BUENOS AIRES, ARGENTINA / ACCESS Newswire / November 4, 2025 / Pampa Energía S.A. (NYSE: PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the nine-month period and quarter ended on September 30, 2025.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate (‘FX') is applied. However, Transener and Transportadora de Gas del Sur's (‘TGS') figures are adjusted for inflation as of September 30, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged.
Third quarter 2025 ('Q3 25') main results[1]
Sales recorded US$591 million in Q3 25[2], a 9% year-on-year slight decline, driven by higher crude oil production in Rincón de Aranda, increased gas exports to Chile, and fuel self-procurement at Central Térmica Loma de la Lata (‘CTLL'), partially offset by lower gas sales to retailers, a decline in crude oil prices and weaker petrochemical sales.
During Q3 25, shale oil production at Rincón de Aranda continued to grow steadily, consolidating the block's expansion.
Pampa's main operational KPIs |
|
|
Q3 25 |
|
|
|
Q3 24 |
|
|
Variation |
|
||
Oil and gas |
Production (kboe/day) |
|
|
99.5 |
|
|
|
87.5 |
|
|
|
+14 |
% |
Gas production (kboepd) |
|
|
82.2 |
|
|
|
82.1 |
|
|
|
+0 |
% |
|
Crude oil production (kbpd) |
|
|
17.3 |
|
|
|
5.4 |
|
|
|
+220 |
% |
|
Average gas price (US$/MBTU) |
|
|
4.4 |
|
|
|
4.4 |
|
|
|
+0 |
% |
|
Average oil price (US$/bbl)* |
|
|
61.1 |
|
|
|
71.9 |
|
|
|
-15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Power |
Generation (GWh) |
|
|
5,421 |
|
|
|
5,951 |
|
|
|
-9 |
% |
Gross margin (US$/MWh) |
|
|
26.5 |
|
|
|
22.6 |
|
|
|
+17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Petrochemicals |
Volume sold (k ton) |
|
|
122 |
|
|
|
128 |
|
|
|
-4 |
% |
Average price (US$/ton) |
|
|
937 |
|
|
|
1,092 |
|
|
|
-14 |
% |
|
Note: * Price net of export duty and quality/logistic discounts.
Adjusted EBITDA reached US$322 million in Q3 25, a 16% year-on-year increase, mainly reflecting the strong contribution from Rincón de Aranda and, to a lesser extent, from gas exports, higher margins on self-procured gas and Parque Eólico Pampa Energía 6 (‘PEPE 6'). These effects were partially offset by lower styrene margins and reduced residential gas demand.
Net income attributable to shareholders was US$23 million, 84% below Q3 24[3], mainly explained by higher non-cash deferred tax charges, which also impacted results on our affiliates' equity income, partially offset by improved operating margins.
Net debt totaled US$874 million vs. US$712 million as of June 2025, resulting in a net-debt to EBITDA ratio of 1.3x, mainly due to higher investments in the development of Rincón de Aranda and share buybacks. After the quarter's closing, net debt decreased to US$790 million, resulting in a 1.1x ratio.
[1] The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina.
[2] Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'
[3] Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.
Consolidated balance sheet
(As of September 30, 2025 and December 2024, in millions)
In US$ million |
|
As of 9.30.2025 |
|
|
As of 12.31.2024 |
|
||
ASSETS |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
3,053 |
|
|
|
2,607 |
|
Intangible assets |
|
|
89 |
|
|
|
95 |
|
Right-of-use assets |
|
|
43 |
|
|
|
11 |
|
Deferred tax asset |
|
|
21 |
|
|
|
157 |
|
Investments in associates and joint ventures |
|
|
1,000 |
|
|
|
993 |
|
Financial assets at fair value through profit and loss |
|
|
32 |
|
|
|
27 |
|
Trade and other receivables |
|
|
48 |
|
|
|
75 |
|
Total non-current assets |
|
|
4,286 |
|
|
|
3,965 |
|
|
|
|
|
|
|
|
|
|
Inventories |
|
|
256 |
|
|
|
223 |
|
Financial assets at amortized cost |
|
|
- |
|
|
|
80 |
|
Financial assets at fair value through profit and loss |
|
|
470 |
|
|
|
850 |
|
Derivative financial instruments |
|
|
30 |
|
|
|
1 |
|
Trade and other receivables |
|
|
784 |
|
|
|
488 |
|
Cash and cash equivalents |
|
|
411 |
|
|
|
738 |
|
Total current assets |
|
|
1,951 |
|
|
|
2,380 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
6,237 |
|
|
|
6,345 |
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
Share capital |
|
|
36 |
|
|
|
36 |
|
Share capital adjustment |
|
|
191 |
|
|
|
191 |
|
Share premium |
|
|
516 |
|
|
|
516 |
|
Treasury shares adjustment |
|
|
1 |
|
|
|
1 |
|
Treasury shares cost |
|
|
(23 |
) |
|
|
(7 |
) |
Legal reserve |
|
|
44 |
|
|
|
44 |
|
Voluntary reserve |
|
|
2,399 |
|
|
|
1,657 |
|
Other reserves |
|
|
(13 |
) |
|
|
(13 |
) |
Other comprehensive income |
|
|
100 |
|
|
|
119 |
|
Retained earnings |
|
|
182 |
|
|
|
742 |
|
Equity attributable to owners of the company |
|
|
3,433 |
|
|
|
3,286 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
|
9 |
|
|
|
9 |
|
Total equity |
|
|
3,442 |
|
|
|
3,295 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Provisions |
|
|
107 |
|
|
|
137 |
|
Income tax and minimum notional income tax provision |
|
|
317 |
|
|
|
75 |
|
Deferred tax liability |
|
|
67 |
|
|
|
49 |
|
Defined benefit plans |
|
|
29 |
|
|
|
30 |
|
Borrowings |
|
|
1,473 |
|
|
|
1,373 |
|
Trade and other payables |
|
|
75 |
|
|
|
84 |
|
Total non-current liabilities |
|
|
2,068 |
|
|
|
1,748 |
|
|
|
|
|
|
|
|
|
|
Provisions |
|
|
7 |
|
|
|
10 |
|
Income tax liability |
|
|
15 |
|
|
|
257 |
|
Tax liabilities |
|
|
36 |
|
|
|
30 |
|
Defined benefit plans |
|
|
5 |
|
|
|
7 |
|
Salaries and social security payable |
|
|
31 |
|
|
|
39 |
|
Borrowings |
|
|
282 |
|
|
|
706 |
|
Trade and other payables |
|
|
351 |
|
|
|
253 |
|
Total current liabilities |
|
|
727 |
|
|
|
1,302 |
|
Total liabilities |
|
|
2,795 |
|
|
|
3,050 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
6,237 |
|
|
|
6,345 |
|
Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2025 and 2024, in millions)
|
|
Nine-month period |
|
|
Third quarter |
|
||||||||||
In US$ million |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Sales revenue |
|
|
1,491 |
|
|
|
1,441 |
|
|
|
591 |
|
|
|
540 |
|
Domestic sales |
|
|
1,207 |
|
|
|
1,207 |
|
|
|
457 |
|
|
|
465 |
|
Foreign market sales |
|
|
284 |
|
|
|
234 |
|
|
|
134 |
|
|
|
75 |
|
Cost of sales |
|
|
(1,000 |
) |
|
|
(930 |
) |
|
|
(375 |
) |
|
|
(365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
491 |
|
|
|
511 |
|
|
|
216 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
|
(69 |
) |
|
|
(57 |
) |
|
|
(26 |
) |
|
|
(21 |
) |
Administrative expenses |
|
|
(131 |
) |
|
|
(139 |
) |
|
|
(47 |
) |
|
|
(56 |
) |
Other operating income |
|
|
85 |
|
|
|
116 |
|
|
|
32 |
|
|
|
33 |
|
Other operating expenses |
|
|
(62 |
) |
|
|
(72 |
) |
|
|
(22 |
) |
|
|
(20 |
) |
Impairment of financial assets |
|
|
(5 |
) |
|
|
(56 |
) |
|
|
(3 |
) |
|
|
- |
|
Impairment on PPE, int. assets & inventories |
|
|
(8 |
) |
|
|
(19 |
) |
|
|
(7 |
) |
|
|
(19 |
) |
Results for part. in joint businesses & associates |
|
|
101 |
|
|
|
101 |
|
|
|
25 |
|
|
|
62 |
|
Income from the sale of associates |
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
402 |
|
|
|
392 |
|
|
|
168 |
|
|
|
154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
|
|
42 |
|
|
|
4 |
|
|
|
7 |
|
|
|
2 |
|
Financial costs |
|
|
(151 |
) |
|
|
(137 |
) |
|
|
(52 |
) |
|
|
(43 |
) |
Other financial results |
|
|
137 |
|
|
|
114 |
|
|
|
15 |
|
|
|
40 |
|
Financial results, net |
|
|
28 |
|
|
|
(19) |
|
|
|
(30) |
|
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax |
|
|
430 |
|
|
|
373 |
|
|
|
138 |
|
|
|
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
|
|
(214 |
) |
|
|
140 |
|
|
|
(115 |
) |
|
|
(7 |
) |
Net income for the period |
|
|
216 |
|
|
|
513 |
|
|
|
23 |
|
|
|
146 |
|
Attributable to the owners of the Company |
|
|
216 |
|
|
|
513 |
|
|
|
23 |
|
|
|
146 |
|
Attributable to the non-controlling interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share to shareholders |
|
|
0.2 |
|
|
|
0.4 |
|
|
|
0.0 |
|
|
|
0.1 |
|
Net income per ADR to shareholders |
|
|
4.0 |
|
|
|
9.4 |
|
|
|
0.4 |
|
|
|
2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average outstanding common shares1 |
|
|
1,360 |
|
|
|
1,360 |
|
|
|
1,360 |
|
|
|
1,360 |
|
Outstanding shares by the end of period1 |
|
|
1,360 |
|
|
|
1,360 |
|
|
|
1,360 |
|
|
|
1,360 |
|
Note 1: It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of September 30, 2024 and 2025.
Consolidated cash flow statement
(For the nine-month periods and quarters ended on September 30, 2025 and 2024, in millions)
|
Nine-month period |
|
|
Third quarter |
|
|||||||||||
In US$ million |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Profit of the period |
|
|
216 |
|
|
|
513 |
|
|
|
23 |
|
|
|
146 |
|
Adjustments to reconcile net profit to cash flows from operating activities |
|
|
407 |
|
|
|
140 |
|
|
|
244 |
|
|
|
93 |
|
Changes in operating assets and liabilities |
|
|
(133 |
) |
|
|
(367 |
) |
|
|
76 |
|
|
|
(17 |
) |
Increase in trade receivables and other receivables |
|
|
(219) |
|
|
|
(458) |
|
|
|
35 |
|
|
|
(26) |
|
Increase in inventories |
|
|
(34) |
|
|
|
(33) |
|
|
|
(14) |
|
|
|
(3) |
|
Increase in trade and other payables |
|
|
94 |
|
|
|
80 |
|
|
|
29 |
|
|
|
(1) |
|
Increase in salaries and social security payables |
|
|
2 |
|
|
|
15 |
|
|
|
12 |
|
|
|
12 |
|
Defined benefit plans payments |
|
|
(2) |
|
|
|
(2) |
|
|
|
(1) |
|
|
|
(1) |
|
Increase in tax liabilities |
|
|
25 |
|
|
|
34 |
|
|
|
12 |
|
|
|
4 |
|
Decrease in provisions |
|
|
(7) |
|
|
|
(3) |
|
|
|
(3) |
|
|
|
(2) |
|
Collection for derivative financial instruments, net |
|
|
8 |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated by (used in) operating activities |
|
|
490 |
|
|
|
286 |
|
|
|
343 |
|
|
|
222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for property, plant and equipment acquisitions |
|
|
(751 |
) |
|
|
(350 |
) |
|
|
(307 |
) |
|
|
(90 |
) |
Payment for intangible assets acquisitions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
Collection for sales (Payment for purchases) of public securities and shares, net |
|
|
376 |
|
|
|
(26 |
) |
|
|
60 |
|
|
|
(112 |
) |
Recovery (Suscription) of mutual funds, net |
|
|
11 |
|
|
|
(1 |
) |
|
|
15 |
|
|
|
- |
|
Capital integration in companies |
|
|
(41 |
) |
|
|
- |
|
|
|
- |
|
|
|
23 |
|
Payment for companies' acquisitions |
|
|
- |
|
|
|
(48 |
) |
|
|
- |
|
|
|
(48 |
) |
Payment for right-of-use |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13 |
|
Collection for equity interests in companies sales |
|
|
1 |
|
|
|
18 |
|
|
|
1 |
|
|
|
- |
|
Collection for joint ventures' share repurchase |
|
|
- |
|
|
|
37 |
|
|
|
- |
|
|
|
- |
|
Collections for intangible assets sales |
|
|
9 |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
Dividends collection |
|
|
25 |
|
|
|
8 |
|
|
|
25 |
|
|
|
- |
|
Collection for equity interests in areas sales |
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Cash addition for purchase of subsidiary |
|
|
- |
|
|
|
71 |
|
|
|
- |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated by (used in) investing activities |
|
|
(368 |
) |
|
|
(291 |
) |
|
|
(200 |
) |
|
|
(140 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings |
|
|
554 |
|
|
|
710 |
|
|
|
174 |
|
|
|
404 |
|
Payment of borrowings |
|
|
(128 |
) |
|
|
(94 |
) |
|
|
(20 |
) |
|
|
(25 |
) |
Payment of borrowings interests |
|
|
(122 |
) |
|
|
(118 |
) |
|
|
(21 |
) |
|
|
(35 |
) |
Repurchase and redemption of corporate bonds |
|
|
(726 |
) |
|
|
(329 |
) |
|
|
(1 |
) |
|
|
(254 |
) |
Payment for treasury shares acquisition |
|
|
(16 |
) |
|
|
- |
|
|
|
(16 |
) |
|
|
- |
|
Payments of leases |
|
|
(11 |
) |
|
|
(3 |
) |
|
|
(9 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) generated by financing activities |
|
|
(449 |
) |
|
|
166 |
|
|
|
107 |
|
|
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) Increase in cash and cash equivalents |
|
|
(327 |
) |
|
|
161 |
|
|
|
250 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period |
|
|
738 |
|
|
|
171 |
|
|
|
161 |
|
|
|
161 |
|
(Decrease) Increase in cash and cash equivalents |
|
|
(327 |
) |
|
|
161 |
|
|
|
250 |
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
|
411 |
|
|
|
332 |
|
|
|
411 |
|
|
|
332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.
Information about the videoconference
There will be a videoconference to discuss Pampa's Q3 25 results on Wednesday, November 5, 2025, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO, Horacio Turri, EVP and head of oil and gas and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
investor@pampa.com
ri.pampa.com/en
www.argentina.gob.ar/cnv
www.sec.gov
SOURCE: Pampa Energía S.A.
View the original press release on ACCESS Newswire
