Strong Q1 2026 output and EBITDA at Pampa Energía (PAM)
Rhea-AI Filing Summary
Pampa Energía S.A. reports strong Q1 2026 operating growth, led by oil and gas and power generation. Consolidated adjusted EBITDA reached US$325 million with a 45% margin, up 36% year-on-year and down 35% quarter-on-quarter, supported equally by oil & gas and electricity.
Oil and gas delivered an all-time-high quarterly production of 100.6 kboepd, up 38% year-on-year and 24% quarter-on-quarter, with crude oil at 19.5 kbpd and gas at 81.2 kboepd. The Rincón de Aranda block surpassed 20 kbpd and is targeted toward a 45 kbpd plateau with over US$1.5 billion in planned capex.
Gas production rose to 13.8 mcmpd, up 17% year-on-year and 28% quarter-on-quarter, monetizing vertical integration under a new power spot framework. Despite negative free cash flow of US$(402) million, the balance sheet remains moderate, with consolidated gross leverage at 2.0x and net leverage at 1.1x based on US$1,113 million LTM adjusted EBITDA.
Positive
- None.
Negative
- None.
Insights
Pampa shows strong Q1 2026 volume growth with moderate leverage but heavy capex-driven cash use.
Pampa Energía combines robust Q1 2026 operating metrics with significant investment. Consolidated adjusted EBITDA of US$325 million and a 45% margin reflect healthy profitability across oil & gas and power, with oil and gas contributing roughly half of EBITDA.
Hydrocarbon volumes are the standout. All-time-high production of 100.6 kboepd, up 38% year-on-year, is driven by Rincón de Aranda and higher gas self-procurement. Gas output reached 13.8 mcmpd, supporting both export and self-supply, while a new spot power framework helped lift generation EBITDA to US$144 million.
Expansion is capital intensive. Free cash flow was US$(402) million, as accelerated spending and working capital absorbed cash despite earnings. Still, consolidated net leverage of 1.1x on US$1,113 million LTM adjusted EBITDA and a US$200 million, three-year bond at 5.49% suggest funding capacity for the planned US$1.5 billion Rincón de Aranda program toward a 45 kbpd plateau.
Key Figures
Key Terms
adjusted EBITDA financial
kboepd financial
lifting cost financial
mcmpd financial
free cash flow financial
net leverage financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2026
(Commission File No. 001-34429),
PAMPA ENERGIA S.A.
(PAMPA ENERGY INC.)
Argentina
(Jurisdiction of incorporation or organization)
Maipú 1
C1084ABA
City of Buenos Aires
Argentina
(Address of principal executive offices)
(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ___X___ Form 40-F ______
(Indicate
by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)
Yes ______ No ___X___
(If "Yes"
is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .)
This Form 6-K for Pampa Energía S.A. (“Pampa” or the “Company”) contains:
Exhibit 1: Q1 2026 RESULTS CALL
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 6, 2026
| Pampa Energía S.A. | ||
| By: |
/s/ Gustavo Mariani |
|
|
Name: Gustavo Mariani Title: Chief Executive Officer |
||
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
Q1 2026 May 7, 2026 @ 10:00 AM EST/11:00 AM ART RESULTS CALL ThematerialthatfollowsisapresentationofgeneralbackgroundinformationaboutPampaEnergíaS.A.(“Pampa”orthe“Company”)asofthedateofthepresentation.Itisinformationinsummaryformanddoesnotpurporttobecomplete.Itisnotintendedtoberelieduponasadvicetopotentialinvestors.Thispresentationisstrictlyconfidentialandmaynotbedisclosedtoanyotherperson.Norepresentationorwarranty,expressorimplied,ismadeconcerning,andnorelianceshouldbeplacedon,theaccuracy,fairness,orcompletenessoftheinformationpresentedherein. Thispresentationcontainsinformationandstatementsthatareforward-lookingwithinthemeaningofSection27AoftheU.S.SecuritiesActof1933,asamended(the'SecuritiesAct')andSection21EoftheU.S.SecuritiesExchangeActof1934,asamended.Forward-lookingstatementsarestatementsthatarenothistoricalfacts.Thesestatementsareonlypredictionsbasedonourcurrentassumptions,expectationsandprojectionsaboutfutureevents.Forward-lookingstatementsmaybeidentifiedbythewords'believe','expect','anticipate','target',orsimilarexpressions.WhilePampa'smanagementbelievesthattheexpectationsreflectedinsuchforward-lookingstatementsarereasonable,investorsarecautionedthatforward-lookinginformationandstatementsaresubjecttovariousrisksanduncertainties,manyofwhicharedifficulttopredictandaregenerallybeyondthecontrolofPampa,whichcouldcauseactualresultsanddevelopmentstodiffermateriallyfromthoseexpressedin,orimpliedorprojectedby,theforward-lookinginformationandstatements.Theserisksanduncertaintiesinclude,butarenotlimitedto,changingbusiness,regulatory,politicalorothermarketconditionsinArgentinaandelsewhere,thecompletionofournewgenerationprojects,thecompletionofourdistributionandtransmissionsubsidiaries'tariffrevisionprocess,theprospectsforgrowthanticipatedbyourmanagement,andtheotherrisksanduncertaintiesdiscussedinourreportsandotherdocumentsfiledwiththeU.S.SecuritiesandExchangeCommission.Further,Pampaundertakesnoobligationtopubliclyupdateitsforward-lookingstatements,whetherasaresultofnewinformation,futureevents,orotherwise,normakesanyrepresentationorwarranty,expressedorimplied,astotheaccuracyorcompletenessoftheinformationcontainedherein,andnothingcontainedhereinis,orshallberelieduponasapromiseorrepresentationthatanysuchforwardlookingstatementswillbeachieved.Managementisnotmakingandyoushouldnotinferanyrepresentationaboutthelikelyexistenceofanyparticularfuturesetoffactsorcircumstances Thispresentationdoesnotconstituteanoffer,orinvitation,orsolicitationofanoffer,tosubscribefororpurchaseanysecurities.Neitherthispresentationnoranythingcontainedhereinshallformthebasisofanycontractorcommitmentwhatsoever.SecuritiesmaynotbeofferedorsoldintheUnitedStatesunlesstheyareregisteredorexemptfromregistrationundertheSecuritiesAct.AnyofferingofsecuritiestobemadeintheUnitedStateswillbemadebymeansofaprospectusorofferingpreparedinconnectionwithanysuchoffering Unlessotherwiseindicated,thecalculationoftheincomestatementfiguresinUS$isderivedfromthesumof:1PampaEnergiaS.A.stand-alonefinancialresultsintransactionalUS$,2powergenerationandothersubsidiariesfinancialresultsintransactionalUS$,and3thefinancialresultsofTransenerandTGS(holdingandotherssegment)affiliatesexpressedinArgentinepesosdividedbytheexchangerateattheendofperiod. ConversionsfromlocalcurrencyreportingtoUS$shouldnotbeconsideredrepresentationsthatanysuchamountshavebeen,couldhavebeenorcouldbeconvertedintoUS$atthatoratanyotherFX.Moreover,asaresultoffluctuationsintheUS$toAR$exchangerate,theexchangerateusedintheconversionmaynotbeindicativeofcurrentorfutureexchangerates. DISCLAIMER 2 114 239 RDA 163 178 371 242 Q1 25 … Q4 25 Q1 26 220 230 325 41% 35% 45% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 50 100 150 200 250 300 350 Q1 25 … Q4 25 Q1 26 EBITDA margin Consolidated adjusted EBITDA1 Consolidated adjusted EBITDA breakdown1,2 CapEx1 Q1 2026’S KEY TAKEAWAYSCONSOLIDATED FIGURES, IN US$ MILLION 3 Oil & Gas 50% Electricity 50% Power 44% Note:1ItincludesaffiliatesatO/S(CTEB,TransenerandTGS):inQ126US$158millioninsales,US$97millioninadjustedEBITDAandUS$44millionincapex.Salesincludethecompensationfromretail’sPlanGas.Ar.2Itdoesnotincludepureholdingandeliminations. % Q1 26 Q1 26 +36% yoy -35% qoq ✓ Rincón de Aranda +48% yoy +41% qoq ✓ Rincón de Aranda ✓ Spot ✓ Gas Crude oil prices TGS 18% TRX 7% E&P 32% Main highlights O&G ATH quarterly production @ 100.6 kbpd, +38% yoy, +24% qoq Rincón de Aranda surpassed the 20 kbpd milestone, today @ 25.3 kbpd New power framework allowing higher gas output and better spot margins Issued 200m for 3 years at 5.49% PTQ 0% 0.9 17.1 RDA 18.2 Convt’l 2.4 3.2 18.0 19.5 - 5.0 10.0 15.0 20.0 25.0 Q1 25 … Q4 25 Gas 69.5 96% 63.2 78% 81.2 81% Oil 3.2 4% 18.0 / 22% 72.7 81.2 19.5 / 19% 100.6 - 20.0 40.0 60.0 80.0 100.0 120.0 Q1 25 … Q4 25 Q1 26 45 59 56 6.9 8.0 6.1 4.5 5.5 6.5 7.5 8.5 9.5 10.5 11.5 20 25 30 35 40 45 50 55 60 65 Q1 25 … Q4 25 Q1 26 Production 41 77 104 28% 37% 42% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% - 20 40 60 80 100 120 Q1 25 … Q4 25 Q1 26 EBITDA margin Lifting cost, in US$ million Crude oil production, in kbpd Adjusted EBITDA, in US$ million Production performance, in kboepd OIL AND GASQUARTER BOOSTED BY RDA AND GAS SELF-PROCUREMENT 4 ✓ Rincón de Aranda ✓ Sierra Chata El Mangrullo Non-operated blocks +155% yoy +36% qoq Per boe -11% yoy -23% qoq +38% yoy +24% qoq Q1 26 58.2 Avg Price w/hedge, in US$/bbl Price Hedge Production ✓ Rincón de Aranda 6x yoy +8% qoq 68.4 Q1 26 Q1 26 60.9 ✓ Rincón de Aranda ✓ Gas Q1 26 ✓ Rincón de Aranda ✓ Gas output Oil price Treatment, transportation and royalties 2 high-spec rigs 1 frac fleet 11 pads tied-in2 DUC2 being drilled Building infra + CPFApplied for Upstream RIGI on March 9, 2026 +US$1.5bn capex until 45kbpd plateau 1 20 25 28 45 0 15 30 45 217 286 326 330 PAD 2 PAD 7 PAD 8 PAD 9 Oil production, in kbpd RINCÓN DE ARANDA IMPROVING EFFICIENCY TOWARDS PLATEAU VMOS + CPF TPF#2 Apr-25 Dec-25 Mid-26 2027 43 wells online 6.8 6.7 8.2 8.1 8.9 PAD 2 PAD 7 PAD 8 PAD 9 PAD 10 Daily drilling rate,in meters Daily completion stages TODAY Apr-25 Feb-26 Apr-26 +52% +31% 5 Feb-26 Retail 23% 13% 22% CAMMESA 24% 59% 61% Expo 11% 9% 8% Industrial 10% 13% 8% Interco 32% 7% 2% Winter 3.0 4.0 4.4 3.0 2.9 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Q2 Q3 Q4 11.8 10.7 13.8 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q1 25 … Q4 25 Q1 26 Weighted avg gas price for Pampa, in US$/MBTU 2025 = 3.7 2026 = 2.9 Destination of our gas sales Gas production, in mcmpd GASMONETAZING THE VERTICAL INTEGRATION 6 +17% yoy +28% qoq Q4 25 Q1 26 Q1 25 Q1 26 ✓ Self-supply ✓ Exports ✓ Industries Plan Gas GSA Q1 82% 72% PG 47% 68% Old capacity 70% 68% 32% Contracted 30% 32% 5,472 5,472 5,472 0 1,000 2,000 3,000 4,000 5,000 6,000 Q1 25 … Q4 25 Q1 26 Nat’l grid 84% 82% 83% PAMPA 96% 93% 91% 70% 75% 80% 85% 90% 95% 100% Q1 25 … Q4 25 Q1 26 Thermal 85% 84% 87% Hydro 8% 7% 6% Wind 7% 10% 8% 5,951 4,947 5,738 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q1 25 … Q4 25 Q1 26 130 111 144 61% 48% 47% 10% 30% 50% 70% 90% 110% 130% 150% - 20 40 60 80 100 120 140 160 Q1 25 … Q4 25 Q1 26 EBITDA margin Generation performance, in GWh Spot vs. contracted, in MW Adjusted EBITDA1, in US$ million POWER GENERATION THE NEW SPOT FRAMEWORK BOOSTED THE SEGMENT 7 Q1 26 Q1 26 Note:1Incl.EBITDAfromCTEBat50%O/S. +11% yoy +30% qoq -4% yoy +16% qoq ✓ Spot Hydros Outages & maintenances ✓ Thermal demand -468 bps yoy -210 bps qoq CTLL’s GT04 Scheduled overhauls Thermal availability, in % of installed capacity Q1 26 90% Pampa’s total availability 93% 91% Q1 26 1,091228(343)(22)(23)11677(265)1234567802004006008001,0001,2001,400 Key cash flow figures for the Parent Company, in US$ million Q1 26 NEGATIVE FCF MAINLY DUE TO BRENT COVERAGE AMID DEVELOPMENT OF RINCÓN DE ARANDA 8 Note: This chart is an approximate evolution of the cash flow expressed in US$ million, in order to identify the most relevant figures for the convenience of the audience. Therefore, its breakdown may differ from Pampa Energía’s Consolidated Financial Statements as of March 31, 2026. Cash = Cash, cash equivalents, financial assets at fair value and financial assets at amortized cost. Q1 26 FCF = US$(402) million -US$283m yoy, -US$383m qoq -US$437m yoy -US$414m qoq Cash @ Dec-25 EBITDA CapEx WK & others Debt principal, net Debt service Cash @ Mar-26 Cash yield RdA Collaterals 2025 capex payments Higher DSO Key leverage figures1 as of March 2026, in US$ million Pampa Parent Company principal debt, net of repurchases, in US$ million SOLID BALANCE SHEET TO SUPPORT MORE GROWTH 9 Note: Cash includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortizedcost. 1FX AR$1,382/US$. LTM adjusted EBITDA is as of March 2026. 2Incl. accrued financial interests. 3Affiliates CTEB, TGS and Transener are included at O/S. Leverage evolution S&P B- bb-(stand-alone) Fitch B B+ (bond rating) AAA (argLT) A1+ (argST) 1.3x 0.9x 0.6x 1.1x 1.5x 2.1x 2.2x 3.0x 2.6x 2.3x 2021 2023 2024 2025 TODAY Net leverage Gross leverage 877 8 102 211 200 410 700 450 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 AR$ US$ 5.49% interest rate Local Bonds 22% Int'l Bonds 75% Banks 3% % Parent CompanyConsolidated with affiliates at O/S3Debt21,8802,262Cash & equiv.6771,078Net debt1,2031,185LTM Adj. EBITDA8121,113Gross leverage2.3x2.0xNet leverage1.5x1.1x THANK YOU Q&A
