Earnings release
Page 1
UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2026AND FOR THE NINE AND THREE-MONTH PERIODS THEN ENDEDPRESENTED ON COMPARATIVE BASIS (In millions of U.S. dollar (“US$”))
Page 2
GLOSSARY OF TERMS The following are not technical definitions, but they are helpful for the reader’s understanding of some terms used in the notes to the Unaudited Consolidated Condensed Interim Financial Statements of theCompany. Terms DefinitionsADR American Depositary ReceiptBCBA Buenos Aires Stock ExchangeBCRA Argentina’s Central BankBBL BarrelBO Official GazetteCAMMESA Compañía Administradora del Mercado Eléctrico Mayorista S.A.CB Corporate BondsCC Combined CycleCIESA Compañía de Inversiones de Energía S.A.CITELEC Compañía Inversora en Transmisión Eléctrica Citelec S.A.CNV National Securities Commission of ArgentinaCPB Piedra Buena thermal power plantCPI Consumer price indexCSJN Argentina’s Supreme Court of JusticeCTB CT Barragán S.A.CTEB Ensenada Barragán thermal power plantCTG Güemes thermal power plantCTGEBA Genelba thermal power plantCTIW Ingeniero White thermal power plantCTLL Loma La Lata thermal power plantCTPP Parque Pilar thermal power plantEISA Energía e Inversiones S.A.ENARGAS National Regulatory Authority of GasENARSA Energía Argentina S.A.ENRE National Regulatory Authority of ElectricityENReGE National Regulatory Authority of Gas and Electricity (formerly ENARGAS and ENRE)FEPASAU Fértil Pampa S.A.U.FRA Adjusted Rent FactorFTR Five-Year Tariff ReviewGASA Generación Argentina S.A.GBA Greater Buenos Aires 1
Page 3
GLOSSARY OF TERMS: (Continuation) Terms DefinitionsGUDI Distributors’ large usersGWh Gigawatt/hourHIDISA Hidroeléctrica Diamante S.A.HINISA Hidroeléctrica Los Nihuiles S.A.HPPL Hidroeléctrica Pichi Picún LeufúIAS International Accounting StandardsIASB International Accounting Standards BoardIFRS International Financial Reporting StandardsINDEC National Institute of Statistics and CensusesIPIM Wholesale Domestic Price IndexLNG Liquefied Natural GasLoma Negra Loma Negra Compañía Industrial Argentina S.A.m3 Cubic metersMAT WEM’s Forward MarketMECON Ministry of Economy of ArgentinaMEyM Ministry of Energy and MiningMLC Foreign Exchange MarketMW MegawattMWh Megawatt/hourNYSE New York Stock ExchangeOCP Oleoductos de Crudos Pesados Ltd.Oldelval Oleoductos del Valle S.A.OPGSA Operaciones de Petróleo y Gas S.A. (formerly Autotrol Renovables S.A.)PB18 Pampa Bloque 18 S.A.S.PEB Pampa Energía Bolivia S.A.PECSA Pampa Energía Chile S.p.A.PEN Federal Executive BranchPEPE II Pampa Energía II Wind FarmPEPE III Pampa Energía III Wind FarmPEPE IV Pampa Energía IV Wind FarmPEPE VI Pampa Energía VI Wind FarmPESOSA Pampa Energía Soluciones S.A.PGSM Complejo Puerto General San MartínPISA Pampa Inversiones S.A. 2
Page 4
GLOSSARY OF TERMS: (Continuation) Terms DefinitionsPOSA Petrobras Operaciones S.A.RDA Rincón de ArandaRIGI Incentive Regime for Large InvestmentsSACDE Sociedad Argentina de Construcción y Desarrollo Estratégico S.A.SE Secretary of EnergySESA Southern Energy S.A.SMP San Matías Pipeline S.A.SPV Special Purpose VehicleTGS Transportadora de Gas del Sur S.A.TJSM Termoeléctrica José de San Martín S.A.TMB Termoeléctrica Manuel Belgrano S.A.The Company / Pampa Pampa Energía S.A.The Group Pampa Energía S.A. and its subsidiariesTn/d Tons per dayTn/y Tons per yearTransba Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A.Transener Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.US$ U.S. dollarVAR Vientos de Arauco Renovables S.A.U.VMOS VMOS S.A.WEM Wholesale Electricity Market$ Argentine Pesos 3
Page 5
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OFCOMPREHENSIVE INCOME For the nine and three-month periods ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) Nine-month period at Three-month period at Note 09.30.2026 09.30.2025 09.30.2026 09.30.2025 Revenue 8 2,109 1,491 790 591Cost of sales 9 (1,392) (1,000) (530) (375)Gross profit 717 491 260 216 Selling expenses 10.1 (88) (69) (32) (26)Administrative expenses 10.2 (142) (131) (51) (47)Other operating income 10.3 47 85 19 32Other operating expenses 10.3 (83) (62) (46) (22)Impairment of property, plant and equipment and inventories (1) (8) 1 (7)Recovery of impairment (Impairment) of financial assets 3 (5) 1 (3)Share of profit from associates and joint ventures 5.1.2 192 101 44 25Operating income 645 402 196 168 Financial income 10.4 13 42 6 7Financial costs 10.4 (140) (151) (53) (52)Other financial results 10.4 22 137 - 15Financial results, net (105) 28 (47) (30)Profit before income tax 540 430 149 138Income tax 10.5 (21) (214) (20) (115)Profit of the period 519 216 129 23 Other comprehensive income Items that will not be reclassified to profit or loss Exchange differences on translation 90 (34) 19 (29)Items that may be reclassified to profit or loss Derivatives (1) (215) 21 (106) (2)Income tax 75 (7) 37 1Exchange differences on translation 55 (33) 11 (30)Other comprehensive income (loss) of the period 5 (53) (39) (60)Total comprehensive income (loss) of the period 524 163 90 (37) (1) See Note 12.7 4
Page 6
UNAUDITED CONSOLIDATED CONDENSED INTERIMSTATEMENT OF COMPREHENSIVE INCOME (Continuation)For the nine and three-month periods ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) Nine-month period at Three-month period at Note 09.30.2026 09.30.2025 09.30.2026 09.30.2025Total profit of the period attributable to: Owners of the Company 515 216 129 23Non-controlling interest 4 - - - 519 216 129 23 Total comprehensive income (loss) of the period attributable to: Owners of the Company 520 163 90 (37)Non-controlling interest 4 - - - 524 163 90 (37) Earnings per share attributable to equity holders of the Company: Total basic and diluted earnings per share 13.2 0.38 0.16 0.10 0.02 The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements. 5
Page 7
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITIONAs of September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) Note 09.30.2026 12.31.2025ASSETS NON-CURRENT ASSETS Property, plant and equipment 11.1 3,863 3,303Intangible assets 11.2 87 89Right-of-use assets 17 36Deferred tax asset 11.3 234 43Investments in associates and joint ventures 5.1.2 1,408 1,059Financial assets at fair value through profit and loss 12.1 34 33Trade and other receivables 12.2 85 43Total non-current assets 5,728 4,606 CURRENT ASSETS Inventories 11.4 269 231Financial assets at fair value through profit and loss 12.1 503 366Derivatives - 52Trade and other receivables 12.2 1,090 614Cash and cash equivalents 12.3 532 725Total current assets 2,394 1,988Total assets 8,122 6,594 6
Page 8
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENTOF FINANCIAL POSITION (Continuation)As of September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) Note 09.30.2026 12.31.2025SHAREHOLDERS´ EQUITY Share capital 35 36Share capital adjustment 189 191Share premium 517 516Treasury shares adjustment 1 1Treasury shares cost (6) (54)Legal reserve 44 44Voluntary reserve 2,706 2,399Other reserves (13) (12)Other comprehensive income 39 124Retained earnings 605 351Equity attributable to owners of the company 4,117 3,596Non-controlling interest 13 9Total equity 4,130 3,605 LIABILITIES NON-CURRENT LIABILITIES Provisions 11.5 76 100Income tax and minimum notional income tax provision 11.6 28 26Deferred tax liability 11.3 47 56Tax liabilities 11.7 194 212Defined benefit plans 28 26Borrowings 12.4 2,692 1,844Trade and other payables 12.5 68 86Total non-current liabilities 3,133 2,350 CURRENT LIABILITIES Provisions 11.5 11 13Income tax liability 11.6 156 83Tax liabilities 11.7 100 56Defined benefit plans 5 6Salaries and social security payable 44 36Derivatives 167 -Borrowings 12.4 74 48Trade and other payables 12.5 302 397Total current liabilities 859 639Total liabilities 3,992 2,989Total liabilities and equity 8,122 6,594 The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements. 7
Page 9
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) Equity holders of the company Retained earnings Sharecapital Sharecapitaladjustment Sharepremium Treasuryshares Treasurysharesadjustment Treasurysharescost Legalreserve Voluntaryreserve Otherreserves Othercomprehensiveincome (loss) Unappropriatedretainedearnings Equityattributableto owners co Balance as of December 31, 2024 36 191 516 - 1 (7) 44 1,657 (13) 119 742 3,286 Voluntary reserve constitution - - - - - - - 742 - - (742) - Treasury shares acquisition - - - - - (16) - - - - - (16) Profit for the nine-month period - - - - - - - - - - 216 216 Other comprehensive loss for thenine-month period - - - - - - - - - (19) (34) (53) Balance as of September 30, 2025 36 191 516 - 1 (23) 44 2,399 (13) 100 182 3,433 Treasury shares acquisition - - - - - (31) - - - - - (31) Stock compensation plans - - - - - - - - 1 - - 1 Dividends distribution - - - - - - - - - - - - Profit for the complementarythree-month period - - - - - - - - - - 161 161 Other comprehensive income forthe complementary three-monthperiod - - - - - - - - - 24 8 32 Balance as of December 31, 2025 36 191 516 - 1 (54) 44 2,399 (12) 124 351 3,596 Voluntary reserve constitution - - - - - - - 351 - - (351) - Treasury shares acquisition (1) (2) - 1 2 - - - - - - - Capital reduction - - - (1) (2) 47 - (44) - - - - Stock compensation plans - - 1 - - 1 - - (1) - - 1 Profit for the nine-month period - - - - - - - - - - 515 515 Other comprehensive (loss)income for the nine-month period - - - - - - - - - (85) 90 5 Balance as of September 30, 2026 35 189 517 - 1 (6) 44 2,706 (13) 39 605 4,117 The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements. 8
Page 10
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) Note 09.30.2026 09.30.2025Cash flows from operating activities: Profit of the period 519 216Adjustments to reconcile net profit to cash flows from operating activities 14.1 382 407Changes in operating assets and liabilities 14.2 (767) (133)Net cash generated by operating activities 134 490Cash flows from investing activities: Payment for property, plant and equipment acquisitions (1,043) (751)Collection for sales of public securities and shares, net 89 376(Subscription) Recovery of mutual funds, net (100) 11Capital integration in companies (56) (41)Collection for equity interests in companies sales - 1Collection for intangible assets sales - 9Dividends collection 46 25Collection for interests in areas sales 9 2Net cash used in investing activities (1,055) (368) Cash flows from financing activities: Proceeds from borrowings 12.4 869 554Payment of borrowings (32) (128)Payment of borrowings interests 12.4 (90) (122)Repurchase and redemption of corporate bonds 12.4 (2) (726)Payment for treasury shares acquisition - (16)Payments of leases (17) (11)Net cash generated by (used in) financing activities 728 (449)Decrease in cash and cash equivalents (193) (327) Cash and cash equivalents at the beginning of the year 12.3 725 738Decrease in cash and cash equivalents (193) (327)Cash and cash equivalents at the end of the period 12.3 532 411 The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements. 9
Page 11
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIMFINANCIAL STATEMENTS For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 1: GENERAL INFORMATION1.1 General information of the Company The Company’s principal executive office is located in Maipú 1, Autonomous City of Buenos Aires in Argentina, which participates in the energy sector, mainly in the production of oil and gas and powergeneration. In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, reaching a production level in the nine-month period ended September 30, 2026 of 13.7 million m3/day of natural gas and 21.7 thousand bbl/day of oil in 9 productive areas and 2 exploratory areas in Argentina. Its main production blocks are located in the Province of Neuquén. Additionally, theCompany participates in SESA, an entity dedicated to natural gas liquefaction. In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,207 MW installed capacity as of September 30, 2026, which represents approximately 12% ofArgentina’s installed capacity, and being one of the largest independent generators in the country. In the petrochemicals segment, as of September 30, 2026, the Company operates 2 high-complexity plants in Argentina producing styrene and polystyrene, with a share ranging between 90% and 99%, in thedomestic market (see synthetic rubber production closure in Note 20). Through the holding, transportation and others segment, the Company participates in the electricity transmission and gas transportation businesses. In the transmission business, the Company jointly controlsCitelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 22,454 km high-voltage electricity transmission network in Argentina with an 86% market shareof Argentina’s high-voltage transmission lines. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding a concession for thetransportation of natural gas with 9,248 km of gas pipelines in the center, west and south of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex,located in Bahía Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Additionally, the Company participates in VMOS, an entity that will operate anoil pipeline connecting Vaca Muerta with an offshore export port, and in SMP, a company that will be responsible for the construction and operation of the dedicated gas pipeline that will connect the NeuquinaBasin with the San Matías Gulf to supply SESA. Finally, the segment includes advisory services provided to related companies. Finally, the Company will develop the project for the construction and operation of a granulated urea production complex in Bahía Blanca, representing its entry into the fertilizer business (see Note 17). 1.2 Economic context in which the Company operates The Company operates in an economic context which main variables are experiencing volatility as a result of political and economic events both in the domestic and international spheres. During 2026, the Argentine economy continued undergoing a stabilization process and recorded a 23.6% cumulative inflation as of September 2026, considering the CPI published by INDEC. 10
Page 12
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 1: (Continuation) In the international sphere, during 2026 geopolitical tensions persisted in the Middle East as a result of the military conflict in the region, affecting the international energy market. Attacks on energyinfrastructure and crude oil transportation routes, together with restrictions on maritime transit, particularly in the strait of Hormuz, led to constraints on crude oil production, supply and exports, as well as tohigher logistics costs, which drove the Brent crude price volatility in the international market. In this context, the Brent crude price experienced significant volatility in 2026, rising from around US$ 60/bbl at the beginning of the year to over US$ 100/bbl in late March, easing to approximately US$70/bbl by late June and again exceeding US$ 100/bbl by late September. The outlook for the Argentine and international economy remains subject to a high degree of uncertainty as to the evolution of economic activity, the course of the geopolitical conflict and its potential effect onthe energy market. The context of volatility and uncertainty persists as of the date of issuance of these Consolidated Condensed Interim Financial Statements, and it is not possible to foresee the evolution of the macroeconomicand financial situation in Argentina or the international context, or what new measures might be announced. The Company’s Management permanently monitors the evolution of the variables affecting its business to define its course of action and identify potential impacts on its assets and financial position. The Company’s Consolidated Condensed Interim Financial Statements should be read in light of these circumstances. NOTE 2: REGULATORY FRAMEWORK The main regulations applicable to the Company’s activities, identified during 2026, are detailed below. It is worth highlighting that this is not an exhaustive list of all regulations the Company is subject to. 2.1Oil and Gas 2.1.1Export of liquid hydrocarbons and their derivatives On July 20, 2026, SE Resolution No. 166/26 created the Export Operations Registry, in which all export notifications, objections and free export certificates for hydrocarbons and their derivatives must berecorded, and approved the Export Procedure for Liquid Hydrocarbons and their Derivatives, repealing the regime established by MEyM Resolution No. 241/17. 11
Page 13
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 2: (Continuation) 2.1.2 Natural Gas Export For the Neuquina Basin, the SE assigned an export quota of 5.7 million m³/day and 7.9 million m³/day for the 2027 and 2028 summer periods (January–April and October–December), respectively, and a quotaof 5 million m³/day and 5.8 million m³/day for the 2027 and 2028 winter periods (May–September), respectively. In both periods, the minimum price is equal to the average awarded price under all GasAr Planrounds for the basin multiplied by the applicable seasonal adjustment factor. The Company was assigned the following volumes: - 565,307 m³/day for the January–April 2027 and October–December 2027 periods. - 495,883 m³/day for the May–September 2027 period. - 783,495 m³/day for the January–April 2028 and October–December 2028 periods. - 575,224 m³/day for the May–September 2028 period. 2.1.3 Assignment of gas contracts with ENARSA SE Resolution No. 224/26 extended, through December 31, 2026, the deadline set forth in SE Resolution No. 54/26 for producers opting to accept the assignment of their contracts with ENARSA to distributorsand CAMMESA to submit the relevant notice to the SE. Distributors are required to opt in within the same term. In turn, ENARGAS will oversee the assignment and volume allocation process through aprocedure to be determined jointly with ENARSA. 2.1.4 Compensation for natural gas consumption subsidies ENARGAS Resolution No. 101/26 repealed ENARGAS Resolution No. 125/25 and approved a new reporting procedure related to the Focused Energy Subsidies (SEF) regime created by Executive Order No.943/25 under the unification of national energy subsidies and the elimination of income-level segmentation, to be replaced by a user allocation scheme distinguishing between subsidized and non-subsidizedusers. However, ENARGAS Resolution No. 101/26 preserves the criterion whereby subsidy compensations are received by natural gas producers and applied as a deduction in billings to distributors. Within the framework of the new SEF regime, PEN Executive Order No. 26/26 provides that the price awarded to each producer participating in the GasAr Plan may be above, below or in line with the UniformAnnual Price (“PAU”), depending on the time of year and taking into account the applicable seasonal adjustment factor. In the months in which the PAU is higher than the GasAr Plan price, the difference will be recorded as a credit balance, which will be applied to offset the months in which the opposite situation occurs. Thismechanism will under no circumstances affect the price receivable by producers under the GasAr Plan. Along the same line, SE Resolution No. 23/26 establishes the PAU to be passed on to end users under thenatural gas supply agreements entered into under the GasAr Plan. 12
Page 14
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 2: (Continuation) 2.2Generation 2.2.1Emergency in the National Energy Sector PEN Executive Order No. 585/26, dated July 11, 2026, extended until December 31, 2027 the National Energy Sector emergency declared by Executive Order No. 55/23 with respect to the electricitygeneration, transmission and distribution segments under federal jurisdiction, maintaining its original scope. 2.2.2SE Resolution No. 293/26 On October 21, 2026, SE Resolution No. 293/26 amended SE Resolution No. 400/25 with respect to the percentages, relative to the reference value, within which generators managing their own fuel supplymay declare their variable production cost (“CVP”), as well as the limits on energy sales by existing generators. Regarding the CVP declaration, in 2026, generators maintain a percentage to be declared ranging from a minimum of 75% of the CVP to a maximum of 25% above the CVP; in 2027, these percentages will bereduced to 50% and 17.5%, respectively, and in 2028, to 25% and 10%, respectively. When the fuel used is GN Acuerdo (natural gas under the Gas Agreement modality), the maximum additional percentageabove the CVP will be 0%. As for sales in the MAT Energy, thermal and hydroelectric existing generators may freely contract with any demand segment starting in 2029, one year earlier than originally provided. In addition, the resolutionraises the 20% cap on sales to large users to 60% for the April 2027–March 2028 period and to 80% for the April 2028–December 2028 period; finally, it provides that sales to distributors for GUDI will besubject to the above-mentioned limits only for thermal generators. Furthermore, a simplified regime for monthly entry into the WEM and recategorization of large users, was established. 2.2.3Energy Plus Contracts As from March 2026, the Company no longer markets capacity and energy under Energy Plus contracts. 13
Page 15
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 2: (Continuation) 2.2.4Remuneration for assigned generation SE Resolutions No. 34/26 and No. 281/26 updated the remuneration values for assigned generation, providing for 2% and 11% increases applicable as from the January and October 2026 economic transactions,respectively. The spot price to value royalties and short-term reserve services in the WEM was set at $ 14,669/MWh and $ 16,283/MWh, respectively. 2.2.5LNG purchase auctions During the second quarter of 2026, the Electronic Gas Market (“MEGSA”) organized auctions in which ENARSA offered LNG volumes on a firm basis to distributors, industrial users, generators and traders. For the June 1-August 5, 2026 and August 6-August 31, 2026 periods, Pampa was awarded a 74.5 million m³ and a 39.5 million m³ volume, respectively, for CTGEBA’s consumption. In turn, CTB was awardedfor the same periods a 51.6 million m³ and a 34.4 million m³ volume, respectively, for CTEB’s consumption. 2.2.6 Extra-Trend Demand Regime On September 25, 2026, SE Resolution No. 264/26 amended Section 13 of SE Resolution No. 400/25 and regulated the regime applicable to Extra-Trend Demands (“XDEM”). This regime applies to newdemands or expansions representing a capacity increase equal to or greater than 0.5% of the WEM’s average demand over the last 12 rolling months as of the application filing date. Two categories of Extra-Trend Demands are defined: i) XDEM Production, for any type of consumption, and ii) XDEM Data, which expressly covers data centers and artificial intelligence infrastructure. XDEM must submit a special supply plan, in the form of a sworn statement, with a five-year rolling horizon, detailing the expected demand applicable to contracting and the backup mechanisms. In addition,they must evidence, on a monthly basis, contractual coverage through new eligible XDEM supply equivalent to at least 80% of the energy actually demanded during the month, and have firm capacity backupequivalent to 100% of their maximum demand for XDEM Production and 115% for XDEM Data. It is worth highlighting that, as a result of the Company’s participation in the firm transportation capacity expansion, the Company’s generating units operating exclusively on gas and increasing theiravailability to supply the WEM may qualify as new eligible XDEM supply and, therefore, serve such demands. CTGEBA would fall into this situation. 14
Page 16
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 2: (Continuation) 2.2.7 Sale of ENARSA’s equity interests in TMB, TJSM and CTGB PEN Executive Order No. 1,107/26 was published on September 28, 2026, authorizing the sale, through a national and international open call for tenders, of all of ENARSA’s equity interests in TMB andTJSM, representing 65.01% and 68.83% of their respective capital stock. The Company holds an equity interest in both companies and has a right of first refusal to acquire the shares subject to the sale process,as provided for in their respective bylaws, which must be observed in the tender process. The sale of ENARSA’s shares in Central Termoeléctrica Guillermo Brown (“CTGB”) was also authorized, once the trust is liquidated and ENARSA is admitted as a shareholder. 2.2.8 Law No. 27,828 Among other amendments, Law No. 27,828 extended until December 31, 2045 the exemption period for specific taxes, fees or royalties provided for under Law No. 27,191 in connection with the access to anduse of renewable energy sources. 2.3Gas Transportation 2.3.1TGS’s Tariff situation As part of the monthly updates to natural gas transportation tariffs, in 2026 TGS received monthly increases of 2.37%, 2.90%, 2.52%, 2.17%, 4.21%, 4.19%, 2.61%, 1.73%, 1.71% and 2.29%, effective Januarythrough October 2026, respectively. 2.3.2Contractual reorganization Under PEN Executive Order No. 49/26, the National Energy Sector emergency for the natural gas transportation and distribution segments was extended until December 31, 2027. Within this framework, SE Resolution No. 66/26 provided for the reconfiguration of the Argentine natural gas transportation system and established measures aimed at optimizing the system’s use, improvingits operating efficiency and ensuring natural gas supply. It also instructed ENARGAS to adjust the tariff schemes, service regulations and capacity allocation mechanisms, on the condition that the revenuesdetermined in the FTR remain unchanged. Accordingly, on April 14, 2026, through ENARGAS Resolution No. 409/26, the process was concluded and the licensees were instructed to execute new firm transportation contracts pursuant to the establishedguidelines, effective as from May 1, 2026. In addition, the firm nature of certain exchange and displacement contracts was recognized and, finally, on April 29, 2026, the new applicable tariff schemes werepublished through ENARGAS Resolution No. 448/26. 15
Page 17
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 2: (Continuation) As of the date of issuance of these Consolidated Condensed Interim Financial Statements, TGS is implementing the contracts and operating conditions resulting from this regulatory process. 2.4Transmission Transener and Transba tariff situation Within the framework of the FTR carried out in 2025, ENReGE continued applying the monthly tariff adjustment mechanism based on the CPI and IPIM indexes and established 1.88%, 2.55%, 2.07%, 1.61%,2.35%, 4.31%, 2.39%, 1.35%, 1.24% and 1.98% tariff increases from January through October 2026, respectively. 2.5Hydrocarbons and natural gas transportation 2.5.1 Technical regulations for the transportation of liquid hydrocarbons On May 20, 2026, through SE Resolution No. 119/26, technical regulations for the transportation of liquid hydrocarbons were approved. These regulations apply to transportation systems passing through twoor more provinces and/or intended for the total or partial export or import of crude oil, oil derivative products and natural gas liquids. Their main purpose is to unify and establish the technical guidelines forpipeline safety and integrity, thus replacing MEyM Resolution No. 120/17. 2.5.2 Natural gas transportation capacity TGS tendered transportation capacity under the expansion of the GPM and its final sections (see Note 5.1.4) for the execution of firm natural gas transportation agreements for up to 35 years, effective as fromMay 2027. Pampa and certain subsidiaries were awarded a total of 3.9 million m³/day on the section to Greater Buenos Aires and 1.4 million m³/day on the section to Bahía Blanca. Furthermore, on September 4, 2026, Transportadora de Gas del Norte (“TGN”) launched an open call for tenders to contract natural gas transportation capacity. Pampa and certain subsidiaries submitted bids fora 35-year term to contract transportation capacity on the route, with receipt in GBA and delivery in Salta, for a total volume of 0.96 million m³/day. As of the date of issuance of these Consolidated CondensedInterim Financial Statements, the award is still pending. It is worth highlighting that, in addition to securing a greater supply of its own gas, the awarded transportation capacity provides significant benefits to the generation segment under the guidelines of SEResolution No. 400/25, since electricity produced using gas transported through new infrastructure captures the full dispatch margin when traded in the spot market (FRA = 1), boosting the competitiveness andprofitability of the generation segment’s assets, particularly the CC. 16
Page 18
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 2: (Continuation) 2.6Hydrocarbons exploration and exploitation on the Argentine Continental Shelf PEN Executive Order No. 868/26 introduces changes aimed at strengthening the enforcement of Law No. 26,659, related to hydrocarbon activities on the Argentine Continental Shelf and, particularly, toactivities not authorized by Argentina in the Malvinas area. Among the amendments, a key change is the introduction of affidavits as a requirement to evidence compliance with Law No. 26,659, both in the RIGI admission procedure and in the processing of applicationsfor exploration permits, exploitation concessions, transportation and storage authorizations, and hydrocarbon processing licenses. 2.7Regulations on access to the MLC During 2026, the BCRA introduced measures to facilitate financing and foreign exchange transactions of projects under the RIGI. In April 2026, SPV were allowed to count as inflows certain direct investment contributions, financial borrowings and financing for the import of capital goods entered and settled by companies that areshareholders or partners of the SPV, among other authorized parties. It was also established that such funds could be taken into account for purposes of the SPV’s access to the MLC to pay for imports of goodsand services, with the simultaneity requirement deemed fulfilled when such access occurred within the time limits established by the applicable regulations. In August 2026, foreign exchange easing measures were extended to certain payments related to reinsurance agreements associated with projects under the RIGI. For more information on Argentina’s exchange rate policies, please visit the Central Bank’s website: www.bcra.gov.ar. 2.8Tax regulations 2.8.1 Income tax Tax inflation adjustment Law No. 27,802, published in the BO on March 6, 2026, establishes the adjustment of tax losses carryforwards generated in fiscal years beginning on or after January 1, 2025, inclusive, considering thevariation in the CPI between the closing month of the fiscal year in which they arise and the closing month of the fiscal year being assessed. 17
Page 19
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 2: (Continuation) 2.8.2 Other Regimes 2.8.2.1 Hydrocarbon Export Duties Regime Pursuant to PEN Executive Order No. 488/20, oil, natural gas and liquefied gas exports are exempt from export duties provided that the Brent crude oil price published by the SE at the end of each month isequal to or lower than US$ 45/bbl. Under this regime, the export duty rate is subject to a gradual increase of up to 8% as the reference price increases, reaching 8% when the price is equal to or higher thanUS$ 60/bbl. PEN Executive Order No. 59/26 updated the export duties regime applicable to crude oil and introduced a distinction between conventional and unconventional crude oil production. Under the updated regime,conventional crude oil exports are exempt from export duties when the international Brent crude oil price is equal to or lower than US$ 65/bbl, and are subject to a rate increasing gradually up to 8% accordingto a formula based on the increase in the reference price, reaching 8% when the price is equal to or higher than US$ 80/bbl. The Executive Order entered into effect on February 20, 2026, pursuant to SEResolution No. 42/26. As of September 30, 2026, crude oil and natural gas exports are subject to an 8% export duty rate. 2.8.2.2 Export duties regime for industrial products PEN Executive Order No. 566/26, effective as from July 1, 2026, provided for the reduction and/or elimination of export duties applicable to various tariff codes of industrial products, a measure coveringcertain petrochemical products (xylene, hexane, toluene, styrene, polystyrene and rubber). The regulation contemplates a progressive duty reduction scheme for the products sold by the Company, providing for the full elimination of the corresponding export duties by June 2027. 2.8.2.3 RIGI amendment Pursuant to Executive Order No. 105/26, dated February 19, 2026, the deadline to apply for the RIGI was extended until July 8, 2027. In addition, the decree expanded the list of eligible projects to include,among others: (i) the construction of infrastructure for the collection, treatment, processing, fractionation, and liquefaction of natural gas, as well as the transportation of natural gas intended for the export ofliquefied natural gas; (ii) the exploration and production of new onshore liquid and gaseous hydrocarbon developments located in areas that, at the time of submitting the application for adhesion, do not haveexisting investments in exploration or production activities; and (iii) the exploration and production of new offshore liquid and gaseous hydrocarbon developments. Additionally, it set a minimum investmentthreshold of US$ 600 million for onshore developments and US$ 200 million for offshore developments. Where activities not covered by the RIGI coexist within the same hydrocarbon area, segregation and traceability must be ensured through independent measurement systems and the SPV must be the exclusiveowner of the assets, rights, and operations associated with the RIGI-eligible project. 18
Page 20
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 3: BASIS OF PREPARATION These Consolidated Condensed Interim Financial Statements for the nine-month period ended September 30, 2026 have been prepared pursuant to the provisions of IAS 34, “Interim Financial Information” asissued by the IASB, are expressed in millions of US dollars and were approved for their issuance by the Company’s Board of Directors on November 2, 2026. The information included in the Consolidated Condensed Interim Financial Statements is recorded and presented in US dollars, which is the Company’s functional currency. This consolidated condensed interim financial information has been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through profit or loss andderivatives and they should be read together with the Consolidated Financial Statements as of December 31, 2025, which have been prepared under IFRS Accounting Standards as issued by the IASB. These Consolidated Condensed Interim Financial Statements for the nine-month period ended September 30, 2026 have not been audited. The Company’s Management estimates they include all the necessaryadjustments to state fairly the results of operations for the period. The results for the nine-month period ended September 30, 2026, do not necessarily reflect in proportion the Company’s results for thecomplete year. The accounting policies have been consistently applied to all entities within the Group. Comparative information The information as of December 31, 2025 and for the nine and three-month periods ended September 30, 2025, disclosed for comparative purposes, arises from the Consolidated Financial Statements as of thosedates. Additionally, certain non-significant reclassifications have been made to the Consolidated Financial Statements´ figures disclosed for comparative purposes to keep the consistency in the presentation with thecurrent period figures. 19
Page 21
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 4: ACCOUNTING POLICIES The accounting policies applied in these Consolidated Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last fiscal year, which ended onDecember 31, 2025. 4.1 New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2026 and adopted by the Company The Company has applied the following standards and / or amendments for the first time as of January 1, 2026: - IFRS 9 and IFRS 7 - “Financial Instruments and Disclosures” (amended in May 2024 and December 2024). - IMPROVEMENTS TO IFRS – Volume 11 (July 2024) The application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position of the Company. 4.2 New accounting standards, amendments and interpretations issued by the IASB not yet effective and not early adopted by the Company Pursuant to CNV General Resolution No. 972/23, early application of IFRS accounting standards and/or amendments thereto is not permitted unless specifically permitted at the time of adoption. As of September 30, 2026, the Company has not early applied the following standards and/or amendments: - IFRS 18 - “Presentation and Disclosure in Financial Statements”: issued in April 2024. It establishes new presentation and disclosure requirements aiming to ensure that financial statements providerelevant information faithfully representing an entity’s situation. The standard does not affect the recognition or measurement of financial statement items; however, it introduces new requirements forimproved comparability among entities. Specifically, the following are worth mentioning: (i) the classification of income and expenses into operating, investing and financing categories; (ii) theincorporation of required subtotals; and (iii) the disclosure of performance measures defined by management. The standard is applicable retrospectively to fiscal years and interim periods beginning on orafter January 1, 2027, allowing for early adoption. The Company is currently analyzing the disclosure impact on the financial statements in relation to the application of the standard. 20
Page 22
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 4: (Continuation) - IFRS 19 - “Subsidiaries without Public Accountability: Disclosures”: issued in May 2024. It allows for reduced disclosures for entities without public accountability that are subsidiaries of an entitypreparing consolidated financial statements available for public use and in compliance with IFRS accounting standards. Subsequently, in August 2025, amendments were introduced reducing disclosurerequirements related to supplier financing arrangements, lack of exchangeability of currency and international tax reform, and replacing disclosure requirements regarding management-definedperformance measures with a cross-reference to IFRS 18 for entities using such measures. The standard and its amendments are effective for fiscal periods beginning on or after January 1, 2027, with earlyadoption permitted. The application of this standard will not impact the Company’s operating results or financial position. - IAS 21 - “Effects of Changes in Foreign Exchange Rates”: In November 2025, IAS 21 was amended regarding the translation of financial statements for presentation in a currency different from thefunctional currency, and certain disclosure requirements were introduced. In particular, for the translation from a non-hyperinflationary functional currency to a hyperinflationary presentation currency, itestablishes that all amounts (assets, liabilities, equity items, income and expenses, including comparative information) are translated at the closing exchange rate. The amendments are retrospectivelyapplicable for annual periods beginning on or after January 1, 2027, with early adoption permitted. The application of this amendment will not impact the Company’s information. - IFRS 20 - “Regulatory Assets and Regulatory Liabilities”: issued in May 2026. It replaces IFRS 14 and sets out the accounting treatment for regulatory assets, liabilities, income and expenses arising whenpart or all of a regulated rate for goods or services supplied in one period is charged to customers in a different period. The standard is applicable retrospectively to annual and interim reporting periodsbeginning on or after January 1, 2029, with early adoption permitted. The Company is currently assessing the impact of its application on the Company’s operating results or financial position. - IAS 28 - “Investments in Associates and Joint Ventures”: in June 2026, the section on exemptions from applying the equity method was amended, extending the option to measure an investment in anassociate or joint venture at fair value through profit or loss to those entities whose main activity consists of investing in specific types of assets under IFRS 18. The amendment is applicable upon adoptionof IFRS 18, which is mandatory for reporting periods beginning on or after January 1, 2027. The application of the amendment will not impact the Company’s operating results or financial position. 21
Page 23
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 5: GROUP STRUCTURE 5.1Interest in subsidiaries, associates and joint ventures 5.1.1 Subsidiaries information Unless otherwise indicated, the country is also the principal place where the subsidiary carries out its activities. 09.30.2026 12.31.2025 Company Country Main activity Direct and indirectparticipation % Direct and indirectparticipation %Ecuador Pipeline Holdings Limited (1) Grand Cayman Investment - 100.00%EISA Uruguay Investment 100.00% 100.00%Enecor S.A. Argentina Electricity transportation 70.00% 70.00%FEPASAU Argentina Fertilizers 100.00% 100.00%Fideicomiso CIESA Argentina Investment 100.00% 100.00%GASA Argentina Investment 100.00% 100.00%HIDISA Argentina Generation 61.00% 61.00%HINISA Argentina Generation 52.04% 52.04%OCP Grand Cayman Investment 100.00% 100.00%OPGSA Argentina Oil 100.00% 100.00%Pampa Ecuador Inc (1) Nevis Island Investment - 100.00%PAMPA E&P S.A.U. Argentina Oil 100.00% 100.00%PB18 Ecuador Oil 100.00% 100.00%PEB Bolivia Investment 100.00% 100.00%PECSA Chile Trader 100.00% 100.00%PESOSA Argentina Trader 100.00% 100.00%Petrolera San Carlos S.A. Venezuela Oil 100.00% 100.00%PISA Uruguay Investment 100.00% 100.00%Recursos Energéticos S.A. Argentina Generation and Investment 100.00% 100.00%VAR Argentina Generation 100.00% 100.00%Vientos Solutions Argentina S.A.U. Argentina Advisory services 100.00% 100.00% (1) Dissolved entity. 22
Page 24
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 5: (Continuation) 5.1.2 Associates and joint ventures information The following table presents the main activity and the financial information used for valuation and percentages of participation in associates and joint ventures: Information about the issuer Main activity Date Share capital Profit (Loss) of theperiod Equity Direct and indirectparticipation %Associates SESA Gas treatment 09.30.2026 1.00 - 189 20.00%VMOS Hydrocarbon transportation 09.30.2026 142.00 18 668 9.09%SMP Gas transportation 09.30.2026 0.07 (2) 47 20.00% Joint ventures CIESA (1) Investment 09.30.2026 0.42 153 1,531 50.00%Citelec (2) Investment 09.30.2026 0.37 80 361 50.00%CTB Generation 09.30.2026 6.00 137 620 50.00% (1) The Company holds a 50% interest in CIESA, a company that holds a 53.83% interest in TGS’s capital stock; therefore, the Company has a 26.91% interest in TGS. As of September 30, 2026, TGS’s common shares and ADR traded on the BCBA and NYSE were listed at $ 8,375.00 and US$ 25.95, respectively, conferring Pampa’s holding an approximate market value of US$ 1,051 million ($ 1,696,744 million). (2) The Company has a 50% interest in Citelec, a company that holds a 52.65% interest in Transener’s capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of September 30, 2026, Transener’s common share price listed at theBCBA was $ 3,100, conferring Pampa’s indirect holding an approximate market value of US$ 239 million ($ 362,887 million). 23
Page 25
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 5: (Continuation) The detail of the balances of investments in associates and joint ventures is as follows: 09.30.2026 12.31.2025Disclosed in non-current assets Associates VMOS 61 31SESA 38 12SMP 9 -Total associates 108 43Joint ventures CIESA 810 618Citelec 180 156CTB 310 242Total joint ventures 1,300 1,016Total associates and joint ventures 1,408 1,059 The following table shows the breakdown of the result from investments in associates and joint ventures: 09.30.2026 09.30.2025Associates SESA 8 2VMOS 2 (4)SMP (1) -Total associates 9 (2) Joint ventures CIESA 75 73Citelec 40 25CTB 68 5Total joint ventures 183 103Total associates and joint ventures 192 101 24
Page 26
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 5: (Continuation) The evolution of investments in associates and joint ventures is as follows: 09.30.2026 09.30.2025At the beginning of the year 1,059 993Dividends (44) (70)Capital integration 56 41Share of profit 192 101Exchange differences on translation 145 (65)At the end of the period 1,408 1,000 5.1.3 CTB Reversal of impairment losses on non-financial assets During the quarter ended June 30, 2026, CTB identified significant changes in the environment where it operates and, consequently, determined CTEB’s recoverable amount as of June 30, 2026. The recoverability assessment resulted in the reversal of impairment losses recognized in previous fiscal years, with a US$ 31 million impact on the Company’s share of profit from associates and joint venturesfor the period. 5.1.4 CIESA - TGS Perito Moreno Gas Pipeline (GPM) Expansion MECON Resolution No. 676/26 approved the application to opt into the RIGI for the GPM expansion project, effective as of April 30, 2026. TGS conducted a public call for tenders to award a portion of the incremental transportation capacity associated with the expansion of the GPM and on April 15, 2026, 5.4 million m³/day were awarded. Theremaining capacity was awarded on August 26, 2026. 25
Page 27
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 5: (Continuation) Integral NGL Project On June 10, 2026, TGS’s Board of Directors approved the development of the Integral NGL Project, which is structured into two independent, but operationally linked, single projects representing successivestages of the processing, fractionating, obtaining and storing of natural gas liquids, and the subsequent product dispatch and export. The Integral NGL Project will be executed through the following companies controlled by TGS and established as SPV within RIGI’s framework: (i) Procesadora de Gas del Sur S.A. (“PGS”): in charge of the so-called separation project, consisting of the construction, operation and maintenance of a natural gas processing plant located in Tratayén,Province of Neuquén, and a natural gas stream segregation pipeline, which will enable the provision of natural gas gathering and processing services to gas producers; and (ii) Midstream de Gas del Sur S.A. (“MGS”): in charge of the transportation, fractionation, storage and commercialization project, comprising the construction, operation and maintenance of a multiproductpipeline connecting the Tratayén Plant with a fractionation plant in the Bahía Blanca area, Province of Buenos Aires, together with storage and dispatch facilities. Under the project, MGS will acquire thenatural gas liquids mix resulting from PGS’s processing for its transportation, fractionation into commercial products (such as propane, butane and natural gasoline), storage and subsequent sale to exportcustomers. The project is structured through long-term agreements, including execution, transportation and processing, liquid hydrocarbon purchase and sale, and commercial cooperation agreements. TGS has granted corporate guarantees and surety bonds to secure certain obligations arising from the agreements entered into with the producers participating in the project and from the financing agreementsobtained by MGS and PGS for the project’s development. Weather event During the period ended September 30, 2026, TGS recorded $ 9,586 million losses arising from expenses related to the weather event of March 7, 2025, which resulted in the flooding of the Cerri Complex, andreceived $ 13,716 million from insurance companies as an advance payment on account of the final settlement of the claim. 26
Page 28
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 5: (Continuation) 5.1.5 SMP San Matías Pipeline Project In addition to the gas liquefaction project to be developed by SESA, which includes the installation of two liquefaction vessels in the Gulf of San Matías, SMP will be responsible for the construction andoperation of a dedicated pipeline connecting gas production from Vaca Muerta, in Neuquén, to the Gulf of San Matías, in Río Negro, to supply the liquefaction vessels intended for LNG exports. The projectinvolves the construction of an approximately 470-km-long, 36-inch-diameter pipeline with a transportation capacity of up to 28 million m³/day. The estimated investment amounts to US$ 1.3 billion, and thepipeline is expected to be commissioned in the second quarter of 2028. MECON Resolution No. 873/26 approved the application to opt into the RIGI for the project undertaken by SMP, effective as from June 1, 2026. Syndicated international loan In August 2026, SMP entered into a syndicated international loan with a consortium of financial institutions for a total amount of up to US$ 900 million to finance the construction and development of theproject. The financing has a 7-year term and accrues interest at a rate of Term SOFR plus a 4.25% annual margin. SMP may request disbursements on a monthly basis until completion of the project or the first amortization date, scheduled for December 31, 2029, whichever occurs first. As of September 30, 2026, the bankshave made disbursements totaling US$ 118 million. To secure its obligations, SMP granted certain collateral under the financing, including the following: (i) it assigned its collection rights under the transportation agreement entered into with SESA, and(ii) SMP’s shareholders (including the Company) have executed a fiduciary assignment of their shares as collateral for the financing, which will remain in effect until the loan is repaid. As of September 30, 2026, SMP has complied with all covenants undertaken under the syndicated loan agreement. 5.1.6 VMOS Issuance of Class 1 CB On September 22, 2026, VMOS issued limited-recourse Class 1 CB with a face value of US$ 233.7 million, at a 6.25% fixed annual interest rate and maturing on September 22, 2030. 27
Page 29
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 5: (Continuation) Net proceeds will be used to finance the development, construction and operation of the VMOS Project, including working capital and investments related to the construction work. VMOS has undertaken certain commitments regarding the creation of collateral and/or restrictions on certain rights. In particular, it has committed to perfecting an assignment as collateral of all present andfuture collection rights corresponding to the dollar-linked tariff under the initial transportation agreements and the designated transportation agreement, to secure the payment of principal and interest on theClass 1 CB. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, VMOS has not yet perfected such assignment as collateral. 5.2Oil and gas participations Assets and liabilities as of September 30, 2026 and December 31, 2025 and the production cost of the Joint Operations and Consortiums in which the Company participates corresponding to the nine-monthperiods ended September 30, 2026 and 2025 are detailed below: 09.30.2026 12.31.2025 Non-current assets 134 122Current assets 10 9Total assets 144 131 Non-current Liabilities 40 40Current Liabilities 22 21Total liabilities 62 61 09.30.2026 09.30.2025 Production cost 29 75 It is worth highlighting that the information presented does not include charges recorded by the Company as a member of the Joint Operations and Consortiums. Relinquishment process for the Veta Escondida block Provincial Executive Order No. 605/26 approved the Settlement Agreement entered into between the Province of Neuquén and Pampa on March 4, 2026, which set aside the executive order declaring thetermination of the Veta Escondida block´s concession. In addition, the parties agreed to conclude the process for relinquishing the block to the Province. Within this framework, the Company and Total Austral(co-concessionaire) are jointly carrying out such process in an orderly manner, with the Company being responsible for the abandonment of wells and facilities and the required environmental remediationworks. 28
Page 30
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 6: RISKS6.1 Critical accounting estimates and judgments The preparation of these Consolidated Condensed Interim Financial Statements requires the Company’s Management to make future estimates and assessments, to apply critical judgment and to establishassumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities, and income and expenses. Those estimates and judgments are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results might differ from theestimates and evaluations made at the date of preparation of these Consolidated Condensed Interim Financial Statements. In the preparation of these Consolidated Condensed Interim Financial Statements, management judgments on applying the Company’s accounting policies and sources of information used for the respectiveestimates are the same as those applied in the Consolidated Financial Statements for the fiscal year ended December 31, 2025. 6.2 Financial risk management The Company’s activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk and price risk), credit risk and liquidity risk. No significant changes have arisen in risk management policies since last fiscal year. 29
Page 31
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 7: SEGMENT INFORMATION The Company is a fully integrated power company in Argentina, which participates mainly in the production of oil and gas and power generation. Through its own activities, subsidiaries and shareholdings in joint ventures and associates, and based on the business nature, customer portfolio and risks involved, the following business segments have beenidentified: Oil and Gas, principally consisting of the Company’s interests in oil and gas areas, the activities of Pampa Energía S.A. - Sucursal Dedicada Proyecto RDA and direct and indirect interest in SESA and PECSA. Generation, principally consisting of the Company’s direct and indirect interests in HINISA, HIDISA, VAR, CTB, TMB, TJSM and through its own electricity generation activities through thermal plantsCTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenergía, CTPP, CTIW, the HPPL hydroelectric complex and PEPE II, PEPE III, PEPE IV and PEPE VI wind farms. Petrochemicals, principally comprising of the Company’s own styrenics operations and the catalytic reformer plant operations conducted in local plants. Holding, Transportation and Others, principally consisting of our stake in joint businesses CITELEC, CIESA and their respective subsidiaries holding the concession over high-voltage electricitytransmission and gas transportation, respectively, the direct and indirect interests in VMOS, SMP, Oldelval and OCP, holding activities, and other investment activities. The Company manages its operating segment based on its individual net result in U.S. dollars. 30
Page 32
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 7: (Continuation) in million of US$ Consolidated profit and loss information for the nine-monthperiod ended September 30, 2026 Oil and gas Generation Petrochemicals Holding,Transportationand others Eliminations Consolidated Revenue - local market 446 1,007 205 23 - 1,681Revenue - foreign market 256 - 172 - - 428Intersegment revenue 221 1 - - (222) -Cost of sales (628) (661) (324) - 221 (1,392)Gross profit 295 347 53 23 (1) 717 Selling expenses (75) (4) (9) - - (88)Administrative expenses (65) (34) (4) (40) 1 (142)Other operating income 31 10 1 5 - 47Other operating expenses (11) (11) (37) (24) - (83)Impairment of inventories (1) - - - - (1)Recovery of impairment of financial assets 3 - - - - 3Share of profit from associates and joint ventures 8 68 - 116 - 192Operating income 185 376 4 80 - 645 Financial income 1 13 - - (1) 13Financial costs (96) (25) - (20) 1 (140)Other financial results (23) 36 (8) 17 - 22Financial results, net (118) 24 (8) (3) - (105)Profit before income tax 67 400 (4) 77 - 540 Income tax 49 (88) 2 16 - (21)Profit (Loss) of the period 116 312 (2) 93 - 519 Depreciation and amortization 297 108 - - - 405 31
Page 33
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 7: (Continuation) in million of US$ Consolidated profit and loss information for the nine-monthperiod ended September 30, 2026 Oil and gas Generation Petrochemicals Holding,Transportationand others Eliminations Consolidated Total Profit (Loss) of the period attributable to: Owners of the Company 116 308 (2) 93 - 515Non-controlling interest - 4 - - - 4 Consolidated financial position information as of September 30,2026 Assets 3,570 2,881 176 1,584 (89) 8,122Liabilities 2,951 674 80 376 (89) 3,992 Net book values of property, plant and equipment (1) 2,252 1,280 - 331 - 3,863 Additional consolidated information as of September 30, 2026 Increases in property, plant and equipment and intangible assets 633 15 - 300 - 948 (1)Assets located in Argentina 32
Page 34
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 7: (Continuation) in million of US$ Consolidated profit and loss information for the nine-monthperiod ended September 30, 2025 Oil and gas Generation Petrochemicals Holding,Transportationand others Eliminations Consolidated Revenue - local market 416 583 190 18 - 1,207Revenue - foreign market 143 2 139 - - 284Intersegment revenue 99 - - - (99) -Cost of sales (461) (319) (319) - 99 (1,000)Gross profit 197 266 10 18 - 491 Selling expenses (56) (3) (9) (1) - (69)Administrative expenses (60) (31) (5) (35) - (131)Other operating income 41 17 19 8 - 85Other operating expenses (16) (9) (8) (29) - (62)Impairment of property, plant and equipment and inventories (8) - - - - (8)Impairment of financial assets (5) - - - - (5)Share of profit from associates and joint ventures 2 5 - 94 - 101Operating income 95 245 7 55 - 402 Financial income - 15 27 - - 42Financial costs (77) (36) - (38) - (151)Other financial results (25) 81 4 77 - 137Financial results, net (102) 60 31 39 - 28Profit (Loss) before income tax (7) 305 38 94 - 430 Income tax (31) (180) (11) 8 - (214)Profit (Loss) of the period (38) 125 27 102 - 216 Depreciation and amortization 214 87 4 - - 305 33
Page 35
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 7: (Continuation) in million of US$ Consolidated profit and loss information for the nine-monthperiod ended September 30, 2025 Oil and gas Generation Petrochemicals Holding,Transportationand others Eliminations Consolidated Total Profit (Loss) of the period attributable to: Owners of the Company (38) 125 27 102 - 216 Consolidated financial position information as of December 31,2025 Assets 2,513 3,046 147 931 (43) 6,594Liabilities 1,737 668 73 554 (43) 2,989 Net book values of property, plant and equipment (1) 1,896 1,370 - 37 - 3,303 Additional consolidated information as of September 30, 2025 Increases in property, plant and equipment, intangible assets andright-of-use assets 720 46 14 9 - 789 (1) Assets located in Argentina 34
Page 36
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 8: REVENUE 09.30.2026 09.30.2025 Gas sales 352 379Oil sales 338 172Other sales 12 8Oil and gas sales subtotal (1) 702 559 Energy sales in Spot Market 578 185Energy sales by supply contracts 325 290Fuel supply 96 103Other sales 8 7Generation sales subtotal 1,007 585 Products from catalytic reforming sales 217 183Styrene sales 45 45Synthetic rubber sales 53 53Polystyrene sales 61 47Other sales 1 1Petrochemicals sales subtotal 377 329 Technical assistance and administration services sales 23 18Holding, Transportation and others subtotal 23 18Total revenue (2) (3) 2,109 1,491 (1)See Note 12.7.(2)Revenues from CAMMESA represent 40% and 33% of total revenues from sales for the nine-month periods ended September 30, 2026 and 2025, respectively, and correspond mainly to the Oil and gas and Generation segments.(3)Including US$ 26.9 million and US$ 11.4 million in the Oil and gas segment and US$ 8.9 million and US$ 8 million in the Petrochemical segment corresponding to export duties for the nine-month periods ended September 30, 2026 and 2025,respectively. 35
Page 37
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 9: COST OF SALES 09.30.2026 09.30.2025Inventories at the beginning of the year 231 223 Plus: Charges of the period Purchases of inventories, energy and gas 506 312Salaries and social security charges 67 66Employees benefits 9 11Defined benefit plans 2 3Works contracts, fees and compensation for services 128 110Property, plant and equipment depreciation 378 284Intangible assets amortization 3 3Right-of-use assets amortization 18 11Energy transportation 5 12Transportation and freights 37 35Consumption of materials 21 21Penalties 7 1Maintenance 50 46Canons and royalties 139 86Rental and insurance 41 17Surveillance and security 6 6Taxes, rates and contributions 6 2Other 7 7Total charges of the period 1,430 1,033 Less: Inventories at the end of the period (269) (256)Total cost of sales 1,392 1,000 36
Page 38
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 10: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME10.1 Selling expenses 09.30.2026 09.30.2025Salaries and social security charges 4 4Fees and compensation for services 2 2Taxes, rates and contributions 19 14Transportation and freights 61 48Other 2 1Total selling expenses 88 69 10.2 Administrative expenses 09.30.2026 09.30.2025Salaries and social security charges 53 49Employees benefits 5 6Defined benefit plans 4 6Fees and compensation for services 46 40Compensation agreements 4 -Directors' and Syndics' fees 4 5Property, plant and equipment depreciation 6 7Maintenance 2 2Transport and per diem 2 1Taxes, rates and contributions 12 9Other 4 6Total administrative expenses 142 131 37
Page 39
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 10: (Continuation) 10.3 Other operating income and expenses 09.30.2026 09.30.2025Other operating income Insurance recovery 6 15Results for property, plant and equipment sale 1 -Results for other assets sale 3 1Results for intangible assets sale - 4Recovery of provision for contingencies 1 17Earned dividends 2 -Commercial interests 9 11GasAr Plan 16 32Contractual income 5 -Other 4 5Total other operating income 47 85 Other operating expenses Provision for contingencies (14) (18)Provision for environmental remediation - (5)Results from derecognition of property, plant and equipment (3) -Results for other assets sale and derecognition (3) -Tax on bank transactions (17) (19)Donations and contributions (3) (2)Institutional promotion (1) (1)Costs of concession agreements completion (1) (1)Royalties GasAr Plan (2) (4)Incident costs (1) (4)Restructuring costs (24) -Project expenses (7) -Other (7) (8)Total other operating expenses (83) (62) 38
Page 40
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 10: (Continuation) 10.4 Financial results 09.30.2026 09.30.2025Financial income Financial interests 12 41Other interests 1 1Total financial income 13 42 Financial costs Financial interests (1) (117) (107)Fiscal interests (19) (39)Bank and other financial expenses (4) (5)Total financial costs (140) (151) Other financial results Foreign currency exchange difference, net 15 30Changes in the fair value of financial instruments 25 107Result from present value measurement (18) (2)Result from repurchase of CB - 2Total other financial results 22 137Total financial results, net (105) 28 (1) Net of US$ 12 million and US$ 3 million of borrowing costs capitalized in property, plant and equipment corresponding to the nine-month periods ended September 30, 2026 and 2025 respectively. 39
Page 41
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 10: (Continuation) 10.5 Income tax The breakdown of income tax charge is: 09.30.2026 09.30.2025Current tax 166 67Deferred tax (125) 146Difference between previous fiscal year income tax provision and the income tax statement (20) 1Total income tax - Loss 21 214 Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the profit before taxes: 09.30.2026 09.30.2025Profit before income tax 540 430Current income tax rate 35% 35%Income tax at the statutory tax rate 189 151Share of profit from companies (67) (35)Effects of exchange differences and other results associated with the valuation of the currency, net 43 231Effects of valuation of property, plant and equipment, intangible assets and financial assets (303) (228)Difference between previous fiscal year income tax provision and deferred tax and the income tax statement 19 1Effect for tax inflation adjustment 139 86Other 1 8Total income tax - Loss 21 214 40
Page 42
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 11: NON-FINANCIAL ASSETS AND LIABILITIES11.1 Property, plant and equipment Original values Type of good At the beginning Increases (1) Transfers Decreases Impairment At the end Lands 11 - - - - 11Buildings 178 - - - - 178Vehicles 10 1 - - - 11Furniture and fixtures, tools and software and communicationequipment 54 1 2 - - 57 Thermal generation plants 1,288 - 5 (3) - 1,290Renewable generation plants 711 - - - - 711Mining property, wells and drilling equipment 2,554 - 648 - - 3,202Drilling and work in progress 631 945 (655) - - 921Other goods 1 - - - - 1Total at 09.30.2026 5,438 947 - (3) - 6,382Total at 09.30.2025 4,390 744 - (1) (9) 5,124 (1) Includes US$ 12 million and US$ 3 million of borrowing costs capitalized in property, plant and equipment corresponding to the nine-month periods ended September 30, 2026 and 2025, respectively. 41
Page 43
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 11: (Continuation) Depreciation Net book values Type of good At the beginning Decreases For the period Impairment At the end At the end At 12.31.2025 Lands - - - - - 11 11Buildings (79) - (4) - (83) 95 99Vehicles (8) - (1) - (9) 2 2Furniture and fixtures, tools and software andcommunication equipment (39) - (5) - (44) 13 15 Thermal generation plants (635) - (71) - (706) 584 653Renewable generation plants (113) - (26) - (139) 572 598Mining property, wells and drilling equipment (1,260) - (277) - (1,537) 1,665 1,294Drilling and work in progress - - - - - 921 631Other goods (1) - - - (1) - -Total at 09.30.2026 (2,135) - (384) - (2,519) 3,863 Total at 09.30.2025 (1,783) 1 (291) 2 (2,071) 3,053 Total at 12.31.2025 3,303 42
Page 44
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 11: (Continuation) 11.2 Intangible assets Original values Type of good At the beginning Increases Decreases At the end Concession agreements 2 - - 2Goodwill 35 - - 35Intangible identified in acquisitions of companies 71 - - 71Digital assets 1 1 - 2Total at 09.30.2026 109 1 - 110Total at 09.30.2025 111 2 (5) 108 Amortization Type of good At the beginning For the period At the end Concession agreements (2) - (2) Intangible identified in acquisitions of companies (18) (3) (21) Total at 09.30.2026 (20) (3) (23) Total at 09.30.2025 (16) (3) (19) Net book values Type of good At the end At 12.31.2025 Goodwill 35 35 Intangible identified in acquisitions of companies 50 53 Digital assets 2 1 Total at 09.30.2026 87 Total at 09.30.2025 89 Total at 12.31.2025 89 43
Page 45
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 11: (Continuation) 11.3 Deferred tax assets and liabilities The composition of the deferred tax assets and liabilities is as follows: 09.30.2026 12.31.2025Tax loss carryforwards 8 1Property, plant and equipment, intangible assets, right of use assets and inventories 174 29Derivatives 56 -Trade and other receivables 5 -Other assets 1 4Provisions and other non-deductible liabilities 34 50Deferred tax asset 278 84Property, plant and equipment, intangible assets and inventories (46) (49)Investments in companies (11) (10)Financial assets at fair value through profit and loss (14) (20)Derivatives - (16)Trade and other receivables (20) (2)Deferred tax liability (91) (97) Deferred tax assets and liabilities are offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are associated with the same fiscal authority.Therefore, they are disclosed in the Consolidated Condensed Interim Statement of Financial Position: 09.30.2026 12.31.2025Deferred tax asset, net 234 43Deferred tax liability, net (47) (56) 44
Page 46
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 11: (Continuation) 11.4 Inventories 09.30.2026 12.31.2025Current Materials and spare parts 173 158Advances to suppliers 12 9In process and finished products 84 64Total (1) 269 231 (1) It includes impairment loss as a result of the performed recoverability assessment for US$ 0.74 million, US$ 0.55 million and US$ 0.36 million for the nine-month periods ended September 30, 2026 and 2025 and for the year ended December 31, 2025. 11.5 Provisions 09.30.2026 12.31.2025Non-current Contingencies 28 53Asset retirement obligation and wind turbines decommissioning 31 29Environmental remediation 17 18Total non-current 76 100 Current Asset retirement obligation and wind turbines decommissioning 4 5Environmental remediation 4 4Other provisions 3 4Total current 11 13 45
Page 47
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 11: (Continuation) The evolution of provisions is shown below: 09.30.2026 Contingencies Asset retirementobligation anddecommissioning ofwind turbines Environmentalremediation At the beginning of the year 53 34 22Increases 11 1 -Utilization (34) - -Foreign currency exchange difference (1) - -Decreases (1) - (1)At the end of the period 28 35 21 09.30.2025 Contingencies Asset retirementobligation anddecommissioning ofwind turbines Environmentalremediation At the beginning of the year 95 30 18Increases 18 2 5Utilization (2) (1) -Foreign currency exchange difference (6) - -Decreases (46) (1) (1)At the end of the period 59 30 22 Provision for lawsuits and contingencies In the lawsuit filed by POSA for alleged breaches of the Assignment Agreement executed in 2016, on March 31, 2026, the National Chamber of Appeals in Commercial Matters disallowed the appeal fornullity filed by the Company against the Final Award. As of the issuance date of these Consolidated Condensed Interim Financial Statements, the Company has settled all obligations due. 46
Page 48
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 11: (Continuation) 11.6 Income tax and minimum notional income tax provision 09.30.2026 12.31.2025Non-current Income tax 26 22Minimum notional income tax 2 4Total non-current 28 26 Current Income tax 156 83Total current 156 83 11.7 Tax liabilities 09.30.2026 12.31.2025Non-current Payment plans 194 212Total non-current 194 212 Current Value added tax 40 2Personal assets tax provision 10 11Tax withholdings to be deposited 12 11Payment plans 14 14Royalties 20 12Other 4 6Total current 100 56 47
Page 49
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: FINANCIAL ASSETS AND LIABILITIES12.1 Financial assets at fair value through profit and loss 09.30.2026 12.31.2025Non-current Shares 34 33Total non-current 34 33 Current Government securities 389 308Corporate bonds 5 47Shares - 3Mutual funds 109 8Total current 503 366 12.2 Trade and other receivables 09.30.2026 12.31.2025Non-current Receivables under judicial collection 23 -Trade receivables 23 - Advances to suppliers 58 42Prepaid expenses - 1Tax credits 3 -Other 1 -Other receivables 62 43Total non-current 85 43 48
Page 50
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: (Continuation) Note 09.30.2026 12.31.2025Current Receivables 334 249CAMMESA 180 118Related parties 16 8 8Impairment of financial assets (1) (20)Trade receivables, net 521 355 Related parties 16 141 4Tax credits 93 58Prepaid expenses 21 18Guarantee deposits (1) 276 142Expenses to be recovered 4 3Receivables for sale of assets - 9GasAr Plan 26 16Contractual indemnity receivable 1 2Receivable for maintenance contract 1 1Impairment of other receivables - (1)Other 6 7Other receivables, net 569 259Total current 1,090 614 (1) Includes guarantee deposits on derivatives amounting for US$ 275 million and US$ 141 million as of September 30, 2026, and December 31, 2025, respectively. Due to the short-term nature of trade and other receivables, their book value is not considered to differ from its fair value. For Non-current trade and other receivables, fair values do not significantly differfrom book values. The movements in the impairment of financial assets are as follows: 09.30.2026 09.30.2025At the beginning of the year 20 1Increase 5 5Decrease (7) -Reclassification (17) -Foreign currency exchange difference - (1)At the end of the period 1 5 49
Page 51
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: (Continuation) The movements in the impairment of other receivables are as follows: 09.30.2026 09.30.2025At the beginning of the year 1 -Increase 1 -Decrease (2) -At the end of the period - - 12.3 Cash and cash equivalents 09.30.2026 12.31.2025Banks 172 335Mutual funds 360 390Total 532 725 12.4 Borrowings 09.30.2026 12.31.2025Non-Current Financial borrowings 56 45Corporate bonds 2,636 1,799Total non-current 2,692 1,844 Current Financial borrowings 24 33Corporate bonds 50 15Total current 74 48Total 2,766 1,892 As of September 30, 2026, and December 31, 2025 the fair value of the Company’s CB amounts to approximately US$ 2,600 million and US$ 1,833 million, respectively. Such values were calculated onthe basis of the determined market price of the Company’s CB at the end of each period or year (fair value Level 1). The carrying amounts of short-term borrowings approximate their fair value due to their short-term maturity. The long-term borrowings were measured at amortized cost, which does not differ significantly from their fair value. As of the issuance of these Consolidated Condensed Interim Financial Statements, the Company is in compliance with the covenants provided for in its indebtedness´ contracts. 50
Page 52
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: (Continuation) 12.4.1 Borrowings´ evolution: The evolution of the consolidated borrowings for the nine-month periods ended September 30, 2026 and 2025 is disclosed below. 09.30.2026 09.30.2025Borrowings at the beginning of the year 1,892 2,079Proceeds from borrowings 869 554Payment of borrowings (32) (137)Accrued interest 117 107Payment of interests (90) (122)Repurchase and redemption of CB (2) (726)Result from repurchase of CB - (2)Foreign currency exchange difference - (1)Borrowing costs capitalized in property, plant and equipment 12 3Borrowings at the end of the period 2,766 1,755 12.4.2 CB Issuance Program and frequent issuer prospectus The latest update of the CB global program and the frequent issuer prospectus, including information as of December 31, 2025, was approved by CNV Resolutions No. RE-2026-27928092-APN-GE#CNVand No. RE-2026-27853437-APN-GE#CNV dated March 18, 2026. On April 7, 2026, the Company’s Ordinary and Extraordinary General Shareholders’ Meeting resolved to approve the CB Issuance Program’s term extension for an additional five-year period as fromDecember 9, 2026, the Program’s expiration date. 12.4.3 CB On April 1, 2026, the Company issued the local Class 27 CB for a face value of US$ 200 million, at a fixed 5.49% annual interest rate and maturing on April 1, 2029. Additionally, on May 21, 2026, the Company reopened the international Class 26 CB for a face value of US$ 500 million, at a fixed 7.75% annual interest rate and with a 7.60% yield, maturing inNovember 2037. As a result, the total outstanding face value of Class 26 CB amounts to US$ 950 million. 51
Page 53
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: (Continuation) On August 21, 2026, the Company issued local Class 28 CB for a face value of US$ 138 million, at a 5.50% fixed annual interest rate and maturing on August 21, 2030. Post-closing, the Company issued local Class 29 CB for a face value of US$ 220 million, at a 6.50% fixed annual interest rate and maturing on November 2, 2030. 12.4.4 Partial Application of Proceeds In compliance with the provisions of CNV General Resolution No. 1,095/25, the Company hereby reports, as a sworn statement, that, as of September 30, 2026, it has partially applied a total of US$ 799million of the issued amount of Class 26 CB, with US$ 151 million remaining pending application, corresponding to the May 2026 reopening. Additionally, the Company has fully applied the issuedamount of Class 27 CB, totaling US$ 200 million. In accordance with the use of proceeds disclosed in the CB issuance documents, the Company reports that such proceeds have been applied as follows: (a) regarding Class 26 CB: (i) placement agents’ feesand other issuance expenses; (ii) working capital contributions in Argentina; (iii) investments in property, plant and equipment in Argentina; and (iv) capital contributions to controlled or relatedcompanies, acquisition of equity interests and/or financing of their business operations; and (b) regarding Class 27 CB: (i) investments in property, plant and equipment in Argentina; and (ii) refinancing ofexisting liabilities. In addition, as of September 30, 2026, US$ 138 million, corresponding to the issued amount of Class 28 CB, remains pending application. 12.4.5 Bank borrowings During the nine-month period ended September 30, 2026, the Company took out net bank debt of US$ 2.4 million (totaling US$ 34.1 million, net of repayments of US$ 31.7 million). Post-closing, theCompany took out bank debt of US$ 28 million. 52
Page 54
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: (Continuation) 12.5 Trade and other payables Note 09.30.2026 12.31.2025Non-current Compensation agreements 57 70Leases liability 10 15Other 1 1Other payables 68 86Total non-current 68 86 Current Suppliers 235 314Customer advances 2 13Related parties 16 31 29Trade payables 268 356 Compensation agreements 17 14Leases liability 12 21Contractual penalty debt 1 2Various creditors 4 4Other payables 34 41Total current 302 397 Due to the short-term nature of trade and other payables, their book value is not considered to differ from its fair value. For other Non-current liabilities, fair values do not significantly differ from bookvalues. 53
Page 55
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: (Continuation) 12.6 Fair value of financial instruments The following table shows the Company’s financial assets and liabilities measured at fair value as of September 30, 2026 and December 31, 2025: As of September 30, 2026 Level 1 Level 2 Level 3 TotalAssets Financial assets at fair value throughprofit and loss Government securities 389 - - 389Corporate bonds 5 - - 5Mutual funds 109 - - 109Shares 2 - 32 34Cash and cash equivalents Mutual funds 360 - - 360Other receivables Guarantee deposits 39 - - 39Total assets 904 - 32 936 Derivatives - 167 - 167Total liabilities - 167 - 167 As of December 31, 2025 Level 1 Level 2 Level 3 TotalAssets Financial assets at fair value throughprofit and loss Government securities 308 - - 308Corporate bonds 47 - - 47Mutual funds 8 - - 8Shares 5 - 31 36Cash and cash equivalents Mutual funds 390 - - 390Derivatives - 52 - 52Other receivables Guarantee deposits 141 - - 141Total assets 899 52 31 982 The techniques used for the measurement of assets and liabilities at fair value through profit and loss, classified as Level 2 and 3, are detailed below: - Derivatives: calculated from variations between market prices at the closing date of the period, and the amount at the time of the contract. 54
Page 56
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 12: (Continuation) - Shares: it was determined using the income-based approach through the “Indirect Cash Flow” method, that is, the net present value of expected future cash flows, mainly through the collection ofdividends taking into consideration the equity interest in TJSM and TMB thermal plants and discount rate of 16.9%. The projections used were prepared based on estimates regarding the futurebehavior of certain sensitive variables, including: (i) the dividend distribution policy; (ii) prices for energy traded on the spot market; (iii) projections of plants availability and dispatch; (iv) evolutionof structural costs and expenses and; (v) macroeconomic variables such as inflation rates and exchange rates, among others. The Company recognized results arising from changes in the fair value offinancial instruments classified as Level 3 under the “Other financial results” line item in the Statement of Comprehensive Income. Actual values obtained may vary significantly from those projected,mainly due to: i) the timing and magnitude of dividend distributions; ii) the timing and magnitude of energy prices increases; and/or iii) costs evolution. The Company estimates that any sensitivityanalysis that considers changes in any of the estimates taken individually may lead to distorting conclusions, generating an adverse effect on the Company’s results. 12.7 Hedge accounting During 2025 and 2026, the Company entered into forward crude oil sale contracts, without physical delivery, and designated a portion of these derivatives as cash flow hedges. The Company applies cash flow hedge accounting to certain transactions to manage the international reference price risk associated with a specific volume of forecasted crude oil sales for the May 2025-May 2027 period, thereby ensuring stable cash flows. As of September 30, 2026, the fair value of forward crude oil sale contracts designated as hedges amounts to a US$ 169 million loss, recognized in other comprehensive income or loss as the hedge isconsidered to be effective; this amount is expected to be fully reclassified to profit or loss during the October 2026-May 2027 period, as the hedged crude oil sales are recognized in earnings. The amount reclassified from other comprehensive income or loss to sales revenue, from designated hedges, resulted in a US$ 143 million loss during the nine-month period ended September 30, 2026. Inaddition, a US$ 3.1 million loss corresponding to the ineffective portion of the hedge was recognized within financial results. The contracts are entered into in markets or with financial institutions with high credit ratings; therefore, the Company considers that there are no significant credit risks to its operations as a result of itsderivative activities. 55
Page 57
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 13: EQUITY COMPONENTS 13.1 Share Capital As of September 30, 2026, the capital stock amounts to $ 1,344 million, including $ 4 million of treasury shares. 13.2 Earnings per share Basic earnings per share are calculated by dividing the result attributable to the Company’s equity holders by the weighted average of outstanding common shares during the year. Diluted earnings pershare are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion of all dilutive potential common shares. Potential common shares will be deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing operations. Potentialcommon shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the earnings per share or a decrease in the losses per share of the continuing operations. The calculation of diluted earnings per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per share, and where the optionexercise price is higher than the average price of ordinary shares during the period, no dilutive effect is recorded, being the diluted earning per share equal to the basic. As of September 30, 2026 and 2025,the Company does not hold any significant potential dilutive shares, therefore there are no differences with the basic earnings per share. 09.30.2026 09.30.2025Earning attributable to equity holders of the Company 515 216Weighted average amount of outstanding shares 1,348 1,360Basic and diluted earnings per share 0.38 0.16 13.3 Distribution of profits Dividends distributed to individuals, undivided estates or beneficiaries residing abroad, derived from profits generated during fiscal years beginning on or after January 1, 2018 are subject to a 7%withholding tax. The distribution of dividends is made based on the Company’s Stand-Alone Financial Statements which are presented in pesos, the legal currency in Argentina, pursuant to regulatoryrequirements. The Company may pay and distribute dividends and any other type of profits to its shareholders, except if: (i) there is an event of breach; or (ii) the Company is not in a position to incur debt under theindentures governing the Class 21, Class 23, Additional Class 23, Class 26 and Additional Class 26 CB. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, theCompany has complied with all commitments set forth in the indentures governing the above-mentioned CB. 56
Page 58
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 13: (Continuation) 13.4 Capital reduction On April 7, 2026, the Company’s Ordinary and Extraordinary General Shareholders’ Meeting resolved to reduce the share capital by the sum of $ 19,920,279 and, consequently, to cancel the treasuryshares held by the Company and its subsidiaries as of the business day immediately preceding the Meeting, which amounted to 19,920,279 shares. This reduction was registered with the Public Registry onMay 29, 2026. NOTE 14: STATEMENT OF CASH FLOWS’ COMPLEMENTARY INFORMATION 14.1 Adjustments to reconcile net profit to cash flows from operating activities Note 09.30.2026 09.30.2025Income tax 10.5 21 214Accrued interest 123 100Depreciations and amortizations 9 and 10.2 405 305Share of profit from associates and joint ventures 5.1.2 (192) (101)Results from derecognition of property, plant and equipment 10.3 2 -Results for other assets sale and derecognition 10.3 - (1)Results for intangible assets sales 10.3 - (4)Impairment of property, plant and equipment and inventories 1 8(Recovery of impairment) Impairment of financial assets (3) 5Result from present value measurement 10.4 18 2Changes in the fair value of financial instruments (9) (89)Exchange differences, net (15) (46)Result from repurchase of CB 10.4 - (2)Costs of concessions agreements completion 10.3 1 1Restructuring costs 10 -Provision for contingencies, net 10.3 13 1Provision for environmental remediation 10.3 - 5Accrual of defined benefit plans 9 and 10.2 6 9Compensation agreements 10.2 4 -Earned dividends 10.3 (2) -Other (1) -Adjustments to reconcile net profit to cash flows from operating activities 382 407 57
Page 59
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 14: (Continuation) 14.2 Changes in operating assets and liabilities 09.30.2026 09.30.2025Increase in trade receivables and other receivables (546) (219)Increase in inventories (39) (34)Increase in trade and other payables 17 94Increase in salaries and social security payables 1 2Defined benefit plans payments (2) (2)Increase in tax liabilities 56 25Decrease in provisions (40) (7)Income tax payment (59) -(Payments) Collection for derivatives, net (155) 8Changes in operating assets and liabilities (767) (133) 14.3 Significant non-cash transactions 09.30.2026 09.30.2025Acquisition of property, plant and equipment through an increase in trade payables (61) (89)Borrowing costs capitalized in property, plant and equipment (12) (3)Decrease in other receivables through an increase in financial assets at fair value through profit or loss 102 -Collection of dividends from joint ventures through financial assets - 45Compensation of income tax through a decrease in tax credits (43) -Payment of borrowings through financial assets at amortized cost transfer - (9)Increase in right-of-use assets through an increase in other liabilities - (42)Increase in other receivables through a decrease in financial assets at fair value through profit or loss - (155) 58
Page 60
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 15: CONTINGENT LIABILITIES AND ASSETS During the nine-month period ended September 30, 2026, the following changes were identified in relation to the contingent liabilities and assets reported in the Consolidated Financial Statements as ofDecember 31, 2025: 15.1 Labor claim – “Compensating Fund” defined benefit plan In one of the lawsuits filed against the Company concerning the application of an index (the CPI) to update the plan benefits, the National Chamber of Appeals in Labor Matters (“CNAT”) upheld the first-instance judgment dismissing the claim; this decision was appealed by the plaintiff before the Superior Court of Justice of the City of Buenos Aires (“TSJCABA”) and before the CSJN. Moreover, in connection with the claims for alleged plan underfunding, the CSJN settled the jurisdictional dispute and ruled that the unconstitutionality appeal filed by the Company against the judgmentof the Chamber of Appeals in Commercial Matters must be heard and decided by the TSJCABA. 15.2 Environmental claims The CSJN dismissed the complaint in the lawsuit brought by the Association of Land Owners of Patagonia (“ASSUPA”), which mainly sought an order compelling the defendants to remediate the allegedenvironmental damage caused by hydrocarbon activities in the Neuquina Basin. Furthermore, in the proceeding brought by ASSUPA for alleged environmental damage arising from hydrocarbon activities in the Austral Basin, the preliminary objection of defective pleading was upheldand the plaintiff was ordered to amend and restate its complaint. ASSUPA filed an appeal against such decision, which is pending resolution by the competent Court of Appeals. 15.3 Administrative claims In the lawsuits brought by CTLL (currently Pampa) against the Argentine Government for non-compliance regarding the renewal of, and the recognition of costs associated with, the gas supply contracts,on March 10, 2026 and March 17, 2026, the Federal Court of Appeals in Administrative Litigation Matters resolved to grant the extraordinary appeals as to the existence of a federal question and to denythem as to the alleged arbitrariness. The Company filed direct appeals against such denial before the CSJN. In the declaratory action initiated by the Company before the CSJN, following the declaration of termination of the concession over the Veta Escondida block by the Province of Neuquén, the Province ofNeuquén and the Company executed a settlement agreement on March 4, 2026, approved by Provincial Executive Order No. 605/26, putting an end to the dispute. Upon the parties’ request, on June 10,2026 the CSJN declared the judicial proceeding terminated. 59
Page 61
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 15: (Continuation) 15.4 Civil and Commercial Claims In the arbitration proceeding initiated by EcuadorTLC S.A. (currently PB18), in its capacity as assignee of the Ecuadorian company Petromanabí S.A., against the Republic of Ecuador, the ArbitrationCourt’s award is still pending. During 2025 and 2026, the Company filed claims against ENARSA for breach of the agreements entered into under the GasAr Plan framework, seeking payment of certain overdue invoices for gas supplyand Take-or-Pay (“TOP”) obligations totaling $ 57,612 million, plus interest. One of the claims is at the evidentiary stage, while the other two are at their initial stage. NOTE 16: RELATED PARTIES´ BALANCES AND TRANSACTIONS16.1 Balances with related parties As of September 30, 2026 Trade receivables Other receivables Trade payables Current Current CurrentAssociates and joint ventures CTB 4 - 2TGS 3 141 18Other related parties Loma Negra 1 - -SACDE - - 11 8 141 31 As of December 31, 2025 Trade receivables Other receivables Trade payables Current Current CurrentAssociates and joint ventures TGS 8 4 16Other related parties SACDE - - 13 8 4 29 60
Page 62
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 16: (Continuation) 16.2 Operations with related parties Operations for the nine-monthperiod Sales of goods and services (1) Purchases of goods and services (2) Fees and compensationfor services (3) Other operating expenses (4) 2026 2025 2026 2025 2026 2025 2026 2025 Associates and joint ventures CTB 5 1 (2) - - - - -TGS 33 40 (88) (72) - - - -Other related parties Fundación Pampa - - - - - - (2) (1)Loma Negra 2 - - - - - - -SACDE - - (131) (183) (2) (3) - -Other - - (1) - - - - - 40 41 (222) (255) (2) (3) (2) (1) (1)Correspond mainly to advisory services provided in relation with technical assistance and sales of gas and energy.(2)Correspond mainly to natural gas transportation services, fuel purchases and other services imputed to cost of sales and selling expenses for US$ 90 million and US$ 73 million and infrastructure works contracted to SACDE charged in property, plantand equipment for US$ 131 million and US$ 182 million, of which US$ 25 million and US$ 47 million, correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for the nine-monthperiods ended September 30, 2026 and 2025, respectively.(3)Disclosed within administrative expenses.(4)Corresponds mainly to donations. Operations for the nine-month period Financial income (1) Dividends collection 2026 2025 2026 2025 Associates and joint ventures CIESA - - - 45Citelec - - 44 25TGS - 1 - -Other related parties Oldelval - - 2 - - 1 46 70 (1) Correspond mainly to accrued interest on loans granted. 61
Page 63
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 17: INVESTMENT COMMITMENTS Development projects in Vaca Muerta Rincón de Aranda Development – RDA Project Within the framework of the expansion of projects eligible for the RIGI established by PEN Executive Order No. 105/26 (see Note 2.8.2.3), on March 9, 2026, the Company, through its SPV PampaEnergía S.A. – Sucursal Dedicada Proyecto RDA, submitted an application to opt into the RIGI as a long-term strategic export project, associated with the development of new shale oil wells and theconstruction of related infrastructure in the Rincón de Aranda block (the “RDA Project”). MECON Resolution No. 1,025/26 approved this application, effective as from June 25, 2026. The RDA Project consists of the exploitation of the Vaca Muerta formation in the Rincón de Aranda block, which covers a surface area of 237 km². The development contemplates the drilling andcompletion of a total of 259 horizontal wells with laterals of up to 3,000 meters, distributed across three productive levels. In parallel, a treatment and conditioning plant will be built with a capacity of45,000 bbl/day of crude oil and 800,000 m³/day of gas, together with the oil and gas pipelines required for the evacuation of production and the final disposal of frac water. It is worth highlighting that, in line with PEN Executive Order No. 105/26, existing wells are excluded from the scope of the approved RIGI, which only covers the new wells to be drilled by the SPV afterthe opt-in application submission. The total estimated investment for the RDA Project amounts to approximately US$ 4,500 million, to be executed through 2041 in accordance with the approved investment plan. UREA Project On April 21, 2026, the Company, through its subsidiary FEPASAU, submitted an application to opt into the RIGI for the construction, operation and management of a 6,000-tn/d granulated urea productioncomplex in Bahía Blanca, which will additionally produce ammonia and other fertilizers (the “UREA Project”). MECON Resolution No. 1,468/26 approved the UREA Project’s application for admissionto the RIGI, effective August 3, 2026. The UREA Project will be supplied with gas from Vaca Muerta, aims to produce 2.1 million tn/y of urea as from 2030, and further includes the construction of a desalination plant to supply water to thecomplex, storage silos and logistics infrastructure at the port of Bahía Blanca, including facilities for loading trucks and vessels for the export market, with a total estimated investment of US$ 2,700million. The Project will take approximately 41 months to complete and will be undertaken by SACDE and Tecnimont, which will be in charge of the construction, and the engineering and procurementmanagement, respectively, pursuant to the EPC Contract (an acronym for “Engineering, Procurement and Construction”) executed on July 17, 2026. 62
Page 64
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 17: (Continuation) In addition, on June 10, 2026, the Company, through its subsidiary FEPASAU, submitted an application for admission of the UREA Project to the Province of Buenos Aires Strategic Investment Regime;the application is currently being processed and pending approval by the relevant authority. It is worth highlighting that on July 17, 2026, the Company’s Board of Directors approved the final investment decision for the Project, marking the Company’s entry into the fertilizer business, fertilizersbeing a commodity essential to agricultural production and global food security. Likewise, on that same date, the Company’s Board of Directors approved the granting of a guarantee in favor of FEPASAUto secure all of FEPASAU’s payment obligations under the EPC Contract. The Project’s strategic location enables direct connection with the gas pipelines coming from Vaca Muerta, with one of the country’s main export ports, and with the Company’s thermal power plants andwind farms. Natural gas and electricity, inputs accounting for approximately 70% of the cost structure of urea production, will be supplied mainly by the Company. This reinforces the competitiveadvantages of the Company’s vertical integration and contributes to the Project’s operating efficiency and profitability. On October 1, 2026, FEPASAU entered into a loan agreement with Itaú Unibanco S.A., Nassau Branch, for up to US$ 300 million to finance costs associated with the development and construction of theUREA Project. The loan is expected to be prepaid with the proceeds from the UREA Project’s structured financing. The financing has a 4-year term, with principal repayable at maturity, accrues interest ata variable rate of Term SOFR plus a stepped applicable margin, payable quarterly, and is backed by certain guarantees granted by the Company. On October 5, 2026, the first US$ 20 million disbursementwas made. NOTE 18: INCIDENT AT HINISA During the period ended September 30, 2026, HINISA recorded US$ 0.7 million losses for expenses related to the incident arising from the weather event that occurred on January 11, 2025, which forcedthe Nihuil II and III plants out of service, and received advance payments of US$ 3.4 million, recognized under the insurance recovery line item, as reimbursement of cleaning and remediation costs. On September 3, 2026, HINISA, together with the Province of Mendoza, Hidroelectricidad Mendocina S.A., Nación Seguros S.A. and La Meridional Compañía Argentina de Seguros S.A., entered into a paymentand claim settlement agreement, which provides for a total payment of US$ 22.1 million to HINISA for property damage and loss of profit. HINISA has already received US$ 10.5 million as advance payments.Once the Agreement is ratified by the Governor of the Province of Mendoza, HINISA would collect the remaining balance of the agreed amount, equivalent to US$ 11.6 million. On October 23, 2026, subsequentto the closing, the executive order ratifying the agreement was published. 63
Page 65
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 19: TERMINATION OF HYDROELECTRIC CONCESSIONS In July 2026, HINISA submitted to the Province of Mendoza various technical, operating, labor and economic information and documentation associated with the end of the concession’s transition periodand, together with the Ministry of Energy and Environment of the Province of Mendoza, it implemented all the necessary measures to ensure the orderly reversion of the assets and the subsequent safeoperation of the power plant. On July 31, 2026, the Asset Handover Certificate was executed, thus completing the reversion process. On July 28, 2026, PEN Executive Order No. 667/26 approved the National and International Open Call for Tenders, to be conducted jointly with the Province of Mendoza, for the granting of the newhydroelectric generation concession of the Los Nihuiles Complex. In turn, Executive Order No. 1,436/26 of the Province of Mendoza authorized the joint call for tenders and approved the correspondingbidding terms and conditions, which were submitted to the PEN for review. The tender provides for the sale of 100% of the share package of Hidroelectricidad Mendocina S.A. (“HEMSA”), which willtake over the operation of the assets until December 31, 2026, or until the new concessionaire takes over, whichever occurs first. Furthermore, provision was made for the creation of an ad hoc evaluationcommittee for this procedure, made up of an equal number of representatives of the Federal Government and the Province of Mendoza. On the other hand, the transition period for HIDISA’s concession expired on June 30, 2026. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, HIDISA continuesoperating the hydroelectric complex ensuring the safety of the assets and the supply of energy. NOTE 20: SYNTHETIC RUBBER PRODUCTION CLOSURE On July 22, 2026, the Company announced the start of the process to close synthetic rubber production at PGSM. This decision was driven by the sharp decline in the domestic synthetic rubber marketover the last few years, resulting from lower activity in the tire industry, which rendered the business no longer viable. The decision was also part of a capital allocation strategy aimed at focusinginvestments on those businesses where the Company identifies greater opportunities for growth, value creation and positive impact for the country. Synthetic rubber production fully ceased as of September 2026 and resulted in the termination of 128 employees, out of the Company’s total headcount of 1,972. As of September 30, 2026, estimated restructuring costs of US$ 24 million were recorded, which are disclosed within “Other operating expenses” in the statement of profit or loss. 64
Page 66
NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)For the nine-month period ended September 30, 2026, presented on comparative basis.(In millions of US$ – unless otherwise stated) NOTE 21: DOCUMENTATION SAFEKEEPING In compliance with CNV General Resolution No. 629/14, the Company informs having sent non-sensitive work papers and information corresponding to the periods not covered by the statute oflimitations for their keeping in the Administración de Archivos S.A. (AdeA)’s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Province of Buenos Aires. A list of the documentation delivered for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory provisions and amendingrules), is available at the Company headquarters. NOTE 22: SUBSEQUENT EVENTS Subsequent to September 30, 2026 and until the issuance of these Consolidated Condensed Interim Financial Statements, no other relevant events have occurred which may significantly affect them. 65