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Cash & Debt

Cash and Debt, by Segment (in US$ million)
As of September 30, 2026,
in US$ million		 Cash1 Financial debt Net debt
Consolidated
in FS		 Ownership
adjusted		 Consolidated
in FS		 Ownership
adjusted		 Consolidated
in FS		 Ownership
adjusted
Power generation 849 837 451 451 (398) (386)
Petrochemicals – – – – – –
Holding and others – – – – – –
Oil and gas 186 186 2,315 2,315 2,129 2,129
Total under IFRS/Restricted Group
 1,035 1,023 2,766 2,766 1,731 1,743
Affiliates at ownership2 454 454 449 449 (5) (5)
Total with affiliates 1,489 1,477 3,215 3,215 1,726 1,738

Note: FS: Financial Statements; IFRS: International Financial Reporting Standards. Financial debt includes accrued interests. 1 It includes cash and cash equivalents, and financial assets at fair value with changing results. 2 Under IFRS, the affiliates CTBSA (CT Barragán S.A.), Transener and TGS are excluded from Pampa’s consolidated figures

Listed debt securities (in million)

 

Company MAE ISIN
 Security Maturity Outstanding amount Coupon
In US$-Foreign Law
Pampa Energía MGCMO USP7464EAS56 CB Series 21 2031 410 7.95%
MGCOO USP7464EAT30 CB Series 23 2034 700 7.875%
MGCRO USP7464EAY25 CB Series 26 2037 950 7.750%
TGS1 TSC3O USP9308RBA07 CB Series 3 2031 490 8.50%
TSC4O USP9308RBB89 CB Series 4 2035 500 7.75%
In US$-Argentine Law
Pampa Energía MGCQO USP7464EAY25 CB Series 25 2028 105 7.25%
In US$-link
Pampa Energía MGCEO ARPAMP5600G7 CB Series 13 2027 79 0%
In US$-MEP
Pampa Energía MGCNO AR0765746752 CB Series 22 2028 84 5.75%
MGCTO AR0145481872 CB Series 27 2029 200 5.49%
MGCUO AR0502646802 CB Series 28 2030 138 5.5%
MGCVO AR0727026616 CB Series 292 2030 220 6.5%
CTEB1 TBCAO AR0427038119 CB Series 10 2028 42 4.9%

Note: Updated as of September 30, 2026. 1 Affiliates, which under International Financial Reporting Standards (IFRS) are not consolidated in Pampa’s Financial Statements (FS). 2 Issued after the quarter’s closing, on November 2, 2026.

Debt profile (in US$ million)

The following chart shows the debt principal maturity profile, net of repurchases:

Note: It only considers Pampa consolidated under IFRS; it does not include affiliates TGS, Transener and CT Barragán S.A. (‘CTBSA’).  The chart considers only Pampa’s consolidated IFRS figures and excludes affiliates TGS, Transener, and CTBSA. The cash position includes cash and cash equivalents, financial assets at fair value with changing results, and investments at amortized cost.

Credit Ratings
Company Agency Rating
Global Local
Pampa S&P B stable
bb- (stand-alone)		 n/a
FitchRatings B+ AAA (long-term)1
A1+ (short-term)1

Note: Information updated as of September 30, 2026. 1 Local ratings issued by FIX SCR.