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Pampa Energía Announces First Quarter 2025 Results

News Provided by ACCESS Newswire2025-05-12

BUENOS AIRES, ARGENTINA / ACCESS Newswire / May 12, 2025 /Pampa Energía S.A. (NYSE: PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentine oil, gas and electricity, announces the results for the quarter ended on March 31, 2025.

Pampa 's financial information is reported in US$, its functional currency. For local currency equivalents, transactional exchange rate ( 'FX ') are applied. However, Transener and Transportadora de Gas del Sur 's ( 'TGS ') figures are inflation-adjusted as of March 31, 2025, and are converted to US$ at the period-end FX. Previously reported figures remained unchanged.

First quarter 2025 ( 'Q1 25 ') main results¹

Sales rose 3% year-on-year to US$414 million in Q1 25², driven by higher spot energy prices, the contribution from the newly commissioned Parque Eólico Pampa Energía 6 ( 'PEPE 6 '), and greater deliveries under Plan Gas, partially offset by lower petrochemical reformer volumes and softer gas sales to industries and Chile.

Strong thermal availabilityand solid wind generation in Q1 25:

Pampa 's main operational KPIs		Q1 25	Q1 24	Variation
Oil and gas	Production (k boe/day)	72.7	73.1	-0%
	Gas over total production	96%	94%	+2%
	Average gas price (US$/MBTU)	3.0	3.2	-6%
	Average oil price (US$/bbl)	68.4	68.6	-0%

Power	Generation (GWh)	5,951	5,928	+0%
	Gross margin (US$/MWh)	24.6	20.2	+22%

Petrochemicals	Volume sold (k ton)	84	110	-24%
	Average price (US$/ton)	1,095	1,098	-0%

Adjusted EBITDA³reached US$220 million in Q1 25, up 17% from Q1 24, mainly explained by spot energy and PEPE 6 in the power generation, along with higher Plan gas volumes and tariff increases in TGS and Transener, partially offset by higher operating costs, lower gas sales to industries and Chile, and reduced production in petrochemicals.

US$153 million net profit to the Company 's shareholders, 43% lower than in Q1 24 due to a smaller recovery from non-cash deferred income tax and increasing operating costs, offset by higher sales and positive net financial results.

Net debt stood at US$577 million, mainly reflecting increased working capital requirements and continued investment in the Rincón de Aranda development.

¹ The information is based on financial statements ( 'FS ') prepared according to International Financial Reporting Standards ( 'IFRS ') in force in Argentina.

² Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as 'Results for participation in joint businesses and associates. '

³ Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates ' EBITDA at our ownership. Further information on section 3.1.

Consolidated balance sheet
(As of March 31, 2025 and December 2024, in millions)

Figures in million	As of 03.31.2025				As of 12.31.2024
	AR$		US$		AR$		US$

ASSETS
Property, plant and equipment		2,883,249		2,685		2,690,533		2,607
Intangible assets		102,367		95		99,170		95
Right-of-use assets		10,720		10		11,330		11
Deferred tax asset		226,917		211		161,694		157
Investments in associates and joint ventures		1,184,425		1,103		1,024,769		993
Financial assets at fair value through profit and loss		29,272		27		28,127		27
Other assets		431		-		366		-
Trade and other receivables		186,248		173		76,798		75
Total non-current assets		4,623,629		4,304		4,092,787		3,965

Inventories		267,766		250		230,095		223
Financial assets at amortized cost		86,930		81		82,628		80
Financial assets at fair value through profit and loss		722,388		673		877,623		850
Derivative financial instruments		10		-		979		1
Trade and other receivables		569,480		530		503,529		488
Cash and cash equivalents		387,416		361		761,231		738
Total current assets		2,033,990		1,895		2,456,085		2,380

Total assets		6,657,619		6,199		6,548,872		6,345

EQUITY
Equity attributable to owners of the company		3,728,731		3,472		3,391,127		3,286

Non-controlling interest		10,384		10		9,167		9

Total equity		3,739,115		3,482		3,400,294		3,295

LIABILITIES
Provisions		109,698		102		141,436		137
Income tax and minimum notional income tax provision		81,851		76		77,284		75
Deferred tax liability		50,743		47		50,223		49
Defined benefit plans		34,110		32		31,293		30
Borrowings		1,437,072		1,338		1,416,917		1,373
Trade and other payables		90,035		83		87,992		84
Total non-current liabilities		1,803,509		1,678		1,805,145		1,748

Provisions		10,487		10		10,725		10
Income tax liability		321,343		299		265,008		257
Tax liabilities		34,599		32		30,989		30
Defined benefit plans		7,077		7		7,077		7
Salaries and social security payable		25,665		24		40,035		39
Derivative financial instruments		705		1		2		-
Borrowings		379,018		353		728,096		706
Trade and other payables		336,101		313		261,501		253
Total current liabilities		1,114,995		1,039		1,343,433		1,302

Total liabilities		2,918,504		2,717		3,148,578		3,050

Total liabilities and equity		6,657,619		6,199		6,548,872		6,345

Consolidated income statement
(For the quarters ended on March 31, 2025 and 2024, in millions)

	First quarter
Figures in million	2025						2024
	AR$			US$			AR$			US$
Sales revenue		438,715			414			337,376			401
Domestic sales		372,894			352			274,579			326
Foreign market sales		65,821			62			62,797			75
Cost of sales		(301,010	)		(285	)		(215,183	)		(258	)

Gross profit		137,705			129			122,193			143

Selling expenses		(22,490	)		(21	)		(13,580	)		(16	)
Administrative expenses		(45,055	)		(43	)		(34,238	)		(41	)
Exploration expenses		(58	)		-			(82	)		-
Other operating income		35,473			32			28,992			35
Other operating expenses		(23,711	)		(22	)		(26,385	)		(31	)
Impairment of financial assets		(212	)		-			(29,830	)		(34	)
Impairment on PPE, int. assets & inventories		(807	)		-			(32	)		-
Results for part. in joint businesses & associates		48,144			46			51,416			61
Income from the sale of associates		-			-			1,458			2

Operating income		128,989			121			99,912			119

Financial income		35,494			33			1,347			2
Financial costs		(42,844	)		(41	)		(43,955	)		(53	)
Other financial results		38,050			37			43,805			52
Financial results, net		30,700			29			1,197			1

Profit before tax		159,689			150			101,109			120

Income tax		3,029			4			122,687			148

Net income for the period		162,718			154			223,796			268
Attributable to the owners of the Company		161,886			153			223,796			267
Attributable to the non-controlling interest		832			1			-			1

Net income per share to shareholders		119.0			0.1			164.6			0.2
Net income per ADR to shareholders		2,975.8			2.8			4,113.9			4.9

Average outstanding common shares¹		1,360						1,360
Outstanding shares by the end of period¹		1,360						1,360

Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of March 31, 2024 and 2025.

Consolidated cash flow statement
(For the quarters ended on March 31, 2025 and 2024, in millions)

Figures in millions	As of 03.31.2025						As of 03.31.2024
	AR$			US$			AR$			US$
OPERATING ACTIVITIES
Profit of the period		162,718			154			223,796			268
Adjustments to reconcile net profit to cash flows from operating activities		8,017			3			(74,640	)		(94	)
Changes in operating assets and liabilities		(76,850	)		(67	)		(163,370	)		(194	)

Net cash generated by (used in) operating activities		93,885			90			(14,214	)		(20	)

INVESTING ACTIVITIES
Payment for property, plant and equipment acquisitions		(164,292	)		(162	)		(109,435	)		(139	)
Collection for sales of public securities and shares acquisitions, net		147,374			151			56,151			87
Recovery of mutual funds, net		237			-			1,117			1
Payment for companies??acquisitions		(33,327	)		(31	)		(19,750	)		(24	)
Payment for right-of-use		(553	)		(1	)		(4,346	)		(5	)
Collection for equity interests in companies sales		-			-			6,206			7
Collection for joint ventures?? share repurchase		-			-			30,135			37
Dividends collection		-			-			6,955			8

Net cash generated by (used in) investing activities		(50,561	)		(43	)		(32,967	)		(28	)

FINANCING ACTIVITIES
Proceeds from borrowings		47,700			45			112,857			133
Payment of borrowings		(74,142	)		(70	)		(10,959	)		(13	)
Payment of borrowings interests		(39,094	)		(38	)		(34,128	)		(42	)
Repurchase and redemption of corporate bonds		(377,408	)		(360	)		-			-
Payments of leases		(968	)		(1	)		(782	)		(1	)

Net cash (used in) generated by financing activities		(443,912	)		(424	)		66,988			77

(Decrease) Increase in cash and cash equivalents		(400,588	)		(377	)		19,807			29

Cash and cash equivalents at the beginning of the year		761,231			738			137,973			171
Effect of exchange rate changes on cash and cash equivalents		26,773		n.a.				13,797		n.a.
(Decrease) Increase in cash and cash equivalents		(400,588	)		(377	)		19,807			29

Cash and cash equivalents at the end of the period		387,416			361			171,577			200

Note: The amounts of cash and cash equivalents does not consider financial assets at fair value through profit or loss and investments at amortized cost.

For the full version of the Earnings Report, please visit Pampa 's Investor Relations website: ri.pampa.com/en.

Information about the video conference

There will be a videoconference to discuss Pampa 's Q1 25 results on Tuesday, May 13, 2025, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Adolfo Zuberbühler, CFO, Horacio Turri, VP and executive director of E&P and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register here.

For further information about Pampa:

SOURCE: 1/3 Pampa Energía S.A.

View the original press release on ACCESS Newswire

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