Pampa Energía
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Pampa Energía (PAMP) investor relations material

Pampa Energía Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary2 Mar, 2026

Executive summary

  • Celebrated 20th anniversary with record production, reaching 104,000 boe/d in winter 2025 and 9% of Argentina's natural gas, driven by Rincón de Aranda and a consolidated 15% share of national electricity output.

  • Rincón de Aranda ramped up to 20,000 bbl/d by Q4 2025, contributing significantly to EBITDA and shifting the production mix toward oil.

  • Q4 2025 sales reached US$507 million, up 16% year-over-year, with adjusted EBITDA rising 26% to US$230 million, mainly from oil and gas growth, new power market framework, and higher gas exports.

  • Consolidated adjusted EBITDA for Q4 2025 was $322 million, up 26% year-over-year but down 29% sequentially.

  • Net income attributable to shareholders was US$161 million, up 52% year-over-year, supported by stronger operating margins and a non-cash deferred tax credit.

Financial highlights

  • Q4 adjusted EBITDA reached $230 million, up 26% year-on-year, mainly from power generation and Rincón de Aranda.

  • Q4 2025 CapEx was $371 million, up 81% year-over-year, with half allocated to Rincón de Aranda.

  • Free cash outflow was limited to $20 million in Q4, with cash and equivalents at $1.1 billion at year-end.

  • Net debt at $801 million as of December 2025, net leverage at 1.1x, and gross debt at $1.9 billion.

  • Oil and gas sales surged 52% year-over-year to US$204 million, with adjusted EBITDA up 111% to US$77 million.

Outlook and guidance

  • 2026 CapEx budgeted at $1.1 billion: $1 billion for E&P, <$100 million for power (maintenance only).

  • Rincón de Aranda to receive $770–$771 million CapEx in 2026, targeting 28,000 bbl/d by mid-2026 and 45,000 bbl/d by 2027, with total development CapEx exceeding $1.5 billion.

  • Oil production expected to reach 25,000 bbl/d by end of Q1 2026, ramping to 28,000 bbl/d by mid-year.

  • Gas production to average 13.5–14 million m³/d in 2026, up from 12.5 million m³/d in 2025.

  • No dividend distribution planned for 2026 due to negative free cash flow and ongoing growth investments.

RIGI impact on Rincón de Aranda's northern development
2026 CapEx funding strategy and dividend outlook
Power market changes: self-procurement impact?
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Q1 202612 May, 2026
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