Pampa Energía reported Q3 2025 revenue of $591 million, a 9% year‑over‑year decline that fell short of the $644 million consensus estimate. Adjusted EBITDA rose to $322 million, a 16% increase from $272 million in Q3 2024, driven largely by the ramp‑up at the Rincón de Aranda shale project. The company’s earnings per share were $0.40, missing the $1.38 consensus by $0.98, while net income attributable to shareholders dropped 84% to $23 million, largely due to higher non‑cash deferred tax charges.
The decline in revenue was concentrated in the company’s traditional gas‑generation segment, where lower natural‑gas prices and increased competition compressed margins. In contrast, the oil‑and‑gas segment, anchored by the Rincón de Aranda project, grew 14% in production to 99.5 KBOE/d, supporting the EBITDA expansion. Power‑generation revenue remained flat, but the company benefited from a 10% increase in self‑procured gas usage, which helped offset the impact of lower gas prices on operating costs.
Adjusted EBITDA growth outpaced revenue decline because the company achieved higher operating leverage through the Rincón de Aranda ramp and improved cost control in power generation. However, the sharp drop in net income reflects a one‑time hit from deferred tax adjustments, which erased the operating gains. The company’s net debt fell to $790 million, a 1.1× net‑leverage ratio, indicating a stronger balance sheet despite the earnings miss.
CEO Gustavo Mariani said the quarter “demonstrates the effectiveness of our investment strategy in the Rincón de Aranda project, which is now a key driver of profitability.” CFO Adolfo Zuberbuhler noted that the company’s focus on oil production is “a deliberate shift to capture higher‑margin opportunities in Argentina’s growing export market.” Mariani added that the new power‑market regulations effective November 1, 2025 could further improve margins by increasing competition and decentralizing fuel supply.
Investors reacted to the EPS and revenue miss, with analysts pointing to the shortfall in top‑line growth and the lower-than‑expected earnings as key concerns. Despite the misses, the 16% rise in adjusted EBITDA and the company’s continued investment in the Rincón de Aranda project were viewed as positive signals of operational strength and a clear path toward higher future profitability.
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