Pampa Energia Announces Nine-Month Period and Third Quarter 2023 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 8, 2023 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in Argentina's electricity and gas value chain, announces the results for the nine-month period and quarter ended on September 30, 2023.

Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional nominal exchange rate (‘FX'). However, for our affiliates, Transener and TGS, their figures are adjusted for inflation as of September 30, 2023, and then translated into US$ at the period's closing FX. The reported figures in US$ from previous periods remain unchanged.

Third quarter 2023 (‘Q3 23') main results[1]

7% year-on-year sales decrease, recording US$474 million^[2] in Q3 23, explained by a drop in prices and sales of petrochemicals and oil, and the impact of the AR$ devaluation in legacy energy, offset by higher gas sales.

Operating performance highlighted by natural gas and Ensenada Barragán Thermal Power Plant (‘CTEB')'s Combined Cycle (‘CCGT'):

Pampa's main operational KPIs			Q3 23			Q3 22		Variation
Power	Generation (GWh)		4,985			3,767			+32	%
	Gross margin (US$/MWh)		23.1			24.2			-5	%
Oil and gas	Production (k boe/day)		80.4			68.5			+17	%
	Gas over total production		94	%		92	%		+2	%
	Average gas price (US$/MBTU)		4.7			4.8			-3	%
	Average oil price (US$/bbl)		63.1			70.2			-10	%
Petrochemicals	Volume sold (k ton)		102			120			-14	%
	Average price (US$/ton)		1,283			1,496			-14	%

Adjusted EBITDA^[3] reached US$244 million, similar to Q3 22, explained by reductions of 72% in holding and others, 16% in petrochemicals, offset by increases of 12% in oil and gas, and 2% in power generation.

The profit attributable to the Company's shareholders decreased by 15%, reaching US$152 million, mainly explained by increased financial interests of AR$-debt and higher income tax charges, partially offset by gains from holding financial securities.

Net debt continued decreasing to US$677 million, resulting in a net leverage ratio of 1.0x.

[1] The information is based on financial statements (‘FS') prepared according to International Financial Reporting Standards (‘IFRS') in force in Argentina. Only continuing operations are considered.

[2] It does not include sales from the affiliates CTBSA, Transener and TGS, which at our ownership is US$90 million. Under IFRS, affiliates are not consolidated in Pampa, shown as ‘Results for participation in joint businesses and associates'.

[3] Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments, and includes affiliates' EBITDA at our ownership. For further information, see section 3.1 of the Earnings Release.

Consolidated balance sheet

(As of September 30, 2023 and December 31, 2022, in millions)

		As of 09.30.2023								As of 12.31.2022
Figures in million		AR$				$	US FX 349.95			AR$				$	US FX 177.16
ASSETS
Property, plant and equipment			846,115				2,418				383,464				2,165
Intangible assets			34,072				97				24,364				138
Right-of-use assets			3,043				9				1,521				9
Deferred tax asset			1,616				5				6,326				36
Investments in joint ventures and associates			325,458				930				159,833				902
Financial assets at amortized cost			14,128				40				18,000				102
Financial assets at fair value through profit and loss			9,615				27				4,867				27
Other assets			158				0				91				1
Trade and other receivables			9,358				27				3,415				19
Total non-current assets			1,243,563				3,554				601,881				3,397
Inventories			73,942				211				30,724				173
Financial assets at amortized cost			24,289				69				1,357				8
Financial assets at fair value through profit and loss			248,926				711				103,856				586
Derivative financial instruments			289				1				161				1
Trade and other receivables			158,061				452				83,328				470
Cash and cash equivalents			64,117				183				18,757				106
Total current assets			569,624				1,628				238,183				1,344
Total assets			1,813,187				5,181				840,064				4,742
Equity attributable to owners of the company			963,757				2,754				403,463				2,277
Non-controlling interest			2,398				7				1,157				7
Total equity			966,155				2,761				404,620				2,284
LIABILITIES
Provisions			54,194				155				26,062				147
Income tax and presumed minimum income tax liabilities			40,593				116				31,728				179
Deferred tax liabilities			19,821				57				19,854				112
Defined benefit plans			10,060				29				4,908				28
Borrowings			451,083				1,289				237,437				1,340
Trade and other payables			13,231				38				3,757				21
Total non-current liabilities			588,982				1,683				323,746				1,827
Provisions			1,205				3				779				4
Income tax liabilities			12,392				35				927				5
Taxes payables			11,762				34				4,966				28
Defined benefit plans			915				3				1,021				6
Salaries and social security payable			9,433				27				5,627				32
Derivative financial instruments			2				0				318				2
Borrowings			123,132				352				48,329				273
Trade and other payables			99,209				283				49,731				281
Total current liabilities			258,050				737				111,698				630
Total liabilities			847,032				2,420				435,444				2,458
Total liabilities and equity			1,813,187				5,181				840,064				4,742

Consolidated income statement

(For the nine-month periods and quarters ended on September 30, 2023 and 2022, in millions)

	Nine-month period												Third quarter
Figures in million	2023						2022						2023						2022
	AR$			US$			AR$			US$			AR$			US$			AR$			US$
Sales revenue		346,957			1,370			168,748			1,381			152,701			474			69,225			507
Domestic sales		285,892			1,117			136,862			1,114			131,583			408			58,154			426
Foreign market sales		61,065			253			31,886			267			21,118			66			11,071			81
Cost of sales		(209,953)			(850)			(104,023)			(859)			(92,014)			(294)			(43,127)			(319)
Gross profit		137,004			520			64,725			522			60,687			180			26,098			188
Selling expenses		(13,333)			(51)			(5,719)			(47)			(5,610)			(17)			(1,998)			(14)
Administrative expenses		(33,554)			(133)			(12,389)			(101)			(13,990)			(44)			(5,063)			(38)
Exploration expenses		(1,772)			(7)			(23)			-			(22)			-			(8)			-
Other operating income		31,627			115			10,345			79			17,338			54			5,988			43
Other operating expenses		(18,079)			(68)			(4,209)			(33)			(10,704)			(33)			(1,577)			(10)
Impairment of financial assets		(1,490)			(4)			(672)			(5)			(553)			(1)			(153)			(1)
Rec. of imp. (impairm.) of int. assets & inventories		(324)			(1)			(4,260)			(34)			(1)			-			124			1
Results for part. in joint businesses & associates		14,044			42			13,610			100			5,474			8			6,749			43
Income from the sale of associates		486			1			-			-			486			1			-			-
Operating income		114,609			414			61,408			481			53,105			148			30,160			212
Financial income		1,090			4			597			6			662			2			147			1
Financial costs		(71,096)			(283)			(18,127)			(148)			(30,018)			(95)			(9,333)			(70)
Other financial results		95,794			392			4,108			33			40,333			138			8,278			68
Financial results, net		25,788			113			(13,422)			(109)			10,977			45			(908)			(1)
Profit before tax		140,397			527			47,986			372			64,082			193			29,252			211
Income tax		(20,437)			(69)			(5,224)			(26)			(13,350)			(40)			(5,195)			(32)
Net income for the period		119,960			458			42,762			346			50,732			153			24,057			179
Attributable to the owners of the Company		119,708			457			42,448			343			50,611			152			23,979			178
Attributable to the non-controlling interests		252			1			314			3			121			0.9			78			1
Net income per share to shareholders		87.51			0.33			30.74			0.25			37.21			0.11			17.38			0.13
Net income per ADR to shareholders		2,187.65			8.35			768.43			6.21			930.35			2.80			434.40			3.23
Average outstanding common shares1		1,368						1,381						1,360						1,380
Outstanding shares by the end of period1		1,360						1,380						1,360						1,380

Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of September 30, 2022 and 2023.

For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampaenergia.com/en.

Information about the videoconference

There will be a videoconference to discuss Pampa's Q3 23 results on Thursday, November 9, 2023, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Nicolás Mindlin, CFO, Horacio Turri, Head of E&P and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register at bit.ly/Pampa3Q2023VC.

For further information about Pampa:

[e-mail] ri.pampaenergia.com/en

www.argentina.gob.ar/cnv www.sec.gov

SOURCE: 1/3 Pampa Energía S.A.

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The Pampa Energia Stock at the time of publication of the news with a fall of -5,51 % to 1.260ARS on Buenos Aires stock exchange (07. November 2023, 21:00 Uhr).