Pampa Energía (PAMP) Q3 2026 earnings summary

Executive summary

• Q3 sales reached $790 million, up 34% YoY; adjusted EBITDA was $398 million, up 23%, and attributable net income rose to $129 million from $23 million.

• Stronger thermal generation margins and gas-to-power integration drove results, partly offset by oil hedges, lower Plan Gas and industrial deliveries, and weaker hydro and wind generation.

• Seven participating projects received RIGI approval, representing $30 billion in investment; direct participation includes Fértil Pampa and Rincón de Aranda.

Financial highlights

• Q3 adjusted EBITDA was $398 million, up 23% YoY and down 4% QoQ; oil and gas contributed 55% of total EBITDA.

• CapEx rose 85% YoY to $585 million, driven by Fértil Pampa spending after FID; parent-company free cash flow was negative $388 million.

• Q3 operating income was $196 million versus $168 million; attributable net income was $129 million versus $23 million.

• Parent-company cash was $1.035 billion at September-end; gross debt was $2.766 billion and net debt $1.731 billion.

Outlook and guidance

• Rincón de Aranda production is forecast at 28,000 bpd by year-end 2026, 40,000 bpd by end-2027 and 45,000 bpd in Q1 2028; plateau lifting cost with CPF is expected near $6/bbl.

• Free cash flow is expected to remain negative in 2027 and turn positive in 2028, on a conservative basis excluding subsidiary dividends and other potential proceeds.

• Fértil Pampa’s 2.1 MTPA urea plant targets year-end 2029 operations; estimated investment is $2.7 billion.

• Secured transport capacity totals 15.6 mcmpd excluding San Matías; 2030 projected demand excluding FLNG is 15.5 mcmpd.

• Oil hedging will continue but is planned not to exceed 50% of expected production; current coverage extends through July 2027.