Pampa Energía (PAMP) investor relations material

Executive summary

• Q2 2025 saw a production ramp-up at Rincón de Aranda, launch of new wind capacity (PEPE 6/PP6), and higher spot prices, though colder weather delayed peak demand.

• Adjusted EBITDA was $239M–$249M, down 17% year-over-year but up sequentially, with margin at 41%.

• CapEx surged to $354M, up 134–140% year-over-year, mainly for Rincón de Aranda and wind projects.

• Net income attributable to shareholders was $40M, down 60% year-over-year, due to higher deferred tax and lower margins.

• Net debt increased to $712M, with net leverage at 1.1x, driven by higher working capital and investments.

Financial highlights

• Adjusted EBITDA for Q2 2025 was $239M–$249M, down 17% year-over-year but up 9% sequentially.

• CapEx reached $354M, with $249M–$306M invested in Rincón de Aranda.

• Oil and gas adjusted EBITDA was $87M, down 28% year-over-year, mainly from reduced gas sales and higher costs.

• Power generation adjusted EBITDA was $112M, up 5% year-over-year, driven by new wind capacity and higher spot prices.

• Free cash flow was negative ($37M to -$307M), mainly due to CapEx and working capital needs.

Outlook and guidance

• 2025 CapEx budgeted at $800M, with over $360M already invested; targeting 45,000 bpd at Rincón de Aranda by 2027.

• New record gas production set in July 2025 at 17.4 mcmpd, driven by Vaca Muerta shale.

• Negative free cash flow expected through 2025 and H1 2026 due to heavy investment.

• Lifting costs at Rincón de Aranda expected to fall from $8.5/bbl to $7/bbl in 2026, and to $5/bbl at plateau.

• Regulatory reforms aim to liberalize oil and gas markets, update tariffs, and extend energy emergency to July 2026.