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Cash & Debt Overview

Cash and Debt, by Segment (in US$ million)
As of December 31, 2024,
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 1,264 1,258 674 674 (590) (584)
Petrochemicals – – – – – –
Holding and others 1 1 14 14 13 13
Oil and gas 403 403 1,390 1,390 987 987
Total under IFRS/Restricted Group
 1,668 1,662 2,079 2,079 410 416
Affiliates at ownership2 236 236 172 172 (63) (63)
Total with affiliates 1.904 1.898 2,251 2,251 347 353

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 ISIN
 Security Maturity Amount issued Amount net of repurchases Coupon
In US$-Foreign Law
Pampa Energía USP7464EAH91 CB Series 9 at par & fixed rate 2026 293 120 9.5%
USP7464EAA49 CB Series 1 at discount & fixed rate2 2027 750 353 7.5%
USP7464EAB22 CB Series 3 at discount & fixed rate 2029 300 293 9.125%
USP7464EAS56 CB Series 21 at discount & fixed rate 2031 410 410 7.95%
USP7464EAT30 CB Series 23 at discount & fixed rate 2034 360 360 7.875%
TGS1 USP9308RBA07 CB at discount & fixed rate 2031 490 490 8.50%
In US$-Argentine Law
Pampa Energía AR0755405583 CB Series 20 2026 108 54 6%
In US$-link
Pampa Energía ARPAMP5600G7 CB Series 13 2027 98 98 0%
CTEB1 ARCTBA560040 CB Series 63 2025 84 66 0%
ARCTBA560073 CB Series 9 2026 50 50 0%
In US$-MEP
Pampa Energía ARPAMP5600I3 CB Series 16 2025 56 56 4.99%
ARPAMP5600K9 CB Series 18 2025 72 68 5%
AR0765746752 CB Series 22 2028 84 84 7.75%
In AR$
Pampa Energía ARPAMP5600J1 CB Series 194 2025 17,131 17,131 Badlar Privada -1%

Note: Updated as of December 31, 2024. 1 According to the International Financial Reporting Standards (IFRS), affiliates are not consolidated in Pampa’s Finacial Statements (FS). 2 Pampa’s Series 1 CB (2027 Notes) was redeemed in January 2025. 3 US$18 million were repurchased after the quarter’s close. 4 Pampa’s CB Series 19 was redeemed after the quarter’s close.

Debt profile (in US$ million)

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

Note: As of December 31, 2024, at closing FX of 1,032. 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 Caa1 –
Fitch2 B- AAA (long-term)

A1+ (short-term)

Note: Information updated as of December 31, 2024. 1 Local ratings issued by FIX SCR.