Pampa Energía Announces Six-Month Period and Second Quarter 2024 Results

BUENOS AIRES, ARGENTIA / ACCESSWIRE / August 7, 2024 / Pampa Energía 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 six-month period and quarter ended on June 30, 2024.

Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional exchange rate (‘FX'). However, our affiliates Transener and TGS's adjust their figures for inflation as of June 30, 2024, which are expressed in US$ at the period's closing FX. The previously reported figures remain unchanged.

Second quarter 2024 (‘Q2 24') main results[1]

8% year-on-year sales increase achieved in Q2 24, reaching US$500 million[2], driven by increased gas production from the latest round of Plan Gas, seasonal demand and, to a lesser extent, higher domestic reforming volumes, partially offset by lower gas sales to Chile and industries, volume sold of styrenics and Engineer Mario Cebreiro Wind Farm (‘PEMC')'s divestment.

Gas production grew by 37%, showcasing our strong operating performance:

Pampa's main operational KPIs

Q2 24

Q2 23

Variation

Power
Generation (GWh)

5,067

5,218

-3

%

Gross margin (US$/MWh)

24.7

22.6

+10

%

Oil and gas
Production (k boe/day)

90.8

67.3

+35

%

Gas over total production

94

%

92

%

+2

%

Average gas price (US$/MBTU)

4.0

4.7

-14

%

Average oil price (US$/bbl)

71.8

65.1

+10

%

Petrochemicals
Volume sold (k ton)

111

106

+5

%

Average price (US$/ton)

1,205

1,240

-3

%

Adjusted EBITDA[3] rose 30% to US$288 million in Q2 24, mainly explained by increases in holding and others, oil and gas and, to a lesser extent, in petrochemicals and power generation.

Net profit attributable to the Company's shareholders of US$100 million, a 39% decline from Q2 23, due to lower gains from financial securities and FX differences over the financial position in AR$, an impairment on PPE affecting Ensenada Barragán Thermal Power Plant (‘CTEB')'s equity income and a haircut on certain overdue interests from the Argentine Wholesale Electricity Market Clearing Company (CAMMESA). Higher sales and lower financial interests and income tax partially offset these variations.

Net debt decreased to US$691 million, resulting in a net leverage ratio of 1.0x, largely due to improved payment collections from CAMMESA.

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

[2] Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as ‘Results for participation in joint businesses and associates.'

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

Consolidated balance sheet

(As of June 30, 2024 and December 2023, in millions)

Figures in million

As of 06.30.2024

As of 12.31.2023

AR$

US$ FX 912

AR$

US FX 808.45

ASSETS

Property, plant and equipment

2,395,378

2,627

2,056,974

2,544

Intangible assets

88,689

97

77,898

96

Right-of-use assets

30,308

33

17,259

21

Deferred tax asset

45,252

50

2

0

Investments in joint ventures and associates

824,581

904

542,978

672

Financial assets at fair value through profit and loss

24,857

27

28,040

35

Other assets

357

0

349

0

Trade and other receivables

16,287

18

14,524

18

Total non-current assets

3,425,709

3,756

2,738,024

3,387

Inventories

209,723

230

166,023

205

Financial assets at amortized cost

92,708

102

84,749

105

Financial assets at fair value through profit and loss

602,341

660

451,883

559

Derivative financial instruments

100

0

250

0

Trade and other receivables

500,304

549

238,294

295

Cash and cash equivalents

138,514

152

137,973

171

Total current assets

1,543,690

1,693

1,079,172

1,335

Total assets

4,969,399

5,449

3,817,196

4,722

EQUITY

Equity attributable to owners of the company

2,742,490

3,007

1,943,736

2,404

Total equity

2,750,165

3,016

1,950,696

2,413

LIABILITIES

Provisions

164,997

181

119,863

148

Income tax and presumed minimum income tax liabilities

66,294

73

44,614

55

Deferred tax liabilities

46,807

51

240,686

298

Defined benefit plans

25,033

27

13,172

16

Borrowings

1,217,319

1,335

989,182

1,224

Trade and other payables

35,539

39

37,301

46

Total non-current liabilities

1,555,989

1,706

1,444,818

1,787

Provisions

8,268

9

4,649

6

Income tax liabilities

131,963

145

14,026

17

Taxes payables

44,133

48

11,427

14

Defined benefit plans

2,557

3

2,695

3

Salaries and social security payable

18,618

20

15,537

19

Derivative financial instruments

112

0

191

0

Borrowings

246,274

270

181,357

224

Trade and other payables

211,320

232

191,800

237

Total current liabilities

663,245

727

421,682

522

Total liabilities

2,219,234

2,433

1,866,500

2,309

Total liabilities and equity

4,969,399

5,449

3,817,196

4,722

Consolidated income statement

(For the six-month periods and quarters ended on June 30, 2024 and 2023, in millions)

First half

Second quarter

Figures in million

2024

2023

2024

2023

AR$

US$

AR$

US$

AR$

US$

AR$

US$

Sales revenue

783,788

901

194,256

895

446,412

500

110,341

464

Domestic sales

649,186

742

154,309

708

374,607

416

86,900

363

Foreign market sales

134,602

159

39,947

187

71,805

84

23,441

101

Cost of sales

(487,428

)

(565

)

(117,939

)

(555

)

(272,245

)

(307

)

(67,401

)

(290

)

Gross profit

296,360

336

76,317

340

174,167

193

42,940

174

Selling expenses

(31,582

)

(36

)

(7,723

)

(34

)

(18,002

)

(20

)

(4,530

)

(18

)

Administrative expenses

(71,674

)

(83

)

(20,202

)

(89

)

(37,436

)

(42

)

(11,681

)

(48

)

Exploration expenses

(167

)

-

(1,750

)

(7

)

(85

)

-

(1,702

)

(7

)

Other operating income

70,781

83

14,289

61

41,789

48

9,430

45

Other operating expenses

(43,054

)

(52

)

(7,375

)

(35

)

(16,669

)

(21

)

(3,530

)

(22

)

Impairment of financial assets

(49,592

)

(56

)

(299

)

(3

)

(19,762

)

(22

)

(219

)

(3

)

Recovery/(accrual) of impairment on int. assets & inventories

(142

)

-

(323

)

(1

)

(110

)

-

(734

)

(3

)

Results for participation in joint businesses & associates

31,894

39

8,570

34

(19,522

)

(22

)

5,370

19

Income from the sale of associates

5,765

7

-

-

4,307

5

-

-

Operating income

208,589

238

61,504

266

108,677

119

35,344

137

Financial income

2,009

2

428

2

662

-

235

2

Financial costs

(81,688

)

(94

)

(41,078

)

(188

)

(37,733

)

(41

)

(26,367

)

(112

)

Other financial results

62,861

74

55,461

254

19,056

22

40,818

170

Financial results, net

(16,818)

(18)

14,811

68

(18,015)

(19)

14,686

60

Profit before tax

191,771

220

76,315

334

90,662

100

50,030

197

Income tax

121,166

147

(7,087

)

(29

)

(1,521

)

(1

)

(7,730

)

(33

)

Net income for the period

312,937

367

69,228

305

89,141

99

42,300

164

Attributable to the owners of the Company

313,160

367

69,097

305

90,061

100

42,179

164

Attributable to the non-controlling interest

(223)

-

131

-

(920)

(1.0)

121

-

Net income per share to shareholders

230.3

0.3

50.4

0.2

66.2

0.1

31.0

0.1

Net income per ADR to shareholders

5,756.6

6.7

1,259.1

5.6

1,655.5

1.8

775.4

3.0

Average outstanding common shares1

1,360

1,372

1,360

1,360

1,360.0

Outstanding shares by the end of period1

1,360

1,360

1,360

1,360

1,360.0

Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of June 30, 2023 and 2024.

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

Information about the videoconference

There will be a videoconference to discuss Pampa's Q2 24 results on Thursday, August 8, 2024, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Nicolás Mindlin, CFO, Horacio Turri, executive director of E&P and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register here.

For further information about Pampa:

SOURCE: 1/3 Pampa Energía S.A.



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