Pampa Energía (PAMP) Q4 2025 earnings summary

Executive summary

• Celebrated 20th anniversary with record production, reaching 104,000 boe/d in winter 2025 and 9% of Argentina's natural gas, driven by Rincón de Aranda and a consolidated 15% share of national electricity output.

• Rincón de Aranda ramped up to 20,000 bbl/d by Q4 2025, contributing significantly to EBITDA and shifting the production mix toward oil.

• Q4 2025 sales reached US$507 million, up 16% year-over-year, with adjusted EBITDA rising 26% to US$230 million, mainly from oil and gas growth, new power market framework, and higher gas exports.

• Consolidated adjusted EBITDA for Q4 2025 was $322 million, up 26% year-over-year but down 29% sequentially.

• Net income attributable to shareholders was US$161 million, up 52% year-over-year, supported by stronger operating margins and a non-cash deferred tax credit.

Financial highlights

• Q4 adjusted EBITDA reached $230 million, up 26% year-on-year, mainly from power generation and Rincón de Aranda.

• Q4 2025 CapEx was $371 million, up 81% year-over-year, with half allocated to Rincón de Aranda.

• Free cash outflow was limited to $20 million in Q4, with cash and equivalents at $1.1 billion at year-end.

• Net debt at $801 million as of December 2025, net leverage at 1.1x, and gross debt at $1.9 billion.

• Oil and gas sales surged 52% year-over-year to US$204 million, with adjusted EBITDA up 111% to US$77 million.

Outlook and guidance

• 2026 CapEx budgeted at $1.1 billion: $1 billion for E&P, <$100 million for power (maintenance only).

• Rincón de Aranda to receive $770–$771 million CapEx in 2026, targeting 28,000 bbl/d by mid-2026 and 45,000 bbl/d by 2027, with total development CapEx exceeding $1.5 billion.

• Oil production expected to reach 25,000 bbl/d by end of Q1 2026, ramping to 28,000 bbl/d by mid-year.

• Gas production to average 13.5–14 million m³/d in 2026, up from 12.5 million m³/d in 2025.

• No dividend distribution planned for 2026 due to negative free cash flow and ongoing growth investments.