Stock information

Pampa Energía, an independent company with active participation in the Argentine oil, gas and electricity, announces the results for the fiscal year and quarter ended on December 31, 2025.

		Buenos Aires, March 2, 2026 Basis of presentation Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional FX is applied. However, Transener and TGS’s figures are adjusted for inflation as of December 31, 2025, and converted into US$ using the period-end FX. Previously reported figures remained unchanged. Q4 25 main results[1] Sales recorded US$507 million in Q4 25[2], a 16% year-on-year increase, driven by higher crude oil production at Rincón de Aranda, improved spot prices under the new WEM framework for our thermal units and higher gas exports to Chile, offset by lower income from the styrenics business and from units under PPAs. Q4 25 was marked by sustained shale oil growth at Rincón de Aranda and strong performance across our thermal power plants. Adjusted EBITDA[3] reached US$230 million in Q4 25, a 26% year-on-year increase, mainly reflecting the growing contribution from Rincón de Aranda, the impact of the WEM’s new framework in power generation, higher gas exports and stronger reforming margins. These effects were partially offset by lower contributions from PPAs and by the deconsolidation of OCP Ecuador within the holding, transport, and others. Net income attributable to shareholders was US$161 million, 52% higher than Q4 24, driven by stronger operating margins and the recognition of a non-cash deferred income tax credit, as inflation outpaced the AR$ devaluation during Q4 25, offset by weaker net financial results. Net debt decreased to US$801 million as of December 2025, compared to US$874 million as of September 2025, reflecting solid free cash flow generation and reduced collateral requirements.
	Buenos Aires Stock Exchange Ticker: PAMP
	New York Stock Exchange Ticker: PAM 1 ADS = 25 common shares
Share capital net of repurchases as of February 27, 2026: 1,343.6 million common shares/ 53.7 million ADS Market capitalization: AR$6,039 billion/ US$4,180 million Information about the videoconference Date and time: Monday, March 2 4.30 PM Eastern Standard Time 6.30 PM Buenos Aires Time Access link: bit.ly/Pampa4Q2025VC For further information about Pampa Email investor@pampa.com Website for investors ri.pampa.com/en Argentina’s Securities and Exchange Commission www.argentina.gob.ar/cnv US Securities and Exchange Commission sec.gov

^[1] The information is based on FS prepared according to 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. Further information on section 3.1.

Earnings release Q4 25 ● 1  

1. Relevant events

Reserves report as of December 31, 2025

As of December 31, 2025, Pampa’s proven reserves (P1) totaled 296 mboe, a 28% increase from 231 mboe at year-end 2024. This growth was mainly driven by a significant expansion of shale reserves in Vaca Muerta, supported by an intensified drilling and completion program. Rincón de Aranda was the main growth engine (+352%/+43.7 mboe year-on-year), followed by Sierra Chata (+41%/+28 mboe year-on-year), partially offset by El Mangrullo, where no new wells were drilled or tied-in (-5%/-4.7 mboe year-on-year).

As a result, certified P1 shale reserves grew 54% to 204 mboe in 2025, representing 69% of Pampa’s total P1 reserves (vs. 57% as of December 2024). 81% of total proven reserves correspond to natural gas, and 19% to crude oil.

In 2025, the reserve replacement ratio was 3.2x, reflecting that additions significantly outpaced the period’s rising production. The average reserve life extended from 8.6 years as of December 2024 to 10.2 years at year-end 2025.

As of December 31, 2025, Pampa had 470 producing wells, compared to 688 at the end of 2024. This decrease is explained by the divestment of the El Tordillo and La Tapera–Puesto Quiroga blocks, partially offset by increased activity in Rincón de Aranda, which had 28 producing wells, and 150 wells in the Río Neuquén block.

Earnings release Q4 25 ● 2  

Pass-through of Plan Gas contracts

In December 2025, the SE established guidelines for the pass-through of Plan Gas volumes by producers holding GSAs with CAMMESA and/or ENARSA, in line with Res. SE No. 400/2025 (Res. No. 501/25). On December 12, 2025, Pampa requested CAMMESA to assign up to 4.9 mcmpd of gas corresponding to Round 1, together with the full volumes awarded under Round 3. On December 30, CAMMESA, in its capacity as operator of thermal generation units in the WEM, approved the request.

Furthermore, the SE introduced amendments to the Plan Gas GSA applicable for producers that agree to pass through supply contracts with ENARSA, as offtaker, to distribution companies and CAMMESA (Res. No. 606/25). ENARSA will define and oversee the procedures and volume allocation.

Producers adhering to this scheme will receive 90% of the Government compensation, subject to the submission of an affidavit. The resolution also reduces injection commitments and eliminates the quarterly reporting requirement on investment plan progress (Res. SE No. 36/26). Pampa is currently assessing the implications of this resolution.

Extension of RIGI and inclusion of upstream hydrocarbons

On February 19, 2026, the DNU No. 105/26 extended the deadline to adhere to RIGI until July 8, 2027, and incorporated hydrocarbon production in greenfield blocks within the eligible sectoral scope. Only new projects qualify for the regime, including hydrocarbon exploration and production, as well as the development of related treatment, storage, and transportation infrastructure. A minimum investment requirement of US$600 million was set for onshore developments and US$200 million for offshore projects.

Where RIGI and non-RIGI activities coexist within the same block, beneficiaries must ensure strict financial and corporate ring-fencing, as well as production traceability through separate measurement systems. These activities must be conducted through a dedicated legal vehicle exclusively holding the assets, rights, and operations.

The development of Rincón de Aranda began following the approval of the RIGI framework for midstream projects. Within that scheme, the original plan contemplated the construction of all associated infrastructure and the required processing plant to reach a plateau of 45 kbpd by 2027. The development capex exceeds US$1.5 billion, representing the largest capital allocation to a single asset in Pampa’s history. Subsequently, the inclusion of upstream activities under the RIGI broadened the project’s scope, enabling the development of the block’s northern area, accelerating the production ramp-up, bringing forward the production target, and extending its duration. As a result, Rincón de Aranda’s growth profile is strengthened and enhancing long-term value creation.

Until October 31, 2025, all power generation units without PPAs were remunerated under the regulated scheme established by Res. SE No. 381/25. Effective as of November 1, 2025, all our thermal units without contracts and HINISA transitioned to the new framework defined by Res. SE No. 400/25, which introduced a marginal pricing spot market and the MAT. HIDISA and HPPL continue to operate under the legacy regulated scheme. Since December 2025, Pampa has also been self-supplying natural gas to CTLL and CTGEBA in accordance with the new guidelines set forth in Res. SE No. 400/25.

Extension of the additional remuneration scheme –Res. SE No. 294/24

The Res. SE No. 294/24 establishes a temporary additional remuneration scheme aimed at increasing the availability of open-cycle units during peak demand periods, initially effective from December 2024 to March 2026.

On January 21, 2026, following the submission of the required maintenance plans, CAMMESA confirmed that the SE extended this additional remuneration scheme for CPB, CTG, CTP, CTLL, CTGEBA and EcoEnergía through March 31, 2027 (Notes No. B-183719-1, B-183724-1, B-183727-1, B-183729-1, B-183731-1 and B-183082-1).

Earnings release Q4 25 ● 3  

Last updates for the legacy regulated scheme

Earnings release Q4 25 ● 4  

1. Analysis of Q4 25 results

Note: Net income is attributable to the Company’s shareholders.

Earnings release Q4 25 ● 5  

Sales in the oil and gas segment rose 52% year-on-year, driven by accelerated crude oil production at Rincón de Aranda, increased gas exports to Chile and, to a lesser extent, higher sales to industrial customers. These effects were partially offset by lower Brent prices, which reduced realized crude oil prices, though this was mitigated by hedging instruments in place since April 2025. Gas export prices also declined in line with Brent.

Regarding the operational performance, total production averaged 81.2 kboepd in Q4 25
(+32% vs. Q4 24, but -18% vs. Q3 25), mainly explained by strong shale oil growth at Rincón de Aranda and higher gas output at Sierra Chata. The quarter-on-quarter decrease was explained by gas seasonality, offset by sustained oil growth.

Gas production averaged 10.7 mcmpd in Q4 25 (+10% vs. Q4 24, -23% vs. Q3 25). Analyzing the gas output by block, El Mangrullo accounted for 46% of the total gas output at 5.0 mcmpd (-5% vs. Q4 24, -29% vs. Q3 25), followed by Sierra Chata with 4.0 mcmpd following the tie-in of 4 new wells, contributing 38% of the production (+39% vs. Q4 24, -24% vs. Q3 25). Associated gas from Rincón de Aranda continued to ramp up, reaching 0.2 mcmpd (+231% vs. Q3 25). At non-operated blocks, Río Neuquén produced 1.1 mcmpd (-13% vs. Q4 24, -16% vs. Q3 25), while Rincón del Mangrullo and Aguaragüe continued their natural depletion, producing a total of 0.3 mcmpd.

Earnings release Q4 25 ● 6  

Note: Net production in Argentina. Gas volume standardized at 9,300 kilocalories (kCal). Oil price is net of export duty and quality/logistic discounts.

The gas price averaged US$3.0 per MBTU in Q4 25 (+4% vs. Q4 24, -33% vs. Q3 25 due to seasonality), supported by improved industry prices, partially offset by lower export prices in line with the drop of Brent and by the impact of AR$ devaluation on retail tariffs, which spread to the GSA price is collected through Plan Gas compensation paid by the Government.

Regarding our gas deliveries by commercial channel during Q4 25, 59% was destined for CAMMESA’s thermal generation (vs. 68% in Q4 24) and 13% to retail distribution companies (flat vs.
Q4 24), both under Plan Gas GSA. The industrial/spot market represented 13% (vs. 12% in Q4 24), 9% was exported (vs. 3% in Q4 24 due to stronger demand), and the remaining 7% was allocated to intersegment consumption (vs. 4% in Q3 24). Within this channel, 44% was supplied to our petrochemical plants, and 56% was directed mainly to CTLL, following the authorization of fuel self-procurement for power plants under the new WEM framework. After the partial pass-through of Plan Gas GSAs in December 2025, Pampa began vertically integrating fuel supply to CTLL and CTGEBA’s CCGTs, both with high load factors. Said integration represented 10% of gas production in December and increased to 29% in January, enhancing margins and operational efficiency.

Oil production reached 18.2 kbpd in Q4 25 (4.5x vs. Q4 24, +4% vs. Q3 25), driven by Rincón de Aranda, which averaged 17.1 kbpd in Q4 25 (+16.1 kbpd vs. Q4 24, +2.7 kbpd vs. Q3 25), supported by 28 producing wells (vs. 2 in Q4 24, 20 in Q3 25). This growth more than offset the divestment of Gobernador Ayala in October 2024 and El Tordillo and La Tapera-Puesto Quiroga in October 2025 (-1.8 kbpd vs. Q4 24), as well as lower volumes from non-operated conventional blocks (-0.2 kbpd vs. Q4 24).

The average oil price, net of export duty and commercial discounts, was US$60.9 per barrel (-10% vs. Q4 24, flat vs. Q3 25), due to lower Brent prices. Without hedging at Rincón de Aranda, the average oil price would have been US$53.4 per barrel. Exports represented 48% of total volume sold in Q4 25, vs. 41% in Q4 24.

Earnings release Q4 25 ● 7  

The lifting cost^[4] totaled US$59 million in Q4 25 (+21% vs. Q4 24, flat vs. Q3 25), explained by higher crude oil treatment costs related to shale oil growth and temporary facilities at Rincón de Aranda, as well as increased gas treatment costs at Sierra Chata. Lower maintenance and labor costs, and the divestment of mature non-operated blocks, offset those effects. The lifting cost per boe decreased 8% to US$8.0 per boe produced in Q4 25 vs. US$8.7 per boe in Q4 24, explained by the rising production at Rincón de Aranda and higher year-on-year gas demand. Compared to Q3 25, the 24% increase in lifting cost per boe reflects the gas seasonality and, to a lesser extent, higher temporary infrastructure costs at Rincón de Aranda.

Excluding depreciation and amortization and lifting costs, other operating costs increased 9% vs. Q4 24 but decreased 23% vs. Q3 25, mainly due to higher transportation costs, royalties and levies linked to increased production, partially offset by lower crude purchases for trading.

Other operating income and expenses dropped to US$1 million vs. US$14 million in Q4 24. The profit from the sale of Gobernador Ayala in Q4 24 was partially offset by lower financial transaction taxes and improved collection periods from CAMMESA and ENARSA, resulting in reduced commercial interest income (-26% vs. Q4 24). Compared to Q3 25, net other operating income decreased by US$16 million, explained by higher Plan Gas compensation due to seasonality and improved days sales outstanding, partially offset by lower environmental provisions.

Financial results in Q4 25 posted net losses of US$34 million (+89% vs. Q4 24, -28% vs. Q3 25), mainly explained by lesser gains from holding financial securities and higher FX losses from a steeper AR$ devaluation impacting the segment’s net monetary asset position in AR$, partially offset by lower interest expense following bond refinancing.

Our oil and gas adjusted EBITDA amounted to US$77 million in Q4 25 (+111% vs. Q4 24, -55% vs. Q3 25), mainly driven by shale oil growth, higher gas exports and industrial sales, and lower crude oil purchases and costs from mature blocks. These effects were partially offset by the sale of our non-operator stake in Gobernador Ayala in Q4 24 and by higher crude oil transport and treatment costs. Gas seasonality explains the quarter-on-quarter decrease in EBITDA. The adjusted EBITDA excludes non-recurring and non-cash income and expenses, as well as overdue commercial interests, equity income from affiliates and ENARSA’s US$13 million bad debt, and includes a US$6 million adjustment to the rights-of-use amortization, related to the reclassification of temporary processing facility leases as lifting cost.

Capital expenditures amounted to US$320 million (2.9x vs. Q4 24, +20% vs. Q3 25), with 75% allocated to the development of Rincón de Aranda.

^[4] It only considers maintenance, treatment, internal transportation, wellhead staff and the TPF costs at Rincón de Aranda, which under IFRS it is recorded as Leases, recording rights-of-use amortization in the cost of sales. Lifting cost does not include amortizations and depreciations.

Earnings release Q4 25 ● 8  

In Q4 25, power generation sales increased 24% year-on-year, mainly driven by higher spot remuneration for our thermal units following the implementation of the new WEM framework in November 2025, in addition to a higher load factor at CTGEBA’s legacy CCGT, after life-extension works were completed in Q4 24 and, to a lesser extent, the contribution of PEPE 6. These effects were partially offset by a scheduled overhaul at CTGEBA’s new CCGT during Q4 25, which is remunerated under a PPA, and by lower fuel recognition, as fuel is now billed as energy under the new scheme. Compared to Q3 25, sales remained flat, driven by higher spot energy prices, offset by seasonally lower demand.

Within the spot segment, capacity payments for CCGTs averaged US$4.5 thousand per MW-month (+27% vs. Q4 24, -16% vs. Q3 25), reflecting the new WEM guidelines. Moreover, open cycles (GT and ST) averaged US$5.8 thousand per MW-month (+12% vs. Q4 24 and flat vs. Q3 25), supported by higher capacity payments at CPB, which can operate with alternative fuels. Hydros averaged US$2.1 thousand per MW-month (-12% vs. Q4 24, +2% vs. Q3 25), as HIDISA and HPPL were excluded in the new WEM framework. The most significant impact of Res. SE No. 400/25 is reflected in the variable dispatch margins, as the marginal pricing mechanism benefits more efficient units, particularly CCGTs, as well as power units with self-supplied fuel, allowing them to capture higher margins.

Regarding operational performance, operated power generation increased 3% year-on-year, in line with the national grid’s performance. Higher output was driven by CTGEBA’s legacy CCGT (+849 GWh), CTLL’s CCGT (+214 GWh) and improved wind conditions at the PEPEs (+55 GWh). These effects were partially offset by lower generation at CTGEBA’s new CCGT due to programmed maintenance in October 2025 (-465 GWh), the continued outage at HINISA following the January 2025 climate event (-200 GWh), reduced water input at HPPL and scheduled overhaul at HIDISA (-188 GWh), in addition to lower dispatch from our open-cycle units amid softer demand (-130 GWh).

Earnings release Q4 25 ● 9  

The average availability of Pampa’s operated units reached 91.3% in Q4 25, down from 94.3% in Q4 24 (-287 basis points), mainly impacted by HINISA’s forced outage and programmed maintenance at CTGEBA, CTLL and CTG. These variations were partially offset by scheduled overhauls in CTLL and CTGEBA during Q4 24. Thermal availability, however, improved 75 basis points to 93.2% in Q4 25, underscoring the solid operational performance of our thermal assets.

Note: Gross margin before amortization and depreciation. Includes CTEB (co-operated by Pampa, 50% equity stake).

Excluding depreciation and amortization, net operating costs increased 17% year-on-year to US$110 million in Q4 25, mainly due to higher gas procurement for our thermal generation, partially offset by lower labor and maintenance expenses. Compared to Q3 25, operating expenses increased 11%, mainly driven by gas purchases and, to a lesser extent, higher maintenance and materials costs, partially offset by lower transportation costs following the discontinuation of the Energía Plus B2B segment in late October 2025.

Other operating income and expenses improved to a US$4 million profit from a US$2 million loss in Q4 24, mainly due to higher insurance recoveries net of repair costs.

Financial results in Q4 25 recorded a net profit of US$80 million, 11% higher than the US$72 million in Q4 24, reflecting lower debt interest expense following bond refinancing, partially offset by decreased gains on financial instruments.

Adjusted EBITDA for the power generation segment was US$111 million (+28% vs. Q4 24, -8% vs. Q3 25), supported by improved remuneration for our thermal units under the new WEM framework and lower labor and maintenance costs. These effects were partially offset by increased gas purchases and reduced output at CTGEBA’s new CCGT during programmed maintenance. Seasonality explains the 7% quarter-on-quarter decrease in EBITDA. Adjusted EBITDA excludes non-operating, non-recurrent and non-cash items and considers CTEB’s 50% ownership, which contributed US$15 million in Q4 25 (+16% vs. Q4 24, flat vs. Q3 25).

Earnings release Q4 25 ● 10  

Capital expenditures, excluding CTEB, totaled US$20 million in Q4 25, down from US$38 million in Q4 24, mainly allocated to maintenance activities.

The adjusted EBITDA for the petrochemicals segment posted a US$1 million profit in Q4 25, compared to a US$7 million loss in Q4 24, mainly driven by higher domestic sales in the Reforming, which achieved record octane base volumes in December, improved spreads between international and domestic styrenics prices, and lower operating costs. These effects were partially offset by lower styrenics and SBR sales, a decline in international reference prices and, to a lesser extent, the US$2 million extraordinary gain recorded in Q4 24 from export settlements at a differential FX rate. The quarter-on-quarter improvement in EBITDA is mainly due to lower idle capacity and tighter cost management.

Earnings release Q4 25 ● 11  

The total volume sold reached 129 thousand tons (+7% vs. Q4 24, +6% vs. Q3 25), mainly driven by increased domestic demand for reforming products, partially offset by softer demand for styrene, polystyrene, and SBR.

Financial results recorded a loss of US$1 million in Q4 25 (-US$25 million vs. Q4 24, -US$2 million vs. Q3 25), mainly explained by the extraordinary gain recorded in Q4 24, related to the recovery of interest from customs contingencies.

Finally, capital expenditures totaled US$1 million in Q4 25, compared to US$2 million in Q4 24, mainly allocated to maintenance of facilities.

Note: 1 Includes Propylene.

Earnings release Q4 25 ● 12  

The holding, transport and others segment, excluding equity income from affiliates, posted a loss on operating margin of US$20 million in Q4 25, compared to a US$6 million loss in Q4 24, mainly explained by the deconsolidation of OCP Ecuador, which had contributed oil transportation income from August 30, 2024 until the concession ended on November 29, 2024, and lower fee income. These effects were partially offset by lower executive compensation accrual linked to share price performance.

Financial results showed a net profit of US$6 million (+US$7 million vs. Q4 24, -68% vs. Q3 25), mainly because of improved equity valuation from Oldelval and higher FX gains resulting from the AR$ devaluation on the segment’s net liability position in local currency, partially offset by higher interest expenses associated with tax contingencies.

Earnings release Q4 25 ● 13  

The adjusted EBITDA for the segment excludes non-operating, non-recurring, and non-cash items and includes EBITDA adjusted for equity ownership in TGS and Transener. In Q4 25, the US$42 million profit (-38% vs. Q4 24, +15% vs. Q3 25) was mainly due to OCP Ecuador’s consolidation in Q4 24, partially offset by improved performance at Transener.

At TGS, the EBITDA adjusted for our stake was US$50 million in Q4 25, in line with US$49 million in Q4 24, explained by higher contributions from the midstream business due to increased natural gas transportation and conditioning services in Vaca Muerta, along with higher NGL processed volumes, particularly ethane. These effects were partially offset by lower international LPG and gasoline prices, narrower premium spreads, and higher operating charges in the NGL segment related to the March 2025 climate event at Cerri. The EBITDA from the regulated segment remained stable, following an 8% tariff increase in Q4 25, in line with inflation (8%).

At Transener, the EBITDA adjusted for our stake reached US$19 million in Q4 25, up from US$11 million in Q4 24, supported by a 22% tariff hike that outpaced both inflation and devaluation (5%).

Earnings release Q4 25 ● 14  

1. Cash and financial borrowings

Note: Financial debt includes accrued interest. 1 It includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost. 2 Under IFRS, the affiliates CTBSA, Transener and TGS are excluded from Pampa’s consolidated figures.

During Q4 25, Pampa issued an international CB Series 26 for US$450 million, maturing on a bullet basis in November 2037, with a 7.75% fixed coupon paid semiannually. The 12-year tenor represents a landmark transaction for the Argentine corporate market, marking the first long-dated issuance in more than a decade and doubling Pampa’s average debt life to nearly 8 years.

Pampa continued actively managing its maturity debt profile by paying US$56 million corresponding to Series 16 CB and US$59 million related to the second principal installment of the 2026 Notes. The Company also early redeemed the remaining US$61 million of the 2026 Notes and US$36 million of Series 20, further reducing short- and medium-term maturities.

As of December 31, 2025, Pampa’s financial debt under IFRS totaled US$1,892 million, 9% lower than at year-end 2024. This decrease is mainly due to the early redemption of the 2027 and 2029 Notes, funded with proceeds from the 2034 issuance. However, net debt increased to US$801 million, driven by higher capital expenditures in Rincón de Aranda, collateral posted under crude oil price hedging, and share buybacks, offset by robust free cash flow from the power and gas businesses. Compared to September 2025, net debt decreased by US$72 million, driven by winter cash collections, softer capex requirements in E&P gas and power generation, and lower hedge-related collateral, partially offset by higher investments at Rincón de Aranda.

As of December 31, 2025, 96% of total gross debt was issued in the capital markets, with the remaining 4% corresponding to bank financing. The gross debt principal breakdown is shown below:

Proactive liability management allowed Pampa to strengthen its capital structure, extending the average maturity to 7.7 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million by the end of Q4 25:

Earnings release Q4 25 ● 15  

Note: The chart only considers Pampa’s consolidated figures under IFRS and excludes affiliates TGS, Transener, and CTBSA. The cash position includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost.

Regarding our affiliates, CTEB repaid US$9 million in bank debt, while TGS obtained new loans for US$101 million and issued international CB Series 4 for US$500 million, maturing in November 2035 with a 7.75% coupon and an 8% yield.

As of today, Pampa remains in full compliance with all debt covenants.

Note: 1 Under IFRS, affiliates are not consolidated in Pampa’s FS.

Note: 1 Issued by FIX SCR.

Earnings release Q4 25 ● 16  

1. Appendix

Note: 1 The deletion corresponds to other companies or inter-companies. 2 Attributable to the Company’s shareholders.

Earnings release Q4 25 ● 17  

Note: 1 The deletion corresponds to other companies or inter-companies. 2 Attributable to the Company’s shareholders.

Earnings release Q4 25 ● 18  

Earnings release Q4 25 ● 19  

Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of December 31, 2024 and 2025. Repurchased stock can only be canceled if it is ordinary shares.

Earnings release Q4 25 ● 20  

Earnings release Q4 25 ● 21  

Note: Gross margin before amortization and depreciation. 1 Co-operated by Pampa (50% equity stake).

Earnings release Q4 25 ● 22  

Note: Production in Argentina. 1 It does not include shale formation. 2 Pampa transferred the 35.67% stake in the concession to Crown Point Energía in October 2025, including the La Tapera – Puesto Quiroga block. 3 From gas fields. 4 In October 2024, Pampa transferred its 22.51% stake in the concession to Pluspetrol.

Earnings release Q4 25 ● 23  

1. Glossary of terms

Earnings release Q4 25 ● 24