UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2026

AND FOR THE THREE-MONTH PERIOD THEN ENDED

PRESENTED ON COMPARATIVE BASIS

(In millions of U.S. dollar (“US$”))

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.

GLOSSARY OF TERMS: (Continuation)

GLOSSARY OF TERMS: (Continuation)

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME
For the three-month period ended March 31, 2026, presented on comparative basis.

(In millions of US$ – unless otherwise stated)

UNAUDITED CONSOLIDATED CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Continuation)

For the three-month period ended March 31, 2026, presented on comparative basis.

(In millions of US$ – unless otherwise stated)

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

 UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION
As of March 31, 2026, presented on comparative basis.

(In millions of US$ – unless otherwise stated)

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION (Continuation)

As of March 31, 2026, presented on comparative basis.

(In millions of US$ – unless otherwise stated)

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

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
For the three-month period ended March 31, 2026, presented on comparative basis.

(In millions of US$ – unless otherwise stated)

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

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the three-month period ended March 31, 2026, presented on comparative basis.

(In millions of US$ – unless otherwise stated)

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

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 1: GENERAL INFORMATION

1.1 General information of the Company
 

The Company’s principal executive office is located in Maipú 1, Autonomous City of Buenos Aires in Argentina, which participates in the energy sector, mainly in the production of oil and gas and power generation.

In the oil and gas segment, the Company develops an important activity in gas and oil exploration and production, reaching a production level in the three-month period ended March 31, 2026 of 13.8 million m3/day of natural gas and 19.2 thousand boe/day of oil in 9 productive areas and 2 exploratory areas in Argentina. Its main production blocks are located in the Province of Neuquén. Additionally, the Company participates in SESA, an entity dedicated to natural gas liquefaction.

In the generation segment, the Company, directly and through its subsidiaries and joint ventures, has a 5,472 MW installed capacity as of March 31, 2026, which represents approximately 12% of Argentina’s installed capacity, and being one of the largest independent generators in the country.

In the petrochemicals segment, the Company operates 2 high-complexity plants in Argentina producing styrene, synthetic rubber and polystyrene, with a share ranging between 83% and 100%, in the domestic market.

Finally, through the holding, transportation and others segment, the Company participates in the electricity transmission and gas transportation businesses. In the transmission business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance of a 22,446 km high-voltage electricity transmission network in Argentina with an 86% market share of Argentina’s high-voltage transmission lines. 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 9,248 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. Additionally, the Company participates in VMOS, an entity that will operate an oil pipeline connecting Vaca Muerta with an offshore export port. Finally, the segment includes advisory services provided to related companies.

1.2 Economic context in which the Company operates

The Company operates in an economic context which main variables are experiencing volatility as a result of political and economic events both in the domestic and international spheres.

During the first quarter of 2026, the Argentine economy continued to undergo an economic stabilization process and recorded a cumulative 9.4% inflation, with monthly levels of around 3%, considering the CPI.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 1: (Continuation)

At the international level, during the first quarter of 2026 geopolitical tensions in the Middle East intensified due to the military conflict in the region, affecting the international energy market. In particular, attacks on energy infrastructure and the disruption of maritime traffic through the Strait of Hormuz, a strategic corridor for oil trade, led to restrictions on crude oil production and exports, and increased logistics costs which in turn drove the rebound in Brent crude oil prices in the international market.

During the first quarter of 2026, Brent crude oil prices recorded a significant increase, rising from levels close to US$ 60/bbl in early 2026 to values above US$ 100/bbl by the end of March 2026.

In this context, during the first quarter of 2026 international organizations revised their estimates for the global economy, adjusting inflation forecasts upward and moderating global growth prospects for the current fiscal year.

The context of volatility and uncertainty continues as of the date of issuance of these Consolidated Condensed Interim Financial Statements and it is not possible to foresee the macroeconomic and financial situation of Argentina or the international context’ evolution or what new measures might be announced.

The Company’s Management permanently monitors the evolution of the variables affecting its business to define its course of action and identify potential impacts on its assets and financial position.

The Company’s Consolidated Condensed Interim Financial Statements should be read in light of these circumstances.

NOTE 2: REGULATORY FRAMEWORK

The main regulations applicable to the Company’s activities, identified during 2026, are detailed below. It is worth highlighting that this is not an exhaustive list of all regulations the Company is subject to.

2.1.1 Assignment of gas contracts with ENARSA

SE Resolution No. 54/26 extended by 180 calendar days the deadline for producers, opting into the assignment of ENARSA contracts to distributors and CAMMESA, to submit the corresponding notice to the SE. Distributors are required to opt in within the same term. In turn, ENARGAS will oversee the assignment and volume allocation process through a procedure to be determined jointly with ENARSA.

2.1.2 Compensation for Natural Gas consumption subsidies

ENARGAS Resolution No. 101/26 repealed ENARGAS Resolution No. 125/25 and approved a new reporting procedure related to the Focused Energy Subsidies (SEF) regime created by Executive Order No. 943/25 under the unification of national energy subsidies and the elimination of income-level segmentation, to be replaced by a user allocation scheme distinguishing between subsidized and non-subsidized users.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 2: (Continuation)

However, ENARGAS Resolution No. 101/26 preserves the criterion whereby subsidy compensations are received by natural gas producers and applied as a deduction in billings to distributors.

Within the framework of the new SEF regime, PEN Executive Order No. 26/26 provides that the price awarded to each producer participating in the Gas.Ar Plan may be above, below or in line with the Uniform Annual Price (“PAU”), depending on the time of year and taking into account the applicable seasonal adjustment factor.

In the months in which the PAU is higher than the Gas.Ar Plan price, the difference will be recorded as a credit balance, which will be applied to offset the months in which the opposite situation occurs. This mechanism will under no circumstances affect the price receivable by producers under the Gas.Ar Plan. Along the same line, SE Resolution No. 23/26 establishes the PAU to be passed on to end users under the natural gas supply agreements entered into under the Gas.Ar Plan.

On March 27, 2026, SE Resolution No. 78/26 amended SE Resolution No. 400/25 and, effective April 1, 2026, permanently established the monthly filing regime for energy and capacity contracts within the WEM with a minimum of 5 days’ advance notice.

2.2.2 Energy Plus Contracts

As of March 31, 2026, the Company no longer markets capacity and energy under Energy Plus contracts.

2.2.3 Remuneration for assigned generation

SE Resolution No. 34/26 updated the remuneration values for assigned generation, establishing 2% increases applicable to the economic transactions for January 2026. The maximum WEM spot price for January 2026 amounted to $14,669/MWh.

As part of the monthly updates to natural gas transportation tariffs, in 2026 TGS received monthly increases of 2.03%, 2.63%, 2.27%, and 1.94%, effective January through April 2026, respectively.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 2: (Continuation)

Under Executive Order No. 49/26, the Federal Government extended the emergency in the National Energy Sector for the natural gas transportation and distribution segments until December 31, 2027.

Within that framework, SE Resolution No. 66/26 provided for the reconfiguration of the Republic of Argentina’s natural gas transportation system aiming to optimize use, ensure adequate supply and improve the system’s operational efficiency. It also instructed ENARGAS to adjust tariff schemes, service regulations and capacity allocation mechanisms under its regulatory authority, while preserving the revenue determined in the FTR as an essential condition.

On April 14, 2026, ENARGAS Resolution No. 409/26 instructed licensees to enter into new firm transportation contracts, effective May 2026, in line with the guidelines set forth in SE Resolution No. 66/26. It also recognized the firm nature of certain exchange and displacement contracts specified in the resolution.

On April 29, 2026, through ENARGAS Resolution No. 448/26, the tariff schedules incorporating the reorganization were published. The application of such resolution did not have a significant impact on TGS’s financial position or results of operations. 

Transener and Transba tariff situation

Within the framework of the FTR carried out in 2025, ENRE continued applying the monthly tariff adjustment mechanism based on the CPI and IPIM indexes and established 1.88%, 2.55%, 2.07%, 1.61% and 2.35% tariff increases from January through May 2026, respectively.

2.5.1 Income tax

Tax inflation adjustment

Law No. 27,802, published in the BO on March 6, 2026, establishes the adjustment of tax losses carryforwards generated in fiscal years beginning on or after January 1, 2025, inclusive, considering the variation in the CPI between the closing month of the fiscal year in which they arise and the closing month of the fiscal year being assessed.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 2: (Continuation)

2.5.2 Other Regimes

2.5.2.1 Hydrocarbon Export Duties Regime

Pursuant to PEN Executive Order No. 488/20, oil, natural gas and liquefied gas exports are exempt from export duties provided that the Brent crude oil price published by the SE at the end of each month is equal to or lower than US$ 45/bbl. Under this regime, the export duty rate is subject to a gradual increase of up to 8% as the reference price increases, reaching 8% when the price is equal to or higher than US$ 60/bbl.

PEN Executive Order No. 59/26 updated the export duties regime applicable to crude oil and introduced a distinction between conventional and unconventional crude oil production. Under the updated regime, conventional crude oil exports are exempt from export duties when the international Brent crude oil price is equal to or lower than US$ 65/bbl, and are subject to a rate increasing gradually up to 8% according to a formula based on the increase in the reference price, reaching 8% when the price is equal to or higher than US$ 80/bbl. The Executive Order entered into effect on February 20, 2026, pursuant to SE Resolution No. 42/26.

As of March 31, 2026, crude oil and natural gas exports are subject to an 8% export duty rate.

2.5.2.2 RIGI amendment

Pursuant to Executive Order No. 105/26, dated February 19, 2026, the deadline to apply for the RIGI was extended until July 8, 2027. In addition, the decree expanded the list of eligible projects to include, among others: (i) the construction of infrastructure for the collection, treatment, processing, fractionation, and liquefaction of natural gas, as well as the transportation of natural gas intended for the export of liquefied natural gas; (ii) the exploration and production of new onshore liquid and gaseous hydrocarbon developments located in areas that, at the time of submitting the application for adhesion, do not have existing investments in exploration or production activities; and (iii) the exploration and production of new offshore liquid and gaseous hydrocarbon developments. Additionally, it set a minimum investment threshold of US$ 600 million for onshore developments and US$ 200 million for offshore developments.

Where activities not covered by the RIGI coexist within the same hydrocarbon area, segregation and traceability must be ensured through independent measurement systems and the Single Project Vehicle (“SPV”) must be the exclusive owner of the assets, rights, and operations associated with the RIGI-eligible project.

NOTE 3: BASIS OF PREPARATION

These Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2026 have been prepared pursuant to the provisions of IAS 34, “Interim Financial Information” as issued by the IASB, are expressed in millions of US dollars and were approved for their issuance by the Company’s Board of Directors on May 6, 2026.

The information included in the Consolidated Condensed Interim Financial Statements is recorded and presented in US dollars, which is the Company’s functional currency.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 3: (Continuation)

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 derivatives and they should be read together with the Consolidated Financial Statements as of December 31, 2025, which have been prepared under IFRS Accounting Standards as issued by the IASB.

These Consolidated Condensed Interim Financial Statements for the three-month period ended March 31, 2026 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, 2026, 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, 2025 and for the three-month period ended March 31, 2025, disclosed for comparative purposes, arises from the Consolidated Financial Statements as of those dates.

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

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, 2025.

4.1 New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2026 and adopted by the Company

The Company has applied the following standards and / or amendments for the first time as of January 1, 2026:

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.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 4: (Continuation)

4.2 New accounting standards, amendments and interpretations issued by the IASB not yet effective and not early adopted by the Company

Pursuant to CNV General Resolution No. 972/23, early application of IFRS accounting standards and/or amendments thereto is not permitted unless specifically permitted at the time of adoption.

As of March 31, 2026, the Company has not early applied the following standards and/or amendments:

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 5: GROUP STRUCTURE

Unless otherwise indicated, the country is also the principal place where the subsidiary carries out its activities.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 5: (Continuation)

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

⁽¹⁾ The Company holds a 50% interest in CIESA, a company that holds a 53.83% interest in TGS’s capital stock; therefore, the Company has a 26.91% interest in TGS.

As of March 31, 2026, TGS’s common shares and ADR traded on the BCBA and NYSE were listed at $ 10,150.00 and US$ 34.61, respectively, conferring Pampa’s holding an approximate market value of US$ 1,402 million ($ 2,056,352 million).

⁽²⁾ The Company has 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, 2026, Transener’s common share price listed at the BCBA was $ 4,190.00, conferring Pampa’s indirect holding an approximate market value of US$ 354.91 million ($ 490,483 million).

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 5: (Continuation)

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

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

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 5: (Continuation)

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

Perito Moreno Gas Pipeline (GPM) Expansion

In March 2026, TGS conducted a public call for tenders to award incremental transport capacity associated with the expansion of the GPM. TGS received capacity demand requests for more than 32 million m³/day. On April 15, 2026, 5.4 million m³/day were awarded. The remaining capacity will be offered and awarded by TGS in the upcoming months.

The Company and certain subsidiaries participated in TGS’s call and were awarded a total volume of 3.2 million m³/day over a 35-year term.

Weather event

During the period ended March 31, 2026, TGS recorded $3,384 million losses arising from expenses related to the weather event of March 7, 2025, which resulted in the flooding of the Cerri Complex, and received $ 11,865 million from insurance companies as an advance payment on account of the total settlement of the claim.

San Matías Pipeline Project

In addition to the gas liquefaction project to be developed by SESA, which includes the installation of two liquefaction vessels in the Gulf of San Matías, San Matías Pipeline S.A. (“SMP”) will be responsible for the construction and operation of a dedicated pipeline connecting gas production from Vaca Muerta, in Neuquén, to the Gulf of San Matías, in Río Negro, to supply the liquefaction vessels intended for LNG exports. The project involves the construction of a 36-inch diameter pipeline of approximately 470 km in length with a transportation capacity of up to 28 million m³/day. The Company will hold a 20% participation in the project. 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 5: (Continuation)

Assets and liabilities as of March 31, 2026 and December 31, 2025 and the production cost of the Joint Operations and Consortiums in which the Company participates corresponding to the three-month periods ended March 31, 2026 and 2025 are detailed below:

It is worth highlighting that the information presented does not include charges recorded by the Company as a member of the Joint Operations and Consortiums.

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 fiscal year ended December 31, 2025.

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 6: (Continuation)

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 fiscal year.

NOTE 7: SEGMENT INFORMATION

The Company is a fully integrated power company in Argentina, which participates mainly in the production of oil and gas and power generation.

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

Oil and Gas, principally consisting of the Company’s interests in oil and gas areas, the activities of Pampa Energía S.A. - Sucursal Dedicada Proyecto RDA and direct and indirect interest in SESA and PECSA.

Generation, principally consisting of the Company’s direct and indirect interests in HINISA, HIDISA, VAR, CTB, TMB, TJSM and through its own electricity generation activities through thermal plants CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenergía, CTPP, CTIW, the HPPL hydroelectric complex and PEPE II, PEPE III, PEPE IV and PEPE VI wind farms.

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

Holding, Transportation and Others, principally consisting of our stake in joint businesses CITELEC, CIESA and their respective subsidiaries holding the concession over high-voltage electricity transmission and gas transportation, respectively, the direct and indirect interests in VMOS, Oldelval and OCP, holding activities, and other investment activities.

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

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 7: (Continuation)

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 7: (Continuation)

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 7: (Continuation)

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 7: (Continuation)

⁽¹⁾  Assets located in Argentina 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation) For the three-month period ended March 31, 2026, presented on comparative basis. (In millions of US$ – unless otherwise stated)

NOTE 8: REVENUE