Slides
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Q3 2025 RESULTS CALL
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Disclaimer 2
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97 354 317 279 239 322 41% 39% 43% Consolidated adjusted EBITDA1 Consolidated adjusted EBITDA breakdown1,2Capex1 Q3 2025’s key takeaways Consolidated figures, in US$ million 3 61% 39% 35% % Q3 25 Q3 25 +225% yoy -10% qoq ✓ +16% yoy +35% qoq ✓ ✓ ✓ 11% 4% 50% Main highlights Production ramp-up at Rincón de Aranda Vertical integration between power & E&P: gas self-procurement at CTLL New ATH gas production record of almost 18 mcmpd Bought back 0.8 million ADRs at US$58.8/ADR – last quote US$90/ADR
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5.4 8.0 17.3 87.5 84.1 99.5 48 58 59 6.0 7.6 6.4 122 87 171 50% 40% 52% Lifting cost, in US$ million Crude oil production, in kbbl/d Adjusted EBITDA, in US$ million Production performance, in kboe/d Oil and gas Rincón de Aranda led the quarter 4 ✓ ✓ +40% yoy +97% qoq Per boe +7% yoy -15% qoq +14% yoy +18% qoq Q3 25 61.1 ✓ ✓ +220% yoy +117% qoq Q3 25 Q3 25 61.6 ✓ Q3 25 ✓ ✓ ✓
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35 16 9 10 5 Q1 25 Q2 25 Q3 25 YE25 … 2027+ 1 0 15 30 45 Oil production, in kbpd Lifting cost, in US$/bbl1 Apr-25 YE 25 Q2 26 H1 27 2 high-spec rigs 1 frac fleet 6 pads tied-in this year 3 pads DUC + 3 drilling Building infra, applied for RIGI Central processing facility 45kbpd by Q1 27 US$700m capex 2025e US$750m capex 2026e +US$1.5bn until plateau TPF#2 LIFTING COST @ PLATEAU Oil and gas Rincón de Aranda ramping-up as planned TODAY VMOS + CPF 16 20 28 45
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3.2 4.0 4.4 2.9 3.0 4.0 4.4 13.9 12.9 14.0 Weighted avg gas price for Pampa, in US$/MBTU 2024 = 3.7 YTD = 3.9 Destination of our sales in Q3 Gas production, in mcmpd Oil and gas Exports, self-supply and industries supported gas sales 6 similar yoy +8% qoq Pampa Q3 25 Q3 ✓ ✓ ✓
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5,426 5,472 5,472 97% 92% 94% 5,951 4,704 5,421 112 112 120 55% 56% 50% Generation performance, in GWh Installed capacity, in MW Adjusted EBITDA1, in US$ million Power generation First time self procuring E&P’s gas in 6 years 7 Q3 25 Q3 25 Q3 25 +8% yoy +7% qoq -9% yoy +15% qoq ✓ ✓ ✓ ✓ ✓ -275 bps yoy +240 bps qoq ✓ ✓ ✓
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879 258 (307) 76 (21) 146 (9) (141) 881 1 2 3 4 5 6 7 8 9 Key cash flow figures for the Restricted Group, US$ million Q3 25 financial position Positive FCF amid growth capex 8 Q3 25 FCF = US$6 million -US$74m yoy, +US$313m qoq -US$305m yoy +US$2m qoq RdA Oil hedge collaterals, Share buybacks & Transener dividend CB Series 25 & export pre-financing Winter collections
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Key leverage figures1 as of September 2025, in US$ million Pampa Restricted Group principal debt, net of repurchases, in US$ million Solid balance sheet to support our growth 9 AR$ 5% US$ 95% % Local Bonds 22%Int'l Bonds 70% Banks 8% % 881 158 159 109 211 410 700 Leverage evolution 1.3x 1.2x 0.9x 0.6x 1.3x 2.1x 2.2x 2.2x 3.0x 2.5x Parent Company Consolidated with affiliates at O/S3 Debt2 1,755 1,999 Cash & equiv. 881 1,079 Net debt 874 920 LTM Adj. EBITDA 693 961 Gross leverage 2.5x 2.1x Net leverage 1.3x 1.0x
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Key leverage figures1 as of today, in US$ million Pampa Restricted Group principal debt, net of repurchases, in US$ million Solid balance sheet to support our growth 10 919 123 147 109 211 410 700 AR$ 5% US$ 95% % Local Bonds 23%Int'l Bonds 72% Banks 5% % Leverage evolution 1.3x 1.2x 0.9x 0.6x 1.3x 1.1x 2.1x 2.2x 2.2x 3.0x 2.5x 2.5x Parent Company Consolidated with affiliates at O/S3 Debt2 1,708 1,953 Cash & equiv. 919 1,117 Net debt 790 836 LTM Adj. EBITDA 693 961 Gross leverage 2.5x 2.0x Net leverage 1.1x 0.9x
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THANK YOU Q&A