Pampa Energía announces nine-month period and third quarter 2026 results
BUENOS AIRES, Argentina, Nov. 2, 2026 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), an independent energy company with active participation in Argentine oil, gas and electricity, announces the results for the nine-month period and quarter ended on September 30, 2026.
Pampa reports its financial information in US$, its functional currency. For local currency equivalents, transactional exchange rate ('FX') is applied. However, Transener and Transportadora de Gas del Sur's ('TGS') figures are adjusted for inflation as of September 30, 2026, and converted to US$ using the period-end FX. Previously reported figures remained unchanged.
Third quarter 2026 ('Q3 26') main results1
Sales reached US$790 million in Q3 262, up 34% year-on-year, mainly driven by the normalization of the Wholesale Electricity Market's ('WEM'), which supported higher spot energy prices and B2B ('Business to Business') sales, increased gas sales to our CCGTs ('Combined Cycles'), growing crude oil sales and stronger Reformer prices. These effects were partially offset by lower gas deliveries under Plan Gas GSA ('Gas Sale Agreement') and to industrial customers, as well as the impact of crude oil hedges
Thermal power generation margins stood out during Q3 26, supported by their efficiency and vertical integration with our gas upstream business.
Pampa's main operational KPIs | Q3 26 | Q3 25 | Variation | |
Oil and gas | Production (kboe/day) | 99.7 | 99.5 | +0 % |
Gas production (kboepd) | 77.6 | 82.2 | -6 % | |
Crude oil production (kbpd) | 22.1 | 17.3 | +28 % | |
Average gas price (US$/MBTU) | 5.0 | 4.4 | +12 % | |
Average oil price (US$/bbl)* | 55.7 | 61.1 | -9 % | |
Power | Generation (GWh) | 5,315 | 5,421 | -2 % |
Gross margin (US$/MWh) | 35.0 | 26.5 | +32 % | |
Petrochemicals | Volume sold (k ton) | 115 | 122 | -6 % |
Average price (US$/ton) | 1,309 | 937 | +40 % | |
Note: * Realized price, net of hedge, export duty and quality/logistic discounts.
Adjusted EBITDA totaled US$398 million, up 23% year-on-year, reflecting higher thermal generation margins in the spot and B2B markets, together with the benefits of vertical integration between gas production and thermal power generation, offset by the impact on crude oil hedges.
Net income attributable to shareholders reached US$129 million, 6 times Q3 25, mainly driven by lower deferred income tax expense and improved operating margins, partially offset by lower FX gains.
Net debt stood at US$1.731 billion as of September 2026, vs. US$1.319 billion as of June 2026, reflecting higher capital expenditures, mainly at FEPASA ('Fértil Pampa S.A.U.'), equity contributions to affiliates under development, prepayments related to the GPM expansion, and collateral posted for crude oil hedging, partially offset by operating cash flow generation and dividends received from Transener.
Consolidated balance sheet
(As of September 30, 2026 and December 31, 2025, in US$ million)
In US$ million | As of 09.30.2026 | As of 12.31.2025 | ||
ASSETS | ||||
Property, plant and equipment | 3,863 | 3,303 | ||
Intangible assets | 87 | 89 | ||
Right-of-use assets | 17 | 36 | ||
Deferred tax asset | 234 | 43 | ||
Investments in associates and joint ventures | 1,408 | 1,059 | ||
Financial assets at fair value through profit and loss | 34 | 33 | ||
Trade and other receivables | 85 | 43 | ||
Total non-current assets | 5,728 | 4,606 | ||
Inventories | 269 | 231 | ||
Financial assets at fair value through profit and loss | 503 | 366 | ||
Derivatives | - | 52 | ||
Trade and other receivables | 1,090 | 614 | ||
Cash and cash equivalents | 532 | 725 | ||
Total current assets | 2,394 | 1,988 | ||
Total assets | 8,122 | 6,594 | ||
EQUITY | ||||
Share capital | 35 | 36 | ||
Share capital adjustment | 189 | 191 | ||
Share premium | 517 | 516 | ||
Treasury shares adjustment | 1 | 1 | ||
Treasury shares cost | (6) | (54) | ||
Legal reserve | 44 | 44 | ||
Voluntary reserve | 2,706 | 2,399 | ||
Other reserves | (13) | (12) | ||
Other comprehensive income | 39 | 124 | ||
Retained earnings | 605 | 351 | ||
Equity attributable to owners of the company | 4,117 | 3,596 | ||
Non-controlling interest | 13 | 9 | ||
Total equity | 4,130 | 3,605 | ||
LIABILITIES | ||||
Provisions | 76 | 100 | ||
Income tax and minimum notional income tax provision | 28 | 26 | ||
Tax liabilities | 194 | 212 | ||
Deferred tax liability | 47 | 56 | ||
Defined benefit plans | 28 | 26 | ||
Borrowings | 2,692 | 1,844 | ||
Trade and other payables | 68 | 86 | ||
Total non-current liabilities | 3,133 | 2,350 | ||
Provisions | 11 | 13 | ||
Income tax liability | 156 | 83 | ||
Tax liabilities | 100 | 56 | ||
Defined benefit plans | 5 | 6 | ||
Salaries and social security payable | 44 | 36 | ||
Derivatives | 167 | - | ||
Borrowings | 74 | 48 | ||
Trade and other payables | 302 | 397 | ||
Total current liabilities | 859 | 639 | ||
Total liabilities | 3,992 | 2,989 | ||
Total liabilities and equity | 8,122 | 6,594 |
Consolidated income statement
(For the nine-month periods and quarters ended on September 30, 2026 and 2025, in US$ million)
In US$ million | Nine-month period | Third quarter | ||||||
2026 | 2025 | 2026 | 2025 | |||||
Sales revenue | 2,109 | 1,491 | 790 | 591 | ||||
Domestic sales | 1,681 | 1,207 | 675 | 457 | ||||
Foreign market sales | 428 | 284 | 115 | 134 | ||||
Cost of sales | (1,392) | (1,000) | (530) | (375) | ||||
Gross profit | 717 | 491 | 260 | 216 | ||||
Selling expenses | (88) | (69) | (32) | (26) | ||||
Administrative expenses | (142) | (131) | (51) | (47) | ||||
Other operating income | 47 | 85 | 19 | 32 | ||||
Other operating expenses | (83) | (62) | (46) | (22) | ||||
Recovery of impairment/(Impairment) of financial assets | 3 | (5) | 1 | (3) | ||||
Recovery of impairment/(Impairment) of PPE, inventories and int. assets | (1) | (8) | 1 | (7) | ||||
Results for part. in joint businesses & associates | 192 | 101 | 44 | 25 | ||||
Operating income | 645 | 402 | 196 | 168 | ||||
Financial income | 13 | 42 | 6 | 7 | ||||
Financial costs | (140) | (151) | (53) | (52) | ||||
Other financial results | 22 | 137 | - | 15 | ||||
Financial results, net | (105) | 28 | (47) | (30) | ||||
Profit before tax | 540 | 430 | 149 | 138 | ||||
Income tax | (21) | (214) | (20) | (115) | ||||
Net income for the period | 519 | 216 | 129 | 23 | ||||
Attributable to the owners of the Company | 515 | 216 | 129 | 23 | ||||
Attributable to the non-controlling interest | 4 | - | - | - | ||||
Net income per share to shareholders | 0.38 | 0.16 | 0.10 | 0.02 | ||||
Net income per ADR to shareholders | 9.55 | 3.97 | 2.41 | 0.42 | ||||
Average outstanding common shares1 | 1,348 | 1,360 | 1,340 | 1,360 | ||||
Outstanding shares by the end of period1 | 1,340 | 1,360 | 1,340 | 1,360 | ||||
Note: 1 Includes shares allocated to the employee compensation plan as treasury shares, which amounted to | ||||||||
Consolidated cash flow statement
(For the nine-month periods and quarters ended on September 30, 2026 and 2025, in millions)
In US$ million | Nine-month period | Third quarter | ||||||
2026 | 2025 | 2026 | 2025 | |||||
OPERATING ACTIVITIES | ||||||||
Profit of the period | 519 | 216 | 129 | 23 | ||||
Adjustments to reconcile net profit to cash flows from operating activities | 382 | 407 | 187 | 244 | ||||
Changes in operating assets and liabilities | (767) | (133) | (163) | 76 | ||||
(Increase) Decrease in trade receivables and other receivables | (546) | (219) | (102) | 35 | ||||
(Increase) Decrease in inventories | (39) | (34) | 14 | (14) | ||||
Increase in trade and other payables | 17 | 94 | - | 29 | ||||
Increase in salaries and social security payables | 1 | 2 | 11 | 12 | ||||
Defined benefit plan payments | (2) | (2) | - | (1) | ||||
Increase in tax liabilities | 56 | 25 | 18 | 12 | ||||
Decrease in provisions | (40) | (7) | (37) | (3) | ||||
Income tax payment | (59) | - | (9) | - | ||||
(Payments) Collection of derivatives, net | (155) | 8 | (58) | 6 | ||||
Net cash generated by operating activities | 134 | 490 | 153 | 343 | ||||
INVESTING ACTIVITIES | ||||||||
Payment of PPE | (1,043) | (751) | (525) | (307) | ||||
Collection for sales (Payment for purchases) of debt securities and shares, net | 89 | 376 | (116) | 60 | ||||
(Subscription) Recovery of mutual funds, net | (100) | 11 | (91) | 15 | ||||
Equity contributions to companies | (56) | (41) | (26) | - | ||||
Collection for equity interests in companies sales | - | 1 | - | 1 | ||||
Collection for intangible assets sales | - | 9 | - | 6 | ||||
Dividends received | 46 | 25 | 45 | 25 | ||||
Proceeds from the sale of interests in blocks | 9 | 2 | 4 | - | ||||
Net cash used in investing activities | (1,055) | (368) | (709) | (200) | ||||
FINANCING ACTIVITIES | ||||||||
Proceeds from borrowings | 869 | 554 | 137 | 174 | ||||
Payment of borrowings | (32) | (128) | - | (20) | ||||
Interest paid on borrowings | (90) | (122) | (22) | (21) | ||||
Repurchase and redemption of corporate bonds | (2) | (726) | - | (1) | ||||
Purchase of treasury shares | - | (16) | - | (16) | ||||
Lease payments | (17) | (11) | (6) | (9) | ||||
Net cash generated by (used in) financing activities | 728 | (449) | 109 | 107 | ||||
Increase (decrease) in cash and cash equivalents | (193) | (327) | (447) | 250 | ||||
Cash and cash equivalents at the beginning of the period | 725 | 738 | 979 | 161 | ||||
(Decrease) Increase in cash and cash equivalents | (193) | (327) | (447) | 250 | ||||
Cash and cash equivalents at the end of the period | 532 | 411 | 532 | 411 | ||||
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.
Information about the videoconference
There will be a videoconference to discuss Pampa's Q3 26 results on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Horacio Turri, EVP and head of oil and gas, Adolfo Zuberbühler, CFO and Lida Wang, IR & ESG Officer at Pampa.
For those interested in participating, please register here.
For further information about Pampa:
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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.'
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AlphAI analysis
Written by AlphAI from the release above, not by the issuer or PR Newswire. Informational, not investment advice.
The 30-second read
Why it matters
The quarter’s earnings drivers are explicitly tied to WEM normalization and thermal margin strength, while the balance sheet highlights higher capex, affiliate equity contributions, and hedging collateral as key risks.
Market read
Traders can update near-term expectations for PAM’s earnings power based on the reported margin expansion, while monitoring leverage and hedge-related volatility.
What to watch
Gas production fell (-6% YoY) and gas deliveries were lower under Plan Gas GSA, which could cap sustainability if volumes or pricing normalize unfavorably.
Background
Pampa Energía is an integrated Argentine energy company with oil and gas upstream and thermal power generation, reporting in US$ with specific inflation/FX adjustments for certain affiliates.
Ticker impact
Pampa reports Q3 2026 results, including sales of $790M (+34% YoY), adjusted EBITDA of $398M (+23% YoY), and net income of $129M.
Likely positive bias as the market prices in improved operating performance, partially offset by balance-sheet leverage and FX/hedge sensitivity.
The release provides multiple directionally consistent operating metrics (sales, gross margin, adjusted EBITDA, net income) alongside a clear net debt increase and notes crude oil hedge impacts.
Market effects
Signals strength in Argentina power spot/B2B economics and thermal generation margin resilience for integrated gas-power operators.
May influence sentiment toward Argentine energy equities via read-through on WEM normalization and commodity/hedge dynamics.
Limited direct global spillover, but can affect cross-border EM energy risk appetite for investors tracking Argentina exposure.
Counterpoint
Net debt rose to $1.731B and crude oil hedges impacted results, so the earnings strength may be partly offset by financial risk and commodity/hedge volatility.
Key entities
- companyPampa Energía S.A.
Subject of the earnings release, reporting Q3 2026 and nine-month 2026 results.
- marketWholesale Electricity Market (WEM)
Argentina power market whose normalization supported higher spot prices and B2B sales in Q3 2026.
- contractPlan Gas GSA
Gas Sale Agreement referenced as a headwind via lower gas deliveries in Q3 2026.