Pampa Energía announces results for the quarter ended on March 31, 2021

BUENOS AIRES, Argentina, May 12, 2021 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, with active participation in the country's electricity and gas value chain, announces the results for the quarter ended on March 31, 2021.

As of January 1, 2019, the Company adopted US$ as functional currency for the reporting of its financial information. The presentation of this information in AR$ is converted at transactional nominal exchange rate ('FX').

However, Edenor (electricity distribution), Transener, TGS and Refinor (holding and others) record their operations in local currency. Thus, the Q1 21 figures are adjusted by inflation as of March 31, 2021 (6.1%), translated to US$ at closing FX of 92.00. Moreover, the Q1 20 figures are adjusted by inflation as of March 31, 2020 (3.8%), translated to US$ at closing FX of 64.47^[1].

On December 28, 2020, it was announced the sale of the controlling stake in Edenor. Therefore, the electricity distribution segment is shown as a discontinued operation for the current and comparative periods. Its analysis is detailed in the Appendix of the Earnings Release.

Main results from the Q1 21^[2]

Consolidated revenues from continuing operations of US$321 million^[3], 11% higher than the US$290 million recorded in Q1 20, explained by the new combined cycle gas turbine at Genelba Thermal Power Plant ('CTGEBA'), thus higher own gas sales to cover said Power Purchase Agreement ('PPA'), higher sale volumes and prices in petrochemicals and the recovery of oil and gas prices, partially offset by lower spot energy revenue and hydrocarbons volume sold.

• Power generation of 4,442 GWh from 15 power plants^[4]
• Production of 43.7 thousand boe per day of hydrocarbons
• Sales of 98 thousand tons of petrochemical products

Consolidated adjusted EBITDA^[5] from continuing operations of US$204 million, 16% higher than the US$175 million in Q1 20, mainly from petrochemicals, and to a lesser extent, from oil and gas, holding and others, and power generation.

Consolidated gain attributable to the owners of the Company of US$33 million, US$19 million higher than Q1 20, mainly due to better operating margin and assets' impairment loss in Q1 20 (US$67 million), partially offset by higher losses from the holding of financial instruments and an income tax charge in Q1 21.

Consolidated balance sheet
(As of March 31, 2021 and December 31, 2020, in millions) 

Consolidated income statement
(For the quarter ended on March 31, 2021 and 2020, in millions)

For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampaenergia.com/en.

Information about the videoconference

There will be a videoconference to discuss Pampa's Q1 21 results on Thursday, May 13, 2021, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO; Gabriel Cohen, CFO and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register at bit.ly/Pampa1Q21VideoCall. The videoconference call will also be simultaneously webcasted at Pampa's website ri.pampaenergia.com/en.

You may find additional information on the Company at:

For more information, contact:

Gustavo Mariani
CEO

Gabriel Cohen 
CFO

Lida Wang
Investor relations and sustainability officer

The Pampa Energía Building, Maipú 1 (C1084ABA) City of Buenos Aires, Argentina 
Tel: +54 (11) 4344-6000 
investor@pampaenergia.com  
ri.pampaenergia.com/en

^[1] For further information, see section 3 of Pampa's financial statements ('FS').
^[2] The financial information presented in this document is based on FS prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.
^[3] It does not include sales from discontinued operations for US$229 million and from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS, which at our ownership account for US$97 million. Under IFRS they are not consolidated in Pampa, thus shown as 'Results from discontinued operations' and the equity income as 'Results for participation in joint businesses and associates'. 
^[4] It includes 100% of Ensenada Barragán Thermal Power Plant ('CTEB') and Mario Cebreiro Wind Farm ('PEMC'), assets operated by Pampa but co-controlled by Pampa, with 50% of equity stake.
^[5] Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates' EBITDA at our ownership. For further information, see section 3 of the Earnings Release.

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SOURCE Pampa Energia S.A.