Pampa Energia S.A. Q2 2025 Earnings Recap

Pampa Energia reported a Q2 2025 adjusted EBITDA of $239 million, a 17% decline year-on-year, influenced by softer gas sales and rising operating costs, despite improved production and contributions from new assets.

Key Takeaways

• Successful ramp-up at Rincón de Aranda, with average production increasing to 8,800 barrels per day by end of June, aiming for 20,000 barrels per day by Q4 2025.
• Adjusted EBITDA fell 17% YoY driven by reduced gas sales and elevated operating expenses, although quarter-on-quarter results showed seasonal improvement.
• Significant 134% YoY increase in capital expenditures to $354 million, primarily for Rincón de Aranda development.
• Positive EBITDA recovery in petrochemical sector signaling gradual improvements in performance.
• Gas exports to Chile increased, reaching 1.1 million cubic meters per day, capitalizing on competitive pricing against LNG.