Pampa Energia Sa · BCBA:PAMP

Pampa Energia Sa — Q4 2025 Earnings Presentation

13 slides from Pampa Energia Sa's earnings presentation, Mar 2, 2026

  1. Slide 1: Q4 2025 Results Call

    Q4 2025 RESULTS CALL March 2, 2026 @ 4:30 PM EST/6:30 PM ART

  2. Slide 2: Disclaimer

    DISCLAIMER The material that follows is a presentation of general background information about Pampa Energía S.A.(“Pampa” or the “Company”) as of the date of the presentation . It is information in summary form and does not purport to be complete . It is not intended to be relied upon as advice to p

  3. Slide 3: A Quick Review of 2025

    A QUICK REVIEW OF 2025 Avg production, in kboed Net power generation, in TWh 84.4  8% yoy Thermal availability 21.7  3% yoy 78.2  73% vs 2017 21.0 100% 25.0 11.7 98%  48% vs 2017 4.8 96% 20.0 48.9 94% 14.2 95% Oil 92% 90% 94% 15.0 7.6 73.4 72.8 88% 10.0 Gas 86% 87% 41.3 84% 5.0 82% 80% 0.0 2017

  4. Slide 4: Evolution of Capex by Pampa and Affiliates

    EVOLUTION OF CAPEX BY PAMPA AND AFFILIATES 1,413 Power 99 generation 1,197 978 886 105 827 809 736 1,039 E&P 354 542 549 430 348 172 519 Affiliates 91 78 74 275 @ 100% 43 & other businesses 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 4

  5. Slide 5: Q4 2025's Key Takeaways

    Q4 2025’S KEY TAKEAWAYS CONSOLIDATED FIGURES, IN US$ MILLION Main highlights Consolidated adjusted EBITDA1 EBITDA margin Production ramp-up at Rincón de Aranda +26% yoy 350 322 100% -29% qoq New normalization guidelines for power market 90% 230 300 80% ✓ Rincón de Aranda 182 250 Vertical integration

  6. Slide 6: Oil and Gas: Rincón de Aranda Led the Quarter Amid Summer Gas

    OIL AND GAS RINCÓN DE ARANDA LED THE QUARTER AMID SUMMER GAS Adjusted EBITDA, in US$ million Lifting cost, in US$ million EBITDA margin 180 171 200% 60 Per boe 59 59 11.5 180% 160 +111% yoy 49 55 10.5 Per boe 160% 140 -55% qoq 50 140% -8% yoy 9.5 120 77 120% 45 +24% qoq 100 8.5 ✓Rincón de Aranda 100

  7. Slide 7: Rincón de Aranda Reached First Milestone of 20 kbpd

    RINCÓN DE ARANDA REACHED FIRST MILESTONE OF 20 KBPD Oil production, in kbpd VMOS + CPF 45 45 TPF#2 30 28 20 15 1 0 Apr-25 Dec-25 Mid-26 2027 2 high-spec rigs Building infra US$776m capex 2025 1 frac fleet Pipelines to delivery point US$771m capex 2026b 10 pads tied-in Central processing facility Tot

  8. Slide 8: Gas: The Vertical Integration Is Happening

    GAS: THE VERTICAL INTEGRATION IS HAPPENING Gas production, in mcmpd Weighted avg gas price for Pampa, in US$/MBTU 14.0 16.0 4.4 5.0 14.0 12.0 9.8 10.7 +10% yoy 4.5 4.0 10.0 -23% qoq 4.0 4.4 8.0 3.2 3.5 4.0 3.0 6.0 ✓Exports ✓Industries 3.0 2024 = 3.7 2.92025 = 3.7 4.0 2.0 3.0 2.5 - Winter 2.0 Q4 24 …

  9. Slide 9: 2025 Reserves Report: Growth Driven by Shale

    2025 RESERVES REPORT: GROWTH DRIVEN BY SHALE P1 reserves, in mboe Shale gas vs shale oil, in mboe P1 reserves 296 204 231 179 199 132 Oil 56 157 Shale 135 142 204 14 44 83 132 83 Gas Non- 44 120 143 14 148 131 132 135 116 99 Shale 4 10 92 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2

  10. Slide 10: Power Generation: The New Guidelines Boosted the Segment

    POWER GENERATION THE NEW GUIDELINES BOOSTED THE SEGMENT Adjusted EBITDA1, in US$ million Generation performance, in GWh EBITDA margin 140 120 111 +28% yoy 5,421 +3% yoy 4,797 4,94710% -9% qoq 6,000 150% 120 -8% qoq 8% 86 Wind 5% 130% 5,000 7% 100 ✓Spot prices Hydro 15% 9% ✓ Old CTGEBA & CTLL 110% 4,

  11. Slide 11: Q4 Almost Breakeven FCF Amid Heavy Growth Capex in Rincón de Aranda

    Q4 25 ALMOST BREAKEVEN FCF AMID HEAVY GROWTH CAPEX IN RINCÓN DE ARANDA Key cash flow figures for the Parent Company, US$ million Q4 25 FCF = US$(20) million -US$557m yoy -US$155m yoy, -US$25m qoq +US$210m qoq 80 3 1,091 146 147 881 115 (39) (242) CB Series 26 Winter CB Series 16, 20 RdA Collections

  12. Slide 12: Solid Balance Sheet to Support More Growth

    SOLID BALANCE SHEET TO SUPPORT MORE GROWTH Key leverage figures1 as of December 2025, in US$ million Leverage evolution Consolidated with Net leverage Parent Company affiliates at O/S3 Gross leverage 3.0x Debt 2 1,892 2,286 2.6x Cash & equiv. 1,091 1,457 2.1x 2.2x 2.2x Net debt 801 829 1.3x 1.2x 1.1

  13. Slide 13: Thank You Q&A

    THANK YOU Q&A

Pampa Energía — Q4 2025 Earnings Presentation on 6ix