Pampa Energía S A : Q2 23 Earnings Release

Earnings Release

Q2 23

Pampa Energía, an independent company with active participation in Argentina's electricity and gas value chain, announces the results for the six-month period and quarter ended on June 30, 2023.

Stock information

Buenos Aires Stock

Exchange

Ticker: PAMP

New York Stock Exchange Ticker: PAM

1 ADS = 25 common shares

Share capital net of repurchases and reductions

as of August 8, 2023

1,363.5 million common shares/

54.5 million ADS

Market capitalization

AR$1,336.7 million/

US$2,245 million

Information about the videoconference

Date and time: Thursday Aug-10 10 AM Eastern Standard Time

11 AM Buenos Aires Time

Access link:

bit.ly/Pampa2Q2023VC

For further information about Pampa

• Email:
  [e-mail]
• Website for investors:ri.pampaenergia.com
• Argentina's Securities and Exchange Commissionwww.argentina.gob.ar/cnv
• Securities and Exchange Commission:sec.gov

Buenos Aires, August 9, 2023

Basis of presentation

Pampa's financial information adopts US$ as functional currency, which is then translated into AR$ at transactional FX. However, for our affiliates Transener and TGS, their figures are adjusted for inflation as of June 30, 2023, and then translated into US$ at the period's closing FX. The reported figures in US$ from previous periods remain unchanged.

Q2 23 main results1

Sales amounted to US$464 million2, similar to Q2 22, explained by improved natural gas prices and sold volumes, the incorporation of PEMC and PEA3 and higher sales of reforming volumes, offset by lower petrochemical and crude oil prices and lesser legacy energy income.

Operating performance highlighted by reforming and CTEB's CCGT:

Pampa's main operational KPIs	Q2 23	Q2 22	Variation
Power	Generation (GWh)	5,218	4,477	+17%
	Gross margin (US$/MWh)	22.6	22.1	+2%
Oil and gas	Production (k boe/day)	67.3	64.6	+4%
	Gas over total production	92%	92%	+0%
	Average gas price (US$/MBTU)	4.7	4.4	+7%
	Average oil price (US$/bbl)	65.1	72.6	-10%
Petrochemicals	Volume sold (k ton)	106	91	+17%
	Average price (US$/ton)	1,240	1,738	-29%

Adjusted EBITDA4 reached US$222 million, 13% lower than Q2 22, explained by reductions of 53% in holding and others, 48% in petrochemicals, 4% in oil and gas, and 1% in power generation.

The profit attributable to the Company's shareholders rose 156%, reaching US$166 million, mainly due to gains from holding financial securities and, to a lesser extent, depreciation over the monetary liability net position in AR$, partially offset by increased financial interests due to higher stock of AR$-debtand higher income tax charges.

Net debt continued decreasing, reaching US$787 million, resulting in a net leverage ratio of 1.1x.

1. The information is based on FS prepared according to IFRS in force in Argentina.
2. It does not include sales from the affiliates CTBSA, Transener and TGS, which at our ownership account for US$97 million. Under IFRS, affiliates are not consolidated in Pampa, thus shown as 'Results for participation in joint businesses and associates'.
3. PEMC is consolidated since Pampa holds full ownership on August 2022; in process of divestment. PEA was acquired on December 2022.
4. Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates' EBITDA at our ownership. For further information, see section 3.1 of this Earnings release.

Pampa Energía ● Earnings release Q2 23 ● 1

Table of contents

Basis of presentation	1
Q2 23 main results	1
1.	Relevant Events	3
	1.1	Oil and gas segment	3
	1.2	Power generation segment	4
	1.3	TGS: award of GPNK's operation and midstream service expansion	4
	1.4	Share capital reduction	5
2.	Financial highlights	6
	2.1	Consolidated balance sheet	6
	2.2	Consolidated income statement	7
	2.3	Cash and financial borrowings	8
3.	Analysis of the Q2 23 results	11
	3.1	Reconciliation of consolidated adjusted EBITDA	11
	3.2	Analysis of the power generation segment	12
	3.3	Analysis of the oil and gas segment	14
	3.4	Analysis of the petrochemicals segment	17
	3.5	Analysis of the holding and others segment	19
	3.6	Analysis of the six-month period, by subsidiary and segment	20
	3.7	Analysis of the quarter, by subsidiary and segment	21
4.	Appendix	22
	4.1	Power generation's main operational KPIs	22
	4.2	Production in the main oil and gas blocks	23
5.	Glossary of terms	24

2

Pampa Energía ● Earnings release Q2 23 ● 2

1. Relevant Events

1.1 Oil and gas segment

Asset swap with Total Austral and the beginning of shale oil development

On June 23, 2023, Pampa agreed with Total Austral S.A. (Argentine Branch) to acquire a 45% stake in the Rincón de Aranda block. In exchange, Pampa will transfer its 100% equity stake in Greenwind, which solely owns the PEMC. As a result, Pampa will become the sole owner of Rincón de Aranda.

Rincón de Aranda is a 59,154-acre exploratory block located in the Neuquina Basin, at the heart of the Vaca Muerta's shale oil window in the Province of Neuquén. It currently has one shut-in productive well and another uncompleted well, both drilled in 2019. Although the block is not currently producing, its proximity to important productive blocks of the Vaca Muerta formation makes it highly promising from a technical standpoint.

The closing of this swap is subject to fulfilling certain precedent conditions, including granting the CENCH to Rincón de Aranda, which will extend its exploitation rights for 35 years. On July 31, 2023, the Province of Neuquén approved the stake transfer and granted the CENCH to Pampa (Executive Order No. 1,435/23). The transfer of the block's rights and the CENCH will take effect upon closing the swap, which is still pending.

PEMC, inaugurated by Pampa in May 2018, is a 100 MW wind farm located in Bahía Blanca, Province of Buenos Aires. It was Pampa's first wind project and the largest within the RenovAr 1 program. The annual average EBITDA amounts to US$21 million. The swap also includes the transfer of Greenwind's debt, amounting to US$79 million as of June 30, 2023.

While this swap represents a significant milestone, Pampa remains fully committed to renewable energy, which is essential to our mission of being a leading and efficient energy supplier. Since 2018, Pampa has actively developed wind energy, establishing itself as one of Argentina's leading renewable energy companies. Recently, we successfully commissioned PEPE IV, and we began building PEPE VI. It is worth highlighting that this project's total expansion amounts to 300 MW, with an estimated total investment of US$500 million.

With the full incorporation of Rincón de Aranda into Pampa, we are diversifying our presence in the energy sector and reinforcing our commitment to developing Vaca Muerta reserves, in a shale oil block with significant upside potential. Pampa is currently the third-largest gas producer in the Neuquina Basin and holds an interest in 8% of Vaca Muerta's acreage. Over the period from 2020 to 2023, Pampa will complete over US$1.1 billion in investments to enhance its gas production.

New record of peak gas production

Aligned with our production commitment under Plan Gas.Ar, on June 30, 2023, we achieved a record production of 13.5 million m3/day, representing a 18% increase vs. 2022 record.

Unlike previous years, this remarkable growth is primarily attributed to Vaca Muerta's shale gas production, which drilling began in the 2022-2023 campaign. Moreover, El Mangrullo contributed 60% of the

13.5 million m3/day production, and 25% came from Sierra Chata, both ranked among the best gas- producing blocks in the Neuquina Basin.

3

Pampa Energía ● Earnings release Q2 23 ● 3

Permits to export gas

The SE approved additional gas export volumes to Chile on a take-or-pay basis for 0.9 million m3/day, delivering during the winter months of July to September 2023. This volume will increase to 1.5 million m3/day from October 2023 to April 2024.

1.2 Power generation segment

Commissioning of PEPE IV and commencement of works at PEPE VI

Between May 11 and June 17, 2023, the last 8 Vestas wind turbines were commissioned in Coronel Rosales, Province of Buenos Aires, completing the commissioning of PEPE IV. Hence, the 18 wind turbines of 4.5 MW each at PEPE IV will contribute 81 MW of renewable energy to the national grid. The construction of PEPE IV required an investment of over US$120 million. The energy produced will be sold in the MAT ER segment through PPAs with private parties.

Moreover, the works at PEPE VI have already started. The first stage will add 94.5 MW, and the second stage will increase the total capacity to 140 MW, fully operational by 2H2024. By then, we expect to reach a total renewable capacity of 427 MW, further strengthening Pampa's position as one of Argentina's leading wind power generators.

Tender to install thermal power capacity

On July 27, 2023, the SE called a tender for installing 2,250-3,000 MW of thermal or co-generation power capacity to replace or enhance existing capacity, and improve the reliability and sustainability of the Wholesale Electricity Market (Res. SE No. 621/23).

Awarded projects will obtain a PPA with CAMMESA for up to 15 years, with commissioning scheduled between 2025 and 2028. Remuneration will mainly consist of a base capacity payment ranging from US$9,000 to US$19,800/MW-month (depending on the tender's category) and an operation and maintenance charge, comprising a fixed payment in US$/MW-month and a variable price per used fuel in US$/MWh.

The SE will evaluate the efficiency, capacity payment and location of the tendered projects, prioritizing the critical nodes defined in the auction. The submission deadline is August 31, 2023, with the awarding scheduled for October 10, 2023. Pampa is currently evaluating its participation in the tender.

1.3 TGS: award of GPNK's operation and midstream service expansion

On June 5, 2023, ENARSA awarded TGS the operation and maintenance of the GPNK's Tratayén - Salliqueló tranche, signing a 5-year contract, extendable for 12 months. The GPNK, which was inaugurated on July 9, 2023, and commissioning began on August 3, 2023, has a length of 573 km and an initial transportation capacity of 11 million m3/day, passing through the Provinces of Neuquén, Río Negro, La Pampa and Buenos Aires. The license encompasses surface and underground facilities, as well as compressor stations in Tratayén and Salliqueló.

In response to the increasing gas output from the Neuquina Basin, TGS has been developing its midstream business since 2018. This includes the construction of an 182 km gathering gas pipeline that passes through the Vaca Muerta formation, with a transportation capacity of up to 60 million m3/day. In August 2023, TGS is set to commission a 32 km extension to the pipeline's north tranche (Los Toldos I Sur

• El Trapial), with a 17 million m3/day transportation capacity and a US$49 million investment. Additionally, TGS has installed a gas conditioning plant in Tratayén, with a 14.8 million m3/day capacity. Moreover, two conditioning plants with a capacity of 6.6 million m3/day each are expected to be commissioned by 1H2024, with an estimated total investment of US$270 million.

4

Pampa Energía ● Earnings release Q2 23 ● 4

1.4 Share capital reduction

On July 18, 2023, 20 million shares (equivalent to 0.8 million ADR) were canceled, which was previously approved by the shareholders' meeting on April 26, 2023. Currently, Pampa's outstanding capital stock amounts to 1,363,520,380 common shares or 54,540,815 ADRs equivalent.

5

Pampa Energía ● Earnings release Q2 23 ● 5