Pampa Energía (PAMP) Q1 2026 earnings summary

Executive summary

• Q1 2026 production reached a record 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 rose 48% year-over-year to $325 million, with Rincón de Aranda contributing significantly.

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

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

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

Financial highlights

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

• Oil and gas adjusted EBITDA: $104 million, up 155% YoY, with Rincón de Aranda contributing over 50%.

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

• CapEx rose 36% YoY to $242 million, with $163 million invested in Rincón de Aranda.

• Cash and equivalents at quarter end: $677 million (parent), down $414 million from Q4.

Outlook and guidance

• Rincón de Aranda targets a plateau of 45,000 barrels/day, with over $1.5 billion in capex planned until plateau.

• Urea project decision expected by end Q3 or Q4 2026; plant could produce 2 million tons/year, with sales of ~$1 billion at historical prices.

• Combined investments of $6.9 billion planned for urea and shale oil projects, both submitted for RIGI incentives.

• 2026 parent company EBITDA forecasted at ~$1 billion; consolidated EBITDA at ~$1.3 billion.