| As of December 31, 2025, 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 | 1,091 | 1,083 | 471 | 471 | (620) | (612) |
| Petrochemicals | – | – | – | – | – | – |
| Holding and others | (0) | (0) | – | – | 0 | 0 |
| Oil and gas | – | – | 1,421 | 1,421 | 1,421 | 1,421 |
| Total under IFRS/Restricted Group |
1,091 | 1,083 | 1,892 | 1,892 | 801 | 808 |
| Affiliates at ownership2 | 366 | 366 | 394 | 394 | 28 | 28 |
| Total with affiliates | 1.457 | 1.449 | 2,286 | 2,286 | 829 | 836 |
Note: FS: Financial Statements; IFRS: International Financial Reporting Standards. Financial debt includes accrued interests. 1 It includes cash and cash equivalents, financial assets at fair value with changing results and investments at amortized cost. 2 Under IFRS, the affiliates CTBSA (CT Barragán S.A.), Transener and TGS are not consolidated in Pampa.
| Company | MAE | ISIN |
Security | Maturity | Outstanding amount | Coupon |
|---|---|---|---|---|---|---|
| In US$-Foreign Law |
||||||
| Pampa Energía | MGCMO | USP7464EAS56 | CB Series 21 at discount & fixed rate | 2031 | 410 | 7.95% |
| MGCOO | USP7464EAT30 | CB Series 23 at discount & fixed rate | 2034 | 700 | 7.875% | |
| MGCRO | USP7464EAY25 | CB Series 26 at discount & fixed rate | 2037 | 450 | 7.750% | |
| TGS | TSC3O | USP9308RBA07 | CB Series 3 at discount & fixed rate | 2031 | 490 | 8.50% |
| TSC4O | USP9308RBB89 | CB Series 4 at discount & fixed rate | 2035 | 500 | 7.75% | |
| In US$-Argentine Law | ||||||
| Pampa Energía | MGCQO | USP7464EAY25 | CB Series 25 | 2028 | 105 | 7.25% |
| In US$-link | ||||||
| Pampa Energía | MGCEO | ARPAMP5600G7 | CB Series 13 | 2027 | 82 | 0% |
| CTEB1 | TBC9O | ARCTBA560073 | CB Series 9 | 2026 | 26 | 0% |
| In US$-MEP | ||||||
| Pampa Energía | MGCNO | AR0765746752 | CB Series 22 | 2028 | 84 | 7.75% |
Note: Updated as of December 31, 2025. 1 According to the International Financial Reporting Standards (IFRS), affiliates are not consolidated in Pampa’s Finacial Statements (FS).
The following chart shows the debt principal maturity profile, net of repurchases:
Note: As of December 31, 2025, at closing FX of 1,455. It only considers Pampa consolidated under IFRS; it does not include affiliates TGS, Transener and CT Barragán S.A. (‘CTBSA’).
| Foreign Currency | Domestic Currency | |
|---|---|---|
| S&P Global |
B-, bb- (stand-alone) | – |
| Fitch2 | B- | AAA (long-term)
A1+ (short-term) |
Note: Information updated as of December 31, 2025. 1 Local ratings issued by FIX SCR.
