Pampa Energía S A : Estados Financieros en US$*

7B24note

CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2023 AND 2022

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(In millions of U.S. dollar ("US$"))

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

Pampa Energía Sociedad Anónima (Pampa Energía S.A.)

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statement of financial position of Pampa Energía Sociedad Anónima (Pampa Energía S.A.) and its subsidiaries (the "Company") as of December 31, 2023 and 2022, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting included under Exhibit 99.3. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by

Price Waterhouse & Co. S.R.L., Bouchard 557, 8th floor, C1106ABG - Autonomous City of Buenos Aires, Argentina T: +(54.11) 4850.0000, www.pwc.com/ar

management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

The Impact of Proved Estimates of Oil and Gas Reserves on Oil and Gas Segment Property, Plant and Equipment and Allocated Goodwill.

As described in Notes 7 and 11.2 to the consolidated financial statements, as of December 31, 2023, the Company's consolidated net book value of property, plant and equipment balance of the oil and gas segment was US$ 1.138 million, the goodwill balance allocated to the oil and gas segment was US$ 35 million, and depreciation expense for the year ended December 31, 2023 was US$ 166 million. As described in Note 6.1.7 to the consolidated financial statements, the Company's management estimates oil and gas reserves which are used in the determination of depreciation of property, plant and equipment used in the areas of oil and gas, as well as assessing the recoverability of these assets and goodwill allocated to the oil and gas segment. There are numerous uncertainties in estimating proved and unproved reserves and future production profiles, development costs and prices, including several factors beyond the producer's control. Reserve engineering is a subjective

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process of estimating underground accumulations involving a certain degree of uncertainty. Reserves estimates depend on the quality of the available engineering and geological data as of the estimation date and on the interpretation and judgment thereof. Periodic revisions to the estimated oil and gas reserves and related future net cash flows may be necessary as a result of changes in a number of factors, related to reservoir performance, new drilling, oil and gas prices, cost, technological advances, new geological or geophysical data, and other economic factors. The estimates of oil and gas reserves have been developed by employed specialists, specifically petroleum engineers, and audited by independent specialists engaged by the Company.

The principal considerations for our determination that performing procedures relating to the impact of estimates of proved oil and gas reserves on oil and gas segment property, plant and equipment and allocated goodwill are a critical audit matter are the significant judgment by management, including the use of specialists, when developing the estimates of oil and gas reserves, which in turn led to a high degree of auditor judgment and effort in performing procedures to evaluate the significant assumptions used in developing those estimates, related to future production profiles, development costs and prices.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's estimates of oil and gas reserves. These procedures also included, among others, evaluating the methods and significant assumptions used by management in developing these estimates, related to future production profiles, development costs and prices. The work of management's engaged specialist was used in performing the procedures to evaluate the reasonableness of these estimates of proved oil and gas reserves. As a basis for using this work, the specialists' competence, capability and objectivity were understood, as well as their methods and assumptions. The procedures performed also included tests of the data used by the Company's engaged specialists and an evaluation of their findings. Evaluating the significant assumptions relating to the estimates of proved oil and gas reserves also involved obtaining evidence to support the reasonableness of the assumptions, including whether the assumptions used were reasonable considering the past performance of the Company, and whether they were consistent with evidence obtained in other areas of the audit. The procedures performed also included testing that the estimates of oil and gas reserves were appropriately included in the Company's determination of depreciation expense, as well as in the impairment of non-financial assets assessment of oil and gas segment.

Impairment of Non-FinancialLong-Lived Assets Related to the Rincón del Mangrullo and el Tordillo / la Tapera cash generating units within the Oil and Gas Segment

As described in Note 7 to the consolidated financial statements, as of December 31, 2023, the Company's consolidated property, plant and equipment balance of the oil and gas segment was US$ 1.138 million. According to Notes 6.1.1. and 11.1.1, as of December 31, 2023 there were internal and external impairment indicators in relation to Rincón del Mangrullo and el Tordillo / la Tapera cash generating units (CGUs). Management analyzes the recoverability of its non-financiallong-lived assets on a periodic basis or when events or changes in circumstances indicate their recoverable amount may be below their carrying amounts. In order to evaluate if there is evidence that a CGU could be affected, both external and internal sources of information are analyzed. The recoverable amount is the higher of value in use and fair value less costs of disposal. Management used value in use to determine the recoverable amount. The value in use is determined based on the present value of future net cash flows expected to be derived from the CGU, using discount rates that considers the business segment and the economic conditions in the geographical location of the operations.

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Management's assessment of the existence of impairment indicators and cash flow projections included key judgments and assumptions relating to reference prices for products, future demand per type of product, costs evolution, macroeconomic variables such as inflation and exchange rates and the discount rate.

The principal considerations for our determination that performing procedures relating to the impairment of non-financiallong-lived assets related to the Rincón del Mangrullo and el Tordillo / la Tapera CGUs within the oil and gas segment is a critical audit matter are the key judgment by management when evaluating the existence of impairment indicators and when developing the recoverable value measurement of the non-financiallong-lived assets. This in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures to evaluate management's assessment of impairment indicators and cash flow projections and key assumptions related to reference prices for products, future demand per type of product, costs evolution, macroeconomic variables such as inflation, exchange rates and the discount rate. In addition, the audit effort involved the use of professionals with specialized skill and knowledge to assist us in performing these procedures and evaluating the audit evidence obtained.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's impairment assessment, including controls over the valuation of the Company's non-financiallong-lived assets. These procedures also included, among others, evaluating the determination of the Company's CGUs, as well as the allocation of the assets and liabilities thereto; evaluating the reasonableness of management's assessment over the existence of impairment indicators; testing management's process for developing the value in use estimate; evaluating the appropriateness of the discounted cash flow model, as well as the mathematical precision of the calculations; testing the completeness, accuracy, and relevance of underlying data used in the model; and evaluating the key assumptions used by management related to reference prices for products, future demand per type of product, costs evolution, macroeconomic variables such as inflation and exchange rates, and the discount rate. Evaluating management's assumptions involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the CGUs, (ii) the consistency with external market and industry data, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company's discounted cash flow model and the discount rate. The procedures performed also included evaluating the sufficiency of the information disclosed in the consolidated financial statements regarding the evaluation of the recoverable value of long-livednon-financial assets.

Acquisition of additional interest in Rincón de Aranda and divestment in Greenwind S.A. - fair value determination of assets acquired and liabilities assumed

As described in Notes 4.4.5 and 5.2.6 to the consolidated financial statements, on August 16, 2023, the Company completed the acquisitions of the additional 45% interest in the Rincón de Aranda block, achieving a 100% interest in the block and, as part of the agreement, transferred 100% of its equity stake in Greenwind S.A., which only asset is the Mario Cebreiro Wind Farm. On the closing date, the Company determined the fair value of the assets acquired and liabilities assumed, which amounted US$ 85.8 million, and recorded a gain of US$ 6.6 million to reflect the fair value of the previously held 55% stake in the Rincón de Aranda block, as well as a gain of US$ 0.2 million to reflect the result of the asset swap. The Company's management applied significant judgment in estimating the fair value of the assets acquired and liabilities assumed, which involved the use of key

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estimates and assumptions with respect to reference prices for products, future demand per type of product, costs evolution and macroeconomic variables such as inflation, exchange rates and the discount rate.

The principal considerations for our determination that performing procedures relating to the acquisition of additional interest in Rincón de Aranda and divestment in Greenwind S.A. - fair value determination of assets acquired and liabilities assumed is a critical audit matter are: (i) the key judgment by management in developing the fair value of the assets acquired and liabilities assumed, which in turn led to a high degree of auditor judgment and subjectivity in applying procedures relating to management's fair value estimate; (ii) the significant audit effort in evaluating management's key assumptions related to reference prices for products, future demand per type of product, costs evolution and macroeconomic variables, such as inflation, exchange rates and the discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to acquisition accounting, including controls over management's valuation of the fair value of assets acquired and liabilities assumed and controls over development of the assumptions related to reference prices for products, future demand per type of product, costs evolution and macroeconomic variables such as inflation, exchange rates and the discount rate. These procedures also included, among others, (i) reading the purchase agreement; (ii) testing management's cash flow projections used to estimate the fair value of assets acquired and liabilities assumed, which included evaluating the reasonableness of key assumptions used by management related to reference prices for products, future demand per type of product, costs evolution and macroeconomic variables such as inflation, exchange rates and the discount rate. Evaluating management's assumptions involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the acquired business, (ii) the consistency with external market and industry data, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of valuation method and the reasonableness of the discount rate. The discount rate was evaluated by considering the cost of capital of comparable businesses and other industry factors. The procedures performed also included evaluating the sufficiency of the information disclosed in the consolidated financial statements regarding business combination.

/s/ PRICE WATERHOUSE & CO.

S.R.L.

/s/ Carlos Martin Barbafina

(Partner)

Autonomous City of Buenos Aires, Argentina, March 6, 2024.

We have served as the Company's auditor since 2006.

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GLOSSARY OF TERMS

The following are not technical definitions, but they are helpful for the reader's understanding of some terms used in the notes to the Consolidated Financial Statements of the Company.

Terms		Definitions
ADR		American Depositary Receipt
AFIP		Federal Administration of Public Revenue
BCBA		Buenos Aires Stock Exchange
BCRA		Argentina's Central Bank
BNA		Banco de la Nación Argentina
BO		Official Gazette
CAMMESA		Compañía Administradora del Mercado Eléctrico Mayorista S.A.
CB		Corporate Bonds
CC		Combined Cycle
CENCH		Hydrocarbons Unconventional Exploitations Concessions
CGU		Cash-Generating Unit
CIESA		Compañía de Inversiones de Energía S.A.
CISA		Comercializadora e Inversora S.A
Citelec		Compañía Inversora en Transmisión Eléctrica Citelec S.A.
CNV		National Securities Commission of Argentina
CPB		Piedra Buena thermal power plant
CPI		Consumer's price index
CSJN		Argentina' Supreme Court of Justice
CTB		CT Barragán S.A.
CTEB	Ensenada Barragán thermal power plant
CTG		Güemes thermal power plant
CTGEBA		Genelba thermal power plant
CTIW		Ingeniero White power plant
CTLL		Loma La Lata thermal power plant
CTPP		Parque Pilar power plant

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GLOSSARY OF TERMS:(Continuation)

Terms		Definitions
EcuadorTLC / PB18	EcuadorTLC S.A. (currently Pampa Bloque 18)
Edenor	Empresa Distribuidora y Comercializadora Norte S.A.
EMESA	Empresa Mendocina de Energía S.A.
ENARGAS	National Regulator of Gas
ENARSA	Energía Argentina S.A.
ENRE	National Regulatory Authority of Electricity
GASA	Generación Argentina S.A.
Greenwind	Greenwind S.A.
GU	Large users
GU300	Large users with demand greater than 300 kW
GUDI	Distributors' large users
GUMA	Major large users
GUME	Minor large users
HI	Hydroelectric
HIDISA	Hidroeléctrica Diamante S.A.
HINISA	Hidroeléctrica Los Nihuiles S.A.
HPPL	Hidroeléctrica Pichi Picún Leufú
IAS	International Accounting Standards
IASB	International Accounting Standards Board
IFRIC	International Financial Reporting Interpretations Committee
IFRS	International Financial Reporting Standards
INDEC	National Institute of Statistics and Censuses
IPIM	Wholesale Domestic Price Index
LGS	Argentine Business Organizations Law
LNG	Liquefied Natural Gas
MAT	WEM's Forward Market
MATER	Renewable Energy Forward Market
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GLOSSARY OF TERMS:(Continuation)

Terms		Definitions
MBTU	Million of BTU
MEyM	Ministry of Energy and Mining
MLC	Foreign Exchange Market
MVAr	Reactive kilovolt-ampere
MW	Megawatt
NYSE	New York Stock Exchange
OCP	Oleoductos de Crudos Pesados Ltd
OCPSA	Oleoductos de Crudos Pesados S.A.
Oldelval	Oleoductos del Valle S.A.
PE Arauco	Arauco Wind Farm
PEB	Pampa Energía Bolivia S.A.
PEN	Federal Executive Branch
PEPE II	Pampa Energía II Wind Farm
PEPE III	Pampa Energía III Wind Farm
PEPE IV	Pampa Energía IV Wind Farm
PEPE VI	Pampa Energía VI Wind Farm
PISA	Pampa Inversiones S.A.
Refinor	Refinería del Norte S.A.
RTI	Tariff Structure Review
RTT	Transitional Tariff Regime
SACDE	Argentine Society of Construction and Strategic Development
SE	Secretary of Energy
SEC	Security and Exchange Commission
TG	Gas Turbine
TGS	Transportadora de Gas del Sur S.A.
The Company / Pampa	Pampa Energía S.A.

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GLOSSARY OF TERMS:(Continuation)

Terms		Definitions
The Group		Pampa Energía S.A. and its subsidiaries
TJSM		Termoeléctrica José de San Martín S.A.
TMB		Termoeléctrica Manuel Belgrano S.A.
Transba		Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de
		Buenos Aires Transba S.A.
Transener		Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.
TV		Vapor Turbine
US$	U.S. dollar
VAR	Vientos de Arauco Renovables S.A.U.
VAT		Value Added Tax
VS SLU		Vientos Solutions S.L.U.
WACC		Weighted Average Cost of Capital
WEM		Wholesale Electrical Market
YPF		YPF S.A.
$		Argentine Pesos

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