EarningsQ1 2026 Earnings Report
MX:PAMPN Q1 2026 EPS Results
Actual EPS$71.73
Consensus EPS$30.11
Beat/MissBeat by +$41.62
One Year Ago EPS$51.50
MX:PAMPN Q1 2026 Revenue Results
Actual Revenue$10.48B
Expected Revenue$10.51B
Beat/MissMissed by -$31.19M
YoY Revenue Growth+37.06%
Earnings Announcement Details
QuarterQ1 2026
Date05/06/2026
TimeAfter Close
Conference CallWednesday, May 6, 2026
MX:PAMPN Upcoming Earnings
Pampa Energia SA's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q1 2026 Earnings Call Audio
MX:PAMPN Q1 2026 Earnings Call
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Q1 2026 Earnings Slide Deck
Q1 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational momentum (record production, rapid Rincon de Aranda ramp-up, significant YoY EBITDA growth, improved drilling/completion efficiency, and strategic capacity wins) while also highlighting near-term cash and working capital pressures (negative free cash flow, hedge collateral, prepayments for pipeline capacity), some operational outages and mark-to-market volatility from hedges. Management communicated credible plans to sustain ramp-up, access financing (recent bond issuance) and gradually deleverage as EBITDA grows, while noting several near-term cash commitments and hedge effects.Company Guidance
Record Production and Rincon de Aranda Ramp-Up
Total production exceeded 100,000 boe/d (new quarterly all-time high). Rincon de Aranda averaged 18,200 bbl/d in Q1 (up 7% QoQ) and is producing approximately 25,000 bbl/d as of the call. Rincon de Aranda contributed ~17% of quarter EBITDA and 54% of Oil & Gas segment EBITDA (up from 15% a year ago). Exit rate exceeded 21,000 bbl/d; target 28,000 bbl/d by mid-2026 and a 45,000 bbl/d plateau once central processing and pipeline are online.
Strong Adjusted EBITDA Growth
Consolidated adjusted EBITDA was $325 million, up 48% YoY and 41% QoQ. Oil & Gas adjusted EBITDA was $104 million (2.5x YoY). Power Generation adjusted EBITDA was $144 million, up 11% YoY and 30% QoQ.
Improved Operational Efficiency at Rincon de Aranda
Drilling performance improved from ~200 m/day to ~330 m/day (>50% improvement). Completion activity rose from ~7 to ~9 stages/day (+30%), reflecting shorter cycle times and higher execution efficiency.
CapEx Deployment Supporting Growth
Quarterly CapEx was $242 million (+36% YoY), of which $163 million was invested in developing Rincon de Aranda, supporting the ongoing ramp-up and midstream investments.
Lower Lifting Costs
Average lifting cost fell to $6.1/BOE (down 11% YoY and 23% sequentially). Gas lifting cost was $0.90/mmbtu (down 10% YoY and 23% QoQ). Oil lifting costs declined to below $10/bbl from $41/bbl in Q1 last year.
Gas Production and Exports Growth
Gas production rose 17% YoY and 28% QoQ to ~14 million m3/d. Exported volumes increased 65% YoY to ~1.5 million m3/d; E&P expects exports levels to continue through the year.
Strategic Gas Transportation Capacity Secured
Pampa secured 3.2 million m3/d (27% of expansion capacity and ~67% of the first tranche) in the Perito Moreno pipeline expansion. The 35-year transport contract required prepayment (~$330 million VAT included, payable in 4 installments) and expansion expected to start winter 2027.
Successful Bond Issuance
In April, Pampa issued $200 million of 3-year bullet notes at a competitive fixed rate of 5.49%, reflecting market access and financing capability.
Budget and Forward EBITDA Expectations
Management shared budget figures (not formal guidance): parent company EBITDA ~ $1.0 billion (E&P ~$600M, Power ~$400M), consolidated (including affiliates) ~ $1.3 billion. Management expects EBITDA growth and gradual deleveraging as ramp-up continues.
Project Pipeline: RIGI and Urea
RIGI application submitted for northern Rincon de Aranda to support faster ramp-up and sustain plateau; full-field development estimated at ~$4.5 billion. Urea project under development (target 2 Mt/yr); potential sales roughly $1 billion at historical prices; FID target by end-Q3 or Q4 2026 if pursued.
MX:PAMPN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed