Pampa Energia Sa Stock Earnings Reports

Q1 2026 highlights: Pampa Energia delivered record upstream and consolidated performance driven by the ramp-up at Rincon de Aranda and higher gas volumes sold into power generation under the new wholesale framework. Production exceeded 100,000 boe/d (a quarterly all‑time high) with Rincon de Aranda producing ~25,000 bbl/d today and a mid‑2026 tie‑in target of ~28,000 bbl/d; management targets a 45,000 bbl/d plateau once CPF and the Vaca Muerta Oil Sur pipeline are online. Adjusted EBITDA rose to $325 million (up 48% y/y; +41% q/q), with Oil & Gas EBITDA at $104 million (2.5x y/y) and Power EBITDA $144 million (+11% y/y, +30% q/q). CapEx was $242 million (up 36% y/y), of which $163 million related to Rincon de Aranda. Free cash flow was negative $404 million in Q1 due to hedge collateral, heavy CapEx and prepaid pipeline tariffs; cash ended the quarter at $677 million. Gross debt ~ $1.9 billion; net debt increased to ~$1.2 billion (net leverage ~1.5x LTM EBITDA). Financing: company issued $200 million 3‑yr notes at 5.49% in April. Strategic items: Pampa secured 3.2 mcm/d (27% of the first tranche) of Perito Moreno pipeline capacity (35‑yr take‑or‑pay with ~ $330 million prepayment), expected to start winter 2027 and materially improve dispatch margins for gas‑fired CCGTs and permit additional upstream commercialization. Management continues a conservative hedging policy (near‑term hedges covering much of current production; expected to taper hedging as volumes grow). Large projects under development: Rincon de Aranda full field plan (~$4.5 billion) and the urea plant (FID target late Q3/Q4 2026), both seen as high priority uses of cash; RIGI incentive application for northern Rincon de Aranda submitted (approval timing uncertain). Outlook/financial posture: Management expects EBITDA growth to drive gradual deleveraging (targeting ~1.5x net leverage this year, declining over time absent large new projects); budgeted parent EBITDA ~ $1.0 billion for 2026 (consolidated ~ $1.3 billion). No dividend plans announced.