Pampa Energía (PAMP) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 production of 100.6 kboe/day, up 38% year-over-year, driven by Rincón de Aranda ramp-up and higher gas output under a new power framework.

• Adjusted EBITDA reached $325 million, up 48% year-over-year and 41% quarter-on-quarter, with Rincón de Aranda contributing significantly.

• Q1 2026 sales rose 38% year-over-year to $573 million, supported by shale oil output and improved spot prices in power generation.

• Free cash flow was negative $404 million, mainly due to oil hedge collateral, high CapEx, and payments for prior year investments.

• Net income attributable to shareholders was $214 million, up 40% year-over-year, aided by margin expansion and a non-cash deferred tax credit.

Financial highlights

• Consolidated adjusted EBITDA: $325 million (+48% YoY, +41% QoQ); margin improved to 41% from 35% a year ago.

• Oil and gas adjusted EBITDA: $104 million (up 155% YoY), with Rincón de Aranda contributing over half.

• Power generation adjusted EBITDA: $144 million (+11% YoY, +30% QoQ), benefiting from new regulatory framework.

• Cash and equivalents at quarter end: $677 million (parent), $1,078 million (consolidated); net debt: $1.2 billion.

• Gross debt: nearly $1.9 billion; net leverage: 1.5x LTM EBITDA.

Outlook and guidance

• Targeting 20,000 barrels/day oil production by mid-2026 and a plateau of 45,000 barrels/day at Rincón de Aranda, with over $1.5 billion in capex planned.

• Urea project and Rincón de Aranda development submitted for RIGI incentives, with combined investments of $6.9 billion planned.

• EBITDA projected at $1 billion for 2026 at parent level, $1.3 billion consolidated; free cash flow outflow of ~$400 million expected in 2026.

• Continued strong gas exports to Chile at 1.5 million m³/day expected for the rest of the year.

• Participation in GPM gas pipeline expansion and assessment of battery storage project bids to enhance profitability and supply security.