Pampa Energía announces six-month period and second quarter 2026 results
BUENOS AIRES, Argentina, Aug. 4, 2026 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), an independent energy company with active participation in Argentine oil, gas and electricity, announces the results for the semester and quarter ended on June 30, 2026.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of June 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.
Second quarter 2026 ('Q2 26') main results1
Sales reached US$746 million in Q2 262, up 53% year-on-year, driven by the Wholesale Electricity Market's ('WEM') new deregulation framework, which supported higher spot energy prices and B2B PPA ('Business to Business') ('Power Purchase Agreements') sales, in addition to higher crude oil output and increased gas sales to power generation, and stronger Reformer prices. Lower Plan Gas and petrochemical volumes offset these effects
The Q2 26 reflected the continued ramp-up at Rincón de Aranda, alongside strong power generation performance, boosted by higher seasonal spot prices and the vertical integration with gas upstream.
Pampa's main operational KPIs | Q2 26 | Q2 25 | Variation | |
Oil and gas | Production (kboe/day) | 107.5 | 84.1 | +28 % |
Gas production (kboepd) | 84.1 | 76.1 | +10 % | |
Crude oil production (kbpd) | 23.4 | 8.0 | +194 % | |
Average gas price (US$/MBTU) | 4.6 | 4.0 | +15 % | |
Average oil price (US$/bbl)* | 58.8 | 61.6 | -4 % | |
Power | Generation (GWh) | 5,363 | 4,704 | +14 % |
Gross margin (US$/MWh) | 33.6 | 25.8 | +30 % | |
Petrochemicals | Volume sold (k ton) | 95 | 125 | -24 % |
Average price (US$/ton) | 1,459 | 978 | +49 % | |
Note: * Price net of export duty and quality/logistic discounts. |
Adjusted EBITDA3 totaled US$415 million, a 75% year-on-year increase, explained by higher contribution from RDA ('Rincón de Aranda'), greater power and gas vertical integration and increased spot and B2B margins in power generation, partially offset by lower realized crude oil prices due to hedging.
Net income attributable to shareholders was US$172 million, 4.3x Q2 25, driven by stronger operating margins and lower income tax, partially offset by lower gains from financial instruments.
Net debt stood at US$1.3 billion as of June 2026, vs. US$801 million as of December 2025, reflecting higher capital expenditures on RDA and increased collateral requirements due to oil hedging.
Consolidated balance sheet | ||||
(As of June 30, 2026 and December 31, 2025, in US$ million) | ||||
In US$ million | As of 06.30.2026 | As of 12.31.2025 | ||
ASSETS | ||||
Property, plant and equipment | 3,479 | 3,303 | ||
Intangible assets | 87 | 89 | ||
Right-of-use assets | 24 | 36 | ||
Deferred tax asset | 182 | 43 | ||
Investments in associates and joint ventures | 1,354 | 1,059 | ||
Financial assets at fair value through profit and loss | 33 | 33 | ||
Trade and other receivables | 78 | 43 | ||
Total non-current assets | 5,237 | 4,606 | ||
Inventories | 283 | 231 | ||
Financial assets at fair value through profit and loss | 302 | 366 | ||
Derivatives | - | 52 | ||
Trade and other receivables | 948 | 614 | ||
Cash and cash equivalents | 979 | 725 | ||
Total current assets | 2,512 | 1,988 | ||
Total assets | 7,749 | 6,594 | ||
EQUITY | ||||
Share capital | 35 | 36 | ||
Share capital adjustment | 189 | 191 | ||
Share premium | 517 | 516 | ||
Treasury shares adjustment | 1 | 1 | ||
Treasury shares cost | (6) | (54) | ||
Legal reserve | 44 | 44 | ||
Voluntary reserve | 2,707 | 2,399 | ||
Other reserves | (13) | (12) | ||
Other comprehensive income | 97 | 124 | ||
Retained earnings | 456 | 351 | ||
Equity attributable to owners of the company | 4,027 | 3,596 | ||
Non-controlling interest | 13 | 9 | ||
Total equity | 4,040 | 3,605 | ||
LIABILITIES | ||||
Provisions | 73 | 100 | ||
Income tax and minimum notional income tax provision | 28 | 26 | ||
Tax liabilities | 202 | 212 | ||
Deferred tax liability | 46 | 56 | ||
Defined benefit plans | 29 | 26 | ||
Borrowings | 2,575 | 1,844 | ||
Trade and other payables | 66 | 86 | ||
Total non-current liabilities | 3,019 | 2,350 | ||
Provisions | 13 | 13 | ||
Income tax liability | 124 | 83 | ||
Tax liabilities | 83 | 56 | ||
Defined benefit plans | 6 | 6 | ||
Salaries and social security payable | 26 | 36 | ||
Derivatives | 54 | - | ||
Borrowings | 25 | 48 | ||
Trade and other payables | 359 | 397 | ||
Total current liabilities | 690 | 639 | ||
Total liabilities | 3,709 | 2,989 | ||
Total liabilities and equity | 7,749 | 6,594 | ||
Consolidated income statement | ||||||||
(For the six-month periods and quarters ended on June 30, 2026 and 2025, in US$ million) | ||||||||
In US$ million | First half | Second quarter | ||||||
2026 | 2025 | 2026 | 2025 | |||||
Sales revenue | 1,319 | 900 | 746 | 486 | ||||
Domestic sales | 1,006 | 750 | 555 | 398 | ||||
Foreign market sales | 313 | 150 | 191 | 88 | ||||
Cost of sales | (862) | (625) | (482) | (340) | ||||
Gross profit | 457 | 275 | 264 | 146 | ||||
Selling expenses | (56) | (43) | (30) | (22) | ||||
Administrative expenses | (91) | (84) | (47) | (41) | ||||
Other operating income | 28 | 53 | 19 | 21 | ||||
Other operating expenses | (37) | (40) | (18) | (18) | ||||
Recovery of impairment/(Impairment) of financial assets | 2 | (2) | 3 | (2) | ||||
Impairment of intangible assets and inventories | (2) | (1) | (1) | (1) | ||||
Results for part. in joint businesses & associates | 148 | 76 | 81 | 30 | ||||
Operating income | 449 | 234 | 271 | 113 | ||||
Financial income | 7 | 35 | 3 | 2 | ||||
Financial costs | (87) | (99) | (48) | (58) | ||||
Other financial results | 22 | 122 | 15 | 85 | ||||
Financial results, net | (58) | 58 | (30) | 29 | ||||
Profit before tax | 391 | 292 | 241 | 142 | ||||
Income tax | (1) | (99) | (67) | (103) | ||||
Net income for the period | 390 | 193 | 174 | 39 | ||||
Attributable to the owners of the Company | 386 | 193 | 172 | 40 | ||||
Attributable to the non-controlling interest | 4 | - | 2 | (1) | ||||
Net income per share to shareholders | 0.3 | 0.1 | 0.1 | 0.0 | ||||
Net income per ADR to shareholders | 7.1 | 3.5 | 3.2 | 0.7 | ||||
Average outstanding common shares1 | 1,351 | 1,360 | 1,340 | 1,360 | ||||
Outstanding shares by the end of period1 | 1,340 | 1,360 | 1,340 | 1,360 | ||||
Note: 1 Includes shares allocated to the employee compensation plan as treasury shares, which amounted to 3.9 million and 3.5 million shares as of June 30, 2025, and 2026, respectively. Treasury shares are deducted from shares outstanding only if they are held as common shares. |
Consolidated cash flow statement | ||||||||
(For the six-month periods and quarters ended on June 30, 2026 and 2025, in millions) | ||||||||
In US$ million | First half | Second quarter | ||||||
2026 | 2025 | 2026 | 2025 | |||||
OPERATING ACTIVITIES | ||||||||
Profit of the period | 390 | 193 | 174 | 39 | ||||
Adjustments to reconcile net profit to cash flows from operating activities | 195 | 163 | 161 | 160 | ||||
Changes in operating assets and liabilities | (604) | (209) | (121) | (142) | ||||
Increase (decrease) in trade receivables and other receivables | (444) | (254) | 28 | (142) | ||||
Increase (decrease) in inventories | (53) | (20) | (45) | 3 | ||||
Increase (decrease) in trade and other payables | 17 | 65 | (7) | (14) | ||||
(Decrease) increase in salaries and social security payables | (10) | (10) | 4 | 3 | ||||
Defined benefit plans payments | (2) | (1) | (1) | - | ||||
Increase in tax liabilities | 38 | 13 | 45 | 8 | ||||
Decrease in provisions | (3) | (4) | (2) | (2) | ||||
Income tax payment | (50) | - | (50) | - | ||||
(Payments) Collection for derivative financial instruments, net | (97) | 2 | (93) | 2 | ||||
Net cash (used in) generated by operating activities | (19) | 147 | 214 | 57 | ||||
INVESTING ACTIVITIES | ||||||||
Payment for property, plant and equipment acquisitions | (518) | (444) | (253) | (282) | ||||
Collection for sales of public securities and shares, net | 205 | 316 | 118 | 165 | ||||
Subscription of mutual funds, net | (9) | (4) | - | (4) | ||||
Capital integration in companies | (30) | (41) | (14) | (10) | ||||
Right-of-use | - | - | - | 1 | ||||
Collection for intangible assets sales | - | 3 | - | 3 | ||||
Dividends collection | 1 | - | 1 | - | ||||
Collection for interests in areas sales | 5 | 2 | 5 | 2 | ||||
Net cash used in investing activities | (346) | (168) | (143) | (125) | ||||
FINANCING ACTIVITIES | ||||||||
Proceeds from borrowings | 732 | 380 | 732 | 335 | ||||
Payment of borrowings | (32) | (108) | (9) | (38) | ||||
Payment of borrowings interests | (68) | (101) | (46) | (63) | ||||
Repurchase and redemption of corporate bonds | (2) | (725) | - | (365) | ||||
Payment of leases | (11) | (2) | (5) | (1) | ||||
Net cash generated by (used in) financing activities | 619 | (556) | 672 | (132) | ||||
Increase (decrease) in cash and cash equivalents | 254 | (577) | 743 | (200) | ||||
Cash and cash equivalents at the beginning of the period | 725 | 738 | 236 | 361 | ||||
Increase (Decrease) in cash and cash equivalents | 254 | (577) | 743 | (200) | ||||
Cash and cash equivalents at the end of the period | 979 | 161 | 979 | 161 | ||||
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 Q2 26 results on Wednesday, August 5, 2026, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
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.
SOURCE Pampa Energia S.A.
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