Buenos Aires – November 02, 2026 -- Pampa Energía's third-quarter net income attributable to shareholders reached US$129 million, six times the Q3 2025 level, as lower deferred income tax expense and improved operating margins outweighed reduced FX gains.
Sales rise 34% to US$790 million on wholesale market normalization
Q3 2026 sales grew 34% year-on-year. The normalization of the Wholesale Electricity Market (WEM) supported higher spot energy prices and B2B sales. Gas sales to the company's combined-cycle plants also increased, as did crude oil sales and Reformer prices.
Lower gas deliveries under the Plan Gas GSA and to industrial customers, together with the impact of crude oil hedges, partially offset these gains. Sales exclude the affiliates CTBSA, Transener and TGS.
Adjusted EBITDA climbs 23% to US$398 million
Thermal generation margins in the spot and B2B markets drove the increase. Vertical integration between Pampa's gas production and its thermal power generation added to the benefit. Crude oil hedges reduced the gain.
Net debt rises to US$1.731 billion from US$1.319 billion in June
The US$412 million quarter-on-quarter increase reflects higher capital expenditures, mainly at FEPASA, and equity contributions to affiliates under development. Prepayments tied to the GPM expansion and collateral posted for crude oil hedging also added to debt. Operating cash flow and dividends received from Transener partially offset these outflows.
Management hosts results call on November 3
Pampa will discuss the results in a videoconference on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Standard Time (12:00 p.m. Buenos Aires time). Hosts are CEO Gustavo Mariani, Horacio Turri, EVP and head of oil and gas, CFO Adolfo Zuberbühler, and Lida Wang, IR & ESG Officer.