BUENOS AIRES, ARGENTINA / ACCESSWIRE / August 9, 2023 / Pampa Energía S.A. (NYSE:PAM, Buenos Aires Stock Exchange:PAMP))), an independent company with active participation in Argentina's electricity and gas value chain, announces the results for the six-month period and quarter ended on June 30, 2023.

Pampa's financial information adopts US$ as functional currency, which is then translated into AR$ at transactional nominal exchange rate (‘FX'). However, for our affiliates, Transener and TGS, their figures are adjusted for inflation as of June 30, 2023, and then translated into US$ at the period's closing FX. The reported figures in US$ from previous periods remain unchanged.

Second quarter 2023 (‘Q2 23') main results^[1]

Sales amounted to US $464 million^[2], similar to the second quarter 2022 (‘Q2 22'), explained by improved natural gas prices and sold volumes, the incorporation of Engineer Mario Cebreiro Wind Farm (‘PEMC') and Arauco Wind Farm^[3] (‘PEA') and higher sales of reforming volumes, offset by lower petrochemical and crude oil prices and lesser legacy energy income.

Operating performance highlighted by reforming and Ensenada Barragán Thermal Power Plant (‘CTEB')'s Combined Cycle (‘CCGT'):

Pampa's main operational KPIs		Q2 23	Q2 22	Variation
Power	Generation (GWh)	5,218	4,477	+17%
	Gross margin (US$/MWh)	22.6	22.1	+2%

Oil and gas	Production (k boe/day)	67.3	64.6	+4%
	Gas over total production	92%	92%	+0%
	Average gas price (US$/MBTU)	4.7	4.4	+7%
	Average oil price (US$/bbl)	65.1	72.6	-10%

Petrochemicals	Volume sold (k ton)	106	91	+17%
	Average price (US$/ton)	1,240	1,738	-29%

Adjusted EBITDA^[4] reached US $222 million, 13% lower than Q2 22, explained by reductions of 53% in holding and others, 48% in petrochemicals, 4% in oil and gas, and 1% in power generation.

The profit attributable to the Company's shareholders rose 156%, reaching US$166 million, mainly due to gains from holding financial securities and, to a lesser extent, depreciation over the monetary liability net position in AR$, partially offset by increased financial interests due to higher stock of AR$-debt and higher income tax charges.

Net debt continued decreasing, reaching US $787 million, resulting in a net leverage ratio of 1.1x.

[1] The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina. Only continuing operations are considered.

[2] It does not include sales from the affiliates CTBSA, Transener and TGS, which at our ownership account for US$97 million. Under IFRS affiliates are not consolidated in Pampa, thus shown as ‘Results for participation in joint businesses and associates'.

[3] PEMC is consolidated since Pampa holds full ownership on August 2022; in process of divestment. PEA was acquired on December 2022.

[4] Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates' EBITDA at our ownership. For further information, see section 3.1 of the Earnings Release.

Consolidated balance sheet

(As of June 30, 2023 and December 31, 2022, in millions)

Figures in million	As of 06.30.2023				As of 12.31.2022
	AR$		US$ FX 256.7		AR$		US$ FX 177.16
ASSETS
Property, plant and equipment		585,004		2,279		383,464		2,165
Intangible assets		25,252		98		24,364		138
Right-of-use assets		1,982		8		1,521		9
Deferred tax asset		8,491		33		6,326		36
Investments in joint ventures and associates		240,004		935		159,833		902
Financial assets at amortized cost		25,853		101		18,000		102
Financial assets at fair value through profit and loss		7,053		27		4,867		27
Other assets		121		0		91		1
Trade and other receivables		6,660		26		3,415		19
Total non-current assets		900,420		3,508		601,881		3,397

Inventories		47,714		186		30,724		173
Financial assets at amortized cost		3,006		12		1,357		8
Financial assets at fair value through profit and loss		169,968		662		103,856		586
Derivative financial instruments		146		1		161		1
Trade and other receivables		116,646		454		83,328		470
Cash and cash equivalents		50,749		198		18,757		106
Total current assets		388,229		1,512		238,183		1,344

Assets classified as held for sale		46,631		182		-		-

Total assets		1,335,280		5,202		840,064		4,742
EQUITY
Equity attributable to owners of the company		669,365		2,608		403,463		2,277

Non-controlling interest		1,684		7		1,157		7

Total equity		671,049		2,614		404,620		2,284

LIABILITIES
Provisions		38,250		149		26,062		147
Income tax and presumed minimum income tax liabilities		37,356		146		31,728		179
Deferred tax liabilities		17,596		69		19,854		112
Defined benefit plans		8,362		33		4,908		28
Borrowings		333,830		1,300		237,437		1,340
Trade and other payables		8,485		33		3,757		21
Total non-current liabilities		443,879		1,729		323,746		1,827

Provisions		1,003		4		779		4
Income tax liabilities		4,493		18		927		5
Taxes payables		7,398		29		4,966		28
Defined benefit plans		928		4		1,021		6
Salaries and social security payable		5,404		21		5,627		32
Derivative financial instruments		133		1		318		2
Borrowings		91,688		357		48,329		273
Trade and other payables		74,368		290		49,731		281
Total current liabilities		185,415		722		111,698		630

Liabilities associated to assets classified as held for sale		34,937		136		-		-

Total liabilities		664,231		2,588		435,444		2,458

Total liabilities and equity		1,335,280		5,202		840,064		4,742

Consolidated income statement

(For the six-month periods and quarters ended on June 30, 2023 and 2022, in millions)

	First half								Second quarter
Figures in million	2023				2022				2023				2022
	AR$		US$		AR$		US$		AR$		US$		AR$		US$
Sales revenue		194,256		895		99,523		874		110,341		464		55,512		462
Local market sales		154,309		708		78,708		688		86,900		363		44,999		372
Foreign market sales		39,947		187		20,815		186		23,441		101		10,513		90
Cost of sales		(117,939)		(555)		(60,896)		(540)		(67,401)		(290)		(34,652)		(294)

Gross profit		76,317		340		38,627		334		42,940		174		20,860		168

Selling expenses		(7,723)		(34)		(3,721)		(33)		(4,530)		(18)		(1,658)		(12)
Administrative expenses		(19,564)		(89)		(7,326)		(63)		(11,254)		(48)		(3,797)		(31)
Exploration expenses		(1,750)		(7)		(15)		-		(1,702)		(7)		(7)		-
Other operating income		14,289		61		4,357		36		9,430		45		3,057		25
Other operating expenses		(7,375)		(35)		(2,632)		(23)		(3,530)		(22)		(964)		(8)
Impairment of financial assets		(937)		(3)		(519)		(4)		(646)		(3)		(392)		(3)
Rec. of imp. (impairm.) of int. assets & inventories		(323)		(1)		(4,384)		(35)		(734)		(3)		(4,375)		(35)
Results for part. in joint businesses & associates		8,570		34		6,861		57		5,370		19		4,179		32

Operating income		61,504		266		31,248		269		35,344		137		16,903		136

Financial income		428		2		450		5		235		2		204		2
Financial costs		(41,078)		(188)		(8,794)		(78)		(26,367)		(112)		(4,599)		(39)
Other financial results		55,461		254		(4,170)		(35)		40,818		170		(3,881)		(33)
Financial results, net		14,811		68		(12,514)		(108)		14,686		60		(8,276)		(70)

Profit before tax		76,315		334		18,734		161		50,030		197		8,627		66

Income tax		(7,087)		(29)		(29)		6		(7,730)		(33)		(376)		1

Net income for the period		69,228		305		18,705		167		42,300		164		8,251		67
Attributable to the owners of the Company		69,097		305		18,469		165		42,179		164		8,165		66
Attributable to the non-controlling interests		131		-		236		2		121		0.1		86		1

Net income per share to shareholders		50.36		0.22		13.37		0.12		31.01		0.12		5.92		0.05
Net income per ADR to shareholders		1,259.06		5.56		334.34		2.99		775.35		3.01		147.92		1.20

Average outstanding common shares¹		1,372		1,372		1,381		1,381		1,360		1,360		1,380		1,380.0
Outstanding shares by the end of period¹		1,360		1,360		1,380		1,380		1,360		1,360		1,380		1,380.0

Note: 1 It considers the shares from the Employee stock-based compensation plan, which as of June 30, 2022 and 2023 amounted to 3.9 million common shares.

For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampaenergia.com/en.

Information about the videoconference

There will be a video conference to discuss Pampa's Q2 23 results on Thursday, August 10, 2023, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Nicolás Mindlin, CFO, and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register at bit.ly/Pampa2Q2023VC. The video conference call will also be simultaneously webcasted at Pampa's website ri.pampaenergia.com/en.

For further information about Pampa:

SOURCE: 1/3 Pampa Energía S.A.

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Pampa Energia Announces Six-Month Period and Second Quarter 2023 Results