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Pampa Energía (PAMP) investor relations material
Pampa Energía Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Rincón de Aranda's ramp-up and vertical integration drove record oil and gas production, with oil now 34% of E&P EBITDA and 18% of total E&P for the quarter.
Adjusted EBITDA reached $322 million, up 16% year-over-year, with a margin of 43%, mainly from shale oil growth, higher B2B sales, and self-procured gas.
Management repurchased 0.8 million ADRs at $58.8/ADR after market volatility, with the stock rising to $90/ADR.
Net income attributable to shareholders was $23 million, down 84% year-over-year, mainly due to higher non-cash deferred tax charges.
Net debt rose to $874 million as of September 2025, mainly from investments and share buybacks, but improved to $790 million after OCP Ecuador guarantee release.
Financial highlights
Oil and gas sales grew 35% year-over-year, with Q3 25 production at 99.5 kboe/day (+14% YoY), driven by Rincón de Aranda's shale oil ramp-up.
Power generation sales increased 12% year-over-year, supported by self-procured gas and higher spot capacity prices.
Capex surged 183% year-over-year to $332 million, with $174 million invested in Rincón de Aranda.
Free cash flow for Q3 2025 was $6 million, down $74 million year-over-year but up $313 million sequentially.
Gross margin per MWh in power generation rose 17% year-over-year to $26.5.
Outlook and guidance
Oil production expected to reach 18,000–19,000 bpd in Q4 2025, ramping to 28,000 bpd by H2 2026 and targeting 45,000 bpd by 2027.
Lifting costs for oil projected to fall from $10 to $9 per barrel in 2026, with overall lifting cost dropping to $6.2 per BOE.
Power generation EBITDA expected to improve by at least 10–15% in 2026 due to regulatory changes and B2B market expansion.
Capex for 2026 forecasted at $750 million, with leverage expected to remain around 1.1–1.3x.
New regulatory framework for the wholesale electricity market effective November 2025 aims to increase competition and decentralize fuel supply.
Rincón de Aranda: expected production growth trajectory
New WEM rules: financial impact on power segment
TGS GPM expansion: expected capacity and revenue impact
Rincón de Aranda production and lifting cost path
Power segment strategy under new market rules
2026 CapEx, leverage, and M&A priorities
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Next Pampa Energía earnings date
Q4 20253 Mar, 2026
Next Pampa Energía earnings date
Q4 20253 Mar, 2026
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