit of U.S.$109 million for the nine-month period ended September 30, 2024. The variation is mainly related to a non-cash credit for deferred income tax due to inflation exceeding Peso devaluation for the nine-month period ended September 30, 2024, while during the current period the inflation and devaluation variables exhibited the opposite behavior.

*Profit of the period*

 

As a result of the foregoing, the generation segment recorded a U.S.$125 million profit for the nine-month period ended September 30, 2025, compared to U.S.$328 million for the nine-month period ended September 30, 2024, both of which were entirely attributable to the owners of the Company.

*Petrochemicals Segment*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Petrochemical<br> (in millions of U.S.$)** | **Petrochemical<br> (in millions of U.S.$)** | **Petrochemical<br> (in millions of U.S.$)** | **Petrochemical<br> (in millions of U.S.$)** |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2024** | **Variation** | **%** |
| Revenue | 329 | 394 | (65) | (16%) |
| Cost of sales | (319) | (361) | 42 | (12%) |
| **Gross profit** | 10 | 33 | (23) | (70%) |
| Selling expenses | (9) | (9) |  |  |
| Administrative expenses | (5) | (5) |  |  |
| Other operating income and expenses, net | 11 | 6 | 5 | 83% |
| **Operating income** | 7 | 25 | (18) | (72%) |
| Financial income | 27 |  | 27 | 100% |
| Financial costs |  | (3) | 3 | (100%) |
| Other financial results | 4 | 4 | - | - |
| Financial results, net | 31 | 1 | 30 | 3,000% |
| **Profit before income tax** | 38 | 26 | 12 | 46% |
| Income tax | (11) | 7 | (18) | (257%) |
| **Profit of the period** | 27 | 33 | (6) | (18%) |
| Owners of the company | 27 | 33 | (6) | (18%) |

---

*Revenue*

Revenue from our petrochemicals segment amounted to U.S.$329 million for the nine-month period ended September 30, 2025, 16% lower than the U.S.$394 million reported for the nine-month period ended September 30, 2024. This variation is mainly due to lower prices across all products, reflecting the trend in international reference prices. Additionally, domestic demand for octane has declined and the sales volumes of SBR and styrenic products have decreased. These effects were partially offset by higher sales volumes of octane and aromatics in the foreign market.

Total sold volumes during the nine-month period ended September 30, 2025, experienced a 5% decrease compared to the nine-month period ended September 30, 2024. This variation is mainly explained by lower local sales from our reforming plant's derived products, and lower sale volumes from SBR and styrenics.

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

---

| | | |
|:---|:---|:---|
| **Volume sold in k ton** | **For the nine-month period ended** | **For the nine-month period ended** |
| **Volume sold in k ton** | **September 30, 2025** | **September 30, 2024** |
| Reforma | 238 | 252 |
| Styrene & polystyrene | 62 | 64 |
| SBR | 31 | 33 |
| **Total** | **331** | **349** |

---

*Cost of Sales*

 

Cost of sales from our petrochemicals segment decreased by 12%, to U.S.$319 million for the nine-month period ended September 30, 2025, compared to U.S.$361 million for the nine-month period ended September 30, 2024. This variation resulted from decreased sales volumes and reduced prices for raw materials primarily used at the reforming plant.

*Gross Profit*

 

Our petrochemical segment recorded a gross profit of U.S.$10 million for the nine-month period ended September 30, 2025, compared to U.S.$33 million for the same period in 2024, mainly due to lower polystyrene, SBR and styrene margins, which were partially offset by higher reforming plant margin.

The gross margin on sales reached 3% for the nine-month period ended September 30, 2025, compared to 8% for the nine-month period ended September 30, 2024.

*Selling Expenses*

 

Selling expenses from our petrochemicals segment did not vary, amounting to U.S.$9 million for each of the nine-month periods ended September 30, 2025 and 2024.

*Administrative Expenses*

 

Administrative expenses from our petrochemicals segment did not vary, amounting to U.S.$5 million for each of the nine-month periods ended September 30, 2025 and 2024.

*Other operating income and expenses, net*

 

Other operating income and expenses, net amounted to a U.S.$11 million gain for the nine-month period ended September 30, 2025, compared to a U.S.$6 million gain for the nine-month period ended September 30, 2024.

This variation is mainly explained by the reversal of the customs contingency provision that had been recorded in previous periods, and was offset by lower gains derived from the settlement of exports at a differential U.S dollar exchange through the Export Increase Program and losses from idle capacity in our reforming, SBR, styrenic and polyestyrenic plants.

*Operating Income*

 

The operating income from our petrochemicals segment decreased to U.S.$7 million in the nine-month period ended September 30, 2025, compared to U.S.$25 million for the nine-month period ended September 30, 2024.

The operating margin in relation to sales for the nine-month period ended September 30, 2025, decreased to 2% compared to 6% for the nine-month period ended September 30, 2024.

*Financial Results, Net*

 

Our petrochemicals segment recorded a U.S.$31 million gain for financial results, net for the nine-month period ended September 30, 2025, compared to a U.S.$1 million gain for the nine-month period ended September 30, 2024. This variation is mainly explained by the reversal of the accrued interests related to the customs contingency provision that had been recorded in previous periods.

*Income Tax*

 

The petrochemicals segment recorded an income tax charge of U.S.$11 million for the nine-month period ended September 30, 2025, compared to a U.S.$7 million tax benefit for the same period in 2024. The variation is mainly related to a non-cash credit for deferred income tax due to inflation exceeding Peso devaluation for the nine-month period ended September 30, 2024, while during the current period the inflation and devaluation variables exhibited the opposite behavior.

 

*Profit of the period*

 

The petrochemicals segment recorded a profit of U.S.$27 million for the nine-month period ended September 30, 2025, compared to U.S.$33 million for the nine-month period ended September 30, 2024, both of which were entirely attributable to the owners of the Company.

*Holding, Transportation and Others Segment*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Holding, transportation and others <br> (in millions of U.S.$)** | **Holding, transportation and others <br> (in millions of U.S.$)** | **Holding, transportation and others <br> (in millions of U.S.$)** | **Holding, transportation and others <br> (in millions of U.S.$)** |
|  | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** | **For the nine-month period ended** |
|  | **September 30, 2025** | **September 30, 2024** | **Variation** | **%** |
| Revenue | 18 | 29 | (11) | (38%) |
| Cost of sales | - | (5) | 5 | 100% |
| **Gross profit** | 18 | 24 | (6) | (25%) |
| Selling expenses | (1) |  | (1) | (100%) |
| Administrative expenses | (35) | (38) | 3 | (8%) |
| Other operating income and expenses, net | (21) | (30) | 9 | (30%) |
| Share of profit from joint ventures and associates | 94 | 129 | (35) | (27%) |
| Profit from sale of companies' interest | - | 7 | (7) | 100% |
| **Operating income** | 55 | 92 | (37) | (40%) |
| Financial costs | (38) | (24) | (14) | 58% |
| Other financial results | 77 | 25 | 52 | 208% |
| Financial results, net | 39 | 1 | 38 | 3,800% |
| **Profit before income tax** | 94 | 93 | 1 | 1% |
| Income tax | 8 | (12) | 20 | (167%) |
| **Profit of the period** | 102 | 81 | 21 | 26% |
| Owners of the company | 102 | 81 | 21 | 26% |

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*Revenue*

 

Revenue from our holding, transportation and others segment decreased by 38% to U.S.$18 million in the nine-month period ended September 30, 2025 compared to U.S.$29 million for the nine-month period ended September 30, 2024, mainly explained by the consolidation of OCP, which became effective on August 30, 2024 and included crude oil transportation activity until the concession ended on November 29, 2024. This effect was partially offset by higher advisory services provided to related companies.

 

*Cost of Sales*

 

Our holding, transportation and others segment recorded cost of sales of U.S.$5 million in the nine-month period ended September 30, 2024, entirely attributable to the consolidation of OCP.

*Gross Profit*

Our holding, transportation and others segment recorded a gross profit of U.S.$18 million in the nine-month period ended September 30, 2025 compared to U.S.$24 million for the nine-month period ended on September 30, 2024, mainly due to the consolidation of OCP in 2024.

 

 

*Selling and Administrative Expenses*

 

Selling and administrative expenses from our holding, transportation and others segment decreased to U.S.$36 million for the nine-month period ended September 30, 2025, compared to U.S.$38 million for the nine-month period ended September 30, 2024, mainly due to lower executive compensation accrual in line with the share price performance, partially offset by higher fees and compensation for services.

*Other Operating Income and Expenses, Net*

 

Other operating income and expenses, net from our holding, transportation and others segment recorded a loss of U.S.$21 million for the nine-month period ended September 30, 2025, compared to a U.S.$30 million loss for the nine-month period ended September 30, 2024. The variation is mainly due to provision for contingencies charges recorded in 2024.

*Share of profit from joint ventures and associates*

 

Share of profit from joint ventures and associates from our holding, transportation and others segment amounted to U.S.$94 million for the nine-month period ended September 30, 2025, compared to U.S.$129 million for the nine-month period ended September 30, 2024. This variation is explained by lower profit from our stake in OCP amounting to U.S.$59 million, mainly due to gains recognized in the acquisition of additional shares in OCP's capital stock in 2024, partially offset by higher profits from our stakes in CIESA and CITELEC amounting to U.S.$29 million consistent with monthly rate increases received by those companies in 2025.

*Profit from sale of companies' interest*

 

The profit from sale of companies' interest from our holding, transportation and others segment amounted to U.S.$7 million for the nine-month period ended September 30, 2024 due to the sale of our direct interest in TGS.

*Operating Income*

 

Operating income from our holding, transportation and others segment amounted to a U.S.$55 million profit for the nine-month period ended September 30, 2025, compared to U.S.$92 million for the nine-month period ended September 30, 2024.

*Financial Results, Net*

 

Our holding, transportation and others segment recorded a U.S.$39 million net financial gain for the nine-month period ended September 30, 2025, compared to a U.S.$1 million net financial gain for the nine-month period ended September 30, 2024. This variation is mainly due to higher foreign currency net exchange gains on the liability monetary position in Pesos, and was partially offset by higher interest expenses on fiscal liabilities.

*Income Tax*

 

Our holding, transportation and others segment recorded an income tax benefit of U.S.$8 million for the nine-month period ended September 30, 2025, compared to an income tax charge of U.S.$12 million for the nine-month period ended September 30, 2024. The variation is mainly related to the tax inflation adjustment over the net monetary position.

*Profit of the period*

 

Our holding, transportation and others segment recorded a profit of U.S.$102 million for the nine-month period ended September 30, 2025, compared to U.S.$81 million for the nine-month period ended September 30, 2024, both of which were entirely attributable to the owners of the Company.

**Recent Developments**

*2025 Legislative Elections*

On October 26, 2025, Argentina held national mid-term legislative elections to renew 127 of the 257 seats in the Chamber of Deputies, the lower house of the Argentine Congress, and 24 of the 72 seats in the Senate, the upper house. President Javier Milei's party, *La Libertad Avanza*, obtained approximately 40.7% of the national vote for the Chamber of Deputies and approximately 42.0% for the Senate, while the main opposition party, *Fuerza Patria*, obtained approximately 31.7% of the national vote for the Chamber of Deputies and approximately 28.4% for the Senate.

On the day following the election, Argentine financial markets reacted positively: the peso appreciated against the U.S. dollar, Argentine sovereign bonds rose, and equity indices recorded significant gains, reflecting improved investor confidence in the continuity of the administration's policies. Despite the immediate improvement in market sentiment, there can be no assurance that these conditions will be sustained over time. Political or social opposition to the government's reform measures, adverse external developments or delays in the implementation of structural policies could reverse these trends and generate volatility in Argentine financial markets, adversely affecting access to international financing, the value of the Argentine peso and the overall stability of the Argentine economy. In addition, the outcome of these elections may lead to changes in government policies that could impact our business. We cannot assure you whether such changes will occur or, if they occur, estimate their timing or potential effects on our operations and financial condition.

For additional background on risks related to Argentina and our business, see "*Item 3. Key Information—D. Risk Factors*" in our annual report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on April 16, 2025 (the "*2024 Annual Report*").

*Release of OCP Guarantees*

On October 28, 2025, the Ecuadorian Government instructed Citibank Ecuador to proceed with the operational and the environmental Guarantee (each U.S.$50,000,000) release, which became no longer valid as of that day under the terms of the contract. On November 3, 2025, Citibank N.A. proceeded with the release of the U.S.$84,000,000 guarantee deposits funds.

For additional background on the guarantees and the OCP concessions, see "*Item 3. Key Information—D. Risk Factors—We granted certain environmental and operational guarantees in favor of the Ecuadorian Government in connection with the OCP concession*" and "*Relevant Events—Oil and Gas—Acquisition of Shares in OCP Ecuador and Termination of the Concession*" in the 2024 Annual Report.