UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2026

AND FOR THE NINE AND THREE-MONTH PERIODS 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 nine and three-month periods ended September 30, 2026, presented on comparative basis.

(In millions of US$ – unless otherwise stated)

UNAUDITED CONSOLIDATED CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Continuation)

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

(In millions of US$ – unless otherwise stated)

UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT

OF FINANCIAL POSITION (Continuation)

As of September 30, 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 nine-month period ended September 30, 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 nine-month period ended September 30, 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 nine-month period ended September 30, 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 nine-month period ended September 30, 2026 of 13.7 million m³/day of natural gas and 21.7 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 5,207 MW installed capacity as of September 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, as of September 30, 2026, the Company operates 2 high-complexity plants in Argentina producing styrene and polystyrene, with a share ranging between 90% and 99%, in the domestic market (see synthetic rubber production closure in Note 20).

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 22,454 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 Neuquina 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 17).

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 2026, the Argentine economy continued undergoing a stabilization process and recorded a 23.6% cumulative inflation as of September 2026, considering the CPI published by INDEC.

NOTE 1: (Continuation)

In the international sphere, during 2026 geopolitical tensions persisted in the Middle East as a result of the military conflict in the region, affecting the international energy market. Attacks on energy infrastructure and crude oil transportation routes, together with restrictions on maritime transit, particularly in the strait of Hormuz, led to constraints on crude oil production, supply and exports, as well as to higher logistics costs, which drove the Brent crude price volatility in the international market.

In this context, the Brent crude price experienced significant volatility in 2026, rising from around US$ 60/bbl at the beginning of the year to over US$ 100/bbl in late March, easing to approximately US$ 70/bbl by late June and again exceeding US$ 100/bbl by late September.

The outlook for the Argentine and international economy remains subject to a high degree of uncertainty as to the evolution of economic activity, the course of the geopolitical conflict and its potential effect on the energy market.

The context of volatility and uncertainty persists as of the date of issuance of these Consolidated Condensed Interim Financial Statements, and it is not possible to foresee the evolution of the macroeconomic and financial situation in Argentina or the international context, 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.

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.

NOTE 2: (Continuation)

2.1.2 Natural Gas Export

For the Neuquina Basin, the SE assigned an export quota of 5.7 million m³/day and 7.9 million m³/day for the 2027 and 2028 summer periods (January–April and October–December), respectively, and a quota of 5 million m³/day and 5.8 million m³/day for the 2027 and 2028 winter periods (May–September), respectively. In both periods, the minimum price is equal to the average awarded price under all GasAr Plan rounds for the basin multiplied by the applicable seasonal adjustment factor.

The Company was assigned the following volumes:

2.1.3 Assignment of gas contracts with ENARSA

SE Resolution No. 224/26 extended, through December 31, 2026, the deadline set forth in SE Resolution No. 54/26 for producers opting to accept the assignment of their contracts with ENARSA to distributors and CAMMESA to submit the relevant 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.

2.1.4 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 GasAr 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 GasAr 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 GasAr 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 GasAr Plan.

NOTE 2: (Continuation)

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.

On October 21, 2026, SE Resolution No. 293/26 amended SE Resolution No. 400/25 with respect to the percentages, relative to the reference value, within which generators managing their own fuel supply may declare their variable production cost (“CVP”), as well as the limits on energy sales by existing generators.

Regarding the CVP declaration, in 2026, generators maintain a percentage to be declared ranging from a minimum of 75% of the CVP to a maximum of 25% above the CVP; in 2027, these percentages will be reduced to 50% and 17.5%, respectively, and in 2028, to 25% and 10%, respectively. When the fuel used is GN Acuerdo (natural gas under the Gas Agreement modality), the maximum additional percentage above the CVP will be 0%.

As for sales in the MAT Energy, thermal and hydroelectric existing generators may freely contract with any demand segment starting in 2029, one year earlier than originally provided. In addition, the resolution raises the 20% cap on sales to large users to 60% for the April 2027–March 2028 period and to 80% for the April 2028–December 2028 period; finally, it provides that sales to distributors for GUDI will be subject to the above-mentioned limits only for thermal generators.

Furthermore, a simplified regime for monthly entry into the WEM and recategorization of large users, was established.

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

NOTE 2: (Continuation)

SE Resolutions No. 34/26 and No. 281/26 updated the remuneration values for assigned generation, providing for 2% and 11% increases applicable as from the January and October 2026 economic transactions, respectively. The spot price to value royalties and short-term reserve services in the WEM was set at $ 14,669/MWh and $ 16,283/MWh, respectively.

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 and August 6-August 31, 2026 periods, Pampa was awarded a 74.5 million m³ and a 39.5 million m³ volume, respectively, for CTGEBA’s consumption. In turn, CTB was awarded for the same periods a 51.6 million m³ and a 34.4 million m³ volume, respectively, for CTEB’s consumption.

2.2.6 Extra-Trend Demand Regime

On September 25, 2026, SE Resolution No. 264/26 amended Section 13 of SE Resolution No. 400/25 and regulated the regime applicable to Extra-Trend Demands (“XDEM”). This regime applies to new demands or expansions representing a capacity increase equal to or greater than 0.5% of the WEM’s average demand over the last 12 rolling months as of the application filing date. Two categories of Extra-Trend Demands are defined: i) XDEM Production, for any type of consumption, and ii) XDEM Data, which expressly covers data centers and artificial intelligence infrastructure.

XDEM must submit a special supply plan, in the form of a sworn statement, with a five-year rolling horizon, detailing the expected demand applicable to contracting and the backup mechanisms. In addition, they must evidence, on a monthly basis, contractual coverage through new eligible XDEM supply equivalent to at least 80% of the energy actually demanded during the month, and have firm capacity backup equivalent to 100% of their maximum demand for XDEM Production and 115% for XDEM Data.

It is worth highlighting that, as a result of the Company’s participation in the firm transportation capacity expansion, the Company’s generating units operating exclusively on gas and increasing their availability to supply the WEM may qualify as new eligible XDEM supply and, therefore, serve such demands. CTGEBA would fall into this situation.

NOTE 2: (Continuation)

2.2.7 Sale of ENARSA’s equity interests in TMB, TJSM and CTGB

PEN Executive Order No. 1,107/26 was published on September 28, 2026, authorizing the sale, through a national and international open call for tenders, of all of ENARSA’s equity interests in TMB and TJSM, representing 65.01% and 68.83% of their respective capital stock. The Company holds an equity interest in both companies and has a right of first refusal to acquire the shares subject to the sale process, as provided for in their respective bylaws, which must be observed in the tender process.

The sale of ENARSA’s shares in Central Termoeléctrica Guillermo Brown (“CTGB”) was also authorized, once the trust is liquidated and ENARSA is admitted as a shareholder.

2.2.8 Law No. 27,828

Among other amendments, Law No. 27,828 extended until December 31, 2045 the exemption period for specific taxes, fees or royalties provided for under Law No. 27,191 in connection with the access to and use of renewable energy sources.

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%, 1.73%, 1.71% and 2.29%, effective January through October 2026, respectively.

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.

NOTE 2: (Continuation)

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.

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%, 1.35%, 1.24% and 1.98% tariff increases from January through October 2026, respectively.

2.5.1 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.

2.5.2 Natural gas transportation capacity

TGS tendered transportation capacity under the expansion of the GPM and its final sections (see Note 5.1.4) for the execution of firm natural gas transportation agreements for up to 35 years, effective as from May 2027. Pampa and certain subsidiaries were awarded a total of 3.9 million m³/day on the section to Greater Buenos Aires and 1.4 million m³/day on the section to Bahía Blanca.

Furthermore, on September 4, 2026, Transportadora de Gas del Norte (“TGN”) launched an open call for tenders to contract natural gas transportation capacity. Pampa and certain subsidiaries submitted bids for a 35-year term to contract transportation capacity on the route, with receipt in GBA and delivery in Salta, for a total volume of 0.96 million m³/day. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, the award is still pending.

It is worth highlighting that, in addition to securing a greater supply of its own gas, the awarded transportation capacity provides significant benefits to the generation segment under the guidelines of SE Resolution No. 400/25, since electricity produced using gas transported through new infrastructure captures the full dispatch margin when traded in the spot market (FRA = 1), boosting the competitiveness and profitability of the generation segment’s assets, particularly the CC.

NOTE 2: (Continuation)

PEN Executive Order No. 868/26 introduces changes aimed at strengthening the enforcement of Law No. 26,659, related to hydrocarbon activities on the Argentine Continental Shelf and, particularly, to activities not authorized by Argentina in the Malvinas area.

Among the amendments, a key change is the introduction of affidavits as a requirement to evidence compliance with Law No. 26,659, both in the RIGI admission procedure and in the processing of applications for exploration permits, exploitation concessions, transportation and storage authorizations, and hydrocarbon processing licenses.

During 2026, the BCRA introduced measures to facilitate financing and foreign exchange transactions of projects under the RIGI.

In April 2026, SPV were allowed to count as inflows certain direct investment contributions, financial borrowings and financing for the import of capital goods entered and settled by companies that are shareholders or partners of the SPV, among other authorized parties. It was also established that such funds could be taken into account for purposes of the SPV’s access to the MLC to pay for imports of goods and services, with the simultaneity requirement deemed fulfilled when such access occurred within the time limits established by the applicable regulations.

In August 2026, foreign exchange easing measures were extended to certain payments related to reinsurance agreements associated with projects under the RIGI.

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

2.8.1 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.

NOTE 2: (Continuation)

2.8.2 Other Regimes

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

2.8.2.2 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.

2.8.2.3 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 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 nine-month period ended September 30, 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 November 2, 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.

This consolidated condensed interim financial information has 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 nine-month period ended September 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 nine-month period ended September 30, 2026, do 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 nine and three-month periods ended September 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.

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

NOTE 4: (Continuation)

NOTE 5: GROUP STRUCTURE

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

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 September 30, 2026, TGS’s common shares and ADR traded on the BCBA and NYSE were listed at $ 8,375.00 and US$ 25.95, respectively, conferring Pampa’s holding an approximate market value of US$ 1,051 million ($ 1,696,744 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 September 30, 2026, Transener’s common share price listed at the BCBA was $ 3,100, conferring Pampa’s indirect holding an approximate market value of US$ 239 million ($ 362,887 million).

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:

NOTE 5: (Continuation)

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

Reversal of impairment losses on non-financial assets

During the quarter ended June 30, 2026, CTB identified significant changes in the environment where it operates and, consequently, 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 US$ 31 million impact on the Company’s share of profit from associates and joint ventures for the period.

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 remaining capacity was awarded on August 26, 2026.

NOTE 5: (Continuation)

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.

The project is structured through long-term agreements, including execution, transportation and processing, liquid hydrocarbon purchase and sale, and commercial cooperation agreements.

TGS has granted corporate guarantees and surety bonds to secure certain obligations arising from the agreements entered into with the producers participating in the project and from the financing agreements obtained by MGS and PGS for the project’s development.

Weather event

During the period ended September 30, 2026, TGS recorded $ 9,586 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 $ 13,716 million from insurance companies as an advance payment on account of the final settlement of the claim.

NOTE 5: (Continuation)

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$ 1.3 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.

Syndicated international loan

In August 2026, SMP entered into a syndicated international loan with a consortium of financial institutions for a total amount of up to US$ 900 million to finance the construction and development of the project. The financing has a 7-year term and accrues interest at a rate of Term SOFR plus a 4.25% annual margin.

SMP may request disbursements on a monthly basis until completion of the project or the first amortization date, scheduled for December 31, 2029, whichever occurs first. As of September 30, 2026, the banks have made disbursements totaling US$ 118 million.

To secure its obligations, SMP granted certain collateral under the financing, including the following: (i) it assigned its collection rights under the transportation agreement entered into with SESA, and (ii) SMP’s shareholders (including the Company) have executed a fiduciary assignment of their shares as collateral for the financing, which will remain in effect until the loan is repaid.

As of September 30, 2026, SMP has complied with all covenants undertaken under the syndicated loan agreement.

Issuance of Class 1 CB

On September 22, 2026, VMOS issued limited-recourse Class 1 CB with a face value of US$ 233.7 million, at a 6.25% fixed annual interest rate and maturing on September 22, 2030.

NOTE 5: (Continuation)

Net proceeds will be used to finance the development, construction and operation of the VMOS Project, including working capital and investments related to the construction work.

VMOS has undertaken certain commitments regarding the creation of collateral and/or restrictions on certain rights. In particular, it has committed to perfecting an assignment as collateral of all present and future collection rights corresponding to the dollar-linked tariff under the initial transportation agreements and the designated transportation agreement, to secure the payment of principal and interest on the Class 1 CB. As of the date of issuance of these Consolidated Condensed Interim Financial Statements, VMOS has not yet perfected such assignment as collateral.

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

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 judgments 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.

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.

NOTE 7: (Continuation)

NOTE 7: (Continuation)

NOTE 7: (Continuation)

NOTE 7: (Continuation)

⁽¹⁾ Assets located in Argentina

NOTE 8: REVENUE

NOTE 9: COST OF SALES

NOTE 10: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME

10.1 Selling expenses

10.2 Administrative expenses

NOTE 10: (Continuation)

10.3 Other operating income and expenses