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Cash & Debt

Cash and Debt, by Segment (in US$ million)
As of September 30, 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 881 873 444 444 (437) (429)
Petrochemicals 0 0 – – (0) (0)
Holding and others – – – – – –
Oil and gas – – 1,311 1,311 1,311 1,311
Total under IFRS/Restricted Group
 881 873 1,755 1,755 874 882
Affiliates at ownership2 198 198 244 244 46 46
Total with affiliates 1.079 1.071 1,999 1,999 920 928

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.

Listed debt securities (in million)

 

Company MAE ISIN
 Security Maturity Amount issued Amount net of repurchases Coupon
In US$-Foreign Law
Pampa Energía MGC9O USP7464EAH91 CB Series 9 at par & fixed rate 2026 293 120 9.5%
MGCMO USP7464EAS56 CB Series 21 at discount & fixed rate 2031 410 410 7.95%
MGCOO USP7464EAT30 CB Series 23 at discount & fixed rate 2034 700 700 7.875%
TGS1 TSC3O USP9308RBA07 CB at discount & fixed rate 2031 490 490 8.50%
In US$-Argentine Law
Pampa Energía MGCLO AR0755405583 CB Series 20 2026 108 51 6%
In US$-link
Pampa Energía MGCEO ARPAMP5600G7 CB Series 13 2027 98 88 0%
CTEB1 TBC9O ARCTBA560073 CB Series 9 2026 50 49 0%
In US$-MEP
Pampa Energía MGCHO ARPAMP5600I3 CB Series 16 2025 56 56 4.99%
MGCNO AR0765746752 CB Series 22 2028 84 84 7.75%

Note: Updated as of September 30, 2025. 1 According to the International Financial Reporting Standards (IFRS), affiliates are not consolidated in Pampa’s Finacial Statements (FS).

Debt profile (in US$ million)

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

Note: As of September 30, 2025, at closing FX of 1,380. It only considers Pampa consolidated under IFRS; it does not include affiliates TGS, Transener and CT Barragán S.A. (‘CTBSA’).

Credit Ratings
Foreign Currency Domestic Currency
S&P Global
 B- –
Moody’s B2 –
Fitch2 B- AAA (long-term)

A1+ (short-term)

Note: Information updated as of September 30, 2025. 1 Local ratings issued by FIX SCR.