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Q3 2026 November 3, 2026 @ 10 AM EST/12 PM ART RESULTS CALL
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The material that follows is a presentation of general background information about Pampa Energía S . A . (“Pampa” or the “Company”) as of the date of the presentation . It is information in summary form and does not purport to be complete . It is not intended to be relied upon as advice to potential investors . This presentation is strictly confidential and may not be disclosed to any other person . No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein . This presentation contains information and statements that are forward - looking within the meaning of Section 27 A of the U . S . Securities Act of 1933 , as amended (the 'Securities Act') and Section 21 E of the U . S . Securities Exchange Act of 1934 , as amended . Forward - looking statements are statements that are not historical facts . These statements are only predictions based on our current assumptions, expectations and projections about future events . Forward - looking statements may be identified by the words 'believe', 'expect', 'anticipate', 'target', or similar expressions . While Pampa' s management believes that the expectations reflected in such forward - looking statements are reasonable, investors are cautioned that forward - looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Pampa, which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward - looking information and statements . These risks and uncertainties include, but are not limited to, changing business, regulatory, political or other market conditions in Argentina and elsewhere, the completion of our new generation projects, the completion of our distribution and transmission subsidiaries' tariff revision process, the prospects for growth anticipated by our management, and the other risks and uncertainties discussed in our reports and other documents filed with the U . S . Securities and Exchange Commission . Further, Pampa undertakes no obligation to publicly update its forward - looking statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as a promise or representation that any such forward looking statements will be achieved . Management is not making and you should not infer any representation about the likely existence of any particular future set of facts or circumstances . This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities . Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever . Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act . Any offering of securities to be made in the United States will be made by means of a prospectus or offering prepared in connection with any such offering . Unless otherwise indicated, the calculation of the income statement figures in US $ is derived from the sum of : 1 Pampa Energia S . A . stand - alone financial results in transactional US $ , 2 power generation and other subsidiaries financial results in transactional US $ , and 3 the financial results of Transener and TGS (holding and others segment) affiliates expressed in Argentine pesos divided by the exchange rate at the end of period . Conversions from local currency reporting to US $ should not be considered representations that any such amounts have been, could have been or could be converted into US $ at that or at any other FX . Moreover, as a result of fluctuations in the US $ to AR $ exchange rate, the exchange rate used in the conversion may not be indicative of current or future exchange rates . DISCLAIMER 2
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US$30B APPROVED 22% OF TOTAL RIGI PROJECTS - 40% OF TOTAL APPROVED PAMPA IS PARTICIPATING IN 7 RIGI APPROVED PROJECTS 3 % Pampa Project Investment COD RIGI VMOS OIL PIPELINE 550 kbpd oil export pipeline 9% US$2.9bn H1 2027 APPROVED SESA 6 MTPA FLNG20% US$15.2bn 1st vessel: YE27 2nd vessel: YE28 APPROVED TGS GPM EXPANSION +14 mcmpd27% US$550m May 2027 APPROVED SAN MATÍAS GAS PIPELINE 27 mcmpd20% US$1.3bn Q2 28 APPROVED RINCÓN DE ARANDA 45 kbpd at plateau100% US$4.5bn Plateau by Q4 27 APPROVED FÉRTIL PAMPA 2.1 MTPA urea plant100% US$2.7bn YE29 APPROVED TGS NGL PROJECT 2.8 MTPA27% US$3.2bn 2030 APPROVED
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TRANSPORT CAPACITY SECURED, PAVING THE WAY FOR GAS GROWTH TO 2030 4 Source : Internal analysis based on market information. 1 Award of 0.96 mcmpd from BA - Salta bound still pending. 4.3 mcmpd from BB - boun d still pending of approval from SE. Mercedes- Salta 0.96 mcmpd 21.5 mcmpd San Matías Pipeline Dedicated for FLNG Salliqueló- Mercedes 3.9 mcmpd CCGTs 8.5 Peakers 3.5 Urea 3.5 Total demand by 2030, ex FLNG 15.5 In mcmpd at peak New secured capacity at GPM 9.6 Legacy secured capacity 2.5 Consumption at wellhead 3.5 Total capacity, ex SMP 15.6 Tratayén- Salliqueló 9.6 mcmpd Salliqueló-BB 5.7 mcmpd Mercedes-GBA 3 mcmpd
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100 111 130 217 165 RDA 158 UREA 297317 276 585 Q3 25 … Q2 26 Q3 26 322 415 398 45% 44% 39% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 50 100 150 200 250 300 350 400 450 Q3 25 … Q2 26 Q3 26 EBITDA margin Consolidated adjusted EBITDA, in US$ million1 Consolidated adjusted EBITDA breakdown1,2CapEx, in US$ million1 Q3 2026’S KEY TAKEAWAYS CONSOLIDATED FIGURES, IN US$ MILLION 5 Oil & Gas 55% Electricity 45% Power 39% Note : 1 It includes affiliates at O/S (CTEB, Transener and TGS) : in Q 3 26 US $ 209 million in sales, US $ 93 million in adjusted EBITDA and US $ 68 million in capex . Sales include the compensation from retail’s Plan Gas . Ar . 2 It does not include pure holding and eliminations . % Q3 26 Q3 26 +85% yoy +112% qoq ✓ Fértil Pampa RDA +23% yoy -4% qoq ✓ Thermal spot and B2B ✓ Gas self - supply Crude oil hedge TGS 12% TRX 6% E&P 41% Main highlights Power growth driven by thermal spot and B2B PPAs O&G quarterly production @ 99.7 kbpd, supported by gas vertical integration with power Beginning of capex outflow to Fértil Pampa PTQ 2%
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Gas 43 42 43 Oil 16 33 34 59 75 77 6.4 7.7 8.3 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 20 30 40 50 60 70 80 Q3 25 … Q2 26 Q3 26 Per… Gas 50 63 51 Oil 217 165 158 267 228 209 0% 20% 40% 60% 80% 100% 120% 140% 0 50 100 150 200 250 300 Q3 25 … Q2 26 Q3 26 Gas 82.2 83% 84.1 78% 77.6 78% Oil 17.3 /17% 23.4 /22% 22.1 /22% 99.5 107.5 99.7 - 20.0 40.0 60.0 80.0 100.0 120.0 Q3 25 … Q2 26 Q3 26 171 182 170 52% 53% 48% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% - 20 40 60 80 100 120 140 160 180 200 Q3 25 … Q2 26 Q3 26 EBITDA margin Production performance, in kboepd CapEx, in US$ million Adjusted EBITDA, in US$ million Lifting cost, in US$ million OIL AND GAS GAS SELF-SUPPLY & RETAIL SUPPORTED EBITDA 6 ✓ RDA ✓ Sierra Chata El Mangrullo Non - operated blocks -1% yoy -7% qoq similar yoy -7% qoq Q3 26 -22% yoy -8% qoq Q3 26 Q3 26 RDA’s TPF #2 Q3 26 Oil hedge RDA Lifting cost Royalties ✓ Gas self - supply ✓ Retail Per boe +30% yoy +9% qoq
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Sierra Chata 5.3 7.4 6.8 El Mangrullo 7.0 5.2 4.5 Río Neuquén 1.3 1.1 1.3 Others 14.0 14.3 13.2 1.0 0.9 1.0 - 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q3 25 … Q2 26 Q3 26 Lifting cost per… Wells 48 51 45 Facilities 2 12 6 50 63 51 0% 20% 40% 60% 80% 100% 120% 140% 0 10 20 30 40 50 60 70 Q3 25 … Q2 26 Q3 26 112 121 119 58% 55% 53% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% - 20 40 60 80 100 120 140 Q3 25 … Q2 26 Q3 26 EBITDA… Retail 44% 30% 37% CAMMESA 17% 26% 34% Expo 6% 9% 8% Industrial 3% 4% 12% Interco 30% 31% 9% Production performance by block, in mcmpdGas adjusted EBITDA, in US$ million GAS SELF-SUPPLY & RETAIL SUPPORTED EBITDA 7 +6% yoy -2% qoq -6% yoy -8% qoq Q3 26 Q3 26 ✓ Gas self - supply ✓ Retail Thermal dispatch Royalties Destination of our gas sales CapEx, in US$ million Q2 26 Q3 26 Q3 25 71% 56% Plan Gas 61% Q3 26 4.6 5.0 4.4 Price, in S$/MBTU +1% yoy -20% qoq
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Wells 89 91 102 Facilities 114 74 48 Pipelines 14 217 165 158 0 50 100 150 200 Q3 25 … Q2 26 Q3 26 Domestic 11 9 11 Exports 10 12 12 20 21 23 0% 20% 40% 60% 80% 100% 120% 140% 0 5 10 15 20 25 Q3 25 … Q2 26 Q3 26 11 32 32 8.4 15.9 16.9 4.5 9.5 14.5 19.5 24.5 29.5 34.5 39.5 0 5 10 15 20 25 30 35 Q3 25 … Q2 26 Q3 26 Per… 59 61 51 52% 53% 43% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 0 10 20 30 40 50 60 70 Q3 25 … Q2 26 Q3 26 EBITDA… Total crude oil sales, in kbpd CapEx, in US$ million Crude oil adjusted EBITDA, in US$ million RDA lifting cost, in US$ million CRUDE OIL EBITDA HIT BY PREVENTIVE WELL SHUT-INS AND HEDGING 8 -13% yoy -16% qoq Q3 26 -27% yoy -4% qoq Q3 26 Q3 26 TPF Output Q3 26 Hedge Lifting cost +15% yoy +9% qoq Per boe +102% yoy +6% qoq 55.7 Avg Price w/hedge, in US$/bbl61.1 58.8
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75% Old capacity 65% 63% 25% Contracted 35% 37% 5,472 5,472 5,207 0 1,000 2,000 3,000 4,000 5,000 6,000 Q3 25 … Q2 26 Q3 26 Nat’l grid 84% 79% 82% PAMPA 97% 91% 95% 0% 20% 40% 60% 80% 100% 120% Q3 25 … Q2 26 Q3 26 Thermal 88% 87% 86% Hydro 5% 6% 7% Wind 8% 7% 7% 5,421 5,363 5,315 - 1,000 2,000 3,000 4,000 5,000 6,000 Q3 25 … Q2 26 Q3 26 120 155 160 54% 38% 36% 10% 30% 50% 70% 90% 110% 130% 150% - 20 40 60 80 100 120 140 160 180 Q3 25 … Q2 26 Q3 26 EBITDA margin Generation performance, in GWh Spot vs. contracted, in MW Adjusted EBITDA1, in US$ million POWER GENERATION THE NEW SPOT FRAMEWORK BOOSTED THE SEGMENT 9 Q3 26 Q3 26 Note : 1 Incl . EBITDA from CTEB at 50 % O/S . +33% yoy +3% qoq -2% yoy -1% qoq ✓ Thermal spot ✓ Thermal B2B Energía Plus OpEx MATER ✓ Hydrology ✓ Gas availability Mild weather +36 bps yoy +591 bps qoq CTEB’s TG02 failure ✓ CTGEBA’s TG04 overhaul in Q3 25 Thermal availability, in % of installed capacity Q3 26 94% Pampa’s total availability94% 88% Q3 26 HINISA -5% yoy -5% qoq
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Regulated hydro 673 MW 13% US$1m, 1% Spot peakers 1,317 MW 25% US$12m, 8% Spot CCGTs 1,296 MW 25% US$68m 43% CAMMESA PPAs 1,081 MW 21% US$63m 40% B2B PPAs 840 MW - 16% US$15m 9% 31 4 5 8 11 67 11 13 7 31 14 Dispatch margin Capacity Spot vs. contracted capacity, Q3 261 Margin by market and technology2, Q3 26, in US$/MWh STABLE CASH FLOW & OUTPERFORMING KPIs, SUPPORTED BY PPAs AND CCGTs 10 Note : 1 All figures have been subject to rounding, so figures shown as totals may not sum. Financial information as of September 2026 . I t includes 848 MW and US$17 million from CTEB (O/S 50%), which is not included in the bond perimeter. HPPL and HIDISA sell energy in the regulated scheme, the amount is marginal. 2 Renewable B2B PPAs include PEA’s RenovAr contract. 5.2 GW EBITDA US$160m Contracted share 37% of capacity 49% of EBITDA 42 17 11 39 24 Spot CCGTs Spot peakers Regulated Hydros CAMMESA Thermal PPAs Thermal B2B PPAs Renewable B2B PPAs Price +242% 67 +6% -2% flat MWh -19% -34% +67% flat flat -6% +72%+80%
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1,281 304 (525) (22) 139 3 1,035 (146) 1 2 3 4 5 6 7 8 .0 200.0 400.0 600.0 800.0 1000.0 1200.0 1400.0 1600.0 1800.0 Key cash flow figures for the Parent Company, in US$ million FCF IMPACTED BY FÉRTIL PAMPA AND RDA CAPEX 11 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 September 30, 2026. Cash = Cash, cash equivalents, financial ass ets at fair value and financial assets at amortized cost. Q2 26 FCF = US$(388) million -US$394m yoy, -US$260m qoq +US$154m yoy -US$246m qoq Cash @ Jun - 26 EBITDA CapEx WK & others D ebt principal, net Debt service Cash @ Sep - 26 Cash yield Fértil Pampa RDA Collaterals TGS IP’s pre-payment Dividends collected CB Series 28
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1,283 0 102 220253 358 410 700 950 Cash 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 AR$ US$ 1.3x 0.9x 0.6x 1.1x 1.7x 2.1x 2.2x 3.0x 2.6x 2.8x 2021 2023 2024 2025 TODAY Net leverage Gross leverage Key leverage figures1 as of September 2026, in US$ million Pampa Parent Company principal debt as of today4, in US$ million SOLID BALANCE SHEET TO KEEP INVESTING IN ARGENTINA 12 Note : Cash includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized co st. 1 FX AR$1,517/US$. LTM adjusted EBITDA is as of September 2026. 2 Incl. accrued financial interests. 3 Affiliates CTEB, TGS and Transener are included at O/S. 4 2029 maturities include US$9 million of bank debt, 2030 maturities in clude CB Series 29 for US$220 million and US$19 million of bank debt. Leverage evolution S&P B stable bb - (stand - alone) Fitch B+ AAA ( arg LT) A1+ ( arg ST) Parent Company Consolidated with affiliates at O/S3 Debt2 2,766 3,215 Cash & equiv. 1,035 1,489 Net debt 1,731 1,726 LTM Adj. EBITDA 1,005 1,368 Gross leverage 2.8x 2.4x Net leverage 1.7x 1.3x After Q3: US$220 million issued at 6.5% Local Bonds 28%Int'l Bonds 69% Banks 3% %
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THANK YOU Q&A