Argentina · Delayed Price · Currency is ARS Pampa Energía Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw record production and EBITDA growth, driven by Rincón de Aranda and power generation. CapEx reached $1.4 billion, with a strong cash position and conservative leverage. 2026 guidance targets further oil and gas ramp-up, with no dividends planned as investments continue.
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Rincón de Aranda's ramp-up drove record EBITDA and production, with oil output and margins rising sharply. Capex remains high but leverage is stable, and 2026 guidance points to further growth in oil, power EBITDA, and exports, supported by regulatory changes and hedging.
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Q2 2025 saw strong production ramp-up at Rincón de Aranda, higher CapEx, and improved power EBITDA, though overall adjusted EBITDA declined year-on-year due to lower gas sales and higher costs. Heavy investment will keep free cash flow negative through 2026, with leverage peaking this year.
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Q1 2025 saw strong power and utility results, a 17% rise in adjusted EBITDA, and major progress on the FLNG project. Rincón de Aranda is ramping up, with 2025 CapEx at $1.1B and no new debt planned. Regulatory clarity and export growth support a positive outlook.
Fiscal Year 2024
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2024 saw record gas output, strong EBITDA growth, and a major focus on Rincón de Aranda's shale oil ramp-up, with $1.1 billion CapEx planned for 2025. Net debt hit a multi-year low, while regulatory changes and sector liberalization are expected to benefit integrated players.
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Q3 saw strong gas and power generation performance, with EBITDA up 14% year-on-year and net debt at an eight-year low. Major projects like Rincón de Aranda and PEPE VI are progressing, while regulatory and infrastructure uncertainties remain.
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A diversified energy leader in Argentina, the company is ramping up shale oil and gas output, targeting a tripling of EBITDA by 2027, driven by the Rincón de Aranda project and stable power generation cash flows. Growth is funded by strong internal cash flow, with deregulation and infrastructure expansion set to unlock further value.
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Record gas production and strong EBITDA growth were driven by shale gas and tariff hikes, while CapEx declined as major projects neared completion. Cash position remains robust, with no urgent financing needs, and oil output is set to rise with new midstream expansions.