Pampa Energía S A : REPORT ON REVIEW OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS - Form 6-K

REPORT ON REVIEW OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

To the President and Directors of

Pampa Energía S.A.

Legal address: Maipú, 1

Autonomous City of Buenos Aires

Tax Code No.: 30-52655265-9

Report on the consolidated condensed interim financial statements

Introduction

We have reviewed the accompanying consolidated condensed interim financial statements of Pampa Energía S.A. and its subsidiaries (hereinafter "the Company"), which comprise the consolidated statement of financial position as of March 31, 2023, the consolidated statement of comprehensive income, the consolidated statements of changes in equity and cash flows for the three-month period ended March 31, 2023 and selected explanatory notes.

Board's responsibility

The Board of Directors of the Company is responsible for the preparation and presentation of the financial statements in accordance with International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE, for its acronym in Spanish) as professional accounting standards and incorporated by the National Securities Commission (CNV, for its acronym in Spanish) to its regulations, as approved by the International Accounting Standards Board (IASB), and therefore is responsible for the preparation and presentation of the consolidated condensed interim financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34).

Scope of the review

Our responsibility is to express a conclusion on these consolidated condensed interim financial statements based on our review, which was performed in accordance with the International Standards on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the entity, adopted as a review standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of consolidated condensed interim Financial Statements consists of inquiries primarily of Company staff responsible for financial and accounting matters, and applying analytical and other review procedures. This review is substantially less in scope than an audit examination conducted in accordance with international standards on auditing and consequently it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Price Waterhouse & Co. S.R.L., Bouchard 557, floor 8°, C1106ABG - Autonomous City of Buenos Aires T: +(54.11) 4850.6000, www.pwc.com/ar

Free translation from the original prepared in Spanish for publication in Argentina

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the consolidated condensed interim Financial Statements mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with International Accounting Standard 34.

Report on compliance with current regulations

In accordance with current regulations, we report, in connection with Pampa Energía S.A., that:

a)the consolidated condensed interim financial statements of Pampa Energía S.A. are recorded to the "Inventory and Balance Sheet" book, and complies in what is a matter of our competence, with the provisions of the General Companies Law and in the pertinent resolutions of the National Securities Commission;

b)the individual condensed interim financial statements of Pampa Energía S.A. arise from accounting records kept in their formal aspects in accordance with legal regulations,

c)we have read the Summary of Activity ("Reseña Informativa"), on which, as regards those matters that are within our competence, we have no observations to make;

d)as of March 31, 2023, the debt accrued by Pampa Energía S.A. in favor of the Argentine Integrated Social Security System according to the Company's accounting records and calculations amounted to $ 512.3 millions, none of which was claimable at that date.

Autonomous City of Buenos Aires, May 10, 2023.

PRICE WATERHOUSE & CO. S.R.L. (Partner)

Carlos Martín Barbafina

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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 Unaudited Consolidated Condensed Interim Financial Statements of the Company.

Terms		Definitions
ADR		American Depositary Receipt
BCRA		Argentina's Central Bank
BNA		Banco de la Nación Argentina
CAMMESA		Compañía Administradora del Mercado Eléctrico Mayorista S.A.
CB		Corporate Bonds
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
CTB		CT Barragán S.A
EAR		Effective Annual Rate
EISA		Energía Inversora S.A.
ENRE		National Regulatory Authority of Electricity
GASA		Generación Argentina S.A.
Greenwind		Greenwind S.A.
GyP		Gas y Petróleo del Neuquén S.A.P.E.M.
HIDISA		Hidroeléctrica Diamante S.A.
HINISA		Hidroeléctrica Los Nihuiles S.A.
IASB		International Accounting Standards Board
MATER		Renewable Energy Forward Market
MLC		Foreign Exchange Market
MW		Megawatt
IAS		International Accounting Standards
IFRS		International Financial Reporting Standards
NYSE		New York Stock Exchange
OCP		Oleoductos de Crudos Pesados Ltd

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GLOSSARY OF TERMS: (Continuation)

Terms		Definitions
PB18		Pampa Bloque 18 S.A. (former Ecuador TLC S.A.)
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.
SACDE		Argentine Society of Construction and Strategic Development
SE		Secretary of Energy
TGS		Transportadora de Gas del Sur S.A.
TGU		Transporte y Servicios de Gas en Uruguay S.A.
TJSM		Termoeléctrica José de San Martín S.A.
TMB		Termoeléctrica Manuel Belgrano S.A.
The Company / Pampa		Pampa Energía S.A.
The Group		Pampa Energía S.A. and its subsidiaries
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.
US$		U.S. dollar
VAR		Vientos de Arauco Renovables S.A.U.
WEM		Wholesale Electrical Market
YPF		YPF S.A.

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME

For the three-month period ended March 31, 2023,

presented in comparative format.

(In millions of Argentine Pesos ("$"))

	Note		03.31.2023		03.31.2022
Revenue	8		83,915		44,011
Cost of sales	9		(50,538)		(26,244)
Gross profit			33,377		17,767
Selling expenses	10.1		(3,193)		(2,063)
Administrative expenses	10.2		(8,310)		(3,529)
Exploration expenses	10.3		(48)		(8)
Other operating income	10.4		4,859		1,300
Other operating expenses	10.4		(3,845)		(1,668)
Impairment recovery (Impairment) of intangible assets and inventories			411		(9)
Impairment of financial assets			(291)		(127)
Share of profit from associates and joint ventures	5.1.2		3,200		2,682
Operating income			26,160		14,345
Financial income	10.5		193		246
Financial costs	10.5		(14,711)		(4,195)
Other financial results	10.5		14,643		(289)
Financial results, net			125		(4,238)
Profit before income tax			26,285		10,107
Income tax	10.6		643		347
Profit for the period			26,928		10,454
Other comprehensive income
Items that will not be reclassified to profit or loss
Exchange differences on translation			76,810		15,371
Items that may be reclassified to profit or loss
Exchange differences on translation			2,485		4,401
Other comprehensive income of the period			79,295		19,772
Total comprehensive income of the period			106,223		30,226

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UNAUDITED CONSOLIDATED CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Continuation)

For the three-month period ended March 31, 2023,

presented in comparative format.

(In millions of Argentine Pesos ("$"))

	Note		03.31.2023		03.31.2022
Total income of the period attributable to:
Owners of the Company			26,918		10,304
Non-controlling interest			10		150
			26,928		10,454
Total comprehensive income of the period attributable to:
Owners of the Company			105,983		30,024
Non-controlling interest			240		202
			106,223		30,226
Earnings per share attributable to equity holders of the Company
Basic and diluted earnings per share	13.2		19.51		7.46

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION

As of March 31, 2023,

presented in comparative format.

(In millions of Argentine Pesos ("$"))

	Note		03.31.2023		12.31.2022
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	11.1		478,125		383,464
Intangible assets	11.2		27,048		24,364
Right-of-use assets			1,652		1,521
Deferred tax asset	11.3		9,185		6,326
Investments in associates and joint ventures	5.1.2		195,096		159,833
Financial assets at amortized cost	12.1		21,038		18,000
Financial assets at fair value through profit and loss	12.2		5,742		4,867
Other assets			103		91
Trade and other receivables	12.3		5,823		3,415
Total non-current assets			743,812		601,881
CURRENT ASSETS
Inventories	11.4		40,092		30,724
Financial assets at amortized cost	12.1		3,485		1,357
Financial assets at fair value through profit and loss	12.2		130,780		103,856
Derivative financial instruments			187		161
Trade and other receivables	12.3		100,683		83,328
Cash and cash equivalents	12.4		26,298		18,757
Total current assets			301,525		238,183
Total assets			1,045,337		840,064

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Continuation)

As of March 31, 2023,

presented in comparative format.

(In millions of Argentine Pesos ("$"))

	Note		03.31.2023		12.31.2022
SHAREHOLDERS´ EQUITY
Share capital	13.1		1,380		1,380
Share capital adjustment			7,231		7,231
Share premium			19,950		19,950
Treasury shares	13.1		4		4
Treasury shares adjustment			21		21
Treasury shares cost			(2,280)		(2,280)
Legal reserve			9,600		8,137
Voluntary reserve			202,029		171,243
Other reserves			(322)		(448)
Other comprehensive income			141,300		113,720
Retained earnings			130,659		84,505
Equity attributable to owners of the company			509,572		403,463
Non-controlling interest			1,397		1,157
Total equity			510,969		404,620
LIABILITIES
NON-CURRENT LIABILITIES
Provisions	11.5		30,907		26,062
Income tax and minimum notional income tax provision	11.6		35,719		31,728
Deferred tax liability	11.3		23,590		19,854
Defined benefit plans			6,650		4,908
Borrowings	12.5		281,374		237,437
Trade and other payables	12.6		5,813		3,757
Total non-current liabilities			384,053		323,746
CURRENT LIABILITIES
Provisions	11.5		909		779
Income tax liability	11.6		506		927
Tax liabilities			6,026		4,966
Defined benefit plans			984		1,021
Salaries and social security payable			4,502		5,627
Derivative financial instruments			371		318
Borrowings	12.5		67,982		48,329
Trade and other payables	12.6		69,035		49,731
Total current liabilities			150,315		111,698
Total liabilities			534,368		435,444
Total liabilities and equity			1,045,337		840,064

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

For the three-month period ended March 31, 2023,

presented in comparative format.

(In millions of Argentine Pesos ("$"))

	Attributable to owners
	Equity holders of the company		Retained earnings
	Share capital		Share capital adjustment		Share premium		Treasury shares		Treasury shares adjustment		Treasury shares cost		Legal reserve		Voluntary reserve		Other reserves		Other comprehensive income		Retained earnings		Subtotal		Non-controlling interest		Total equity
Balance as of December 31, 2021	1,382		7,245		19,950		4		21		(238)		5,203		54,528		(550)		51,432		44,454		183,431		609		184,040
Treasury shares acquisition	-		-		-		-		-		(183)		-		-		-		-		-		(183)		-		(183)
Stock compensation plans	-		-		-		-		-		-		-		-		(59)		-		-		(59)		-		(59)
Profit for the three-month period	-		-		-		-		-		-		-		-		-		-		10,304		10,304		150		10,454
Other comprehensive income for the three-month period	-		-		-		-		-		-		513		5,452		-		9,471		4,284		19,720		52		19,772
Balance as of March 31, 2022	1,382		7,245		19,950		4		21		(421)		5,716		59,980		(609)		60,903		59,042		213,213		811		214,024
Legal and voluntary reserve constitution	-		-		-		-		-		-		(485)		44,939		-		-		(44,454)		-		-		-
Capital reduction	-		-		-		(2)		(14)		209		-		(193)		-		-		-		-		-		-
Treasury shares acquisition	(2)		(14)		-		2		14		(2,068)		-		-		-		-		-		(2,068)		-		(2,068)
Dividens ditribution	-		-		-		-		-		-		-		-		-		-		-		-		(25)		(25)
Stock compensation plans	-		-		-		-		-		-		-		-		161		-		-		161		-		161
Profit (Loss) for the complementary nine-month period	-		-		-		-		-		-		-		-		-		-		54,555		54,555		(109)		54,446
Other comprehensive income for the complementary nine-month period	-		-		-		-		-		-		2,906		66,517		-		52,817		15,362		137,602		480		138,082
Balance as of December 31, 2022	1,380		7,231		19,950		4		21		(2,280)		8,137		171,243		(448)		113,720		84,505		403,463		1,157		404,620

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Continuation)

For the three-month period ended March 31, 2023,

presented in comparative format

(In millions of Argentine Pesos ("$"))

	Attributable to owners
	Equity holders of the company		Retained earnings
	Share capital		Share capital adjustment		Share premium		Treasury shares		Treasury shares adjustment		Treasury shares cost		Legal reserve		Voluntary reserve		Other reserves		Other comprehensive income		Retained earnings		Subtotal		Non-controlling interest		Total equity
Balance as of December 31, 2022	1,380		7,231		19,950		4		21		(2,280)		8,137		171,243		(448)		113,720		84,505		403,463		1,157		404,620
Stock compensation plans	-		-		-		-		-		-		-		-		126		-		-		126		-		126
Profit for the three-month period	-		-		-		-		-		-		-		-		-		-		26,918		26,918		10		26,928
Other comprehensive income for the three-month period	-		-		-		-		-		-		1,463		30,786		-		27,580		19,236		79,065		230		79,295
Balance as of March 31, 2023	1,380		7,231		19,950		4		21		(2,280)		9,600		202,029		(322)		141,300		130,659		509,572		1,397		510,969

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the three-month period ended March 31, 2023,

presented in comparative format.

(In millions of Argentine Pesos ("$"))

	Note		03.31.2023		03.31.2022
Cash flows from operating activities:
Profit for the period			26,928		10,454
Adjustments to reconcile net profit to cash flows from operating activities:	14.1		8,050		7,733
Changes in operating assets and liabilities	14.2		(2,436)		(5,545)
Net cash generated by operating activities			32,542		12,642
Cash flows from investing activities
Payment for property, plant and equipment acquisitions			(35,060)		(7,848)
Payment for public securities and shares acquisitions, net			(4,926)		(1,972)
Recovery (Suscription) of mutual funds, net			2,130		(215)
Payment for the acquisition of associates			-		(62)
Collection for equity interests in companies sales			55		216
Collections for property, plant and equipment sales			58		3
Collections for intangible assets sales			1,626		253
Dividends received			-		446
(Payment) Collection of loans			(217)		1,172
Net cash used in investing activities			(36,334)		(8,007)
Cash flows from financing activities
Proceeds from borrowings	12.5		28,783		2,564
Payment of borrowings	12.5		(11,465)		-
Payment of borrowings interests	12.5		(10,055)		(4,327)
Payment for treasury shares acquisition			-		(183)
Repurchase of corporate bonds	12.5		(586)		-
Payments of leases			(75)		(183)
Net cash generated by (used in) financing activities			6,602		(2,129)
Increase in cash and cash equivalents			2,810		2,506
Cash and cash equivalents at the beginning of the year	12.4		18,757		11,283
Exchange and conversion difference generated by cash and cash equivalents			4,731		835
Increase in cash and cash equivalents			2,810		2,506
Cash and cash equivalents at the end of the period	12.4		26,298		14,624

The accompanying notes are an integral part of these Unaudited Consolidated Condensed Interim Financial Statements.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM

FINANCIAL STATEMENTS

For the three-month period ended March 31, 2023,

presented in comparative format.

(In millions of Argentine Pesos ("$"))

NOTE 1: GENERAL INFORMATION

General information of the Company

The Company is a fully integrated power company in Argentina, which directly and through its subsidiaries, participates in the electric energy and gas value chains.

In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,386 MW installed capacity as of March 31, 2023, which represents approximately 12% of Argentina's installed capacity, and being one of the four largest independent generators in the country. Additionally, the Company is currently undergoing a process to expand its installed capacity by an additional 185 MW.

In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, with operations in 11 production areas and 4 exploratory areas reaching a production level of 8.9 million m3/day of natural gas and 5.2 thousand boe/day of oil in Argentina, during the three-month period ended March 31, 2023. Its main natural gas production blocks are located in the Provinces of Neuquén and Río Negro.

In the petrochemicals segment, operations are located in Argentina, where the Company operates two high-complexity plants producing styrene, synthetic rubber and polystyrene, with a domestic market share ranging between 94% and 100%.

Finally, through the holding and others segment, the Company participates in the electricity transmission and oil and gas transportation businesses. In the electricity transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 21,697 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding a concession for the transportation of natural gas with 9,233 km of gas pipelines in the center, west and south of Argentina, and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bahía Blanca, in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides, the Company owns a 30.1% indirect interest in OCP, licensee company of an oil pipeline in Ecuador that has a transportation capacity of 450 thousand barrels/day. Additionally, the segment includes advisory services provided to related companies.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 2: REGULATORY FRAMEWORK

2.1	Generation

2.1.1

Renewable Energy Term Market ("MATER" Regime)

On March 20, 2023, SE Resolution No. 165/23 was passed, which modified the penalty system applicable to MATER projects, including projects awarded under the Renovar MiniRen Program, Round 3. Penalties for breaches in the committed supply of energy were incorporated into the system, to be discounted in 12 monthly and consecutive installments as from commercial commissioning, keeping the generator's option to cancel the penalties in 48 monthly and consecutive installments with the application of a 1.7% EAR in U.S. dollars. To avoid affecting the projects' minimum maintenance, a 20% discount cap for the monthly transaction was established for those generators opting into the 48-installment scheme. The balance following the application of this cap will be discounted in the first transaction in which the penalty is below the stated cap; if the number of installments is exceeded, the scheme will be maintained until the penalties' full cancellation and, in case the contract term is exceeded, the payment scheme may be restructured, or the discount cap may be increased to 40% of the transaction.

2.1.2

Supply Agreements with CAMMESA

2.1.2.1 Renovar Programs

In line with the scheme set forth by SE Resolution No. 1,260/21 and to address the issue of projects under the different Renovar rounds breaching the committed commercial commissioning dates, on April 25, 2023, the SE passed Resolution No. 284/23 to release the transportation capacity committed under different Renovar Rounds having difficulties with the projects' conclusion. The new scheme authorizes holders of these projects to terminate the Supply Agreement with CAMMESA against the payment of an amount equivalent to US$ 35,000 per MW of the project's power capacity, the waiver of claims against the Federal Government, the SE and/or CAMMESA, an indemnity commitment to realease these authorities against claims by its shareholders or controlling, controlled and/or affiliated companies, and the waiver of granted and unused fiscal benefits. Applications should be presented to CAMMESA within 30 calendar days from the resolution's publication.

2.1.2.2 Remuneration for combined cycles

SE Resolution No. 59/23 dated February 7, 2023 established an opt-in system under which combined cycles' owners could execute an availability and efficiency optimization agreement with CAMMESA. The agreement contemplates an availability commitment for 85% of the net power capacity for a maximum term of 5 years and sets a US$ 2,000/MW-month remuneration for the available power capacity and the dollarization of the energy price based on the fuel used (US$ 3.5/MWh for natural gas and US$ 6.1/MWh for fuel oil and gas oil). Besides, it provides for a 35% and 15% reduction in the remuneration collectible for guaranteed power capacity for generators with availability commitments in the spot market for the summer-winter and autumn-spring periods, respectively.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 2: (Continuation)

The Company executed agreements with CAMMESA for its CTLL and Genelba power plants' combined cycles. On the other side, CTB executed an agreement with CAMMESA for its open cycle's gas turbines units. In all cases, agreements are effective from March 1, 2023 to February 29, 2028.

2.2	Oil and Gas

Natural gas exports

On April 19, 2023, the SE notified the Company of the extension of the Neuquina basin's natural gas export quota for the next winter period, consisting of: (i) an extraordinary and priority quota of 2 million m3/d for the months of May and June 2023, assignable pro rata among the "July Flat Gas Commitment" awardees, and (ii) a firm winter export quota under Plan GasAr for a 3 million m3/d volume for the months of July, August and September 2023.

In this sense, the Company was assigned a volume of 872,727 m3/d and 857,449 m3/d for the first and second periods, respectively. Moreover, the minimum price for export permits will remain at US$ 7.73/MMBTU.

Besides, the following summer export quotas were assigned: 9 million m3/d for the Neuquina Basin and 2 million m3/d for the Austral Basin. The minimum price will result from calculating the simple average Brent oil prices in the first fifteen days of the month prior to delivery, multiplied by 7%. The Company was assigned a 1,452,878 m3/d volume.

2.3	Gas Transportation

TGS's Tariff situation

On March 16, 2023, TGS's Board of Directors approved a proposed addendum to the renegotiation transitionary agreement (the "2023 RTT") sent by ENARGAS. On April 27, 2023, ENARGAS issued Resolution No. 186/23 publishing the new effective tariff schemes. The 2023 RTT was later ratified by PEN Executive Order No. 250/23 dated April 29, 2023.

The 2023 RTT includes, effective from April 29, 2023, a 95% transitionary tariff scheme on the natural gas transportation tariff and the access and use charge. While it is in force, TGS may not distribute dividends or directly or indirectly early cancel financial and commercial debts taken on with shareholders, acquire other companies or grant loans. If TGS deems it appropriate to act otherwise regarding the payment of dividends, it should require the Ministry of Economy's authorization.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 2: (Continuation)

2.4	Transmission

Transener and Transba's tariff situation

On April 20, 2023, under ENRE Resolution No. 364/23, the ENRE launched the comprehensive tariff review process for electricity transmission companies pursuant to Act No. 24,065 and Act No. 27,541, setting a 30-day term as from June 1, 2023 to draw up the guidelines and schedule for its development.

2.5	Regulations on access to the MLC

The main updates introduced by the BCRA on MLC inflow and outflow regulations which were disclosed in the Consolidated Financial Statements as of December 31, 2022, are summarized below.

On April 20, 2023, for the provision of certain services, the BCRA prior authorization was incorporated as requirement to access the MLC before 60 calendar days as from approval of the Argentine Republic's Imports and Foreign Service Payments System ("SIRASE")'s affidavit. This requirement is not applicable in the following cases: (i) payments through a swap and/or arbitrage against a foreign-currency domestic account; (ii) access simultaneously with the settlement of a new foreign financial indebtedness for which the principal matures after the stated term; and (iii) access with funds originated in the financing of service imports granted by a domestic financial entity with a commercial credit line abroad when the total principal of the financing matures after the stated term.

As regards transactions with stock market assets, the term during which transactions may not be conducted is extended to 180 calendar days for securities issued under foreign law and maintained at 90 days for securities issued under Argentine law, to be submitted in the affidavits to access the MLC.

More information on Argentina's foreign exchange regulations can be found at the Central Bank's website: www.bcra.gov.ar.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 3: BASIS OF PREPARATION

These Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2023 have been prepared pursuant to the provisions of IAS 34, "Interim Financial Information", are expressed in million pesos and were approved for their issuance by the Company's Board of Directors on May 10, 2023.

The information included in the Consolidated Condensed Interim Financial Statements is recorded in US dollars, which is the Company's functional currency and, in accordance with CNV requirements, is presented in pesos, the legal currency in Argentina.

This consolidated condensed interim financial information had been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through profit or loss and they should be read together with the Consolidated Financial Statements as of December 31, 2022, which have been prepared under IFRS.

These Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2023 have not been audited. The Company's management estimates they include all the necessary adjustments to state fairly the results of operations for the period. The results for the three-month period ended March 31, 2023, does not necessarily reflect in proportion the Company's results for the complete year.

The accounting policies have been consistently applied to all entities within the Group.

Comparative information

The information as of December 31, 2022 and for the three-month period ended March 31, 2022, disclosed for comparative purposes, arises from the Consolidated Financial Statements as of those dates.

Additionally, certain non-significant reclassifications have been made to those Consolidated Financial Statements´ figures to keep the consistency in the presentation with the figures of the current period.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 4: ACCOUNTING POLICIES

The accounting policies applied in these Consolidated Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last fiscal year, which ended on December 31, 2022.

New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2023 and adopted by the Company

The Company has applied the following standards and / or amendments for the first time as of January 1, 2023:

-	IFRS 17 - "Insurance Contracts" (issued in May 2017 and modified in June 2020 and December 2021).

-	IAS 1 - "Presentation of financial statements" (amended in February 2021).

-	IAS 8 - "Accounting Policies" (amended in February 2021).

-	IAS 12 - "Income Tax" (amended in May 2021).

The application of the detailed standards and amendments did not have any impact on the results of the operations or the financial position of the Company.

17

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 5: GROUP STRUCTURE

5.1	Interest in subsidiaries, associates and joint ventures

5.1.1

Subsidiaries information

						03.31.2023		12.31.2022
Company		Country		Main activity		Direct and indirect participation %		Direct and indirect participation %
Autotrol Renovable S.A.		Argentina		Generation		100.00%		100.00%
GASA		Argentina		Generation		100.00%		100.00%
Enecor S.A.		Argentina		Electricity transportation		70.00%		70.00%
Fideicomiso CIESA		Argentina		Investment		100.00%		100.00%
Greenwind		Argentina		Generation		100.00%		100.00%
HIDISA		Argentina		Generation		61.00%		61.00%
HINISA		Argentina		Generation		52.04%		52.04%
CISA		Argentina		Trader & investment		100.00%		100.00%
PEB		Bolivia		Investment		100.00%		100.00%
PB18		Ecuador		Oil		100.00%		100.00%
Energía Operaciones ENOPSA S.A.		Ecuador		Oil		100.00%		100.00%
Pampa Ecuador Inc		Nevis		Investment		100.00%		100.00%
PE Energía Ecuador LTD		Gran Cayman		Investment		100.00%		100.00%
EISA		Uruguay		Investment		100.00%		100.00%
PISA		Uruguay		Investment		100.00%		100.00%
TGU		Uruguay		Gas transportation		51.00%		51.00%
Petrolera San Carlos S.A.		Venezuela		Oil		100.00%		100.00%
Vientos de Arauco Renovables S.A.U.		Argentina		Generation		100.00%		100.00%
Vientos Solutions Argentina S.A.U.		Argentina		Advisory services		100.00%		100.00%
VS SLU		España		Investment		100.00%		100.00%

18

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

5.1.2

Associates and joint ventures information

The following table presents the main activity and the financial information used for valuation and percentages of participation in associates and joint ventures:

				Information about the issuer
		Main activity		Date		Share capital		Profit (Loss) of the period		Equity		Direct and indirect participation %
Associates
OCP		Investment		03.31.2023		17,796		(51)		17,070		30.06%
TGS (1)		Gas transportation		03.31.2023		753		5,663		330,961		3.576%
Joint ventures
CIESA (1)		Investment		03.31.2023		639		2,876		168,885		50.00%
Citelec (2)		Investment		03.31.2023		556		2,218		52,860		50.00%
CTB		Generation		03.31.2023		8,558		1,042		113,114		50.00%

(1)	The Company holds a direct and indirect interest of 3.576% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS.

As of March 31, 2023, the quotation of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $ 824.75 and US$ 10.24, respectively, granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 190,525 million.

(2)

The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener's capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of March 31, 2023, Transener's common share price listed at the Buenos Aires Stock Exchange was $ 199.75 conferring Pampa's indirect interest an approximate $ 23,383 million market value.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

The detail of the balances of investments in associates and joint ventures is as follows:

		03.31.2023		12.31.2022
Disclosed in non-current assets
Associates
OCP		3,203		2,679
TGS		13,787		11,805
Other		4		3
Total associates		16,994		14,487
Joint ventures
CIESA		95,114		77,043
Citelec		26,430		20,801
CTB		56,558		47,502
Total joint ventures		178,102		145,346
Total associates and joint ventures		195,096		159,833

The following table shows the breakdown of the result from investments in associates and joint ventures:

		03.31.2023		03.31.2022
Associates
Refinor (1)		-		(1,328)
OCP		39		(703)
TGS		203		308
Total associates		242		(1,723)
Joint ventures
CIESA		1,328		2,037
Citelec		1,109		21
CTB		521		2,315
Greenwind (2)		-		32
Total joint ventures		2,958		4,405
Total associates and joint ventures		3,200		2,682

(1)	During 2022, the Company sold its equity interests in Refinor.

(2)	On August 12, 2022, the Company acquired an additional 50% indirect stake in Greenwind's capital stock and the control of this company.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

The evolution of investments in associates and joint ventures is as follows:

		03.31.2023		03.31.2022
At the beginning of the year		159,833		79,114
Dividends		-		(844)
Increases		-		62
Decrease due to sale of equity interests		(658)		-
Share of profit		3,200		3,924
Impairment		-		(1,242)
Exchange differences on translation		32,721		10,821
At the end of the period		195,096		91,835

5.1.3

Investment in OCP

On May 4, 2023, the Company, through its subsidiary PEB, entered into a purchase agreement with Repsol OCP de Ecuador S.A. to acquire 2,979,606,613 additional shares, representing 29.66% of the share capital, of OCP Ltd, which in turn holds the whole share capital and voting rights of OCP SA, for a price of US$ 15 million, adjusted by subtracting the dividends collected by Repsol between January 1, 2023 and the transaction closing date. The completion of the transaction is subject to the customary precedent conditions, including the applicable governmental approvals.

5.1.4

Investment in CTB

Closing to combined cycle project

On February 22, 2023, CTB stared operations under the supply agreement with CAMMESA. On April 26, 2023, CTB was commissioned to operate with gas oil.

Issuance of CB

The resolutive condition of the guarantees granted by CTB's co-controlling shareholders (Pampa Energía S.A. and YPF S.A.) in favor of holders of outstanding Classes 1, 2, 4, 6, 7 and 8 CB issued by CTB to secure the timely and proper payment of any owed amount, including principal and interest services, was fulfilled with the combined cycle's commissioning on February 22, 2023. Consequently, these guarantees are terminated, ineffective and unenforceable.

After the period closing, on April 3, 2023, CTB issued Class 9 CB for a total amount of US$ 50 million at an annual fixed interest rate of 0% and maturing on April 3, 2026. Class 9 CB were subscribed and paid in cash and in-kind through the delivery of Class 1 CB, Class 1 CB with a fair value of US$ 2.2 million were partially canceled, with a US$ 30 million outstanding face value.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 5: (Continuation)

As of the date of issuance of these Consolidated Condensed Interim Financial Statements, CTB is in compliance with all the covenants under its debt agreements.

5.2	Oil and gas participations

Continuity plan in the Parva Negra Este block

On December 14, 2022, the Company, ExxonMobil Exploration Argentina S.R.L. and GyP submitted to the Provincial Enforcement Authority a proposal for a contractual continuity plan which included: (i) the granting of a Lot under Evaluation for the April-2022 through April-2025 period, (ii) a 50% reduction of the block's surface, to a total surface of 143 km2, (iii) the assignment of ExxonMobil Exploration Argentina S.R.L.'s 42.50% interest to the Company, and (iv) the commitment to drill and complete 1 horizontal well targeting Vaca Muerta before September 2024.

As of the issuance of these Consolidated Condensed Interim Financial Statements, the parties have executed an addendum to the Joint Venture agreement under the stated terms, and the Provincial Executive Order approving it is pending issuance.

Anticlinal Campamento termination agreement

On January 19, 2023, the Company accepted Oilstone Energía S.A.'s offer to terminate its rights and obligations under the investment agreement, the Joint Venture and the operating agreement of the block, effective from January 1, 2023.

Estación Fernández Oro termination agreement

On March 14, 2023, the Company accepted YPF S.A.'s proposal to terminate, effective as from January 1, 2023, all the Company's rights and obligations in the investment agreement, the Joint Venture and the operating agreement for the Estación Fernández Oro block's exploitation concession.

Las Tacanas Norte Exploration Permit Termination

On January 4, 2023, the Las Tacanas Norte block exploration period terminated, and the Company's rights and obligations over the area expired.

Aguaragüe Concession Extension

On February 3, 2023, an agreement for a 10-year extension of the concession was signed with the enforcement authority. The agreement includes investment commitments for the execution of 1 well, 2 workovers and 2D seismic reprocessing.

As of the issuance of these Consolidated Condensed Interim Financial Statements, the Provincial Executive Order ratifying this agreement is pending publication.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 6: RISKS

6.1 Critical accounting estimates and judgments

The preparation of these Consolidated Condensed Interim Financial Statements requires the Company's Management to make future estimates and assessments, to apply critical judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities, and income and expenses.

Those estimates and judgments are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Condensed Interim Financial Statements.

In the preparation of these Consolidated Condensed Interim Financial Statements, management judgements on applying the Company's accounting policies and sources of information used for the respective estimates are the same as those applied in the Consolidated Financial Statements for the year ended December 31, 2022.

6.2 Financial risk management

The Company's activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk and price risk), credit risk and liquidity risk.

No significant changes have arisen in risk management policies since last year.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 7: SEGMENT INFORMATION

The Company is a fully integrated power company in Argentina, which participates in the electricity and oil and gas value chains.

Through its own activities, subsidiaries and share holdings in joint ventures and associates, and based on the business nature, customer portfolio and risks involved, the following business segments have been identified:

Electricity Generation, principally consisting of the Company's direct and indirect interests in HINISA, HIDISA, Greenwind, VAR, CTB, TMB, TJSM and through its own electricity generation activities through thermal plants Güemes, Piedra Buena, Piquirenda, Loma de la Lata, Genelba, Ecoenergía, Pilar, I. White, the Pichi Picún Leufú hydroelectric complex and PEPE II, PEPE III and PEPE IV wind farms. It is worth highlighting that the results of the segment's operations reflect the effects of the consolidation with Greenwind and VAR as from August 12, 2022, and December 16, 2022, respectively.

Oil and Gas, principally consisting of the Company's interests in oil and gas areas and through its direct and indirect interest in CISA.

Petrochemicals, comprising of the Company's own styrenics operations and the catalytic reformer plant operations conducted in local plants.

Holding and Other Business, principally consisting of interests in joint businesses CITELEC and CIESA and their respective subsidiaries, which hold the concession over the high voltage electricity transmission nationwide and over gas transportation in the south of the country, respectively, interests in the associate OCP, holding activities and other financial investment transactions.

The Company manages its operating segment based on its individual net result in U.S. dollars.

24

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

		in million of US$		in million of $
Consolidated profit and loss information for the three-month period ended March 31, 2023		Generation		Oil and gas		Petrochemicals		Holding and others		Eliminations		Consolidated		Consolidated
Revenue - local market		173		79		89		4		-		345		67,409
Revenue - foreign market		-		50		36		-		-		86		16,506
Intersegment revenue		-		25		-		-		(25)		-		-
Cost of sales		(84)		(92)		(114)		-		25		(265)		(50,538)
Gross profit		89		62		11		4		-		166		33,377
Selling expenses		(1)		(12)		(3)		-		-		(16)		(3,193)
Administrative expenses		(12)		(18)		(2)		(9)		-		(41)		(8,310)
Exploration expenses		-		-		-		-		-		-		(48)
Other operating income		11		5		-		-		-		16		4,859
Other operating expenses		(5)		(5)		-		(3)		-		(13)		(3,845)
Impairment recovery of intangible assets		-		-		-		2		-		2		411
Impairment of financial assets		-		-		-		-		-		-		(291)
Share of profit from associates and joint ventures		2		-		-		13		-		15		3,200
Operating income		84		32		6		7		-		129		26,160
Financial income		-		-		-		2		(2)		-		193
Financial costs		(25)		(38)		(1)		(14)		2		(76)		(14,711)
Other financial results		34		5		-		45		-		84		14,643
Financial results, net		9		(33)		(1)		33		-		8		125
Profit before income tax		93		(1)		5		40		-		137		26,285
Income tax		3		-		-		1		-		4		643
Profit (Loss) of the period		96		(1)		5		41		-		141		26,928
Depreciation and amortization		26		32		1		-		-		59		11,369

25

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

		in million of US$		in million of $
Consolidated profit and loss information for the three-month period ended March 31, 2023		Generation		Oil and gas		Petrochemicals		Holding and others		Eliminations		Consolidated		Consolidated
Total profit (loos) of the year attributable to:
Owners of the company		96		(1)		5		41		-		141		26,918
Non-controlling interest		-		-		-		-		-		-		10
Consolidated financial position information as of March 31, 2023
Assets		2,661		1,288		176		1,043		(167)		5,001		1,045,337
Liabilities		1,014		1,315		162		232		(166)		2,557		534,368
Net book values of property, plant and equipment		1,369		859		25		35		-		2,288		478,125
Additional consolidated information as of March 31, 2023
Increases in property, plant and equipment		93		88		2		2		-		185		36,399

26

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

		in million of US$		in million of $
Consolidated profit and loss information for the three-month period ended March 31, 2022		Generation		Oil and gas		Petrochemicals		Holding and others		Eliminations		Consolidated		Consolidated
Revenue - local market		166		58		85		7		-		316		33,709
Revenue - foreign market		-		55		41		-		-		96		10,302
Intersegment revenue		-		24		-		-		(24)		-		-
Cost of sales		(84)		(71)		(116)		-		24		(247)		(26,244)
Gross profit		82		66		10		7		-		165		17,767
Selling expenses		(1)		(15)		(4)		-		-		(20)		(2,063)
Administrative expenses		(9)		(14)		(1)		(8)		-		(32)		(3,529)
Exploration expenses		-		-		-		-		-		-		(8)
Other operating income		4		4		-		3		-		11		1,300
Other operating expenses		(1)		(12)		-		(2)		-		(15)		(1,668)
Impairment of inventories		-		-		-		-		-		-		(9)
Impairment of financial assets		-		-		-		(1)		-		(1)		(127)
Share of profit from associates and joint ventures		22		-		-		3		-		25		2,682
Operating income		97		29		5		2		-		133		14,345
Financial income		1		1		-		3		(2)		3		246
Financial costs		(13)		(24)		(1)		(3)		2		(39)		(4,195)
Other financial results		9		(12)		1		-		-		(2)		(289)
Financial results, net		(3)		(35)		-		-		-		(38)		(4,238)
Profit before income tax		94		(6)		5		2		-		95		10,107
Income tax		4		2		-		(1)		-		5		347
Profit (Loss) of the period		98		(4)		5		1		-		100		10,454
Depreciation and amortization		22		27		1		-		-		50		5,374

27

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 7: (Continuation)

		in million of US$		in million of $
Consolidated profit and loss information for the three-month period ended March 31, 2022		Generation		Oil and gas		Petrochemicals		Holding and others		Eliminations		Consolidated		Consolidated
Total profit (loss) of the period attributable to:
Owners of the company		97		(4)		5		1		-		99		10,304
Non-controlling interest		1		-		-		-		-		1		150
Consolidated financial position information as of December 31, 2022
Assets		2,464		1,234		177		1,029		(162)		4,742		840,064
Liabilities		979		1,248		147		245		(161)		2,458		435,444
Net book values of property, plant and equipment		1,299		807		24		34		-		2,164		383,464
Additional consolidated information as of March 31, 2022
Increases in property, plant and equipment		10		63		-		1		-		74		7,878

28

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 8: REVENUE

		03.31.2023		03.31.2022
Energy sales in Spot Market		11,218		5,983
Energy sales by supply contracts		18,704		9,138
Fuel supply		3,992		2,511
Other sales		52		121
Generation sales subtotal		33,966		17,753
Gas sales		17,393		8,235
Oil sales		7,018		3,489
Other sales		351		321
Oil and gas sales subtotal		24,762		12,045
Products from catalytic reforming sales		10,902		5,385
Styrene sales		3,751		2,263
Synthetic rubber sales		3,238		2,356
Polystyrene sales		6,463		3,360
Other sales		124		130
Petrochemicals sales subtotal		24,478		13,494
Technical assistance and administration services sales		686		715
Other sales		23		4
Holding and others subtotal		709		719
Total revenue		83,915		44,011

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NOTE 9: COST OF SALES

		03.31.2023		03.31.2022
Inventories at the beginning of the year		30,724		15,888
Plus: Charges of the period
Purchases of inventories, energy and gas		22,948		14,455
Salaries and social security charges		3,912		1,917
Employees benefits		703		366
Defined benefit plans		574		160
Works contracts, fees and compensation for services		5,217		1,749
Property, plant and equipment depreciation		10,715		5,007
Intangible assets amortization		288		12
Right-of-use assets amortization		37		215
Energy transportation		427		172
Transportation and freights		617		335
Consumption of materials		1,106		553
Penalties		89		14
Maintenance		2,063		1,245
Canons and royalties		4,088		1,921
Environmental control		316		104
Rental and insurance		1,387		811
Surveillance and security		200		90
Taxes, rates and contributions		193		126
Other		190		41
Total charges of the period		55,070		29,293
Exchange differences on translation		4,836		1,036
Less: Inventories at the end of the period		(40,092)		(19,973)
Total cost of sales		50,538		26,244

30

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 10: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME

10.1 Selling expenses

			03.31.2023		03.31.2022
Salaries and social security charges			247		139
Employees benefits			20		8
Fees and compensation for services			174		90
Property, plant and equipment depreciation			1		1
Taxes, rates and contributions			615		271
Transportation and freights			2,093		1,518
Other			43		36
Total selling expenses			3,193		2,063

10.2 Administrative expenses

			03.31.2023		03.31.2022
Salaries and social security charges			3,344		1,344
Employees benefits			350		136
Defined benefit plans			1,246		280
Fees and compensation for services			1,301		882
Compensation agreements			865		310
Directors' and Sindycs' fees			282		149
Property, plant and equipment depreciation			328		139
Consumption of materials			15		12
Maintenance			107		65
Transport and per diem			93		26
Rental and insurance			25		8
Surveillance and security			47		22
Taxes, rates and contributions			98		55
Communications			52		27
Other			157		74
Total administrative expenses			8,310		3,529

10.3 Exploration expenses

			03.31.2023		03.31.2022
Geological and geophysical expenses			48		8
Total exploration expenses			48		8

31

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 10: (Continuation)

10.4 Other operating income and expenses

		03.31.2023		03.31.2022
Other operating income
Insurance recovery		4		15
Services provided to third parties		34		45
Results for property, plant and equipment sale and derecognition		51		3
Result from intangible assets sale		-		252
Contingencies recovery		2		1
Tax charges recovery		12		8
Commercial interests		2,791		445
Contractual indemnity		1,360		-
Argentine Natural Gas Production Promotion Plan		464		396
Other		141		135
Total other operating income		4,859		1,300
Other operating expenses
Provision for contingencies		(250)		(53)
Provision for environmental remediation		(10)		-
Results for property, plant and equipment sale and derecognition		(19)		(34)
Tax credits´ impairment		(8)		(1)
Tax on bank transactions		(656)		(325)
Donations and contributions		(83)		(47)
Institutional promotion		(104)		(87)
Costs of concessions agreements completion		(794)		-
Contractual penalty		(1,360)		-
Readjustment of investment plan (1)		-		(1,011)
Royalties of Argentine Natural Gas Production Promotion Plan		(66)		(57)
Other		(495)		(53)
Total other operating expenses		(3,845)		(1,668)

(1)	Corresponding to the investment plan's readjustment bond at the Sierra Chata block.

32

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 10: (Continuation)

10.5 Financial results

		03.31.2023		03.31.2022
Financial income
Financial interest		85		17
Other interest		108		229
Total financial income		193		246
Financial costs
Financial interests (1)		(11,398)		(3,502)
Commercial interests		(31)		(19)
Fiscal interests		(2,758)		(408)
Other interests		(166)		(75)
Bank and other financial expenses		(358)		(191)
Total financial costs		(14,711)		(4,195)
Other financial results
Foreign currency exchange difference, net		4,754		241
Changes in the fair value of financial instruments		10,165		(129)
Result from present value measurement		(262)		(410)
Result from repurchase of corporate bonds		30		-
Other financial results		(44)		9
Total other financial results		14,643		(289)
Total financial results, net		125		(4,238)

⁽¹⁾ Net of $ 953 million and $ 12 million capitalized in property, plant and equipment for the three-month periods ended March 31, 2023 and 2022, respectively.

33

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 10: (Continuation)

10.6 Income tax

The breakdown of income tax charge is:

			03.31.2023		03.31.2022
Current tax			(185)		5,504
Deferred tax			(463)		(5,853)
Difference between previous fiscal year income tax provision and the income tax statement			5		2
Total income tax - Income			(643)		(347)

Below is a reconciliation between income tax expense and the amount resulting from application of the tax rate on the profit before taxes:

			03.31.2023		03.31.2022
Profit before income tax			26,285		10,107
Current income tax rate			35%		35%
Income tax at the statutary tax rate			9,200		3,537
Share of profit from companies			(1,120)		(856)
Non-taxable results			(1,147)		(131)
Effects of exchange differences and other results associated with the valuation of the currency, net			14,623		3,631
Effects of valuation of property, plant and equipment, intangible assets and financial assets			(35,748)		(12,018)
Effect for tax inflation adjustment			13,322		4,741
Non-deductible cost			130		580
Other			97		169
Total income tax - Income			(643)		(347)

34

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 11: NON-FINANCIAL ASSETS ANF LIABILITIES

11.1	Property, plant and equipment

			Original values
Type of good			At the beginning		Increases (1)		Transfers		Decreases		Traslation effect
							At the end
Lands			2,333		-		-		-		419		2,752
Buildings			25,253		-		387		-		4,605		30,245
Equipment and machinery			339,671		3		4,435		(23)		62,430		406,516
Wells			175,771		35		10,912		(1,768)		31,254		216,204
Mining property			32,077		-		-		-		5,766		37,843
Vehicles			1,365		284		13		(29)		284		1,917
Furniture and fixtures and software equipment			10,635		25		76		-		1,922		12,658
Communication equipments			223		-		-		-		40		263
Materials, spare parts and tools			6,304		4,358		(3,749)		-		1,619		8,532
Petrochemical industrial complex			5,158		-		209		-		933		6,300
Work in progress			44,316		16,354		(15,052)		-		6,718		52,336
Advances to suppliers			7,718		15,340		(1,127)		(2)		2,605		24,534
Other goods			635		-		3,896		-		947		5,478
Total at 03.31.2023			651,459		36,399		-		(1,822)		119,542		805,578
Total at 03.31.2022			311,688		7,878		-		(16)		25,445		344,995

⁽¹⁾ Includes $ 953 million and $12 million of financial costs capitalized in property, plant and equipment for the three-month periods ended March 31, 2023 and 2022, respectively.

35

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

			Depreciation		Net book values
Type of good			At the beginning		Decreases		For the period		Traslation effect		At the end		At the end		At 12.31.2022
Lands			-		-		-		-		-		2,752		2,333
Buildings			(13,342)		-		(363)		(2,440)		(16,145)		14,100		11,911
Equipment and machinery			(113,166)		22		(6,006)		(22,120)		(141,270)		265,246		226,505
Wells			(104,372)		890		(3,772)		(17,908)		(125,162)		91,042		71,399
Mining property			(23,809)		-		(304)		(4,307)		(28,420)		9,423		8,268
Vehicles			(865)		21		(54)		(156)		(1,054)		863		500
Furniture and fixtures and software equipment			(9,137)		-		(224)		(1,663)		(11,024)		1,634		1,498
Communication equipments			(174)		-		(6)		(32)		(212)		51		49
Materials, spare parts and tools			(257)		-		(8)		(46)		(311)		8,221		6,047
Petrochemical industrial complex			(2,664)		-		(236)		(499)		(3,399)		2,901		2,494
Work in progress			-		-		-		-		-		52,336		44,316
Advances to suppliers			-		-		-		-		-		24,534		7,718
Other goods			(209)		-		(71)		(176)		(456)		5,022		426
Total at 03.31.2023			(267,995)		933		(11,044)		(49,347)		(327,453)		478,125
Total at 03.31.2022			(141,298)		10		(5,147)		(11,620)		(158,055)		186,940
Total at 12.31.2022															383,464

36

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.2 Intangible assets

		Original values
Type of good		At the beginning		Decrease		Impairment recovery (2)		Traslation effect
					At the end
Concession agreements		444		-		-		80		524
Goodwill		6,131		-		-		1,102		7,233
Intangible identified in acquisitions of companies		17,835		-		-		3,211		21,046
Digital assets		1,172		(1,626)		411		43		-
Total at 03.31.2023		25,582		(1,626)		411		4,436		28,803
Total at 03.31.2022		4,530		-		-		366		4,896
		Amortization
Type of good		At the beginning		For the period		Traslation effect		At the end
Concession agreements		(418)		(4)		(76)		(498)
Intangible identified in acquisitions of companies		(800)		(284)		(173)		(1,257)
Total at 03.31.2023		(1,218)		(288)		(249)		(1,755)
Total at 03.31.2022		(574)		(12)		(48)		(634)
		Net book values
Type of good		At the end		At 12.31.2022
Concession agreements		26		26
Goodwill		7,233		6,131
Intangible identified in acquisitions of companies		19,789		17,035
Digital assets		-		1,172
Total at 03.31.2023		27,048
Total at 03.31.2022		4,262
Total at 12.31.2022				24,364

(1)	As of March 31, 2023, the sale of the digital assets at market price resulted in the recognition of an impairment recovery for $ 411 million.

37

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.3 Deferred tax assets and liabilities

The composition of the deferred tax assets and liabilities is as follows:

		03.31.2023		12.31.2022
Tax loss carryforwards		3,074		3,294
Property, plant and equipment		34,163		26,765
Intangible assets		2		2
Trade and other receivables		556		592
Provisions		12,835		10,472
Salaries and social security payable		178		134
Defined benefit plans		1,953		1,356
Trade and other payables		39		40
Other		235		195
Deferred tax asset		53,035		42,850
Property, plant and equipment		(14,148)		(14,021)
Intangible assets		(9,428)		(6,209)
Investments in companies		(1,332)		(1,332)
Inventories		(4,373)		(3,281)
Financial assets at fair value through profit and loss		(3,333)		(2,718)
Trade and other receivables		(3,918)		(3,928)
Tax liabilities		(322)		(322)
Tax inflation adjustment		(30,586)		(24,567)
Deferred tax liability		(67,440)		(56,378)

Deferred tax assets and liabilities are offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are associated with the same fiscal authority. Therefore, they are disclosed in the consolidated condensed interim statement of financial position:

		03.31.2023		12.31.2022
Deferred tax asset, net		9,185		6,326
Deferred tax liability, net		(23,590)		(19,854)

38

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.4 Inventories

			03.31.2023		12.31.2022
Current
Materials and spare parts			23,488		18,489
Advances to suppliers			950		1,458
In process and finished products			15,654		10,777
Total (1)			40,092		30,724

⁽¹⁾ It includes impairment loss as a result of the performed recoverability assessment for $ 9 million and $ 463 million (US$ 2 million) as of March 31, 2022 and December 31, 2022. There is no impairment as of March 31, 2023.

11.5 Provisions

		03.31.2023		12.31.2022
Non-Current
Contingencies		22,682		19,031
Asset retirement obligation and wind turbines decommisioning		4,426		4,453
Environmental remediation		3,005		2,578
Other provisions		794		-
Total non-current		30,907		26,062
Current
Contingencies		18		16
Asset retirement obligation and wind turbines decommisioning		481		400
Environmental remediation		401		357
Other provisions		9		6
Total current		909		779

39

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

The evolution of provisions is shown below:

		03.31.2023
		Contingencies		Asset retirement obligation and wind turbines decommisioning		Environmental remediation
At the beginning of the year		19,047		4,853		2,935
Increases		368		154		51
Decreases		(43)		-		(49)
Exchange differences on translation		3,330		818		511
Reversal of unused amounts		(2)		(918)		(42)
At the end of the period		22,700		4,907		3,406
		03.31.2022
		Contingencies		Asset retirement obligation and decommisioning of wind turbines		Environmental remediation
At the beginning of the year		10,887		2,217		1,805
Increases		111		58		22
Decreases		(13)		-		(5)
Exchange differences on translation		815		181		142
At the end of the period		11,800		2,456		1,964

40

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 11: (Continuation)

11.6 Income tax and minimum notional income tax provision

			03.31.2023		12.31.2022
Non-current
Income tax, net of witholdings			32,296		28,568
Minimum notional income tax			3,423		3,160
Total non-current			35,719		31,728
Current
Income tax, net of witholdings and advances			506		927
Total current			506		927

NOTE 12: FINANCIAL ASSETS AND LIABILITIES

12.1	Financial assets at amortized cost

			03.31.2023		12.31.2022
Non-current
Term deposit			21,038		17,823
Notes receivable			-		177
Total non-current			21,038		18,000
Current
Notes receivable			3,485		1,357
Total current			3,485		1,357

41

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.2	Financial assets at fair value through profit and loss

			03.31.2023		12.31.2022
Non-current
Shares			5,742		4,867
Total non-current			5,742		4,867
Current
Government securities			73,450		36,281
Corporate bonds			22,002		33,600
Shares			30,702		28,422
Mutual funds			4,626		5,553
Total current			130,780		103,856

12.3	Trade and other receivables

	Note		03.31.2023		12.31.2022
Non-Current
Other			14		12
Trade receivables			14		12
Non-Current
Related parties	16		3,335		3,098
Advances to suppliers			685		-
Tax credits			547		285
Prepaid expenses			31		14
Contractual indemnity credit			1,020		-
Other			191		6
Other receivables			5,809		3,403
Total non-current			5,823		3,415

42

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

	Note		03.31.2023		12.31.2022
Current
Receivables from MAT sales			3,858		3,689
CAMMESA			46,169		29,315
Receivables from oil and gas sales			12,528		9,788
Receivables from petrochemicals sales			10,539		10,931
Related parties	16		972		848
Other			345		496
Impairment of financial assets			(1,159)		(1,039)
Trade receivables, net			73,252		54,028
Current
Related parties	16		1,431		1,183
Tax credits			2,648		2,555
Receivables for complementary activities			158		57
Prepaid expenses			4,234		2,525
Guarantee deposits			1,452		4,870
Expenses to be recovered			2,841		2,611
Receivables for acquisition of subsidiary			1,182		1,182
Receivables for sale of subsidiary and associates			848		719
Receivables for financial instruments sale			-		150
Argentine Natural Gas Production Promotion Plan			4,812		5,721
Advances to suppliers			2,738		-
Receivables for arbitration award			3,610		6,621
Contractual indemnity credit			340		-
Other			1,157		1,144
Impairment of other receivables			(20)		(38)
Other receivables, net			27,431		29,300
Total current			100,683		83,328

Due to the short-term nature of trade and other receivables, its book value is not considered to differ from its fair value. For non-current trade and other receivables, fair values do not significantly differ from book values.

43

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

The movements in the impairment of financial assets are as follows:

			03.31.2023		03.31.2022
At the beginning of the year			1,039		963
Impairment			91		44
Reversal of unused amounts			(6)		-
Exchange differences on translation			35		6
At the end of the period			1,159		1,013

The movements in the impairment of other receivables are as follows:

			03.31.2023		03.31.2022
At the beginning of the year			38		12
Impairment			1		5
Reversal of unused amounts			(24)		-
Exchange differences on translation			5		(1)
At the end of the period			20		16

12.4	Cash and cash equivalents

			03.31.2023		12.31.2022
Cash			43		28
Banks			6,829		1,958
Mutual funds			19,426		16,771
Total			26,298		18,757

44

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.5	Borrowings

			03.31.2023		12.31.2022
Non-Current
Financial borrowings			21,826		19,088
Corporate bonds			259,548		218,349
Total non-current			281,374		237,437
Current
Bank overdrafts			-		10,514
Financial borrowings			11,530		8,970
Corporate bonds			56,452		28,845
Total current			67,982		48,329
Total			349,356		285,766

As of March 31, 2023, and December 31, 2022 the fair value of the Company's CB amount approximately to $ 316,061 million and $ 240,194 million, respectively. Such values were calculated on the basis of the determined market price of the Company's CB at the end of each period (fair value level 1).

The carrying amounts of short-term borrowings approximate their fair value due to their short-term maturity.

The long-term borrowings were measured at amortized cost, which does not differ significantly from its fair value.

As of the issuance of these Consolidated Condensed Interim Financial Statements, the Company is in compliance with the covenants provided for in its loan's contracts.

45

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

The evolution of the consolidated loans over the three-month periods ended March 31, 2023 and 2022 is disclosed below.

			03.31.2023		03.31.2022
At the beginning of the year			285,766		147,795
Proceeds from borrowings			28,783		2,564
Payment of borrowings			(11,465)		-
Accrued interest			11,396		3,504
Payment of interests			(10,055)		(4,327)
Repurchase of corporate bonds			(586)		-
Result from repurchase of corporate bonds			(30)		-
Foreign currency exchange difference			(7,432)		(472)
Borrowing costs capitalized in property, plant and equipment			953		12
Exchange differences on translation			52,026		12,118
At the end of the period			349,356		161,194

12.5.1 Issuance of CB

On January 11, 2023, the Company issued Class 15 CB for $ 10,379 million accruing interest at a variable BADLAR rate plus an annual 2% spread and maturing on July 11, 2024. Subsequently, on March 6, 2023, the Company reopened Class 13 and Class 15 CB for US$ 48.2 million and $ 7,885 million, respectively.

After the period closing, on May 4, 2023, the Company issued Class 16 CB for US$ 55.7 million accruing interest at a fixed Badlar rate 4.99%, maturing on November 4, 2025, and Class 17 CB for $ 5,980 million accruing interest at a variable BADLAR rate plus an annual 2% spread and maturing on May 4, 2024. Class 17 CB are the second green bond issued by Pampa, which reflects the commitment to finance projects with a positive impact on the environment and to diversify the country's energy generation matrix. The issue of Class 17 CB was recognised by Fix Ratings, an affiliate of Fitch Ratings, with the rating of Green Bond (BV1), the best possible grade, since it is aligned with the four main components of ICMA's (International Capital Market Association) Green Bond Principles (GBP). It was issued in observance of the "Guidelines for the Issuance of Social, Green and Sustainable Bonds in Argentina" of the CNV Rules and the provisions of BYMA's Social, Green and Sustainable Guide and the BYMA Rules, and also makes up BYMA's Social, Green and Sustainable Bonds Panel. The Company will allocate the issue's proceeds form Class 17 CB to finance the expansion of PEPE VI wind farm.

46

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.5.2 Financial loans

During the three-month period ended March 31, 2023, the Company repaid short-term bank loans with local financial entities for $ 10,065 million and took out net short-term import financing for US$ 1.6 million. After the period closing, the Company took out short-term bank loans with local financial entities for $ 36,168 million and repaid import financing for US$ 5.6 million.

12.6	Trade and other payables

	Note		03.31.2023		12.31.2022
Non-Current
Customer guarantees			5		4
Trade payables			5		4
Compensation agreements			2,617		1,769
Finance leases liability			1,986		1,789
Contractual penalty debt			1,020		-
Other			185		195
Other payables			5,808		3,753
Total non-current			5,813		3,757
Current
Suppliers			52,165		35,109
Customer advances			801		644
Related parties	16		4,802		2,506
Trade payables			57,768		38,259
Compensation agreements			2,543		2,085
Liability for acquisition of companies			7,206		8,144
Finance leases liability			373		319
Investment plan readjustment liability			666		807
Contractual penalty debt			340
Other			139		117
Other payables			11,267		11,472
Total current			69,035		49,731

Due to the short-term nature of trade and other payables, its book value is not considered to differ from its fair value. For most other non-current liabilities, fair values do not significantly differ from book values.

47

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

12.7	Fair value of financial instruments

The following table shows the Company's financial assets and liabilities measured at fair value as of March 31, 2023 and December 31, 2022:

As of March 31, 2023		Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit and losss
Government securities		73,450		-		-		73,450
Corporate bonds		22,002		-		-		22,002
Mutual funds		4,626		-		-		4,626
Shares		30,702		-		5,742		36,444
Cash and cash equivalents
Mutual funds		19,426		-		-		19,426
Derivative financial instruments		-		187		-		187
Other receivables
Guarantee deposits on derivative financial instruments		1,119		-		-		1,119
Total assets		151,325		187		5,742		157,254
Liabilities
Derivative financial instruments		-		371		-		371
Total liabilities		-		371		-		371
As of December 31, 2022		Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit and losss
Government securities		36,281		-		-		36,281
Corporate bonds		33,600		-		-		33,600
Mutual funds		5,553		-		-		5,553
Shares		28,422		-		4,867		33,289
Cash and cash equivalents
Mutual funds		16,771		-		-		16,771
Derivative financial instruments		-		161		-		161
Other receivables
Guarantee deposits on derivative financial instruments		3,823		-		-		3,823
Total assets		124,450		161		4,867		129,478
Liabilities
Derivative financial instruments		-		318		-		318
Total liabilities		-		318		-		318

48

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 12: (Continuation)

The techniques used for the measurement of assets and liabilities at fair value through profit and loss, classified as Level 2 and 3, are detailed below:

-	Derivative Financial Instruments: calculated from variations between market prices at the closing date of the period, and the amount at the time of the contract.

-

Shares: it was determined using the income-based approach through the "Indirect Cash Flow" method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking into consideration the 4.04% and 4.55% equity interest, direct and indirect, in TJSM and TMB, respectively.

NOTE 13: EQUITY COMPONENTS

13.1	Share Capital

As of March 31, 2023, the capital stock amounts to $ 1,384 million, including $ 4 million of treasury shares.

The Company is reached by CNV General Resolution No. 941/22, as it has previously adopted a specific accounting policy regarding the foreign-currency translation of financial statements. To comply with the provisions established by this resolution, the breakdown of the translation differences originated in share capital and capital adjustment accounts are detailed below:

		03.31.2023
		Share capital		Share capital adjustment
At the beginning of the year	5,117		26,760
Variation of the period	1,167		6,111
At the end of the period	6,284		32,871
		12.31.2022
		Share capital		Share capital adjustment
At the beginning of the year	2,392		12,503
Variation of the period	2,725		14,257
At the end of the period	5,117		26,760

49

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 13: (Continuation)

13.2	Earning per share

Basic earnings per share are calculated by dividing the result attributable to the Company's equity holders by the weighted average of outstanding common shares during the year. Diluted earnings per share are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion of all dilutive potential common shares.

Potential common shares will be deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the earnings per share or a decrease in the losses per share of the continuing operations.

The calculation of diluted earnings per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per share, and where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect is recorded, being the diluted earning per share equal to the basic. As of March 31, 2023 and 2022, the Company does not hold any significant potential dilutive shares, therefore there are no differences with the basic earnings per share.

			03.31.2023		03.31.2022
	Earning for continuing operations attributable to equity holders of the Company		26,918		10,304
	Weighted average amount of outstanding shares		1,380		1,382
	Basic and diluted earnings per share from continued operations		19.51		7.46

50

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 14: STATEMENT OF CASH FLOWS' COMPLEMENTARY INFORMATION

14.1	Adjustments to reconcilie net profit to cash flows from operating activities

	Note		03.31.2023		03.31.2022
Income tax	10.6		(643)		(347)
Accrued interest			11,428		3,333
Depreciations and amortizations	9, 10.1 and 10.2		11,369		5,374
Share of profit of joint ventures and associates	5.1.2		(3,200)		(2,682)
Results for property, plant and equipment sale and derecognition	10.4		(32)		31
Result for intangible assets sale	10.4		-		(252)
Impairment recovery (Impairment) of intangible assets and inventories			(411)		9
Impairment of financial assets			291		127
Result from measurement at present value	10.5		262		410
Changes in the fair value of financial instruments			(9,099)		164
Exchange differences, net			(5,258)		(241)
Result from repurchase of corporate bonds	10.5		(30)		-
Readjustment of investment plan	10.4		-		1,011
Costs of concessions agreements completion	10.4		794		-
Contractual indemnity	10.4		(1,360)		-
Contractual penalty	10.4		1,360		-
Recovery of tax charges	10.4		(4)		(7)
Provision for contingecies, net	10.4		248		52
Provision for environmental remediation	10.4		10		-
Accrual of defined benefit plans	9 and 10.2		1,820		440
Compensation agreements	10.2		865		310
Other			(360)		1
Adjustments to reconcile net profit to cash flows from operating activities			8,050		7,733

51

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 14: (Continuation)

14.2	Changes in operating assets and liabilities

			03.31.2023		03.31.2022
Increase in trade receivables and other receivables			(6,265)		(2,044)
Increase in inventories			(4,532)		(3,058)
Increase in trade payables and other payables			9,576		333
Decrease in salaries and social security payables			(1,123)		(895)
Decrease in defined benefit plans			(62)		(80)
Increase in tax liabilities			771		238
Decrease in provisions			(381)		(82)
Income tax payment			(395)		(156)
(Payments) Collections for derivative financial instruments, net		(25)		199
Changes in operating assets and liabilities			(2,436)		(5,545)

14.3	Significant non-cash transactions

			03.31.2023		03.31.2022
Acquisition of property, plant and equipment through an increase in trade payables			(13,401)		(5,272)
Borrowing costs capitalized in property, plant and equipment			(953)		(12)
Receivables for acquisition of subsidiary			1,182		-
Dividends pending collection			-		598
Decrease in asset retirement obligation through property, plant and equipment			(878)		-
Compensation of compensation plans through a decrease in other receivables			(41)		-

52

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 15: CONTINGENT LIABILITIES AND ASSETS

The main changes for the three-month period ended March 31, 2023 regarding contingent liabilities disclosed in the Consolidated Financial Statements as of December 31, 2022 are detailed below:

15.1 Labor claim - Compensation Fund

Regarding one of the claims on alleged underfunding of the plan upon the elimination of the Company's contributions based on earnings, the Supreme Court of Justice of the Autonomous City of Buenos Aires asked the Chamber of Commercial Appeals to transfer the proceedings to hear the unconstitutionality appeal filed by the Company.

15.2 Environmental claims

-

In the proceeding where Fundación SurfRider Argentina has requested the performance of preliminary proceedings due to alleged indications of environmental damage in the City of Mar del Plata, the partial agreement reached between the plaintiff and a co-defendant was ratified, and the proposal submitted by other two co-defendants is in the trial stage. On the other side, the Company has requested to be severed from the proceeding as it did not own any service station during the claim period.

-	In the proceeding brought by a neighbor of the Province of Salta owning a lot where a joint venture made up of the plaintiffs (the Company and other companies) conducted hydrocarbon activities, the Province of Salta became a co-defendant instead of a third party.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTA 16: RELATED PARTIES´ BALANCES AND TRANSACTIONS

16.1 Balances with related parties

As of March 31, 2023		Trade receivables		Other receivables		Trade payables
	Current		Non Current		Current		Current
Associates and joint ventures
CTB		39		-		-		-
TGS		903		3,335		1,273		1,500
Transener		9		-		25		1
Other		-		-		-		2
Other related parties
SACDE		21		-		15		3,299
Other		-		-		118		-
		972		3,335		1,431		4,802
As of December 31, 2022		Trade receivables		Other receivables		Trade payables
	Current		Non Current		Current		Current
Associates and joint ventures
CTB		34		-		-		-
TGS		806		3,098		1,059		1,206
Transener		4		-		12		1
Other		-		-		-		2
Other related parties
SACDE		4		-		12		1,297
Other		-		-		100		-
		848		3,098		1,183		2,506

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 16: (Continuation)

16.2 Operations with related parties

Operations for the three-month period		Sales of goods and services (1)	Purchases of goods and services (2)	Fees for services (3)	Other operating income (expenses), net (4)
	2023		2022		2023		2022		2023		2022		2023		2022
Associates and joint ventures
CTB		89		43		-		-		-		-		-		-
Greenwind		-		19		-		-		-		-		-		-
Refinor		-		281		-		(1,262)		-		-		-		-
TGS		2,175		1,284		(2,285)		(997)		-		-		-		-
Transener		-		-		(6)		(3)		-		-		19		-
Other related parties
Fundación		-		-		-		-		-		-		(72)	-	(27)
SACDE		-		-		(3,607)		(2,539)		-		-		17		3
Salaverri, Dellatorre, Burgio & Wetzler		-		-		-		-		(9)	-	(18)		-		-
Other		-		-		(10)		-		-	-	-		-		-
		2,264		1,627		(5,908)		(4,801)		(9)		(18)		(36)		(24)

(1)	Corresponds mainly to advisory services provided in relation with technical assistance and sales of gas.

(2)

Correspond to natural gas transportation services, purchases of refined products and other services imputed to cost of sales for $ 2,301 million and $ 2,339 million and infrastructure works contracted to SACDE imputed to property, plant and equipment for $ 3,607 million and $ 2,462 million, of which $ 2,417 million and $ 702 million correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for the three-month period ended March 31, 2023 and 2022, respectively.

(3)	Disclosed within administrative expenses.

(4)	Corresponds mainly to donations expenses and operating leases income.

Operations for the three-month period		Financial income (1)	Financial expenses (2)	Dividends received
	2023		2022		2023		2022		2023		2022
Associates and joint ventures
OCP		-		-		-		-		-		844
TGS		88		60		-		-		-		-
Other related parties
Other		-		-		(6)		-		-		-
		88		60		(6)		-		-		844

(1)	Corresponds mainly to financial leases and accrued interest on loans granted.

(2)	Corresponds to interest and commissions on loans received.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 17: ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN PESOS ⁽¹⁾

	Type		Amount in currencies other than pesos		Exchange rate (2)		Total 03.31.2023		Total 12.31.2022
ASSETS
NON-CURRENT ASSETS
Financial assets at amortized cost	US$		100.7		209.01		21,038		18,000
Other receivables	US$		25.0		209.01		5,224		3,099
Total non-current assets							26,262		21,099
CURRENT ASSETS
Financial assets at fair value through profit and loss	US$		518.9		209.01		108,446		83,477
	U$		-		-		-		1
Financial assets at amortized cost	US$		16.7		209.01		3,485		1,357
Derivative financial instruments	US$		0.8		209.01		175		149
Trade and other receivables	US$		200.1		209.01		41,815		38,960
Cash and cash equivalents	US$		92.7		209.01		19,378		13,602
	EUR		-		-		-		1
Total current assets							173,299		137,547
Total assets							199,561		158,646
LIABILITIES
NON-CURRENT LIABILITIES
Provisions	US$		140.4		209.01		29,350		25,492
Borrowings	US$		1,258.9		209.01		263,130		215,786
Other payables	US$		27.0		209.01		5,640		3,572
Total non-current liabilities							298,120		244,850
CURRENT LIABILITIES
Provisions	US$		3.9		209.01		815		741
Tax liabilities	US$		0.13		209.01		26		6
Salaries and social security payable	US$		2.3		209.01		471		16
Derivative financial instruments	US$		1.78		209.01		371		318
Borrowings	US$		176.7		209.01		36,924		31,180
Trade and other payables	US$		244.8		209.01		51,172		35,461
	EUR		4.1		227.03		926		548
	CHF		0.015		228.53		3		-
	BOB		0.04		30.25		1		-
	U$		0.12		5.41		1		-
	SEK		0.2		20.15		5		-
Total current liabilities							90,715		68,270
Total liabilities							388,835		313,120
Net Position Liability							(189,274)		(154,474)

(1)	Information presented to comply with CNV Rules.

(2)	Exchange rate in force on March 31, 2023 according to the BNA for U.S. dollars (US$), Euros (EUR), Swedish crowns (SEK), Swiss francs (CHF), Bolivian pesos (BOB) and Uruguayan pesos (U$).

56

Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTA 18: INVESTMENT COMMITMENTS

New generation projects

PEPE IV

In early 2022, works started for the expansion of PEPE III, inaugurated in 2019, which production is targeted at the large users' segment.

The project will mainly consist of the mounting and installation (in stages) of 18 additional wind turbines, adding a capacity of 81 MW; therefore, once works are completed, PEPE III and PEPE IV will have an installed capacity of 134.2 MW.

On February 25, 2023, took place the commissioning of 4 additional wind turbines with an incremental capacity of 18 MW.

After the period closing, on April 4, 2023, 2 additional wind turbines were commissioned with a capacity of 9 MW.

PEPE VI

In February 2023, the Company started constructing Pampa Energía VI Wind Farm in Bahía Blanca, Province of Buenos Aires. The project will enable the installation of a 300 MW power capacity, in 3 stages, with an estimated US$ 500 million investment.

Stage 1 comprises the mounting and installation of 21 Vestas wind turbines, with their internal medium-voltage cable network, roads, a substation and a 500 KV line allowing for a 94.5 MW capacity addition, with an investment for US$ 186 million, expected to be operative during the third quarter of 2024.

Stage 2 comprises the mounting and installation of 10 Vestas wind turbines allowing for a 45 MW capacity addition, with an investment for US$ 89 million, expected to be operative during the fourth quarter of 2024.

The energy produced by this wind park allows for reduced carbon emissions and will be sold through the MATER to supply large companies in the country in compliance with the Renewable Energy Law.

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Free translation from the original prepared in Spanish for publication in Argentina NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2023, presented in comparative format. (In millions of Argentine Pesos ("$"))

NOTE 19: DOCUMENTATION SAFEKEEPING

On August 14, 2014, the CNV issued General Resolution No. 629/14, which introduced modifications to the provisions applicable to the keeping and conservation of corporate and accounting books and commercial documentation. To such effect, the Company have sent non-sensitive work papers and information corresponding to the periods not covered by the statute of limitations for their keeping in the AdeA - Administración de Archivos S.A.'s data warehouse located at Ruta 36, km 34.5, Florencio Varela, Provincia de Buenos Aires and in the Iron Mountain Argentina S.A.'s data warehouses located at the following addresses:

-	Azara 1245 - C.A.B.A.

-	Don Pedro de Mendoza 2163 -C.A.B.A.

-	Amancio Alcorta 2482 C.A.B.A.

-	San Miguel de Tucumán 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos Aires.

A list of the documentation delivered for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory provisions and amending rules), is available at the Company headquarters.

NOTE 20: SUBSEQUENT EVENTS

General Ordinary and Extraordinary Shareholders' Meeting

On April 26, 2023, the Company's General Ordinary and Extraordinary Shareholders' Meeting resolved:

-

To approve the allocation of results for the fiscal year ended December 31, 2022, which amounted to a $ 64,859 million profit which, added to appropriated translation differences in the amount of $ 19,646 million, total positive retained earnings for $ 84,505 million, resolving : (i) to disaffect $ 16 million from the legal reserve for having exceeded the legal limit of 20% of the share capital considering the associated translation differences and to allocated it to the voluntary reserve; and (ii) to allocate the amount of $ 84,505 million, to the voluntary reserve.

-	To reduce the capital stock through the cancellation of 20.1 million shares, which is pending registration with the Public Registry as of the date of issuance of these Consolidated Condensed Interim Financial Statements.

Series T CB redemption

On May 5, 2023, the Company announced the redemption of all Series T CB maturing on July 21, 2023, which outstanding balance amounts to US$ 92.9 million.

The redemption will operate on June 8, 2023 at a redemption price equal to 100% of the outstanding capital amount, plus interest accrued and unpaid until the redemption date, and plus the applicable additional amounts under the Series T CB's trust agreement.

58