Pampa Energia S.A. released its third-quarter and nine-month 2026 earnings results on November 2, 2026, reporting financial and operational performance for the period ended September 30, 2026.

Key Highlights

  • Q3 2026 sales of US$790 million: Sales reached US$790 million in the third quarter of 2026, up 34% year-on-year, according to the filing.
  • Adjusted EBITDA up 23%: Adjusted EBITDA totaled US$398 million for Q3 2026, a 23% increase year-on-year, the company disclosed.
  • Net income rose sharply: Net income attributable to shareholders reached US$129 million in Q3 2026, approximately six times the US$23 million recorded in Q3 2025.
  • Net debt increased to US$1.731 billion: Net debt stood at US$1.731 billion as of September 2026, compared to US$1.319 billion as of June 2026.
  • Crude oil production up 28%: Crude oil production reached 22.1 thousand barrels per day in Q3 2026, versus 17.3 thousand barrels per day in Q3 2025.
  • Power gross margin improved: Power generation gross margin was US$35.0 per MWh in Q3 2026, up 32% from US$26.5 per MWh in Q3 2025.
  • Nine-month net income of US$519 million: For the nine-month period ended September 30, 2026, net income for the period totaled US$519 million, compared to US$216 million for the same period in 2025.

Pampa Energia's Q3 2026 Operating and Financial Performance

Pampa Energia S.A. (NYSE:PAM; Buenos Aires Stock Exchange: PAMP) reported third-quarter 2026 sales revenue of US$790 million, up 34% year-on-year. According to the filing, this increase was "mainly driven by the normalization of the Wholesale Electricity Market's (WEM), which supported higher spot energy prices and B2B (Business to Business) sales, increased gas sales to our CCGTs (Combined Cycles), growing crude oil sales and stronger Reformer prices." The company noted these effects were "partially offset by lower gas deliveries under Plan Gas GSA (Gas Sale Agreement) and to industrial customers, as well as the impact of crude oil hedges."

The filing reported that adjusted EBITDA reached US$398 million in Q3 2026, a 23% year-on-year increase, reflecting "higher thermal generation margins in the spot and B2B markets, together with the benefits of vertical integration between gas production and thermal power generation." Net income attributable to shareholders was US$129 million for the quarter, compared to US$23 million in Q3 2025, which the company attributed mainly to "lower deferred income tax expense and improved operating margins, partially offset by lower FX gains." Net income per ADR to shareholders was US$2.41 in Q3 2026 versus US$0.42 in Q3 2025.

On the balance sheet, total assets stood at US$8,122 million as of September 30, 2026, versus US$6,594 million as of December 31, 2025. Property, plant and equipment grew to US$3,863 million from US$3,303 million over the same period. Net debt rose to US$1.731 billion as of September 2026, reflecting higher capital expenditures, equity contributions to affiliates, prepayments related to the GPM expansion, and collateral posted for crude oil hedging, partially offset by operating cash flow and dividends received from Transener. Net cash generated by operating activities for the nine-month period was US$134 million, compared to US$490 million in the same period of 2025.

What Was Disclosed

Pampa Energia disclosed nine-month and third-quarter 2026 financial results, including sales, adjusted EBITDA, net income, balance sheet data, and operational KPIs across its oil and gas, power, and petrochemicals segments for the period ended September 30, 2026.