Pampa Energía (PAMP) Q4 2025 earnings summary

Executive summary

• Achieved record production and EBITDA in 2025, with Rincón de Aranda reaching 20 kbpd oil by year-end and contributing significantly to growth.

• Consolidated 15% share of Argentina's net electricity output, maintaining a 94% thermal availability rate in 2025.

• Q4 2025 sales reached US$507 million, up 16% year-over-year, driven by higher crude oil production, improved spot prices, and increased gas exports.

• Adjusted EBITDA for Q4 2025 was up 26% year-over-year, with consolidated LTM EBITDA surpassing $1 billion.

• 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 2025 adjusted EBITDA reached $322 million, with a 35% margin, and annual CapEx hit a record $1.4 billion in 2025.

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

• Free cash outflow in Q4 was limited to $20 million, with cash and equivalents at $1.1 billion at year-end and net debt at $801 million.

• Gross debt at year-end was nearly $1.9 billion, down 9% from December 2024, with 96% issued in capital markets.

• Net debt to EBITDA ratio improved to 1.1x, with average debt life of almost eight years.

Outlook and guidance

• Rincón de Aranda development targets 45 kbpd oil production by 2027, with total CapEx exceeding $1.5 billion.

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

• CapEx for 2026 planned at $1.1 billion, with $1 billion for E&P and $80 million for power maintenance.

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

• Extension of RIGI regime and new Plan Gas guidelines expected to enhance long-term value and flexibility.