Pampa Energia Announces Fiscal Year and Fourth Quarter 2023 Results

BUENOS AIRES - Pampa Energia S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in the Argentine electricity and gas value chain, announces the results for the fiscal year and quarter ended on December 31, 2023.

Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional nominal exchange rate ('FX'). However, our affiliates Transener and TGS's figures are adjusted for inflation as of December 31, 2023, and translated into US$ at the period's closing FX. The reported figures in US$ from previous periods remain unchanged.

The impact of the local currency depreciation

The steep US$ quote increase from AR$350 to AR$808 on December 13, 2023, mainly affected the tax valuation as it reports under local currency. Despite being adjusted for inflation, it was diluted by the AR$ depreciation, temporarily diverging from the accounting valuation of PPE and accruing a non-cash deferred income tax. Regarding Transener and TGS, the 21% average inflation adjustment on the fourth quarter 2023 ('Q4 23') flows failed to offset the AR$ devaluation.

Q4 23 main results[1]

19% year-on-year sales decrease, recording US$362 million[2] in Q4 23, explained by lower gas sales, thermal and petrochemicals dispatch.

Operating performance highlighted by Ensenada Barragan Thermal Power Plant ('CTEB')'s Combined Cycle ('CCGT') and hydros:

Information about the videoconference

There will be a videoconference to discuss Pampa's Q4 23 results on Thursday, March 7, 2024, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Nicolas Mindlin, CFO, Horacio Turri, executive director of E&P and Lida Wang, investor relations and sustainability officer at Pampa.

Contact:

Email: investor@pampaenergia.com

The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.

It does not include sales from the affiliates CTBSA, Transener and TGS, shown as 'Results for participation in joint businesses and associates'.

Consolidated adjusted EBITDA represents the results before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.