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Pampa Energía Announces First Quarter 2025 Results

1. Pampa Energía's Q1 2025 sales rose 3% year-on-year to $414 million. 2. Adjusted EBITDA increased 17% to $220 million, driven by spot energy and PEPE 6. 3. Net profit decreased 43% to $153 million due to higher costs and tax recovery. 4. Net debt increased to $577 million, reflecting investment in Rincón de Aranda. 5. Gross margin per MWh rose 22% compared to Q1 2024.

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Why Bullish?

The rise in sales and EBITDA suggests operational strength, similar to previous performance spikes.

How important is it?

Earnings release indicates resilience and growth potential, crucial for investor confidence.

Why Short Term?

Immediate market reaction expected due to earnings release; impacts may stabilize later.

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TGSTransenerCTBSA
Earnings Monday, 12 May 2025 06:10 PM BUENOS AIRES, ARGENTINA / ACCESS Newswire / May 12, 2025 / Pampa Energía S.A. (NYSE: PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the quarter ended on March 31, 2025.Pampa's financial information is reported in US$, its functional currency. For local currency equivalents, transactional exchange rate (‘FX') are applied. However, Transener and Transportadora de Gas del Sur's (‘TGS') figures are inflation-adjusted as of March 31, 2025, and are converted to US$ at the period-end FX. Previously reported figures remained unchanged.First quarter 2025 (‘Q1 25') main results1Sales rose 3% year-on-year to US$414 million in Q1 252, driven by higher spot energy prices, the contribution from the newly commissioned Parque Eólico Pampa Energía 6 (‘PEPE 6'), and greater deliveries under Plan Gas, partially offset by lower petrochemical reformer volumes and softer gas sales to industries and Chile.Strong thermal availability and solid wind generation in Q1 25:Pampa's main operational KPIsQ1 25Q1 24VariationOil and gasProduction (k boe/day)72.773.1-0%Gas over total production96%94%+2%Average gas price (US$/MBTU)3.03.2-6%Average oil price (US$/bbl)68.468.6-0%PowerGeneration (GWh)5,9515,928+0%Gross margin (US$/MWh)24.620.2+22%PetrochemicalsVolume sold (k ton)84110-24%Average price (US$/ton)1,0951,098-0%Adjusted EBITDA3 reached US$220 million in Q1 25, up 17% from Q1 24, mainly explained by spot energy and PEPE 6 in the power generation, along with higher Plan gas volumes and tariff increases in TGS and Transener, partially offset by higher operating costs, lower gas sales to industries and Chile, and reduced production in petrochemicals.US$153 million net profit to the Company's shareholders, 43% lower than in Q1 24 due to a smaller recovery from non-cash deferred income tax and increasing operating costs, offset by higher sales and positive net financial results.Net debt stood at US$577 million, mainly reflecting increased working capital requirements and continued investment in the Rincón de Aranda development.1 The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina.2 Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'3 Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.Consolidated balance sheet(As of March 31, 2025 and December 2024, in millions)Figures in millionAs of 03.31.2025As of 12.31.2024AR$US$AR$US$ASSETSProperty, plant and equipment2,883,2492,6852,690,5332,607Intangible assets102,3679599,17095Right-of-use assets10,7201011,33011Deferred tax asset226,917211161,694157Investments in associates and joint ventures1,184,4251,1031,024,769993Financial assets at fair value through profit and loss29,2722728,12727Other assets431-366-Trade and other receivables186,24817376,79875Total non-current assets4,623,6294,3044,092,7873,965Inventories267,766250230,095223Financial assets at amortized cost86,9308182,62880Financial assets at fair value through profit and loss722,388673877,623850Derivative financial instruments10-9791Trade and other receivables569,480530503,529488Cash and cash equivalents387,416361761,231738Total current assets2,033,9901,8952,456,0852,380Total assets6,657,6196,1996,548,8726,345EQUITYEquity attributable to owners of the company3,728,7313,4723,391,1273,286Non-controlling interest10,384109,1679Total equity3,739,1153,4823,400,2943,295LIABILITIESProvisions109,698102141,436137Income tax and minimum notional income tax provision81,8517677,28475Deferred tax liability50,7434750,22349Defined benefit plans34,1103231,29330Borrowings1,437,0721,3381,416,9171,373Trade and other payables90,0358387,99284Total non-current liabilities1,803,5091,6781,805,1451,748Provisions10,4871010,72510Income tax liability321,343299265,008257Tax liabilities34,5993230,98930Defined benefit plans7,07777,0777Salaries and social security payable25,6652440,03539Derivative financial instruments70512-Borrowings379,018353728,096706Trade and other payables336,101313261,501253Total current liabilities1,114,9951,0391,343,4331,302Total liabilities2,918,5042,7173,148,5783,050Total liabilities and equity6,657,6196,1996,548,8726,345Consolidated income statement(For the quarters ended on March 31, 2025 and 2024, in millions)First quarterFigures in million20252024AR$US$AR$US$Sales revenue438,715414337,376401Domestic sales372,894352274,579326Foreign market sales65,8216262,79775Cost of sales(301,010)(285)(215,183)(258)Gross profit137,705129122,193143Selling expenses(22,490)(21)(13,580)(16)Administrative expenses(45,055)(43)(34,238)(41)Exploration expenses(58)-(82)-Other operating income35,4733228,99235Other operating expenses(23,711)(22)(26,385)(31)Impairment of financial assets(212)-(29,830)(34)Impairment on PPE, int. assets & inventories(807)-(32)-Results for part. in joint businesses & associates48,1444651,41661Income from the sale of associates--1,4582Operating income128,98912199,912119Financial income35,494331,3472Financial costs(42,844)(41)(43,955)(53)Other financial results38,0503743,80552Financial results, net30,700291,1971Profit before tax159,689150101,109120Income tax3,0294122,687148Net income for the period162,718154223,796268Attributable to the owners of the Company161,886153223,796267Attributable to the non-controlling interest8321-1Net income per share to shareholders119.00.1164.60.2Net income per ADR to shareholders2,975.82.84,113.94.9Average outstanding common shares11,3601,360Outstanding shares by the end of period11,3601,360Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of March 31, 2024 and 2025.Consolidated cash flow statement(For the quarters ended on March 31, 2025 and 2024, in millions)Figures in millionsAs of 03.31.2025As of 03.31.2024AR$US$AR$US$OPERATING ACTIVITIESProfit of the period162,718154223,796268Adjustments to reconcile net profit to cash flows from operating activities8,0173(74,640)(94)Changes in operating assets and liabilities(76,850)(67)(163,370)(194)Net cash generated by (used in) operating activities93,88590(14,214)(20)INVESTING ACTIVITIESPayment for property, plant and equipment acquisitions(164,292)(162)(109,435)(139)Collection for sales of public securities and shares acquisitions, net147,37415156,15187Recovery of mutual funds, net237-1,1171Payment for companies??acquisitions(33,327)(31)(19,750)(24)Payment for right-of-use(553)(1)(4,346)(5)Collection for equity interests in companies sales--6,2067Collection for joint ventures?? share repurchase--30,13537Dividends collection--6,9558Net cash generated by (used in) investing activities(50,561)(43)(32,967)(28)FINANCING ACTIVITIESProceeds from borrowings47,70045112,857133Payment of borrowings(74,142)(70)(10,959)(13)Payment of borrowings interests(39,094)(38)(34,128)(42)Repurchase and redemption of corporate bonds(377,408)(360)--Payments of leases(968)(1)(782)(1)Net cash (used in) generated by financing activities(443,912)(424)66,98877(Decrease) Increase in cash and cash equivalents(400,588)(377)19,80729Cash and cash equivalents at the beginning of the year761,231738137,973171Effect of exchange rate changes on cash and cash equivalents26,773n.a.13,797n.a.(Decrease) Increase in cash and cash equivalents(400,588)(377)19,80729Cash and cash equivalents at the end of the period387,416361171,577200Note: The amounts of cash and cash equivalents does not consider financial assets at fair value through profit or loss and investments at amortized cost.For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.Information about the video conferenceThere will be a videoconference to discuss Pampa's Q1 25 results on Tuesday, May 13, 2025, 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, Horacio Turri, VP and executive director of E&P and Lida Wang, investor relations and sustainability officer at Pampa.For those interested in participating, please register here.For further information about Pampa:[email protected]ri.pampa.com/enwww.argentina.gob.ar/cnvwww.sec.govSOURCE: 1/3 Pampa Energía S.A.

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