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
In US$ million	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 shares*¹	1,351	1,360	1,340	1,360
*Outstanding shares by the end of period*¹	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
In US$ million	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.

²Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as 'Results for participation in joint businesses and associates.'

³Consolidated 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.

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SOURCE Pampa Energia S.A.