Pampa Energy Q2 2026: Sales Surge 53% to $746M, EBITDA Jumps 75% on Vaca Muerta Ramp-Up
PAM sits 55% above its 52-week low of $54.95.
Summary
Pampa Energy reported Q2 2026 sales of US$746 million (+53% YoY) and adjusted EBITDA of US$415 million (+75% YoY), driven by the Vaca Muerta shale ramp-up and higher power margins. Net income hit US$172 million, while net debt rose to US$1.3 billion amid heavy investment.
Key Events · Earnings and Guidance · PAM
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Revenue and EBITDA Surge
Driven by the RDA shale oil ramp-up and higher power generation margins under the new WEM framework, sales reached US$746 million, up 53% year-on-year, and adjusted EBITDA jumped 75% to US$415 million.
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Net Income Quadruples
Reflecting stronger operating margins and lower income tax, net income attributable to shareholders was US$172 million, 4.3x the US$40 million in Q2 2025.
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RDA Production Ramp-Up
Rincón de Aranda oil production averaged 22.2 kbpd in Q2 2026, up from 5.3 kbpd a year ago, with 43 producing wells and 10 more completed for tie-in in August.
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Debt and Capex Increase
Net debt rose to US$1.3 billion from US$801 million at year-end 2025, reflecting higher capex on RDA and increased collateral for oil hedging. The company reopened its 2037 Notes for US$500 million at a 7.6% yield.
Analysis · PAM · Energy & Transportation
A standout quarter for Pampa Energy saw sales soar 53% year-on-year to US$746 million and adjusted EBITDA climb 75% to US$415 million. The rapid ramp-up of the Rincón de Aranda (RDA) shale oil project in Vaca Muerta, where production hit 22.2 kbpd, and a new wholesale electricity market framework that boosted power generation margins were the primary drivers. Net income attributable to shareholders reached US$172 million, more than quadruple the prior-year period. The balance sheet was further strengthened by a US$500 million bond reopening at a historically low spread, though net debt rose to US$1.3 billion as the company funds the RDA expansion and a newly approved US$2.7 billion urea plant. These results confirm Pampa's transformation into a vertically integrated energy powerhouse, but the heavy capex cycle and hedging losses on oil sales warrant attention.
How filings like this one have moved
In the 30 days to Sep 15, 2026, 40.7% of the 388 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.42%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, PAM was trading at $85.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5B. The 52-week trading range was $54.95 to $94.50. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.