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

UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2026

AND FOR THE SIX AND THREE-MONTH PERIODS THEN ENDED

PRESENTED ON COMPARATIVE BASIS

(In millions of Argentine Pesos (“$”))

Report on review of interim financial information

To the Shareholders, President and Directors of Pampa Energía S.A.

Introduction

We have reviewed the accompanying condensed consolidated interim statement of financial position of Pampa Energía S.A. and its subsidiaries (the ‘Group’) as at June 30, 2026 and the related condensed consolidated interim and statements of comprehensive income for the six-month and three-month periods then ended, and condensed consolidated statements of changes in equity and cash flows for the six-month period then ended and selected explanatory notes.

Responsibilities of the Board of Directors

The board of Directors of Pampa Energía S.A. is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the condensed interim financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 (IAS 34).

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently 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.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Autonomous City of Buenos Aires, August 4, 2026.

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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.

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GLOSSARY OF TERMS: (Continuation)

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GLOSSARY OF TERMS: (Continuation)

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UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME

For the six and three-month periods ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

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UNAUDITED CONSOLIDATED CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Continuation)

For the six and three-month periods ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

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

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

 

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION

As of June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

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

 

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION (Continuation)

As of June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

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 six -month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

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 six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

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 six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

NOTE 1: GENERAL INFORMATION

1.1 General information of the Company

The Company is an Argentine company, 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 six-month period ended June 30, 2026 of 14.0 million m3/day of natural gas and 21.5 thousand bbl/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 June 30, 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 89% and 99%, in the domestic market.

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, and in SMP, a company that will be responsible for the construction and operation of the dedicated gas pipeline that will connect the Neuquén Basin with the San Matías Gulf to supply SESA. Finally, the segment includes advisory services provided to related companies.

Finally, the Company will develop the project for the construction and operation of a granulated urea production complex in Bahía Blanca, representing its entry into the fertilizer business (see Note 18).

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 half of 2026, the Argentine economy continued undergoing a stabilization process and recorded cumulative inflation of 16.8%, based on the CPI published by INDEC.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 1: (Continuation)

At the international level, geopolitical tensions in the Middle East persisted during the first half of 2026 as a result of the military conflict in the region, affecting the international energy market. In particular, attacks on energy infrastructure and the temporary disruption of maritime traffic through the Strait of Hormuz, a strategic corridor for oil trade, led to constraints on crude oil production and exports and to higher logistics costs, which fueled the volatility of Brent crude prices in the international market.

During the first half of 2026, the Brent crude price experienced significant volatility, starting at values close to US$ 60/bbl in early 2026, rising above US$ 100/bbl toward the end of March 2026, and finally reaching values near US$ 70/bbl toward the end of June 2026, in line with the partial normalization of trade flows and progress in conflict-related international negotiations.

In this context, during the first semester 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.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 2: (Continuation)

2.1 Oil and Gas

2.1.1 Export of liquid hydrocarbons and their derivatives

On July 20, 2026, SE Resolution No. 166/26 created the Export Operations Registry, in which all export notifications, objections and free export certificates for hydrocarbons and their derivatives must be recorded, and approved the Export Procedure for Liquid Hydrocarbons and their Derivatives, repealing the regime established by MEyM Resolution No. 241/17. 

2.1.2 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.

2.1.3 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.

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.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 2: (Continuation)

2.2 Generation

2.2.1 Emergency in the National Energy Sector

PEN Executive Order No. 585/26, dated July 11, 2026, extended until December 31, 2027 the National Energy Sector emergency declared by Executive Order No. 55/23 with respect to the electricity generation, transmission and distribution segments under federal jurisdiction, maintaining its original scope.

2.2.2 MAT Regime

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.

2.2.3 Energy Plus Contracts

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

2.2.4 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.

2.2.5 LNG purchase auctions

During the second quarter of 2026, the Electronic Gas Market (“MEGSA”) organized auctions in which ENARSA offered LNG volumes on a firm basis to distributors, industrial users, generators and traders.

For the June 1-August 5, 2026 period, Pampa was awarded a 74.5 million m³ volume for CTGEBA’s consumption, and CTB was awarded 51.6 million m³ for CTEB’s consumption. For the August 6-August 31, 2026 period, Pampa was awarded a 39.5 million m³ volume for CTGEBA’s consumption, and CTB was awarded 34.4 million m³ for CTEB’s consumption.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 2: (Continuation)

2.3 Gas Transportation

2.3.1 TGS’s Tariff situation

As part of the monthly updates to natural gas transportation tariffs, in 2026 TGS received monthly increases of 2.37%, 2.90%, 2.52%, 2.17%, 4.21%, 4.19%, 2.61% and 1.73%, effective January through August 2026, respectively.

2.3.2 Contractual reorganization

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

Within this framework, SE Resolution No. 66/26 provided for the reconfiguration of the Argentine natural gas transportation system and established measures aimed at optimizing the system’s use, improving its operating efficiency and ensuring natural gas supply. It also instructed ENARGAS to adjust the tariff schemes, service regulations and capacity allocation mechanisms, on the condition that the revenues determined in the FTR remain unchanged.

Accordingly, on April 14, 2026, through ENARGAS Resolution No. 409/26, the process was concluded and the licensees were instructed to execute new firm transportation contracts pursuant to the established guidelines, effective as from May 1, 2026. In addition, the firm nature of certain exchange and displacement contracts was recognized and, finally, on April 29, 2026, the new applicable tariff schemes were published through ENARGAS Resolution No. 448/26.

As of the date of issuance of these Consolidated Condensed Interim Financial Statements, TGS is implementing the contracts and operating conditions resulting from this regulatory process. 

2.4 Transmission

Transener and Transba tariff situation

Within the framework of the FTR carried out in 2025, ENReGE continued applying the monthly tariff adjustment mechanism based on the CPI and IPIM indexes and established 1.88%, 2.55%, 2.07%, 1.61%, 2.35%, 4.31%, 2.39% and 1.35% tariff increases from January through August 2026, respectively.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 2: (Continuation)

2.5 Hydrocarbons Transportation

Technical regulations for the transportation of liquid hydrocarbons

On May 20, 2026, through SE Resolution No. 119/26, technical regulations for the transportation of liquid hydrocarbons were approved. These regulations apply to transportation systems passing through two or more provinces and/or intended for the total or partial export or import of crude oil, oil derivative products and natural gas liquids. Their main purpose is to unify and establish the technical guidelines for pipeline safety and integrity, thus replacing MEyM Resolution No. 120/17.

2.6 Regulations on access to the MLC

In April 2026, the BCRA introduced measures easing the financing and foreign exchange operations of projects under the RIGI, allowing certain direct investment contributions, financial borrowings and financings for the import of capital goods —where the funds are brought into the country and settled by shareholders or partners of SPV, among other authorized parties— to be computed as inflows in favor of such SPV. It further provided that such funds may be taken into account for the SPV’s access to the MLC for the payment of goods and services imports, with the simultaneity requirement deemed met when such access occurs within the terms set forth by the applicable regulations.

For more information on Argentina’s exchange rate policies, please visit the Central Bank’s website: www.bcra.gov.ar.

2.7 Tax regulations

2.7.1 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.

2.7.2 Other Regimes

2.7.2.1 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.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 2: (Continuation)

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 June 30, 2026, crude oil and natural gas exports are subject to an 8% export duty rate .

2.7.2.2 Export duties regime for industrial products

PEN Executive Order No. 566/26, effective as from July 1, 2026, provided for the reduction and/or elimination of export duties applicable to various tariff codes of industrial products, a measure covering certain petrochemical products (xylene, hexane, toluene, styrene, polystyrene and rubber).

The regulation contemplates a progressive duty reduction scheme for the products sold by the Company, providing for the full elimination of the corresponding export duties by June 2027.

2.7.2.3 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.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 3: BASIS OF PREPARATION

These Consolidated Condensed Interim Financial Statements for the six-month period ended June 30, 2026 have been prepared pursuant to the provisions of IAS 34, “Interim Financial Information”, are expressed in millions of pesos and were approved for their issuance by the Company’s Board of Directors on August 4, 2026.

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, 2025, which have been prepared under IFRS Accounting Standards.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 3: (Continuation)

These Consolidated Condensed Interim Financial Statements for the six-month period ended June 30, 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 six-month period ended June 30, 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 six and three month periods ended June 30, 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.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(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, 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.

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 June 30, 2026, the Company has not early applied the following standards and/or amendments:

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 4: (Continuation)

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 5: GROUP STRUCTURE

5.1 Interest in subsidiaries, associates and joint ventures

5.1.1 Subsidiaries information

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

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

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; unless otherwise indicated, the share capital consists of millions of common shares with one vote per share:

⁽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 June 30, 2026, TGS’s common shares and ADR traded on the BCBA and NYSE were listed at $ 9,250.00 and US$ 29.73, respectively, conferring Pampa’s holding an approximate market value of $ 1,874,016 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 June 30, 2026, Transener’s common share price listed at the BCBA was $ 3,717.50, conferring Pampa’s indirect holding an approximate market value of $ 435,172 million.

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

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 5: (Continuation)

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

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

5.1.3 CTB

Reversal of impairment losses on non-financial assets

During the quarter ended June 30, 2026, CTB has identified significant changes in the environment where it operates and, consequently, has determined CTEB’s recoverable amount as of June 30, 2026.

The recoverability assessment resulted in the reversal of impairment losses recognized in previous fiscal years, with a $ 45,902 million (US$ 31 million) impact on the Company’s share of profit from associates and joint ventures for the period.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 5: (Continuation)

5.1.4 CIESA – TGS

Perito Moreno Gas Pipeline (GPM) Expansion

MECON Resolution No. 676/26 approved the application to opt into the RIGI for the GPM expansion project, effective as of April 30, 2026.

TGS conducted a public call for tenders to award a portion of the incremental transportation capacity associated with the expansion of the GPM and on April 15, 2026, 5.4 million m³/day were awarded.

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

On June 3, 2026, TGS conducted the public call for tenders to award the remaining capacity. The Company and certain subsidiaries participated with offers. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, the process is still ongoing.

Integral NGL Project

On June 10, 2026, TGS’s Board of Directors approved the development of the Integral NGL Project, which is structured into two independent, but operationally linked, single projects representing successive stages of the processing, fractionating, obtaining and storing of natural gas liquids, and the subsequent product dispatch and export.

The Integral NGL Project will be executed through the following companies controlled by TGS and established as SPV within RIGI’s framework:

(i) Procesadora de Gas del Sur S.A. (“PGS”): in charge of the so-called separation project, consisting of the construction, operation and maintenance of a natural gas processing plant located in Tratayén, Province of Neuquén, and a natural gas stream segregation pipeline, which will enable the provision of natural gas gathering and processing services to gas producers; and

(ii) Midstream de Gas del Sur S.A. (“MGS”): in charge of the transportation, fractionation, storage and commercialization project, comprising the construction, operation and maintenance of a multiproduct pipeline connecting the Tratayén Plant with a fractionation plant in the Bahía Blanca area, Province of Buenos Aires, together with storage and dispatch facilities. Under the project, MGS will acquire the natural gas liquids mix resulting from PGS’s processing for its transportation, fractionation into commercial products (such as propane, butane and natural gasoline), storage and subsequent sale to export customers.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 5: (Continuation)

Weather event

During the period ended June 30, 2026, TGS recorded $ 5,481 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 $ 12,847 million from insurance companies as an advance payment on account of the final settlement of the claim.

5.1.5 SMP

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, 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 an approximately 470-km-long, 36-inch-diameter pipeline with a transportation capacity of up to 28 million m³/day. The estimated investment amounts to US$ 1.5 billion, and the pipeline is expected to be commissioned in the second quarter of 2028.

MECON Resolution No. 873/26 approved the application to opt into the RIGI for the project undertaken by SMP, effective as from June 1, 2026.

5.2 Oil and gas participations

Assets and liabilities as of June 30, 2026 and December 31, 2025 and the production cost of the Joint Operations and Consortiums in which the Company participates corresponding to the six-month periods ended June 30, 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.

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NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 5: (Continuation)

Relinquishment process for the Veta Escondida block

Provincial Executive Order No. 605/26 approved the Settlement Agreement entered into between the Province of Neuquén and Pampa on March 4, 2026, which set aside the executive order declaring the termination of the Veta Escondida block´s concession. In addition, the parties agreed to conclude the process for relinquishing the block to the Province. Within this framework, the Company and Total Austral (co-concessionaire) are jointly carrying out such process in an orderly manner, with the Company being responsible for the abandonment of wells and facilities and the required environmental remediation works.

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.

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.

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

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, SMP, 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.

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 7: (Continuation)

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 7: (Continuation)

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 7: (Continuation)

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 7: (Continuation)

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 8: REVENUE

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 9: COST OF SALES

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 10: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME

10.1 Selling expenses

10.2 Administrative expenses

10.3 Exploration expenses

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 10: (Continuation)

10.4 Other operating income and expenses

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 10: (Continuation)

10.5 Financial results

⁽¹⁾ Net of $ 10,109 million and $ 1,617 million borrowing costs capitalized in property, plant and equipment corresponding to the six-month periods ended June 30, 2026 and 2025 respectively.

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 10: (Continuation)

10.6 Income tax

The breakdown of income tax charge is:

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

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 11: NON-FINANCIAL ASSETS AND LIABILITIES

11.1 Property, plant and equipment

⁽¹⁾ Includes $ 10,109 million and $ 1,617 million of borrowing costs capitalized for the six-month periods ended June 30, 2026 and 2025. respectively

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 11: (Continuation)

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 11: (Continuation)

11.2 Intangible assets

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(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:

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:

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

 

NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (Continuation)

For the six-month period ended June 30, 2026, presented on comparative basis.

(In millions of Argentine Pesos (“$”))

 

NOTE 11: (Continuation)

11.4 Inventories

⁽¹⁾ It includes impairment loss as a result of the performed recoverability assessment for $ 948 million (US$ 0.65 million), $ 469 million (US$ 0.46 million) and $ 367 million (US$ 0.36 million) for the six-month periods ended June 30, 2026 and 2025 and for the year ended December 31, 2025, respectively.

11.5 Provisions