Bruno Montaragi

Guido Visocero

Gustavo Faria

Jorge Mauro

Mattia Cataruzzi

Nacho Sydikoski

Unnamed Analyst

- Pampa Energía reported **Q3 2025 sales of US$591 million**, a **9% year-on-year increase**, and **Adjusted EBITDA of US$322 million**, up **16% year-on-year**.  **[1469395_0001292814-25-003779_ex99-1.htm:0]** 
- However, **net income attributable to shareholders decreased 84% to US$23 million** in Q3 2025, primarily due to higher non-cash deferred tax charges.  **[1469395_0001292814-25-003779_ex99-1.htm:0]** **[1469395_0001292814-25-003779_ex99-1.htm:4]** 
- Net debt totaled **US$874 million** as of September 2025, with a **1.3x net-debt to EBITDA ratio**.  **[1469395_0001292814-25-003779_ex99-1.htm:0]**  This subsequently decreased to **US$790 million** (1.1x ratio) after the release of **US$84 million** in OCP Ecuador guarantees post-quarter.  **[1469395_0001292814-25-003779_ex99-1.htm:0]** **[1469395_0001292814-25-003779_ex99-1.htm:4]** 
- The company's subsidiary, TGS, was awarded the GPM expansion project, involving an estimated investment of **US$560 million** to increase gas transportation capacity.  **[1469395_0001292814-25-003779_ex99-1.htm:3]** 
- Pampa's Board approved a **new share repurchase program for up to US$100 million** on September 8, 2025.  **[1469395_0001292814-25-003779_ex99-1.htm:3]**

Pampa Energy (PAM)