Pampa Energía Announces Nine-Month Period And Third Quarter 2024 Results

(MENAFN- EQS Group)

Ciudad Autónoma de Buenos Aires, 11/06/2024 / 16:00, EST/EDT - EQS Newswire - 1/3 Pampa Energía S.A. (NYSE)

BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 6, 2024 / Pampa Energía S.A. (NYSE:PAM)(Buenos Aires Stock Exchange:PAMP), an independent company with active participation in the Argentine electricity and gas value chain, announces the results for the nine-month period and quarter ended on September 30, 2024.

Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional exchange rate ('FX'). However, Transener and TGS's adjust their figures for inflation as of September 30, 2024, which are expressed in US$ at the period's closing FX. The previously reported figures remain unchanged.

Third quarter 2024 ('Q3 24') main results[1]

14% year-on-year sales increase in Q3 24, reaching US$540 million[2] , driven by increased gas production in line with the last Plan Gas round, improved availability, dispatch and prices in power generation, and higher reforming volumes. These effects were partially offset by lower gas sales to industries and Chile, reforming prices and local petchem sales.

Operational KPIs in power generation and gas production outperformed during the winter peak demand

Pampa's main operational KPIs		Q3 24		Q3 23		Variation
Power	Generation (GWh)	5,951		4,985			+19	%
	Gross margin (US$/MWh)	22.6		23.1			-2	%

Oil and gas	Production (k boe/day)	87.5		80.4			+9	%
	Gas over total production	94	%	94	%		-0	%
	Average gas price (US$/MBTU)	4.4		4.7			-6	%
	Average oil price (US$/bbl)	71.9		63.1			+14	%

Petrochemicals	Volume sold (k ton)	128		102			+25	%
	Average price (US$/ton)	1,092		1,285			-15	%

Adjusted EBITDA[3] was US$279 million in Q3 24, 14% higher than Q3 23 , mainly explained by increased deliveries under Plan Gas, power generation and our stakes at Transener and Transportadora de Gas del Sur ('TGS'), offset by petrochemicals and operating costs.

Net profit to the Company's shareholders of US$146 million, a 4% decline from Q3 23 , due to lower gains from financial securities and lesser devaluation over the monetary active position in AR$, partially offset by lesser financial expenses and income tax, and improvements in the operating margin.

Net debt decreased US$150 million vs. June 2024 to US$539 million, the lowest amount and ratio in the last 8 years, explained by the operating cash flow of core businesses and improved collections.

Consolidated balance sheet
(As of September 30, 2024 and December 2023, in millions)

Figures in million	As of 09.30.2024		As of 12.31.2023
	AR$			US$ FX 970.5		AR$		US$ FX 808.45
ASSETS
Property, plant and equipment		2,499,436			2,575		2,056,974		2,544
Intangible assets		94,114			97		77,898		96
Right-of-use assets		12,153			13		17,259		21
Deferred tax asset		101,466			105		2		0
Investments in joint ventures and associates		918,879			947		542,978		672
Financial assets at fair value through profit and loss		26,451			27		28,040		35
Other assets		1,722			2		349		0
Trade and other receivables		43,103			44		14,524		18
Total non-current assets		3,697,324			3,810		2,738,024		3,387

Inventories		231,400			238		166,023		205
Financial assets at amortized cost		77,881			80		84,749		105
Financial assets at fair value through profit and loss		750,900			774		451,883		559
Derivative financial instruments		108			0		250		0
Trade and other receivables		598,582			617		238,294		295
Cash and cash equivalents		322,011			332		137,973		171
Total current assets		1,980,882			2,041		1,079,172		1,335

Assets classified as held for sale		13,357			14		-		-

Total assets		5,691,563			5,865		3,817,196		4,722

EQUITY
Equity attributable to owners of the company		3,092,655			3,187		1,943,736		2,404

Total equity		3,100,822			3,195		1,950,696		2,413

LIABILITIES
Provisions		183,254			189		119,863		148
Income tax and presumed minimum income tax liabilities		71,282			73		44,614		55
Deferred tax liabilities		48,121			50		240,686		298
Defined benefit plans		40,976			42		13,172		16
Borrowings		1,368,963			1,411		989,182		1,224
Trade and other payables		49,286			51		37,301		46
Total non-current liabilities		1,761,882			1,815		1,444,818		1,787

Provisions		8,720			9		4,649		6
Income tax liabilities		199,094			205		14,026		17
Taxes payables		47,984			49		11,427		14
Defined benefit plans		12,148			13		2,695		3
Salaries and social security payable		29,187			30		15,537		19
Derivative financial instruments		2			0		191		0
Borrowings		305,312			315		181,357		224
Trade and other payables		225,170			232		191,800		237
Total current liabilities		827,617			853		421,682		522

Liabilities associated to assets classified as held for sale		1,242			1		-		-

Total liabilities		2,590,741			2,669		1,866,500		2,309

Total liabilities and equity		5,691,563			5,865		3,817,196		4,722

Consolidated income statement

(For the nine-month periods and quarters ended on September 30, 2024 and 2023, in millions)

	Nine-month period		Third quarter
Figures in million	2024		2023	2024		2023
	AR$		US$	AR$		US$		AR$	US$		AR$		US$
Sales revenue		1,294,494		1,441			346,957		1,370			510,706		540		152,701		475
Domestic sales		1,086,342		1,207			285,892		1,117			437,156		465		131,583		409
Foreign market sales		208,152		234			61,065		253			73,550		75		21,118		66
Cost of sales		(831,719	)	(930	)		(209,953	)	(850	)		(344,291	)	(365	)	(92,014	)	(295	)

Gross profit		462,775		511			137,004		520			166,415		175		60,687		180

Selling expenses		(51,380	)	(57	)		(13,333	)	(51	)		(19,798	)	(21	)	(5,610	)	(17	)
Administrative expenses		(124,840	)	(139	)		(34,629	)	(133	)		(53,166	)	(56	)	(14,427	)	(44	)
Exploration expenses		(256	)	-			(1,772	)	(7	)		(89	)	-		(22	)	-
Other operating income		102,716		116			31,627		115			31,935		33		17,338		54
Other operating expenses		(63,966	)	(72	)		(18,079	)	(68	)		(20,912	)	(20	)	(10,704	)	(33	)
Impairment of financial assets		(48,912	)	(56	)		(415	)	(4	)		680		-		(116	)	(1	)
Impairment on PPE, int. assets & inventories		(18,578	)	(19	)		(324	)	(1	)		(18,436	)	(19	)	(1	)	-
Results for part. in joint businesses & associates		94,331		101			14,044		42			62,437		62		5,474		8
Income from the sale of associates		5,765		7			486		1			-		-		486		1

Operating income		357,655		392			114,609		414			149,066		154		53,105		148

Financial income		4,095		4			1,090		4			2,086		2		662		2
Financial costs		(120,932	)	(137	)		(71,096	)	(283	)		(39,244	)	(43	)	(30,018	)	(95	)
Other financial results		99,806		114			95,794		392			36,945		40		40,333		138
Financial results, net		(17,031)		(19)			25,788		113			(213)		(1)		10,977		45

Profit before tax		340,624		373			140,397		527			148,853		153		64,082		193

Income tax		111,715		140			(20,437	)	(69	)		(9,451	)	(7	)	(13,350	)	(40	)

Net income for the period		452,339		513			119,960		458			139,402		146		50,732		153
Attributable to the owners of the Company		452,630		513			119,708		457			139,470		146		50,611		152
Attributable to the non-controlling interest		(291)		-			252		1			(68)		-		121		1

Net income per share to shareholders		332.8		0.4			87.5		0.3			102.6		0.1		37.2		0.1
Net income per ADR to shareholders		8,320.4		9.4			2,187.6		8.4			2,563.8		2.7		930.4		2.8

Average outstanding common shares1		1,360		1,360			1,368		1,368			1,360		1,360		1,360		1,360.0
Outstanding shares by the end of period1		1,360		1,360			1,360		1,360			1,360		1,360		1,360		1,360.0

Note : 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of September 30, 2023 and 2024.

For the full version of the Earnings Report, please visit Pampa's Investor Relations website: .

Information about the video conference

There will be a video conference to discuss Pampa's Q3 24 results on Thursday, November 7, 2024, at 10:00 a.m. Eastern Standard Time/12:00 p.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Nicolás Mindlin, CFO, and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register here .

For further information about Pampa :

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[1] The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.

[2] Sales from the affiliates CTBSA, Transener and TGS are excluded, shown as 'Results for participation in joint businesses and associates.'

[3] Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.

SOURCE: 1/3 Pampa Energía S.A.

11/06/2024 EQS Newswire / EQS Group AG

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