<SEC-DOCUMENT>0001292814-25-002029.txt : 20250513
<SEC-HEADER>0001292814-25-002029.hdr.sgml : 20250513
<ACCEPTANCE-DATETIME>20250512173228
ACCESSION NUMBER:		0001292814-25-002029
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250513
DATE AS OF CHANGE:		20250512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pampa Energy Inc.
		CENTRAL INDEX KEY:			0001469395
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34429
		FILM NUMBER:		25936239

	BUSINESS ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
		BUSINESS PHONE:		54-11-4809-9500

	MAIL ADDRESS:	
		STREET 1:		MAIPU 1
		CITY:			CITY OF BUENOS AIRES
		STATE:			C1
		ZIP:			C1084ABA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>pampr1q25_6k.htm
<DESCRIPTION>6-K
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C.
20549</B></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORM 6-K</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>REPORT OF FOREIGN
ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES EXCHANGE
ACT OF 1934</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of&nbsp;May,
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Commission File
No. 001-34429),</B></P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>PAMPA ENERGIA S.A.<BR>
(PAMPA ENERGY INC.)</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Jurisdiction of
incorporation or organization)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Maip&uacute; 1<BR>
C1084ABA<BR>
City of Buenos Aires<BR>
Argentina</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><I>(Address of principal
executive offices)</I></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: #A0A0A0">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)<BR>
<BR>
Form 20-F ___X___ Form 40-F ______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center; background-color: white">(Indicate
by check mark whether the registrant by furnishing the<BR>
information contained in this form is also thereby furnishing the<BR>
information to the Commission pursuant to Rule 12g3-2(b) under<BR>
the Securities Exchange Act of 1934.)<BR>
<BR>
Yes ______ No ___X___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">(If &quot;Yes&quot;
is marked, indicate below the file number assigned to the<BR>
registrant in connection with Rule 12g3-2(b): 82- .)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>



<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;&nbsp;</P>

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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="background-color: white">This Form 6-K
for Pampa Energ&iacute;a S.A. (&ldquo;Pampa&rdquo; or the &ldquo;Company&rdquo;) contains:</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT><A HREF="ex99-1.htm"> Earnings Release Q1 25</A></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B><U><BR>
SIGNATURE</U></B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;May 12, 2025</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 90%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Pampa Energ&iacute;a S.A.</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/&nbsp;Gustavo Mariani</P>
<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: #A0A0A0"></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name:&nbsp;Gustavo Mariani</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; background-color: white">This press release may contain
forward-looking statements. These statements are statements that are not historical facts, and are based on management's current
view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words &quot;anticipates&quot;,
&quot;believes&quot;, &quot;estimates&quot;, &quot;expects&quot;, &quot;plans&quot; and similar expressions, as they relate to
the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends,
the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations
and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements.
Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee
that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including
general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors
could cause actual results to differ materially from current expectations.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; text-align: center; color: #5F6062">&nbsp;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; text-align: center; color: #5F6062">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border: rgb(0,111,192) 1pt solid; padding: 5pt; width: 100%"><P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #006FC0">Pampa Energ&iacute;a, an independent
company with active participation in the Argentine oil, gas and electricity, announces the results for the quarter ended on March 31,
2025.</P>

</TD></TR>
</TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: right; color: #5F6062">&nbsp;&nbsp;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: right; color: #5F6062">Buenos
Aires, May 12, 2025</P>

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    <TD STYLE="background-color: rgb(242,242,242)"><P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">Stock information</P>
                                                    <P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">&nbsp;</P>
                                                    <P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"><FONT STYLE="font-size: 8pt"></FONT></P>


<P STYLE="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Share capital<BR>
as of May 9, 2025<FONT STYLE="font-weight: normal"><BR>
1,363.5 million common shares/<BR>
54.5 million ADS</FONT></P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Market capitalization <FONT STYLE="font-weight: normal"><BR>
AR$4,766 billion/<BR>
US$4,115 million</FONT></P>

<P STYLE="font: bold 9pt/110% Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">Information about the videoconference</P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Date and time<BR>
<FONT STYLE="font-weight: normal">Tuesday, May 13<BR>
10 AM Eastern Standard Time<BR>
11 AM Buenos Aires Time</FONT></P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="color: #5F6062">Access link<BR>
</FONT><FONT STYLE="font-weight: normal; color: #00B0F0">bit.ly/Pampa1Q2025VC</FONT></P>

<P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">For further information about Pampa</P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062">Email<FONT STYLE="font-weight: normal"><BR>
</FONT></FONT><FONT STYLE="font-weight: normal; color: #00B0F0">investor@pampa.com</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062"><B>Website for investors</B><BR>
</FONT><FONT STYLE="color: #00B0F0">ri.pampa.com</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062"><B>Argentina&rsquo;s Securities
and Exchange Commission<BR>
</B></FONT><FONT STYLE="color: #00B0F0">www.argentina.gob.ar/cnv</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062"><B>Securities and<BR>
Exchange Commission<BR>
</B></FONT><FONT STYLE="color: #00B0F0">sec.gov</FONT></P>
<P STYLE="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"></P>
</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: left">
<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: justify; color: #0081C5"><FONT STYLE="font-family: Verdana"><B></B></FONT></P>

<P STYLE="color: #0081C5; font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"><B>Basis of presentation</B></P>

<P STYLE="color: #5F5F61; font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify">Pampa&rsquo;s
financial information is reported in US$, its functional currency. For local currency equivalents, transactional FX are applied. However,
Transener and TGS&rsquo;s figures are inflation-adjusted as of March 31, 2025, and are converted to US$ at the period-end FX. Previously
reported figures remained unchanged.</P>
<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 10pt 0 4pt; text-align: justify; color: #0081C6"><FONT STYLE="font-family: Verdana"><B>Q1
25 main results<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></B></FONT></P>

<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana; color: #00B0F0"></FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Sales rose
3% year-on-year to US$414 million in Q1 25<SUP>2</SUP></B></FONT><FONT STYLE="color: #5F6062">, driven by higher spot energy prices,
the contribution from the newly commissioned PEPE 6, and greater deliveries under Plan Gas, partially offset by lower petrochemical reformer
volumes and softer gas sales to industries and Chile.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Strong thermal
availability </B></FONT><FONT STYLE="color: #5F6062">and </FONT><FONT STYLE="color: #00B0F0"><B>solid wind generation</B></FONT> <FONT STYLE="color: #5F6062">in
Q1 25:</FONT></P>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; text-align: center; margin-top: 6pt; margin-bottom: 6pt"><IMG SRC="image_005.jpg" ALT="">&nbsp;</P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">
<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin: 0 0 9.6pt; text-align: justify"><FONT STYLE="font-family: Verdana; color: #00B0F0"><B></B></FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Adjusted
EBITDA<SUP>3</SUP> reached US$220 million in Q1 25, up 17% from<BR>
Q1 24</B></FONT><FONT STYLE="color: #5F6062">, mainly explained by spot energy and PEPE 6 in the power generation, along with higher Plan
gas volumes and tariff increases in TGS and Transener, partially offset by higher operating costs, lower gas sales to industries and Chile,
and reduced production in petrochemicals.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>US$153 million
net profit to the Company&#8217;s shareholders, 43% lower than in Q1 24</B></FONT> <FONT STYLE="color: #5F6062">due to a smaller recovery
from non-cash deferred income tax and increasing operating costs, offset by higher sales and positive net financial results.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><FONT STYLE="color: #00AFEF"><B>Net debt
stood at US$577 million</B></FONT><FONT STYLE="color: #5F6062">, mainly reflecting increased working capital requirements and continued
investment in the Rinc&oacute;n de Aranda development. </FONT></P>

<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin: 0 0 9.6pt; text-align: justify"></P>


<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0"></P>



<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: #5F6062"><BR STYLE="clear: both">
</FONT></P>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="color: #5F6062"></FONT></P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; color: #0081C5"><B>
</B></P>

</TD></TR>
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<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: right; color: #5F6062"><FONT STYLE="background-color: yellow"><BR STYLE="clear: both"></FONT></P>



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><SUP>1</SUP> The information
is based on FS prepared according to IFRS in force in Argentina.</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><SUP>2</SUP> Sales from the
affiliates CTBSA, Transener and TGS are excluded, shown as &#8216;Results for participation in joint businesses and associates.&#8217;</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify"><FONT STYLE="color: #5F6062"><SUP>3</SUP>
Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and
non-cash income and expense, equity income, and includes affiliates&#8217; EBITDA at our ownership. Further information on </FONT><FONT STYLE="color: #00B0F0">section
3.1</FONT><FONT STYLE="color: #5F6062">.</FONT></P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Relevant Events</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Participation in the FLNG
Project for LNG Exports</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">On
May 2, 2025, the shareholders of SESA agreed to move forward with the FLNG Project by executing the final investment decision (FID) for
a 20-year charter of the Hilli floating liquefaction vessel, with a nameplate capacity of 2.45 MTPA, </FONT><FONT STYLE="color: #00B0F0">as
announced on November 29, 2024</FONT><FONT STYLE="color: #5F6062">.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In addition,
a second vessel provided by Golar LNG, the MKII, was incorporated, with a nameplate capacity of 3.5 MTPA and under a 20-year charter.
Both vessels will be located in the San Mat&iacute;as Gulf, province of R&iacute;o Negro, and will export up to 6 MTPA of LNG. The Hilli
is expected to begin operations in late 2027 or early 2028, with the MKII following by the end of 2028.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">SESA,
the company established to develop this project, is owned by Pampa (20%), PAE (30%), YPF S.A. through its subsidiary SUR (25%), Wintershall
(15%), and Golar Sub-Holding (10%).</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">To supply
the vessels, SESA signed 20-year GSAs with Pampa, PAE, SUR, and Wintershall. Said vessels will require to process 27 mcmpd of natural
gas, with Pampa contributing up to 6 mcmpd, representing an increase of almost 50% from the current average production. A dedicated gas
pipeline is also planned to be built between the province of Neuqu&eacute;n and the San Mat&iacute;as Gulf to ensure the year-round operation
of both vessels.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
MECON approved the FLNG Project under the RIGI (Res. MEC N&deg; 559/25), and the SE recently granted a 30-year unrestricted LNG export
permit.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
estimated investment amounts to US$7 billion over 20 years, making this initiative a strategic step to monetize Pampa&#8217;s Vaca Muerta
reserves, position Argentina in the global LNG market, foster foreign currency inflows, create jobs, and develop local suppliers.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Spot remuneration
updates</I></B></P>

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    <TD ROWSPAN="2" STYLE="padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Effective as of:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Spot remuneration</B></FONT></TD></TR>
  <TR STYLE="background-color: #20396D">
    <TD STYLE="text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Increase</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Resolution</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 36%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">January 2025</FONT></TD>
    <TD STYLE="width: 32%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="width: 32%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 603/24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">February 2025</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 27/25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">March 2025</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">1.5%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 113/25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">April 2025*</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">1.5%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 143/25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">May 2025*</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2%</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 177/25</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><B>Note</B>: <B>*</B> These
updates exclude hydro power plants under tender process (Alicur&aacute;, El Choc&oacute;n-Arroyito, Cerros Colorados, and Piedra del &Aacute;guila),
which remain the remuneration established in Res. SE No. 113/25 (Executive Order No. 718/24).</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Joint tender
of HIDISA and HINISA&#8217;s concessions</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
8, 2025, the National Government and the province of Mendoza agreed to jointly tender the HIDISA and HINISA concessions as a single business
unit, transferring 51% of the concessionaire&#8217;s shares. The Public Enterprise Transformation Agency was appointed to coordinate and
carry out the tender process within 60 working days. The current transition period for HINISA&#8217;s concession expires on May 31 for
both national and provincial contracts. In the case of HIDISA, the national contract expires on May 31 and the provincial contract on
October 19.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Transener and TGS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>TGS&#8217;s Cerri
Complex flood impact</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
7, 2025, severe flooding halted NGL production and natural gas transportation at TGS&#8217;s Cerri Complex, located in the city of Bah&iacute;a
Blanca. Given its strategic nature, the gas transportation service was safely restored on March 24. Works to fully resume NGL production
are still underway, and as of today, operations have been partially normalized.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In Q1
25, TGS&#8217;s FS recorded a US$13 million loss related to the climate event expenses and impairment of materials and PPE. The final
cost has not yet been determined. TGS has filed all relevant documentation with the insurance companies.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Tariff adjustments
due to cost variations</I></B></P>

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    <TD ROWSPAN="2" STYLE="padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Effective as of:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Transener</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>TGS</B></FONT></TD></TR>
  <TR STYLE="background-color: #20396D">
    <TD STYLE="text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Increase</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Resolution</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Increase</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Resolution</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">January 2025</FONT></TD>
    <TD STYLE="width: 10%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="width: 28%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 1,065 and 1,066/24</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2.5%</FONT></TD>
    <TD STYLE="width: 31%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARGAS No. 915/24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">February 2025</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 85 and 87/25</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">1.5%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARGAS No. 51/25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">March 2025</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 158 and 154/25</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">1.7%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARGAS No. 124/25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">April 2025</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 227 and 231/25</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">0%</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">NO-2025-32668903-APN-MEC&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>TGS five-year
tariff review</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On April
30, 2025, the ENARGAS published the conditions concluding the RQT process, effective May 2025 until 2030 (Res. No. 256/25). The Res. sets
the capital base as of December 31, 2024, the mandatory investments, and a real rate of return on capital post-tax of 7.18%, among other
matters. The initial tariff schedule includes a 3.67% increase to April 2025 schedules, applicable from May and spread over 31 monthly
and consecutive installments.</P>

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">This
Res. establishes monthly adjustments for cost variations using a 50% PPI and 50% CPI formula, replacing the semi-annual PPI-only adjustment
set in the 2017 scheme. This methodology is pending SE&#8217;s approval.</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Transener and
Transba five-year tariff review</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On May
5, 2025, the ENRE published the conditions concluding the RQT process, effective from May 2025 until 2030 (Res. No. 305 and 312/2025).
Said Res. establishes the capital base as of December 31, 2024, the mandatory investments, and a real rate of return on capital post-tax
of 6.48%, among other matters. The initial tariff schedule includes a 42.89% increase for Transener and 10.30% for Transba, applicable
to April 2025 schedules. 20% of the increase will be applied in May 2025, and the remaining 80% will be phased in monthly from June to
December 2025.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Additionally,
the Res. set a monthly tariff adjustment mechanism for cost variations, combining 33% CPI and 67% PPI.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Approval of VMOS&#8217;s
under RIGI</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
21, 2025, the MECON approved VMOS&#8217;s application to the RIGI (Res. No. 302/25). VMOS aims to build and operate a 437 km oil pipeline
between Allen to Punta Colorada, province of R&iacute;o Negro, with a capacity of up to 700 kbpd. Pampa holds an 11% stake in VMOS and
has a contract to transport 50 kbpd, including storage and loading services.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>End of the Export Growth
Program (&#8216;PIE&#8217;)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On April
14, 2025, Executive Order No. 269/25 mandates that 100% of export proceeds must be settled through the official exchange market MULC,
effectively ending the PIE.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Changes in the Board of
Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On April
7, 2025, Pampa&#8217;s Shareholders Meeting approved the appointments of Gabriel Szpiegel, Daniela Rivarola Meilan, and Nicol&aacute;s
Mindlin* as new Board members, with the latter replacing Mar&iacute;a Carolina Sigwald*, who resigned on March 5, 2025.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Additionally,
the Shareholders&#8217; Meeting approved the tenure renewals of Carolina Zang and Julia Pomares as members, Clarisa Lifsic, Lorena Rappaport,
and Diego Mart&iacute;n Salaverri* as alternate members, and the appointments of Flavia Bevilacqua and Mar&iacute;a Carolina Sigwald*
as alternate members of the Board.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Finally,
Gabriel Szpiegel and Carolina Zang were designated members of the Audit Committee, and Clarisa Lifsic as an alternate member.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #5F6062"><I>* = non-independent member.<BR STYLE="clear: both">
</I></P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Financial highlights</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated balance sheet</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: left">Figures in million</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 03.31.2025</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left; width: 62%">ASSETS</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,883,249</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,685</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,690,533</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,607</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Intangible assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">102,367</TD>
    <TD STYLE="color: #4F5150; text-align: right">95</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">99,170</TD>
    <TD STYLE="color: #4F5150; text-align: right">95</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Right-of-use assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10,720</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11,330</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax asset</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">226,917</TD>
    <TD STYLE="color: #4F5150; text-align: right">211</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">161,694</TD>
    <TD STYLE="color: #4F5150; text-align: right">157</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Investments in associates and joint ventures</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,184,425</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,103</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,024,769</TD>
    <TD STYLE="color: #4F5150; text-align: right">993</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">29,272</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">28,127</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Other assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">431</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">366</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">186,248</TD>
    <TD STYLE="color: #4F5150; text-align: right">173</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">76,798</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4,623,629</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4,304</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4,092,787</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,965</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Inventories</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">267,766</TD>
    <TD STYLE="color: #4F5150; text-align: right">250</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">230,095</TD>
    <TD STYLE="color: #4F5150; text-align: right">223</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">86,930</TD>
    <TD STYLE="color: #4F5150; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">82,628</TD>
    <TD STYLE="color: #4F5150; text-align: right">80</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">722,388</TD>
    <TD STYLE="color: #4F5150; text-align: right">673</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">877,623</TD>
    <TD STYLE="color: #4F5150; text-align: right">850</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">979</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">569,480</TD>
    <TD STYLE="color: #4F5150; text-align: right">530</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">503,529</TD>
    <TD STYLE="color: #4F5150; text-align: right">488</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">387,416</TD>
    <TD STYLE="color: #4F5150; text-align: right">361</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">761,231</TD>
    <TD STYLE="color: #4F5150; text-align: right">738</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,033,990</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,895</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,456,085</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,380</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,657,619</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,199</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,548,872</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,345</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">EQUITY</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,728,731</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,472</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,391,127</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,286</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Non-controlling interest</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10,384</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">9,167</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,739,115</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,482</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,400,294</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,295</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">LIABILITIES</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">109,698</TD>
    <TD STYLE="color: #4F5150; text-align: right">102</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">141,436</TD>
    <TD STYLE="color: #4F5150; text-align: right">137</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax and minimum notional income tax provision</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">81,851</TD>
    <TD STYLE="color: #4F5150; text-align: right">76</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">77,284</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax liability</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">50,743</TD>
    <TD STYLE="color: #4F5150; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">50,223</TD>
    <TD STYLE="color: #4F5150; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">34,110</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">31,293</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,437,072</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,338</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,416,917</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,373</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">90,035</TD>
    <TD STYLE="color: #4F5150; text-align: right">83</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">87,992</TD>
    <TD STYLE="color: #4F5150; text-align: right">84</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,803,509</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,678</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,805,145</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,748</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10,487</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10,725</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax liability</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">321,343</TD>
    <TD STYLE="color: #4F5150; text-align: right">299</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">265,008</TD>
    <TD STYLE="color: #4F5150; text-align: right">257</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">34,599</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">30,989</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7,077</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7,077</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">25,665</TD>
    <TD STYLE="color: #4F5150; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">40,035</TD>
    <TD STYLE="color: #4F5150; text-align: right">39</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">705</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">379,018</TD>
    <TD STYLE="color: #4F5150; text-align: right">353</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">728,096</TD>
    <TD STYLE="color: #4F5150; text-align: right">706</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">336,101</TD>
    <TD STYLE="color: #4F5150; text-align: right">313</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">261,501</TD>
    <TD STYLE="color: #4F5150; text-align: right">253</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,114,995</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,039</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,343,433</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,302</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,918,504</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,717</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,148,578</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,050</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,657,619</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,199</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,548,872</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,345</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"></FONT></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 25 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated income statement</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt">Figures in million</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2025</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt; width: 53%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 12%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 11%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 11%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 11%">US$</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Sales revenue</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">438,715</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">414</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">337,376</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">401</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">372,894</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">352</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">274,579</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">326</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">65,821</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">62,797</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">75</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Cost of sales</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(301,010)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(285)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(215,183)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(258)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">137,705</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">129</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">122,193</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">143</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Selling expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(22,490)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(13,580)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(45,055)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(43)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34,238)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(41)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Exploration expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(58)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(82)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">35,473</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">28,992</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">35</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(23,711)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(26,385)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(31)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(212)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(29,830)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment on PPE, int. assets &amp; inventories</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(807)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(32)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Results for part. in joint businesses &amp; associates</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">48,144</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">46</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">51,416</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">61</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Income from the sale of associates</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,458</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">128,989</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">121</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">99,912</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">119</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">35,494</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,347</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial costs</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(42,844)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(41)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(43,955)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(53)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other financial results</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">38,050</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">37</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">43,805</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">52</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">30,700</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,197</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">159,689</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">150</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">101,109</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">120</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Income tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3,029</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">122,687</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">148</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Net income for the period</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">162,718</TD>
    <TD STYLE="font-weight: bold; text-align: right">154</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">223,796</TD>
    <TD STYLE="font-weight: bold; text-align: right">268</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the owners of the Company</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">161,886</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">153</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">223,796</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">267</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the non-controlling interest</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">832</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income per share to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">119.0</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.1</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">164.6</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income per ADR to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2,975.8</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2.8</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">4,113.9</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">4.9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Average outstanding common shares<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: left">Outstanding shares by the end of period<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 4pt 105.1pt 4pt 0; text-align: justify; text-indent: 45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B></B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 0 12pt; text-align: justify; color: #5F6062"><B>Note</B>: <B>1</B>
It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of March 31, 2024 and 2025.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated cash flow statement</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: left">Figures in millions</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 03.31.2025</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 03.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left; width: 62%">OPERATING ACTIVITIES</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Profit of the period</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">162,718</TD>
    <TD STYLE="color: #4F5150; text-align: right">154</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">223,796</TD>
    <TD STYLE="color: #4F5150; text-align: right">268</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">8,017</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(74,640)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(94)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Changes in operating assets and liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(76,850)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(67)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(163,370)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(194)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Net cash generated by (used in) operating activities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">93,885</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">90</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(14,214)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(20)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">INVESTING ACTIVITIES</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Payment for property, plant and equipment acquisitions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(164,292)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(162)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(109,435)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(139)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Collection for sales of public securities and shares acquisitions, net</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">147,374</TD>
    <TD STYLE="color: #4F5150; text-align: right">151</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">56,151</TD>
    <TD STYLE="color: #4F5150; text-align: right">87</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Recovery of mutual funds, net</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">237</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,117</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Payment for companies&acute;acquisitions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(33,327)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(31)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(19,750)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(24)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Payment for right-of-use</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(553)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4,346)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Collection for equity interests in companies sales</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6,206</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Collection for joint ventures&acute; share repurchase</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">30,135</TD>
    <TD STYLE="color: #4F5150; text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Dividends collection</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6,955</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Net cash generated by (used in) investing activities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(50,561)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(43)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(32,967)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(28)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">FINANCING ACTIVITIES</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Proceeds from borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">47,700</TD>
    <TD STYLE="color: #4F5150; text-align: right">45</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">112,857</TD>
    <TD STYLE="color: #4F5150; text-align: right">133</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Payment of&nbsp;&nbsp;borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(74,142)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(70)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10,959)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Payment of&nbsp;&nbsp;borrowings interests</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(39,094)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(34,128)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(42)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Repurchase and redemption of corporate bonds</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(377,408)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(360)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Payments of leases</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(968)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(782)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Net cash (used in) generated by financing activities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(443,912)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(424)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">66,988</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">77</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">(400,588)</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">(377)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">19,807</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">761,231</TD>
    <TD STYLE="color: #4F5150; text-align: right">738</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">137,973</TD>
    <TD STYLE="color: #4F5150; text-align: right">171</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Effect of exchange rate changes on cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">26,773</TD>
    <TD STYLE="color: #4F5150; text-align: right">n.a.</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">13,797</TD>
    <TD STYLE="color: #4F5150; text-align: right">n.a.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(400,588)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(377)</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19,807</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">387,416</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">361</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">171,577</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">200</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 4pt 0 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B></B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 3pt 0 12pt; text-align: justify; color: #5F6062"><B>Note</B>: The amounts
of cash and cash equivalents do not consider financial assets at fair value through profit or loss and investments at amortized cost.</P>


<!-- Field: Page; Sequence: 7 -->
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<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Cash and financial borrowings</B></FONT></TD></TR></TABLE>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; vertical-align: middle; text-align: left; width: 31%">As of March 31, 2025,<BR>
in US$ million</TD>
    <TD STYLE="color: white; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">Cash<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">Financial debt</TD>
    <TD STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">Net debt</TD>
    <TD STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center; border-top-color: white; border-top-width: 0.5pt">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center; border-top-color: white; border-top-width: 0.5pt">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; border-top-color: white; border-top-width: 0.5pt">Ownership adjusted</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Power generation</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">1,103</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">1,096</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">513</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">514</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(590)</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(582)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Petrochemicals</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">-</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Holding and others</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">-</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">(0)</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">(0)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(0)</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Oil and gas</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">1,178</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">1,178</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">1,167</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">1,167</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total under IFRS/Restricted Group</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,114</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,107</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,691</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,691</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">577</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">584</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Affiliates at O/S<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #404040"><SUP>2</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">296</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">296</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">265</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">265</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(31)</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">(31)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total with affiliates</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,410</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,403</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,956</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">1,956</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">546</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: center">554</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 1pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 1.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>:
Financial debt includes accrued interest. <B>1</B> It includes cash and cash equivalents, financial assets at fair value with changing
results, and investments at amortized cost. <B>2</B> Under IFRS, the affiliates CTBSA, Transener and TGS are not consolidated in Pampa.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Debt transactions</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">As
of March 31, 2025, Pampa&#8217;s financial debt under IFRS amounted to US$1,691 million, 19% less than the end of 2024. This decrease
is mainly explained by the full redemption of the 2027 Notes, funded with proceeds from the international issuance of the 2034 Notes,
which amounted to US$353 million of principal plus accrued interests. The gross debt principal breakdown is shown below:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; width: 13%">Currency</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 14%">Type of <BR>
issuance</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 27%">Amount <BR>
in million US$</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 12%">Legislation</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 17%">% over <BR>
total gross debt</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 17%">Avg coupon</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062">US$</TD>
    <TD STYLE="color: #5F6062; text-align: center">US$<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">1,183</TD>
    <TD STYLE="color: #5F6062; text-align: center">Foreign</TD>
    <TD STYLE="color: #5F6062; text-align: center">71%</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; text-align: center">176</TD>
    <TD STYLE="color: #5F6062; text-align: center">Argentine</TD>
    <TD STYLE="color: #5F6062; text-align: center">11%</TD>
    <TD STYLE="color: #5F6062; text-align: center">5.0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">US$ MEP</TD>
    <TD STYLE="color: #5F6062; text-align: center">203</TD>
    <TD STYLE="color: #5F6062; text-align: center">Argentine</TD>
    <TD STYLE="color: #5F6062; text-align: center">12%</TD>
    <TD STYLE="color: #5F6062; text-align: center">5.3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid">AR$</TD>
    <TD STYLE="color: #5F6062; text-align: center">AR$</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">Argentine</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">US$-link</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">96</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">Argentine</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">6%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">0%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">However,
the net debt increased to US$577 million, due to the higher seasonal working capital needs
and higher capital expenditures destined for Rinc&oacute;n de Aranda&#8217;s development and infrastructure.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">The
issuances of the 2031 and 2034 Notes significantly improved Pampa&#8217;s debt maturity profile, extending the average life to 5.0 years.
The chart below shows the principal maturity profile, net of repurchases, in US$ million by the end of Q1 25:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 105%"><IMG SRC="image_007.jpg" ALT=""><FONT STYLE="font-size: 8pt; line-height: 105%">&nbsp;</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 49%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B>Note:</B> The chart only considers Pampa consolidated under IFRS. It does not include affiliates TGS, Transener, and CTBSA.</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 25 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">&nbsp;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">In
addition to the 2027 Notes, Pampa also redeemed CB Series 19 for AR$17,131 million. After quarter-end, Pampa paid bank borrowings for
US$40 million and redeemed the outstanding CB Series 18 for US$72 million.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Regarding
our affiliates, in Q1 25, CTEB obtained net bank borrowings for US$78 million, paid AR$6 billion in short-term bank calls, and repurchased
CB Series 6 for US$30 million. After the quarter-end, CTEB borrowed US$20 million from banks and early redeemed the outstanding CB Series
6 for an amount of US$84 million.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">As
of today, Pampa continues to comply with all debt covenants.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Summary of debt
securities</I></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; width: 18%">Company<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 32%">Security</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 10%">Maturity</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 9%">Amount issued</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 11%">Amount <BR>
net of repurchases</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 20%">Coupon</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-Foreign Law</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="4" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 9 at par &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">120</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 3 at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2029</TD>
    <TD STYLE="color: #5F6062; text-align: center">300</TD>
    <TD STYLE="color: #5F6062; text-align: center">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.125%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 21 at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2031</TD>
    <TD STYLE="color: #5F6062; text-align: center">410</TD>
    <TD STYLE="color: #5F6062; text-align: center">410</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.95%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 23 at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2034</TD>
    <TD STYLE="color: #5F6062; text-align: center">360</TD>
    <TD STYLE="color: #5F6062; text-align: center">360</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.875%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">TGS<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB at discount at fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2031</TD>
    <TD STYLE="color: #5F6062; text-align: center">490</TD>
    <TD STYLE="color: #5F6062; text-align: center">490</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-Argentine Law</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 20</TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">108</TD>
    <TD STYLE="color: #5F6062; text-align: center">51</TD>
    <TD STYLE="color: #5F6062; text-align: center">6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-link</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 13</TD>
    <TD STYLE="color: #5F6062; text-align: center">2027</TD>
    <TD STYLE="color: #5F6062; text-align: center">98</TD>
    <TD STYLE="color: #5F6062; text-align: center">96</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 6<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">54</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 9</TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">50</TD>
    <TD STYLE="color: #5F6062; text-align: center">50</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-MEP</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 16</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">56</TD>
    <TD STYLE="color: #5F6062; text-align: center">56</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.99%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 18<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">72</TD>
    <TD STYLE="color: #5F6062; text-align: center">63</TD>
    <TD STYLE="color: #5F6062; text-align: center">5.0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 22</TD>
    <TD STYLE="color: #5F6062; text-align: center">2028</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">5.75%</TD></TR>
  </TABLE>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 3pt 1.45pt 12pt 0; text-align: justify; color: #5F6062"><B>Notes</B>:
<B>1</B> Under IFRS, affiliates are not consolidated in Pampa&#8217;s FS. <B>2</B> CTEB&#8217;s Series 6 CB was redeemed on April 30,
2025. <B>3</B> Pampa&#8217;s CB Series 18 was redeemed on May 8, 2025.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Credit ratings</I></B></P>

<P STYLE="font: 9pt/105% Sans-Serif; margin: 12pt 0 4pt; color: Red"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Company</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Agency</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Rating</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">Global</TD>
    <TD STYLE="color: white; text-align: center">Local</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: left; width: 25%">Pampa</TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">S&amp;P</TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">B-</TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">Moody's</TD>
    <TD STYLE="color: #5F6062; text-align: center">Caa1</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">B-</TD>
    <TD STYLE="color: #5F6062; text-align: center">AAA (long-term)<BR>
A1+ (short-term)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; text-align: center">S&amp;P</TD>
    <TD STYLE="color: #5F6062; text-align: center">B-</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings</TD>
    <TD STYLE="color: #5F6062; text-align: center">B-</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; text-align: center">A+ (long-term)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">CTEB</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">AA+</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/105% Sans-Serif; margin: 12pt 0 4pt; color: Red"><B></B></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 210.9pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>:
<B>1</B> Local rating issued by FIX SCR.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 25 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Analysis of the Q1 25 results</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Sans-Serif; margin: 4pt 5.75pt 0 0; text-align: justify; color: Red"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; text-align: left">Breakdown by segment<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 25</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 24</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">Sales</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">Net Income</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; width: 28%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; text-align: right">146</TD>
    <TD STYLE="color: #5F6062; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; text-align: right">(49)</TD>
    <TD STYLE="color: #5F6062; text-align: right">150</TD>
    <TD STYLE="color: #5F6062; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; text-align: right">48</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-39%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-right: white 1pt solid">Power generation</TD>
    <TD STYLE="color: #5F6062; text-align: right">195</TD>
    <TD STYLE="color: #5F6062; text-align: right">130</TD>
    <TD STYLE="color: #5F6062; text-align: right">124</TD>
    <TD STYLE="color: #5F6062; text-align: right">154</TD>
    <TD STYLE="color: #5F6062; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; text-align: right">197</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+27%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+51%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-37%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Petrochemicals</TD>
    <TD STYLE="color: #5F6062; text-align: right">92</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">42</TD>
    <TD STYLE="color: #5F6062; text-align: right">120</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-23%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+282%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Holding and Others</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">53</TD>
    <TD STYLE="color: #5F6062; text-align: right">36</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+133%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+133%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+227%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Eliminations</TD>
    <TD STYLE="color: #5F6062; text-align: right">(26)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(26)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">414</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">220</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">153</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">401</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">187</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">267</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+3%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-43%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/105% Sans-Serif; margin: 4pt 5.75pt 0 0; text-align: justify; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 3pt 5.75pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>:
Net income attributable to the Company&#8217;s shareholders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Reconciliation of consolidated
adjusted EBITDA</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA,<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2025</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2024</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 70%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 15%">121</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 14%">119</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">68</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Reporting EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">205</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">187</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Adjustments from oil and gas segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(9)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Adjustments from generation segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Adjustments from petrochemicals segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Adjustments from holding &amp; others segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Consolidated adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">220</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">187</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">At our ownership</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">219</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">187</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the oil and
gas segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Oil &amp; gas segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2025</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2024</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">146</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">150</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">-3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">120</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">119</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(118)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(99)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+19%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">28</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">51</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-45%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+31%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Exploration expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-71%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-40%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(25)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(29)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(30)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Loss before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net loss for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(49)</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">48</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">41</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">67</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-39%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and right-of-use assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">147</TD>
    <TD STYLE="color: #5F6062; text-align: right">87</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+69%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Lifting cost</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(45)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Lifting cost per boe</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+20%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">The
slight decline in Q1 25 </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">from the oil and gas segment
was mainly explained by lower gas sales to Chile and industries and, to a lesser extent, a drop in crude oil volumes, partially offset
by higher deliveries under Plan Gas.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Regarding
</FONT><FONT STYLE="color: #00B0F0"><B>operating performance</B></FONT><FONT STYLE="color: #5F6062">, total production averaged 72.7 kboepd
in Q1 25<BR>
(flat vs. Q1 24, +18% vs. Q4 24), mainly explained by lower industrial gas demand due to </FONT><FONT STYLE="color: #00B0F0">floods in
Cerri,</FONT> <FONT STYLE="color: #5F6062">which briefly disrupted gas transportation in March, in addition to the divestment of the Gobernador
Ayala block in October 2024 and a slight decline in conventional crude oil production. These effects were partially offset by increased
Plan Gas deliveries to CAMMESA, driven by thermal power demand and, to a lesser extent, by higher shale oil production from Rinc&oacute;n
de Aranda, where the RDA-2001 well came online in March 2024. The quarter-on-quarter recovery was driven by seasonal demand and higher
gas deliveries to CAMMESA. </FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Gas
production</B></FONT> <FONT STYLE="color: #5F6062">in Q1 25 reached 11.8 mcmpd, slightly above Q1 24 and +21% vs. Q4 24 due to seasonality.
</FONT><FONT STYLE="color: #00B0F0"><B>Analyzing the gas output by block</B></FONT><FONT STYLE="color: #5F6062">, El Mangrullo block represented
55% of total gas production in Q1 25, with 6.5 mcmpd (-13% vs. Q1 24, +23% vs. Q4 24), followed by Sierra Chata with 30% of the production,
reaching 3.5 mcmpd (+51% vs. Q1 24, +22% vs. Q4 24). At non-operated blocks, R&iacute;o Neuqu&eacute;n remained flat at 1.4 mcmpd (-5%
vs. Q1 24, +12% Q4 24), while Rinc&oacute;n del Mangrullo continued declining, producing 0.2 mcmpd (-29% vs. Q1 24, -8% vs. Q4 24).</FONT></P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 25 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Oil and gas'<BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2025</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2024</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Oil</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Gas</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Oil</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Gas</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Oil</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Gas</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 34%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.5</TD>
    <TD STYLE="color: #5F6062; text-align: center">11,811</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: center">11,684</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-25%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">-0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">417</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">413</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">3.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">69.5</TD>
    <TD STYLE="font-weight: bold; text-align: center">72.7</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.3</TD>
    <TD STYLE="color: #5F6062; text-align: center">68.8</TD>
    <TD STYLE="font-weight: bold; text-align: center">73.1</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">11,886</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">11,807</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-7%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">420</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">417</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">3.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">70.0</TD>
    <TD STYLE="font-weight: bold; text-align: center">73.6</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">3.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">69.5</TD>
    <TD STYLE="font-weight: bold; text-align: center">73.4</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">68.4</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">68.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">-6%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">3.0</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">3.2</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><B>Note: </B>The net production
in Argentina. The gas volume is standardized at 9,300 kilocalories (kCal).</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>gas price</B></FONT> <FONT STYLE="color: #5F6062">in Q1 25 averaged US$3.0 per MBTU (-6% vs. Q1
24, +6% vs. Q4 24), primarily explained by the lower export prices to Chile, in line with lower international reference prices, and seasonal
oversupply in the industrial segment. These effects were partially offset by higher retail prices, driven by tariff increases.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Regarding
our </FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT><FONT STYLE="color: #5F6062">, during Q1 25, 74% was destined for
thermal power generation and 8% to distribution companies, both under Plan Gas. 8% supplied the industrial/spot market, 8% was exported,
and the remaining 2% was sold to our petchem plants as raw material. Compared to Q1 24, 66% was destined for thermal power units, 9% was
supplied to the retail segment, 14% was sold to the industrial/spot market, 8% was exported, and the remaining 3% was sold to our petchem
plants.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Oil
production </B></FONT><FONT STYLE="color: #5F6062">reached 3.2 kbpd in Q1 25 (-25% vs. Q1 24, -18% vs. Q4 24), explained by the sale of
our non-operated stake at Gobernador Ayala in October 2024 (-1.1 kbpd), and lower volumes at non-operated conventional crude oil blocks
El Tordillo (-0.2 kbpd) and Los Blancos (-0.1 kbpd). The rising shale oil production at Rinc&oacute;n de Aranda partially offset these
effects (+0.7 kbpd).</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>oil price</B></FONT> <FONT STYLE="color: #5F6062">in Q1 25 slightly decreased to US$68.4 per barrel,
mainly explained by lower Brent-linked export prices. The domestic market absorbed 71% of volume, compared to 69% in Q1 24.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>lifting cost<SUP>4</SUP></B></FONT> <FONT STYLE="color: #5F6062">recorded US$45 million in Q1
25 (+18% vs. Q1 24, -8% vs. Q4 24), explained by higher gas treatment expenses and well testing at Rinc&oacute;n de Aranda, in preparation
for the production ramp-up. The </FONT><FONT STYLE="color: #00B0F0"><B>lifting cost per boe </B></FONT><FONT STYLE="color: #5F6062">rose
20% to US$6.9 per boe produced in Q1 25 vs. US$5.8 per boe in Q1 24, explained by Rinc&oacute;n de Aranda. However, the lifting cost was
20% lower vs. Q4 24 due to higher seasonal output and lower maintenance costs in treatment plants.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Other
operating costs</B></FONT><FONT STYLE="color: #5F6062">, excluding depreciation and amortizations, increased in Q1 25, mainly due to higher
trading purchases and transportation and labor costs. Compared to Q4 24, higher royalties and hydrocarbon transportation costs were recorded
due to higher seasonal production.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Other
operating income and expenses</B></FONT> <FONT STYLE="color: #5F6062">dropped 85% year-on-year, explained by a 75% reduction to US$2 million
in Plan Gas income, a compensation to the price agreed in said contract and paid by the Government, due to rising tariffs for distribution
companies and, therefore, increased retail sales. Improved collections from CAMMESA and ENARSA, both in days and rate, also led to a 63%
decline in commercial interest to US$2 million. There were no significant variations compared to Q4 24.</FONT></P>



<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><SUP>4</SUP> It only considers maintenance,
treatment, internal transportation and wellhead staff costs. It does not include amortizations and depreciations.</P>
<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 25 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">in Q1 25 recorded net losses of US$29 million, a 3% improvement vs. Q1 24, mainly explained
by contingencies recorded in Q1 24, partially offset by higher FX losses, as lower devaluation impacted the net financial liability position
in AR$.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA from oil &amp; gas,<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2025</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2024</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 70%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 15%">(9)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 14%">29</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">47</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Reporting EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">76</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of CAMMESA's receivable impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from oil &amp; gas</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">41</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">67</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
oil and gas </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$41 million in
Q1 25 (-39% vs. Q1 24, +12% vs. Q4 24), mainly explained by lower gas sales to industries and exports, along with higher operating costs,
mostly related to the development of Rinc&oacute;n de Aranda. Higher Plan Gas deliveries, in line with the increased thermal power demand,
partially offset these effects. Compared to Q4 24, the improved EBITDA is explained by seasonal demand and lower lifting costs, offset
by increased trading purchases and transportation costs. The adjusted EBITDA excludes non-recurring and non-cash income and expenses,
as well as overdue commercial interests.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
</FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$147 million in Q1 25
(+67% vs. Q1 24), with 78% allocated to the development of Rinc&oacute;n de Aranda.</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the power generation
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Power generation segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2025</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">2024</TD>
    <TD STYLE="color: white; font-style: italic; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">195</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">154</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+27%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(103)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(77)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+34%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">92</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">77</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+19%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-15%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-65%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-67%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(34)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-38%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">98</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">64</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+53%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-42%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">25</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">37</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">123</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-98%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">125</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">198</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-37%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">124</TD>
    <TD STYLE="font-style: italic; text-align: right">197</TD>
    <TD STYLE="font-style: italic; text-align: right">-37%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">130</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">86</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+51%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-style: italic">Adjusted EBITDA at our share ownership</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">129</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">86</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+49%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD>
    <TD STYLE="color: #5F6062; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-63%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+55%</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">During
Q1 25, power generation</FONT> <FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">grew 27% year-on-year, mainly
driven by higher spot prices in US$ terms. From February 2024, prices in AR$ rose 136%, outpacing inflation (96%) and AR$ depreciation
(28%). Additional drivers include the full commissioning of PEPE 6, which added 140 MW of installed capacity between June and November
2024, with energy sold under the MATER market. Increased recognition of fuel, gas and power transportation tariffs was also recorded,
in line with higher thermal demand. However, these gains were offset by associated costs.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt; color: #5F6062">Improvement
in spot prices mainly benefited capacity payments: open cycles/&#8217;peakers&#8217; (GT and ST) averaged US$5.4 thousand per MW-month
(+54% vs. Q1 24, +7% vs. Q4 24); hydros earned US$2.4 thousand per MW-month (+47% vs Q1 24, similar to Q4 24); and CCGTs invoiced US$5.9
thousand per MW-month (+30% vs. Q1 24, +67% vs. Q4 24), following the programmed overhauls in Q4 24. CCGTs are the only units under the
legacy pricing scheme with a partial income in US$ (Res. SE No. 59/23).</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt; color: #5F6062">The
forced outage of HINISA&#8217;s units 2 and 3 due to intense floods in January 2025 reduced sales. Compared to Q4 24, the 17% growth in
sales corresponds to a higher dispatch in CTGEBA, as the old CCGT had a major life extension overhaul during Q4 24.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>operating performance</B></FONT> <FONT STYLE="color: #5F6062">of Pampa&#8217;s operated power generation
was similar to Q1 24, outperforming the national grid, which fell 1.3% year-on-year. This is mainly attributed to the commissioning of
PEPE 6 (+135 GWh), higher dispatch in CPB due to improved gas supply at GPM (+83 GWh), stronger wind resource in other wind farms (+39
GWh) and improved availability in CTLL (+27 GWh). These effects were partially offset by the forced outage at HINISA mentioned before
(-189 GWh) and programmed overhauls in CTEB&#8217;s GT02 in March 2025 (-95 GWh).</FONT></P>


<!-- Field: Page; Sequence: 14 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_006.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
total </FONT><FONT STYLE="color: #00B0F0"><B>availability</B></FONT> <FONT STYLE="color: #5F6062">of Pampa&#8217;s operated units dropped
307 basis points to 93.4% in Q1 25, compared to Q1 24&#8217;s 96.5%, mainly explained by HINISA&#8217;s outage, offset by the commissioning
of PEPE 6. However, the thermal availability rate improved 21 basis points, reaching 95.8% during Q1 25, which was mainly related to CTLL
and CTEB&#8217;s improvements.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Power generation's <BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2025</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2024</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left; width: 24%">Installed capacity (MW)</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">427</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">4,107</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 6%">5,472</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">287</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">4,107</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 6%">5,332</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">+49%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 7%">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 6%">+3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">New capacity (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">33%</TD>
    <TD STYLE="font-weight: bold; text-align: center">32%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">33%</TD>
    <TD STYLE="font-weight: bold; text-align: center">31%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Market share (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0%</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.4%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.6%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.7%</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.1%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.4%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">418</TD>
    <TD STYLE="color: #5F6062; text-align: center">485</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,048</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,951</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">244</TD>
    <TD STYLE="color: #5F6062; text-align: center">683</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,002</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,928</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+72%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-29%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">420</TD>
    <TD STYLE="color: #5F6062; text-align: center">485</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,246</TD>
    <TD STYLE="font-weight: bold; text-align: center">6,150</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">246</TD>
    <TD STYLE="color: #5F6062; text-align: center">683</TD>
    <TD STYLE="color: #5F6062; text-align: center">5,215</TD>
    <TD STYLE="font-weight: bold; text-align: center">6,144</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+71%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-29%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">70</TD>
    <TD STYLE="color: #5F6062; text-align: center">19</TD>
    <TD STYLE="color: #5F6062; text-align: center">36</TD>
    <TD STYLE="font-weight: bold; text-align: center">37</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">72</TD>
    <TD STYLE="color: #5F6062; text-align: center">11</TD>
    <TD STYLE="color: #5F6062; text-align: center">31</TD>
    <TD STYLE="font-weight: bold; text-align: center">31</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+72%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+16%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: center">51</TD>
    <TD STYLE="color: #5F6062; text-align: center">10</TD>
    <TD STYLE="color: #5F6062; text-align: center">24</TD>
    <TD STYLE="font-weight: bold; text-align: center">25</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">64</TD>
    <TD STYLE="color: #5F6062; text-align: center">3</TD>
    <TD STYLE="color: #5F6062; text-align: center">20</TD>
    <TD STYLE="font-weight: bold; text-align: center">20</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-20%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+17%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+22%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><B>Note</B>: Gross margin before
amortization and depreciation. It includes CTEB (co-operated by Pampa, 50% equity stake).</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">Excluding
depreciation and amortizations, net </FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">increased
by 39% to US$79 million in Q1 25, mainly explained by lower overdue interest from CAMMESA, higher gas and power transport costs and lower
capitalization of maintenance works, in addition to increased power purchases to cover contracts. These effects were partially offset
by lower insurance and contractor costs, and higher insurance recovery. Compared to Q4 24, operating expenses fell 16%, reflecting increased
insurance recovery and lower maintenance and labor costs, partially offset by higher power purchases.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">in Q1 25 reached a net profit of US$25 million, 32% lower vs. Q1 24, due to lesser gains
from financial instruments, partially offset by recovery of penalties at PEA and lower financial expenses from reduced AR$-debt.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA from power generation, <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2025</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2024</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 70%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 15%">98</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 14%">64</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Reporting EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">129</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">84</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of CTEB's equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(21)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of commercial interests to CAMMESA</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(13)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of CAMMESA's receivable impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of PPE activation in operating expenses</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of provision in hydros</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">CTEB's EBITDA, at our 50% ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from power generation</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">130</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">86</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Adjusted
EBITDA</B></FONT> <FONT STYLE="color: #5F6062">from the power generation segment was US$130 million, a 51% increase year-on-year, mainly
boosted by higher spot prices in US$ terms, the addition of PEPE 6 and operational improvements, especially in PPAs units (CAMMESA and
private). In Q1 24, results had been affected by a US$20 million impairment on CAMMESA&#8217;s trade receivables. These gains were partially
offset by higher operating expenses. Adjusted EBITDA excludes non-operating, non-recurrent and non-cash items and considers CTEB&#8217;s
50% ownership, which posted US$14 million in Q1 25, similar to Q1 24. Quarter-on-quarter, the higher EBITDA is explained by seasonality,
PEPE 6 and lower operating expenses.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
excluding CTEB,</FONT> <FONT STYLE="color: #00B0F0"><B>capital expenditures </B></FONT><FONT STYLE="color: #5F6062">totaled US$9 million
in Q1 25 vs. US$24 million in Q1 24, explained by the completion of PEPE 6 in Q4 24.</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the petrochemicals
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Petrochemicals segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2025</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2024</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">92</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">120</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">-23%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">57</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">76</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">44</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(90)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(108)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-83%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+300%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+20%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">26</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">42</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">11</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+282%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">(4)</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">11</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+200%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA from petrochemicals, <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2025</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2024</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 70%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 15%">12</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 14%">10</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Reporting EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of contingencies adjustment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from petrochemicals</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">(4)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">11</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">for the petrochemicals segment reported
a US$4 million loss in Q1 25, compared to US$11 million gain in Q1 24, mainly due to an overhaul at the Reformer plant in February 2025,
which reduced production by 30%, and to a lesser extent, lower of styrene and polystyrene prices and volumes and higher operating expenses.
Increased SBR exports partially offset these effects. Adjusted EBITDA excludes a US$17 million gain from the reversal of a customs contingency.</FONT></P>

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">The
total </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #00B0F0"><B>volume</B></FONT> <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">sold
was 84 thousand tons (-24% vs. Q1 24), impacted by the plant maintenance shutdown mentioned before and lower sales across most products,
except SBR exports and domestic polystyrene sales.</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #5F6062">In
Q1 25, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">from the petrochemicals segment
recorded a profit of US$26 million, compared to a US$1 million loss in Q1 24, mainly explained by contingency recoveries.</FONT></P>


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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Petrochemicals'<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Styrene &amp; polystyrene<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">SBR</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Reforming &amp; others</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 37%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold Q1 25 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">84</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold Q1 24 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">23</TD>
    <TD STYLE="color: #4F5150; text-align: center">10</TD>
    <TD STYLE="color: #4F5150; text-align: center">77</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">110</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 25 vs. Q1 24</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-30%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-24%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Average price Q1 25 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,539</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,764</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">799</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,095</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price Q1 24 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,711</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,639</TD>
    <TD STYLE="color: #4F5150; text-align: center">845</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,098</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 25 vs. Q1 24</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-10%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-6%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-0%</TD></TR>
  </TABLE>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 5.75pt 0 0; text-align: justify; color: #5F6062"><B>Note: 1 </B>Includes
Propylene.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the holding
and others segment</B></FONT></TD></TR></TABLE>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Holding and others segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2025</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2024</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">7</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">+133%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+133%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+200%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-36%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income from the sale of associates</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-60%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+267%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">7</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+145%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">36</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">11</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+227%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">53</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">23</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+133%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
holding and others segment, excluding equity income from affiliates TGS and Transener, posted a loss on </FONT><FONT STYLE="color: #00B0F0"><B>operating
margin </B></FONT><FONT STYLE="color: #5F6062">of US$13 million in Q1 25 vs. an improvement compared to the US$24 million loss in Q1 24,
mainly explained by lower provisions for contingencies and higher fee income, partially offset by increased contractor costs.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 25, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">showed a net profit of US$7 million
vs. a US$5 million loss in Q1 24, mainly explained by gains from the slower AR$ devaluation on tax credits and lesser financial expenses
from reduced AR$ debt, partially offset by lower interest income.</FONT></P>


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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA from holding and others, <FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2025</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2024</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 70%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 15%">20</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 14%">16</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Reporting EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(40)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of contigencies provision&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of the sale of associates</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of arbitration costs in OCP</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">TGS's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">46</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">27</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Transener's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from holding and others</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">53</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">23</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">from our holding and others segment excludes
non-operating, non-recurring and non-cash items and includes the EBITDA adjusted by equity ownership in TGS and Transener. The US$53 million
profit in Q1 25, significantly above the US$23 million in Q1 24, was due to higher contributions from TGS and Transener and, to a lesser
extent, improved losses from the corporate segment (US$5 million in Q1 25 vs. US$10 million in Q1 24).</FONT></P>

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">In
</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #00B0F0"><B>TGS</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">,
the EBITDA adjusted by our stake was US$46 million in Q1 25, compared to US$27 million in Q1 24, mainly driven by tariff increases in
the regulated gas transportation business, partially offset by higher operating costs and lower NGL sales due to the </FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #00B0F0">weather-related
disruptions at Cerri Complex</FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">.</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062">Operating losses from said event for US$10 million
were excluded from EBITDA.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>Transener</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake was US$13 million
in Q1 25 vs. US$6 million recorded in Q1 24, mainly due to tariff hikes.</FONT></P>


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<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the quarter,
by subsidiary and segment</B></FONT></TD></TR></TABLE>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">First quarter 2025</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">First quarter 2024</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; width: 35%">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; text-align: right">1,167</TD>
    <TD STYLE="color: #5F6062; text-align: right">(49)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; text-align: right">956</TD>
    <TD STYLE="color: #5F6062; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,167</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(49)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">956</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Power generation segment</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Diamante</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">VAR</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">176</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">219</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(14)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(88)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(10)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(14)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(109)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(25)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">14</TD>
    <TD STYLE="color: #5F6062; text-align: right">88</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">14</TD>
    <TD STYLE="color: #5F6062; text-align: right">109</TD>
    <TD STYLE="color: #5F6062; text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">109</TD>
    <TD STYLE="color: #5F6062; text-align: right">(590)</TD>
    <TD STYLE="color: #5F6062; text-align: right">108</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">68</TD>
    <TD STYLE="color: #5F6062; text-align: right">(238)</TD>
    <TD STYLE="color: #5F6062; text-align: right">166</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">130</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(502)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">124</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(129)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">197</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">42</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(4)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">42</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">48</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(120)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(28)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(36)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">89</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(16)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(9)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; text-align: right">(32)</TD>
    <TD STYLE="color: #5F6062; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">179</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(340)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">100</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">103</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">65</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(133)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">253</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(74)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(76)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(29)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(48)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">25.5%</TD>
    <TD STYLE="color: #5F6062; text-align: right">46</TD>
    <TD STYLE="color: #5F6062; text-align: right">(87)</TD>
    <TD STYLE="color: #5F6062; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.2%</TD>
    <TD STYLE="color: #5F6062; text-align: right">27</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">(10)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(9)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">53</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(118)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">36</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Deletions</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(112)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">220</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">577</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">153</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">187</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">718</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">267</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">219</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">546</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">153</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">187</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">830</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">267</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/105% Sans-Serif; margin: 0 0 4pt; text-align: justify; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
<FONT STYLE="vertical-align: baseline"><B>1</B></FONT> The deletion corresponds to other companies or inter-companies. <B>2</B> Net debt
includes holding companies. <B>3</B> Attributable to the Company&#8217;s shareholders.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 19 -->
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Appendix</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation&#8217;s
main operational KPIs by plant</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Power generation's<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Hydroelectric</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Subtotal<BR>
hydro<BR>
+wind</TD>
    <TD COLSPAN="10" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">PEPE2</TD>
    <TD STYLE="color: white; text-align: center">PEPE3</TD>
    <TD STYLE="color: white; text-align: center">PEPE4</TD>
    <TD STYLE="color: white; text-align: center">PEA</TD>
    <TD STYLE="color: white; text-align: center">PEPE6<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.2pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">HINISA</TD>
    <TD STYLE="color: white; text-align: center">HIDISA</TD>
    <TD STYLE="color: white; text-align: center">HPPL</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">CTLL</TD>
    <TD STYLE="color: white; text-align: center">CTG</TD>
    <TD STYLE="color: white; text-align: center">CTP</TD>
    <TD STYLE="color: white; text-align: center">CPB</TD>
    <TD STYLE="color: white; text-align: center">CTPP</TD>
    <TD STYLE="color: white; text-align: center">CTIW</TD>
    <TD STYLE="color: white; text-align: center">CTGEBA</TD>
    <TD STYLE="color: white; text-align: center">Eco-<BR>
Energ&iacute;a</TD>
    <TD STYLE="color: white; text-align: center">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">Subtotal<BR>
thermal</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 33%">Installed capacity (MW)</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">53</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">53</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">81</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">140</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">265</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">388</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">285</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center; width: 4%">1,366</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">780</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">361</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">30</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">620</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">100</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%">1,253</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">14</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%">848</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center; width: 4%">4,107</TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%">5,472</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">New capacity (MW)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">53</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">81</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">140</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">428</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">184</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">100</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">565</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">279</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">1,343</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">1,770</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Market share</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.6%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.7%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">3.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.8%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.4%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; text-align: center">2.9%</TD>
    <TD STYLE="color: #4F5150; text-align: center">0.03%</TD>
    <TD STYLE="color: #4F5150; text-align: center">1.9%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">9.4%</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Net generation Q1 25 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">51</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">56</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">86</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">90</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">135</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">122</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">202</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">161</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">903</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,148</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">142</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">185</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,296</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">13</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,156</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5,048</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,951</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Market share</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.2%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.23%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.35%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.4%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2.3%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2.9%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.4%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.5%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.1%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5.9%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">0.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">3.0%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">12.9%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">15.2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Sales Q1 25 (GWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">53</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">56</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">86</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">90</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">135</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">122</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">202</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">161</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">905</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,134</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">203</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">186</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">54</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">41</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">2,421</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,161</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5,246</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">6,150</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Net generation Q1 24 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">38</TD>
    <TD STYLE="color: #4F5150; text-align: center">45</TD>
    <TD STYLE="color: #4F5150; text-align: center">79</TD>
    <TD STYLE="color: #4F5150; text-align: center">82</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">311</TD>
    <TD STYLE="color: #4F5150; text-align: center">208</TD>
    <TD STYLE="color: #4F5150; text-align: center">164</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">926</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,121</TD>
    <TD STYLE="color: #4F5150; text-align: center">135</TD>
    <TD STYLE="color: #4F5150; text-align: center">28</TD>
    <TD STYLE="color: #4F5150; text-align: center">102</TD>
    <TD STYLE="color: #4F5150; text-align: center">44</TD>
    <TD STYLE="color: #4F5150; text-align: center">37</TD>
    <TD STYLE="color: #4F5150; text-align: center">2,267</TD>
    <TD STYLE="color: #4F5150; text-align: center">17</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,251</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5,002</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,928</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 25 vs. Q1 24</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+33%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+25%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+9%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+10%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-61%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+2%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-51%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+81%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+24%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+10%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-22%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-8%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Sales Q1 24 (GWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">41</TD>
    <TD STYLE="color: #4F5150; text-align: center">45</TD>
    <TD STYLE="color: #4F5150; text-align: center">79</TD>
    <TD STYLE="color: #4F5150; text-align: center">82</TD>
    <TD STYLE="color: #4F5150; text-align: center">-</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">311</TD>
    <TD STYLE="color: #4F5150; text-align: center">208</TD>
    <TD STYLE="color: #4F5150; text-align: center">164</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">929</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,091</TD>
    <TD STYLE="color: #4F5150; text-align: center">229</TD>
    <TD STYLE="color: #4F5150; text-align: center">28</TD>
    <TD STYLE="color: #4F5150; text-align: center">102</TD>
    <TD STYLE="color: #4F5150; text-align: center">44</TD>
    <TD STYLE="color: #4F5150; text-align: center">37</TD>
    <TD STYLE="color: #4F5150; text-align: center">2,394</TD>
    <TD STYLE="color: #4F5150; text-align: center">38</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,251</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">5,215</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">6,144</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold">Avg. price Q1 25 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">90</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">78</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">22</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">43</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">24</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">57</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">56</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">72</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">35</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">31</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">36</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Avg. price Q1 24 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">76</TD>
    <TD STYLE="color: #4F5150; text-align: center">64</TD>
    <TD STYLE="color: #4F5150; text-align: center">64</TD>
    <TD STYLE="color: #4F5150; text-align: center">80</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">9</TD>
    <TD STYLE="color: #4F5150; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; text-align: center">12</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">27</TD>
    <TD STYLE="color: #4F5150; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; text-align: center">34</TD>
    <TD STYLE="color: #4F5150; text-align: center">13</TD>
    <TD STYLE="color: #4F5150; text-align: center">66</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">31</TD>
    <TD STYLE="color: #4F5150; text-align: center">39</TD>
    <TD STYLE="color: #4F5150; text-align: center">28</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">31</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">31</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #4F5150; font-weight: bold">Avg. gross margin Q1 25 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">(2)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">45</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">63</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">34</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">43</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">142</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">128</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">25</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">24</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">25</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #4F5150">Avg. gross margin Q1 24 (US$/MWh)</TD>
    <TD STYLE="color: #4F5150; text-align: center">58</TD>
    <TD STYLE="color: #4F5150; text-align: center">72</TD>
    <TD STYLE="color: #4F5150; text-align: center">72</TD>
    <TD STYLE="color: #4F5150; text-align: center">55</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">3</TD>
    <TD STYLE="color: #4F5150; text-align: center">3</TD>
    <TD STYLE="color: #4F5150; text-align: center">2</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">19</TD>
    <TD STYLE="color: #4F5150; text-align: center">16</TD>
    <TD STYLE="color: #4F5150; text-align: center">13</TD>
    <TD STYLE="color: #4F5150; text-align: center">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: center">9</TD>
    <TD STYLE="color: #4F5150; text-align: center">na</TD>
    <TD STYLE="color: #4F5150; text-align: center">145</TD>
    <TD STYLE="color: #4F5150; text-align: center">18</TD>
    <TD STYLE="color: #4F5150; text-align: center">18</TD>
    <TD STYLE="color: #4F5150; text-align: center">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">20</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">20</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 4.55pt 0 0; text-align: justify; color: #5F6062"><B>Note: </B>Gross
margin before amortization and depreciation. <B>1</B> Co-operated by Pampa (50% equity stake).</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Production in the main oil
and gas blocks</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Sans-Serif; margin: 0 0 3pt; text-align: justify; color: Red"><B></B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1.5pt solid; text-align: left">In kboe/day at ownership</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2025</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2024</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 57%">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 14%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Mangrullo</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">38.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">43.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.4</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Sierra Chata</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">20.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">13.8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+51%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Rinc&oacute;n del Mangrullo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total gas at working interest</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">69.5</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">68.8</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">+1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Oil</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Tordillo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.3</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-15%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Gobernador Ayala<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Rinc&oacute;n de Aranda</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Associated oil<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-26%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-56%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total oil at working interest</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">3.2</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">4.3</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">72.7</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">73.1</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; text-align: center">-0%</TD></TR>
  </TABLE>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 33.75pt 3pt 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
Production in Argentina. <B>1</B> It does not include shale formation. <B>2</B> It includes the La Tapera &#8211; Puesto Quiroga block.<BR>
<B>3</B> On October 21, 2024, Pampa transferred its 22.51% stake in the concession at the Gobernador Ayala to Pluspetrol. <B>4</B> From
gas fields.<BR STYLE="clear: both">
</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Glossary of terms</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD STYLE="width: 21%; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"><B>Term</B></FONT></TD>
    <TD STYLE="width: 79%; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"><B>Definition</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>A</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">DR/ADS</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">American Depositary Receipt</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">AR$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Argentine pesos</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>B</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">bl</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Barrel</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Boe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ByMA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Bolsas y Mercados Argentinos </I>or Buenos Aires Stock Exchange</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>C</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">AMMESA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Compa&ntilde;&iacute;a Administradora del Mercado Mayorista El&eacute;ctrico S.A.</I> or <BR>
Argentine Wholesale Electricity Market Clearing Company</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Corporate Bonds</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2027 CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Corporate Bonds maturing in 2027</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2031 CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Corporate Bonds maturing in 2031</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2034 CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Corporate Bonds maturing in 2034</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CCGT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Combined cycle</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CPB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Piedra Buena Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CPI</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Consumer price index</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTBSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CT Barrag&aacute;n S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTEB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Ensenada Barrag&aacute;n Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTG</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">G&uuml;emes Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTGEBA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Genelba Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTIW</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Ingeniero White Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTLL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Loma De La Lata Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Piquirenda Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">CTPP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Parque Pilar Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>E</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">&amp;P</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Exploration and Production</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Earnings before interest, tax, depreciation and amortization</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">EcoEnerg&iacute;a</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">EcoEnerg&iacute;a Co-Generation Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARGAS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Ente Nacional Regulador del Gas </I>or National Gas Regulatory Entity</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Energ&iacute;a Argentina S.A.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Ente Nacional Regulador de la Electricidad </I>or National Electricity Regulatory Entity</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>F</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">LNG</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Floating liquefaction of natural gas</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">FS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Financial Statements</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">FX</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Nominal exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>G</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">olar Subholding</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Golar FLNG Sub-Holding Company Limited</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">GPM, former GPNK</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Francisco Pascasio Moreno Gas Pipeline, formerly President Nestor Kirchner </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">GSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Long-term gas sale agreement</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">GT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Gas turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">GWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Gigawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>H</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">IDISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Diamante Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Hilli</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Hilli Episeyo liquefaction floating vessel</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">HINISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Los Nihuiles Hydro Power Plant </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">HPPL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Pichi Picun Leufu Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0070C0; line-height: 105%"><B>I</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">FRS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">International Financial Reporting Standards</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>K</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">b/kboe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Thousands of barrels/thousands of barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Kbpd/kboepd</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Thousands of barrels per day/thousands of barrels of oil equivalent per day</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 21%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>L</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">NG</FONT></TD>
    <TD STYLE="width: 79%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Liquefied Natural Gas</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>M</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Cubic meter</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MAT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Business-to-business market</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Mboe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Million barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MBTU</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Million British Thermal Units</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Mcmpd</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Million cubic meters per day</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MECON</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Ministry of Economy </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MEM</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Wholesale electricity market</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MTPA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Million tons per year</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MULC</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Mercado &Uacute;nico Libre de Cambios</I> or Free and Single Foreign Exchange Market</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MW/MWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Megawatt/Megawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>N</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">.a.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">NGL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Natural gas liquids</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>O/S</B></FONT></TD>
    <TD STYLE="line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Share ownership</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>P</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">AE</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Pan American Energy S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Pampa / The Company</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Pampa Energ&iacute;a S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">PEA</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Arauco II Wind Farm, stage 1 and 2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">PEPE</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Pampa Energ&iacute;a Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Plan Gas</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Argentine Natural Gas Production Promotion Plan, 2020&#8211;2024 Supply and Demand Scheme (Executive Order No. 892/20, 730/22 and supplementary provisions)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">PPA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Power purchase agreement</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">PPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Property, plant and equipment</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">PPI</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Producer&#8217;s Price Index</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>Q</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4 24</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Fourth quarter of 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Q1 25/Q1 24</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">First quarter of 2025/First quarter of 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>R</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">es.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Resolution/Resolutions</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">RIGI</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>R&eacute;gimen de Incentivo para Grandes Inversiones</I> or Incentive Regime for Large Investments</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">RQT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Five-year tariff review</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>S</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ACDE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Sociedad Argentina de Construcci&oacute;n y Desarrollo Estrat&eacute;gico</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SCEyM</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Secretariat of Energy and Mining Coordination</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Secretariat of Energy</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SESA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Southern Energy S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SSEE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Undersecretariat of Electric Power</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ST</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Steam turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SUR</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Sur Inversiones Energ&eacute;ticas S.A.U.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>T</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">GS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Ton</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Metric ton</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Transba</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Transener</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>U</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">S$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">U.S. Dollars</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">US$-link</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">A security in which the underlying is linked to a US$ wholesale exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding-left: 0.5in; line-height: 105%; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">US$-MEP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">A security in which the settlement uses US$ in the domestic market</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding-left: 0.5in; line-height: 105%; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">VMOS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Vaca Muerta Oil Sur</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 2.25pt solid; padding-left: 0.5in; line-height: 105%; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"><B>W</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">intershall</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Wintershall DEA Argentina S.A.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #2172AE; font: bold 2pt/105% Trebuchet MS, Times, Serif; margin: 0; text-align: left">&nbsp;</P>








<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 25 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
