Pampa Energia Sa · BCBA:PAMP
Pampa Energia Sa — Investor Presentation (March 2025)
32 slides from Pampa Energia Sa's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
INVESTOR PRESENTATION MARCH 2025
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 pot
Slide 3: Who We Are
WHO WE ARE
Slide 4: Pampa Energía: a story of constant value creation
Pampa Energía: a story of constant value creation ROBUST FREE CASH FLOW BALANCE POWER SHALE GAS SHALE OIL SHEET 5.5 GW Top-rated wells in High cash and Developing strategically Vaca Muerta, low debt, Rincón de Aranda, positioned for the producing achieving from a greenfield upcoming market 80kboepd
Slide 5: Pampa is an Argentine company exclusively dedicated to producing Argentine energy
Pampa is an Argentine company exclusively dedicated to producing Argentine energy Key milestones 2005 2007 2009 2016 Today Pampa Energía Full integration in Play in gas Acquisition of KEY PLAYER IN begins electricity upstream Petrobras Argentina THE ENERGY A listed company to After deploying Petrole
Slide 6: Founded almost 20 years ago, Pampa holds a unique and diversified energy portfolio
Founded almost 20 years ago, Pampa holds a unique and diversified energy portfolio Power generation Oil and gas #5 gas producer 15% 1 9% 3 78 kboepd2 #1 IPP, operating 17 plants 94% gas and 5.5 GW Participation in 8% of Vaca Muerta’s shale acreage Power transmission Petrochemicals Gas midstream 6 60
Slide 7: Pampa's key financial figures at a glance
Pampa’s key financial figures at a glance In US$ million Revenues1,2 Adjusted EBITDA1,2 % Exports % EBITDA margin US$-link US$-link 2,254 2,384 89% 899 908 937 2,041 77% 1,955 786 1, 000 90% 30 % 464 900 369 80% 2,000 254 25% 800 226 170 254 127 70% 396 474 36 520 700 1, 500 418 20% 39 60% 399 600 2
Slide 8: Strong balance sheet & comfortable debt profile
Strong balance sheet & comfortable debt profile The lowest net debt since 2016 Key leverage figures1 as of December 2024, in US$ million Evolution of net debt at ownership, in US$ million Consolidated with Parent Company affiliates at O/S3 Debt 2 2,079 2,251 Q2 19 Q4 24 Cash & equiv. 1,668 1,904 1,3
Slide 9: Oil & Gas Exploration & Production
OIL & GAS EXPLORATION & PRODUCTION
Slide 10: Pampa is a leading independent O&G producer in Argentina
Pampa is a leading independent O&G producer in Argentina #3 unconventional gas producer1 9% of the country’s gas output1 Sierra Chata Production Natural gas Crude oil 214k acres Rincón de 78 kboepd2 12.5 mcmpd 4.8 kbpd Aranda 59k acres P1 reserves @ December 2024: 231million boe Río Neuquén 98k acre
Slide 11: Rincón de Aranda: Unlocking shale oil value at Pampa
Rincón de Aranda Unlocking shale oil value at Pampa Rincón Promising results in our first tied-in well de Aranda Peak IP monthly oil Wells drilled in nearby blocks 59k 10 0% shale acres P90 90% 80% 286 70% RdA-2001 estimated 60% wells inventory P50 50% 400m 40% 30 % estimated bbls of potential 20% r
Slide 12: Rincón de Aranda: The roadmap for production ramp-up
Rincón de Aranda The roadmap for production ramp-up Location of pads Estimated oil production, in kbpd Ongoing pipeline expansions FACTORY MODE VACA MUERTA OIL SUR 45 Duplicar - 40 COD Q2 25 Secured 8 + 12 kbpd DUPLICAR for 2025-26 20 SUEZMAX Vaca Muerta Oil Sur 1 50 kbpd VLCC Dec-24 Dec-25 Dec-26 D
Slide 13: Steady business at gas upstream
Steady business at gas upstream US$ LT contracts with ToP, low maintenance capex Destination of gas production, Pampa’s natural gas production, in mcmpd ATH Jun-24 2024 +136% 16.8 Large users 13% 15 Power Exports generation 5% 54% 10 Sierra 12.5 Chata mcmpd Distcos 5 El Mangrullo 27% Non-operated Pl
Slide 14: Shifting gas production towards shale
Shifting gas production towards shale Supported by the outstanding productivity in our wells Shale vs non-shale, in mcmpd Average production per horizontal well, in kcmpd 600 0 5 10 15 Jan-23 Shale 10% 400 Mar-23 SIERRA CHATA 18 wells EL MANGRULLO May-23 17 wells Fortín de Piedra 200 105 wells Jul-2
Slide 15: Gas prices are mostly under long-term GSAs, but highly seasonal
Gas prices are mostly under long-term GSAs, but highly seasonal Destination of our sales, 2024 Natural gas prices @ Nov-24, in US$ per MBTU1 Argentina CAMMESA Expo Industries Foreign trade Retail 29% 2024 30% 5% 37% Diesel oil 17.2 Interco 3% 2024 27% 54% 5%10% LNG 13.1 Pampa Bolivia 8.6 2023 24% 46
Slide 16: Power Generation
POWER GENERATION
Slide 17: We are a leading independent power producer in Argentina
We are a leading independent power producer in Argentina Operating 17 power plants Argentina’s power generation across the country1 market share2 3 hydro, 938 MW Pampa 5 wind farms, 427 MW 15% 9 thermal, 4,107 MW3 Others 45% 142 CEPU 15% 4 CCGTs, 2,656 MW3 TWh Gov't TOTAL CAPACITY = 5,472 MW owned 2
Slide 18: Power generation: stable cash flow & outperforming KPIs
Power generation: stable cash flow & outperforming KPIs CAMMESA and B2B PPAs with +7 years average maturity1 Capacity vs EBITDA, as of December 30, 20242 Our thermal availability outnumbers peers 5.5 GW US$390m Pampa's thermal capacity Thermal grid without Pampa New/PPAs New capacity US$-link 97% 97
Slide 19: Growing our green energy contribution
Growing our green energy contribution PEPE 6 is fully commissioned 31/31 windmills online Vestas wind turbines x 4.5 MW each Full COD by November 21, 2024 Investment forecasted at US$250 million 19
Slide 20: Utilities: TGS & Transener
4 UTILITIES. TGS & TRANSENER
Slide 21: TGS is the Argentine gas backbone
TGS is the Argentine gas backbone Business overview Natural gas transportation • #1 pipeline company in Argentina and LatAm 85 mcmpd Pipeline capacity • Transports +60% of the country’s demand • Concession until 2027, 20-year extension requested 9,248 km Pipeline length • 791% tariff increase in 202
Slide 22: Transener operates the largest high voltage grid in Argentina
Transener operates the largest high voltage grid in Argentina Business overview Transener Transba O&M Concession Concession Total until 2088 until 2092 HV lines 15,408 6,988 22,396 Stations 60 113 173 86% of market share • 259% tariff increase in 2024, 9% YTD Mar-25 • Currently under 5Y comprehensiv
Slide 23: Bottom Line
BOTTOM LINE
Slide 24: Pampa Energía: upsides and opportunities
Pampa Energía: upsides and opportunities Oil & gas upstream Power generation Capital discipline Strong balance sheet Development of our Relevant player with Capital spending within Comfortable debt reserves by exploiting expansions in the cash flow generation maturity profile and our acreage in the
Slide 25: Contact Information
CONTACT INFORMATION GUSTAVO MARIANI ADOLFO ZUBERBÜHLER THE PAMPA ENERGÍA ri.pampa.com/en CEO CFO BUILDING investor@pampa.com Maipú 1, C1084ABA, LIDA WANG Buenos Aires Argentina IR & sustainability officer +54 (11) 4344 6000
Slide 26: Back Up
BACK UP
Slide 27: We are one of the country's largest employers
We are one of the country’s largest employers Besides the parent company, Pampa concentrates the businesses Salta the Group concentrates of power generation, E&P and 5% important subsidiaries such as petrochemicals Transener and TGS 1,989 direct employees at Pampa 4,855 direct employees and operated
Slide 28: Pampa is the benchmark in terms of sustainability
Pampa is the benchmark in terms of sustainability Corporate governance We are members of the sustainability index and the corporate governance plus panel, as well as the Bloomberg’s gender- equality stock index +50% of the capital stock is free float1, only one type of share Board of directors2: 4/1
Slide 29: Q4 2024's key takeaways
Q4 2024’s key takeaways Consolidated figures, in US$ million Main highlights Consolidated adjusted EBITDA1 EBITDA margin Solid power & gas operating KPIs 9.8 mcmpd of gas 11% yoy 30 0 279 10 0% +60% yoy 94% power availability rate 79 bps yoy 250 90% -35% qoq 182 80% The lowest net debt since 2
Slide 30: Q4 24 financial position
Q4 24 financial position Improved DSO positively impacted on FCF Key cash flow figures for the Restricted Group, US$ million +US$834m yoy Q4 24 FCF = US$82 million +US$482m qoq +US$187m yoy, +US$2m qoq 336 64 1,668 109 154 1,186 -27 -154 1 Cash 2 EBITDA 3 CapEx 4 WK Debt 5 service New6 debt, Cash 7
Slide 31: Oil and gas: Q4 results
Oil and gas Strong thermal power demand vs. soft exports and B2B demand Adjusted EBITDA, in US$ million Lifting cost, in US$ million EBITDA margin Per boe 140 122 700% 50 48 49 12.5 Per boe 600% 11.5 120 -70% yoy 39 45 +17% yoy 8.7 500% 10 .5 -26% qoq 10 0 +46% qoq 40 9.5 7.4 400% 49 80 RdA 35 8.5
Slide 32: Power generation: Q4 results
Power generation Outstanding operating KPIs & spot prices contributed Q4 Adjusted EBITDA1, in US$ million Generation performance, in GWh EBITDA margin 112 5,951 7,000 5,017 -4% yoy 120 6% 4,797 6,000 +7% yoy 150% 10 0 80 86 130% -23% qoq 5,000 Wind 16% 9% -19% qoq Hydro 4% 20% CTGEBA’s overhaul 80