<SEC-DOCUMENT>0001292814-25-003903.txt : 20251112
<SEC-HEADER>0001292814-25-003903.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112060753
ACCESSION NUMBER:		0001292814-25-003903
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112

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:		251468287

	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>pamfs3q25_6k1.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<HR SIZE="2" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: #A0A0A0">

<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>

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

<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;November,
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>

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

<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>

<!-- Field: Page; Sequence: 1 -->
    <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></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<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">Unaudited consolidated condensed interim financial statements (ARS)</A></P>


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

<!-- Field: Page; Sequence: 2 -->
    <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></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



<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;November 10, 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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="text-align: center; font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for
publication in Argentina</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><B><IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="width: 341px; height: 98px"></B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS </B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>AS OF SEPTEMBER 30, 2025 </B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>AND FOR THE NINE AND THREE-MONTH PERIODS THEN ENDED</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>PRESENTED ON COMPARATIVE BASIS</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-indent: 4.5pt">(In millions of Argentine Pesos (&#8220;$&#8221;))</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.35pt 0 0"><IMG SRC="pamfs3q256k1_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia,serif; margin: 0 0 15pt"><FONT STYLE="font-weight: normal">Report on review of interim financial information</FONT></P>

<P STYLE="font: 10pt Georgia,serif; margin: 0 41.95pt 0 0">To the Shareholders, President and Directors of</P>

<P STYLE="font: 10pt Georgia,serif; margin: 0pt 41.95pt 6pt 0pt">Pampa Energ&iacute;a S.A.</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 0 0 6pt; border-top: #FD5108 0.5pt solid; border-bottom: #FD5108 0.5pt solid"><B>Introduction</B></P>

<P STYLE="font: 10pt Georgia,serif; margin: 2pt 0 10pt; background-color: white">We have reviewed the accompanying condensed consolidated
interim statement of financial position of Pampa Energ&iacute;a S.A. and its subsidiaries (the &lsquo;Group&rsquo;) as at September 30,
2025 and the related condensed consolidated interim statements of comprehensive income for the nine-month and three-month periods then
ended, and condensed consolidated statements of changes in equity and cash flows for the nine-month period then ended and selected explanatory
notes.</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 0 0 6pt; border-top: #FD5108 0.5pt solid; border-bottom: #FD5108 0.5pt solid"><B>Responsibilities
of the Board of Directors</B></P>

<P STYLE="font: 10pt Georgia,serif; margin: 2pt 0 10pt; background-color: white">The board of Directors is responsible for the preparation
and presentation of this condensed consolidated interim financial information in accordance with IFRS Accounting Standards and is therefore
responsible for the preparation and presentation of the condensed interim financial statements mentioned in the first paragraph, in accordance
with International Accounting Standard 34 (IAS 34).</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 0 0 6pt; border-top: #FD5108 0.5pt solid; border-bottom: #FD5108 0.5pt solid"><B>Scope
of review</B></P>

<P STYLE="font: 10pt Georgia,serif; margin: 2pt 0 10pt; background-color: white">We conducted our review in accordance with International
Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review
of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 0 0 6pt; border-top: #FD5108 0.5pt solid; border-bottom: #FD5108 0.5pt solid"><B>Conclusion</B></P>

<P STYLE="font: 10pt Georgia,serif; margin: 2pt 0 10pt; background-color: white">Based on our review, nothing has come to our attention
that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material
respects, in accordance with IAS 34.</P>

<P STYLE="font: 10pt Georgia,serif; margin: 0 41.95pt 0 0; text-align: justify">Autonomous City of Buenos Aires, November 4, 2025.</P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 30%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Georgia,serif; margin: 0 0 0 7.1pt; text-align: center">PRICE WATERHOUSE &amp; CO. S.R.L.</P>
    <P STYLE="font: 11pt Arial,sans-serif; margin: 0 1.85pt 0 7.1pt">&nbsp;</P>
    <P STYLE="font: 10pt Georgia,serif; margin: 0 1.85pt 0 7.1pt">&nbsp;</P>
    <P STYLE="font: 10pt Georgia,serif; margin: 0 1.85pt 0 7.1pt">&nbsp;</P>
    <P STYLE="font: 10pt Georgia,serif; margin: 0 1.85pt 0 7.1pt; text-align: right">(Partner)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Arial,sans-serif; padding-left: 7.1pt; text-align: center"><FONT STYLE="font-family: Georgia,serif; font-size: 8pt">C.P.C.E.C.A.B.A. T&ordm; 1 F&ordm; 17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Georgia,serif; font-size: 9pt">Dr. Carlos Mart&iacute;n Barbafina</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 7pt Georgia,serif; margin: 0 0 0 7.1pt; text-align: center">Contador P&uacute;blico (UCA)</P>
    <P STYLE="font: 7pt Georgia,serif; margin: 0 0 0 7.1pt; text-align: center">C.P.C.E.C.A.B.A. T&deg; 175 F&deg; 65</P>
    <P STYLE="font: 11pt Arial,sans-serif; margin: 0 0 6pt">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Georgia,serif; margin: 0 0 11pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman,serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 45%"><P STYLE="font: 11pt/150% Georgia,serif; margin: 0 0 15pt">www.pwc.com.ar</P></TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 45%"><P STYLE="font: 9pt Georgia,serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Price Waterhouse &amp; Co. S.R.L.</P>

<P STYLE="font: 9pt Georgia,serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Bouchard 557, 8<SUP>th</SUP> floor</P>

<P STYLE="font: 9pt Georgia,serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">C1106ABG - Autonomous City of Buenos Aires, Argentina</P>

<P STYLE="font: 9pt Georgia,serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">T: +(54.11) 4850.0000</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0"></P>


<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 12pt Arial Unicode MS,serif; margin-top: 5pt; margin-bottom: 5pt"><B>GLOSSARY OF TERMS</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0; text-align: justify">The following are not technical definitions, but
they are helpful for the reader&#8217;s understanding of some terms used in the notes to the Unaudited Consolidated Condensed Interim
Financial Statements of the Company.</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; width: 20%">Terms</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; width: 75%">Definitions</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ADR</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">American Depositary Receipt</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">BCBA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Buenos Aires Stock Exchange&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">BCRA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Argentina&rsquo;s Central Bank</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">BNA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Banco de la Naci&oacute;n Argentina</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">BBL</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Barrel</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CAMMESA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compa&ntilde;&iacute;a Administradora del Mercado El&eacute;ctrico Mayorista S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Corporate Bonds&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CIESA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compa&ntilde;&iacute;a de Inversiones de Energ&iacute;a S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CITELEC</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compa&ntilde;&iacute;a Inversora en Transmisi&oacute;n El&eacute;ctrica Citelec S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CNG</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compressed Natural Gas</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CNV</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">National Securities Commission of Argentina&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CPB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central T&eacute;rmica Piedra Buena&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CPI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Consumer's price index</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CSJN</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Argentina&rsquo; Supreme Court of Justice</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CT Barrag&aacute;n S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTG</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central T&eacute;rmica G&uuml;emes</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTGEBA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central T&eacute;rmica Genelba</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTIW</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central T&eacute;rmica Ingeniero White</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTLL</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Central T&eacute;rmica Loma de la Lata</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">CTPP</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Central T&eacute;rmica Parque Pilar</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">EISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Energ&iacute;a Inversora S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ENARGAS&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">National Regulatory Authority of Gas&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ENARSA&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Energ&iacute;a Argentina S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ENRE&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">National Regulatory Authority of Electricity&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ENRGE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">National Regulatory Authority of Gas and Electricity</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">FLNG</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Floating Liquefied Natural Gas</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">FNEE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">National Electric Energy Fund&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">FTR</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Five-Year Tariff Review</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">GASA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Generaci&oacute;n Argentina S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">GUDI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Distributors&rsquo; large users</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">HIDISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Hidroel&eacute;ctrica Diamante S.A.</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0"><B><U>GLOSSARY OF TERMS:</U></B> (Continuation)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; width: 20%">Terms</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; width: 75%">Definitions</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">HINISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Hidroel&eacute;ctrica Los Nihuiles S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">HPPL</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Hidroel&eacute;ctrica Pichi Pic&uacute;n Leuf&uacute;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">IAS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">International Accounting Standards&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">IASB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">International Accounting Standards Board</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">ICSID</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">International Centre for Settlement of Investment Dispute</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">IFRS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">International Financial Reporting Standards</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">IPIM</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Wholesale Domestic Price Index</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">LNG</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Liquefied Natural Gas</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">M<FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Cubic meters</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MAT&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">WEM&rsquo;s Forward Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MATER</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Renewable Energy Forward Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MECON&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Ministry of Economy of Argentina</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MLC&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Foreign Exchange Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MW</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Megawatt</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">MWh</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Megawatt/hour</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">NYSE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">New York Stock Exchange</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">OCP</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Oleoductos de Crudos Pesados Ltd</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">OCPSA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Oleoductos de Crudos Pesados S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PAIS tax</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Tax for an Inclusive and Supportive Argentina</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PB18</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Bloque 18 S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a Bolivia S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PECSA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a Chile S.p.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEN</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Federal Executive Branch&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEPE II</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a II Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEPE III</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a III Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEPE IV</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a IV Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PEPE VI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a VI Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">PESOSA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; vertical-align: bottom">Pampa Energ&iacute;a Soluciones S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">PISA</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Pampa Inversiones S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">PIST</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif">Point of Entry to the Transport System</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">POSA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Petrobras Operaciones S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">RDA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Rinc&oacute;n de Aranda</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">RIGI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Incentive Regime for Large Investments</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0"><B><U>GLOSSARY OF TERMS:</U></B> (Continuation)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; width: 20%">Terms</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle; width: 75%">Definitions</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">SACDE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Sociedad Argentina de Construcci&oacute;n y Desarrollo Estrat&eacute;gico S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">SE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Secretary of Energy</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">SESA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Southern Energy S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">TGS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Transportadora de Gas del Sur S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">TJSM</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">TMB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Termoel&eacute;ctrica Manuel Belgrano S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">The Company / Pampa</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">The Group</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Pampa Energ&iacute;a S.A. and its subsidiaries</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Transba</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Transener</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">US$</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">U.S. dollar</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">VAR</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Vientos de Arauco Renovables S.A.U.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">VMOS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">VMOS S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">WACC</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Weighted Average Cost of Capital</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">WEM</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Wholesale Electricity Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">$</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font-family: Times New Roman, serif; vertical-align: middle">Argentine Pesos</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT
OF</P>

<P STYLE="font: bold 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">COMPREHENSIVE INCOME</P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine and three-month periods
ended September 30, 2025, presented on comparative basis.</B></P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Nine-month</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Three-month</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 44%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2024</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">8</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,805,519</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,294,494</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">796,635</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">510,706</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">9</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,214,020)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(831,719)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(513,313)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(344,291)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Gross profit</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">591,499</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">462,775</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">283,322</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">166,415</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(83,758)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(51,380)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(35,913)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(19,798)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(157,003)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(124,840)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(63,302)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(53,166)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Exploration expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(362)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(256)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(137)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(89)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">103,420</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">102,716</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">43,239</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">31,935</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(73,410)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(63,966)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(28,651)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(20,912)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(10,298)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(18,578)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(9,522)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(18,436)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6,067)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(48,912)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(3,559)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">680</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.1.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">133,104</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">94,331</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">41,757</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">62,437</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Profit from sale of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,765</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Operating income&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">497,125</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">357,655</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">227,234</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">149,066</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">47,525</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,095</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8,781</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,086</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(180,417)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(120,932)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(68,958)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(39,244)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other financial results</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">163,491</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">99,806</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">25,381</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">36,945</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Financial results, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">30,599</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(17,031)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(34,796)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(213)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Profit before income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">527,724</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">340,624</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">192,438</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">148,853</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">10.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">(267,280)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">111,715</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">(152,155)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(9,451)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Profit of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">260,444</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">452,339</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">40,283</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">139,402</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other comprehensive income</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">1,141,248</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">552,038</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">564,751</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">185,461</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; text-align: left; background-color: white">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">23,857</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,786)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(8,350)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">975</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">(44,746)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">144,953</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">(40,952)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">25,084</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Other comprehensive income of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,112,009</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">696,991</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">521,988</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt">210,545</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total comprehensive income of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,372,453</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,149,330</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">562,271</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">349,947</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>UNAUDITED CONSOLIDATED CONDENSED INTERIM </B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>STATEMENT OF COMPREHENSIVE
INCOME </B></FONT>(Continuation)</P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine and three-month periods
ended September 30, 2025, presented on comparative basis. </B></P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&#8220;$&#8221;))</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Nine-month</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Three-month</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2024</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 11%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total profit of the period attributable to:</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Owners of the company</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">260,777</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">452,630</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">40,207</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">139,470</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(333)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(291)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">76</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(68)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">260,444</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">452,339</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40,283</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">139,402</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total comprehensive income of the period attributable to:</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Owners of the Company</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,369,724</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,148,086</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">560,719</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">349,455</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,729</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,244</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,552</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">492</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,372,453</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,149,330</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">562,271</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">349,947</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Earnings per share attributable to equity holders of the Company</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Total basic and diluted earning per share&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">13.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">191.75</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">332.82</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">29.56</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">102.55</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 9pt/115% Times New Roman,serif; margin: 0pt 0pt 10pt">The accompanying notes are an integral part of
these Unaudited Consolidated Condensed Interim Financial Statements.</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT</P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>OF FINANCIAL POSITION</B></P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>As of September 30, 2025, presented on comparative
basis.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; width: 57%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,214,246</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,690,533</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Intangible assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">124,070</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">99,170</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Right-of-use assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">57,833</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">11,330</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">28,543</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">161,694</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Investments in associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">5.1.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,379,885</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,024,769</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">43,694</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">28,127</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">470</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">366</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">66,063</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">76,798</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">5,914,804</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,092,787</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">353,019</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">230,095</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">82,628</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.2</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">648,352</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">877,623</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">41,177</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">979</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,082,686</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">503,529</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.4</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">567,726</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">761,231</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total current assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,692,960</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,456,085</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,607,764</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,548,872</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 14.2pt"><FONT STYLE="font-size: 9pt"></FONT></P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT </B></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center"><B>OF FINANCIAL POSITION </B>(Continuation)</P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>As of September 30, 2025, presented on comparative
basis.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&#8220;$&#8221;))</P>

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

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

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; width: 57%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">SHAREHOLDERS&acute; EQUITY</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Share capital</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">13.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,360</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,360</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Share capital adjustment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7,126</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7,126</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Share premium</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">19,950</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">19,950</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Treasury shares</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">13.1</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Treasury shares adjustment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Treasury shares cost</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(23,513)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(211)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Legal reserve</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">62,335</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">46,616</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,309,274</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,708,688</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other reserves</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,829</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,475</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Other comprehensive income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,107,891</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">839,025</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Retained earnings&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">250,626</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">766,073</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right">4,736,903</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right; background-color: white">3,391,127</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">11,896</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">9,167</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,748,799</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">3,400,294</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Provisions</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">147,536</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">141,436</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Income tax and minimum notional income tax provision</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">437,069</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">77,284</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.3</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">92,244</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">50,223</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">39,587</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">31,293</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,032,748</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,416,917</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">104,076</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">87,992</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,853,260</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,805,145</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Provisions</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,305</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,725</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Income tax liability</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">11.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21,058</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">265,008</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Tax liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">49,692</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">30,989</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,786</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7,077</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">42,712</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">40,035</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">195</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.5</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">389,151</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">728,096</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.6</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">485,806</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">261,501</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,005,705</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,343,433</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">3,858,965</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">3,148,578</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">8,607,764</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">6,548,872</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these Unaudited
Consolidated Condensed Interim Financial Statements.</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT
OF CHANGES IN EQUITY</P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center"><B>For the nine-month period ended September 30, 2025,
presented on comparative basis.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&ldquo;$&rdquo;))&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 7pt">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; width: 31%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%">Treasury shares</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 4%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Other reserves</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Unappropiated retained earnings</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Equity attributable to owners</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 4%">Total equity</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2023</TD>
    <TD STYLE="text-align: right">1,360</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">7,126</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">19,950</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">21</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">(211)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">37,057</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,157,389</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">711</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">539,702</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">180,627</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,943,736</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">6,960</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,950,696</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Voluntary reserve constitution</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(539)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">181,166</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(180,627)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Stock compensation plans</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">833</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">833</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">833</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Dividens ditribution</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(37)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(37)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Profit (Loss) for the nine-month period</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">452,630</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">452,630</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(291)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">452,339</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other comprehensive income for the nine-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,320</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">268,307</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">258,927</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">160,902</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">695,456</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,535</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">696,991</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of September 30, 2024</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,360</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,126</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(211)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">43,838</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,606,862</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,544</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">798,629</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">613,532</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,092,655</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">8,167</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,100,822</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Stock compensation plans</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">931</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">931</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">931</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Sale of company</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(63)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(63)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Profit for the complementary three-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">111,957</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">111,957</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">494</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">112,451</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other comprehensive income for the complementary three-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,778</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">101,826</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">40,396</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">40,584</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">185,584</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">569</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">186,153</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2024</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,360</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,126</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(211)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">46,616</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,708,688</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,475</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">839,025</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">766,073</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,391,127</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">9,167</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,400,294</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Voluntary reserve constitution</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">766,073</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(766,073)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Treasury shares acquisition</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23,302)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(23,302)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23,302)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Stock compensation plans</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(646)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(646)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(646)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Profit (Loss) for the nine-month period</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260,777</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260,777</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(333)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260,444</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other comprehensive income for the nine-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15,719</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">834,513</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">268,866</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,151)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,108,947</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,062</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,112,009</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of September 30, 2025</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,360</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,126</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(23,513)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">62,335</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,309,274</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,829</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,107,891</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">250,626</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4,736,903</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">11,896</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4,748,799</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">The accompanying notes are an integral part of these Unaudited Consolidated Condensed
Interim Financial Statements.</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT
OF CASH FLOWS</P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended
September 30, 2025, presented on comparative basis.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P>

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

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: justify; background-color: white; width: 57%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Note</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 13%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 13%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash flows from operating activities:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Profit of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">260,444</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">452,339</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14.1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">490,809</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">136,816</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">14.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(156,864)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(355,876)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Net cash generated by operating activities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">594,389</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">233,279</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash flows from investing activities:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Payment for property, plant and equipment acquisitions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(858,567)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(299,585)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Collection for sales (Payment for purchases) of public securities and shares, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">416,990</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(25,310)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Recovery (Suscription) of mutual funds, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16,691</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(887)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Capital integration in companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(44,726)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Payment for companies&acute;acquisitions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(42,642)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Payment for right-of-use</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(52)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Collection for equity interests in companies sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">630</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16,538</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Collection for joint ventures&acute; share repurchase</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">30,135</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Collections for property, plant and equipment sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">331</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Collections for intangible assets sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,571</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Dividends collection</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">35,265</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,955</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Collection for equity interests in areas sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,410</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Cash addition for purchase of subsidiary</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">67,447</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Loans granted, net&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(115)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Net cash used in investing activities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(420,749)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(247,185)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash flows from financing activities:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">12.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">665,797</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">653,462</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(142,971)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(108,478)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings interests</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">12.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(141,214)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(104,058)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Repurchase and redemption of corporate bonds</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">12.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(806,076)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(285,489)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Payments of dividends</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(37)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Payment for treasury shares acquisition</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(23,302)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Payments of leases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(14,222)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,444)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Net cash (used in) generated by financing activities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(461,988)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">152,956</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">(288,348)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">139,050</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">12.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">761,231</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">137,973</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Exchange and conversion difference generated by cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">94,843</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">44,988</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(288,348)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">139,050</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">12.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">567,726</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">322,011</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0">The accompanying notes are an integral part of these Unaudited Consolidated Condensed
Interim Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: bold 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM</P>

<P STYLE="font: bold 11pt/14pt Times New Roman,serif; margin: 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended
September 30, 2025, presented on comparative basis.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of Argentine
Pesos (&ldquo;$&rdquo;))</FONT></P>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 5pt 0">&nbsp;</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 1</U>: GENERAL INFORMATION</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">1.1 General
information of the Company</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company is an Argentine company, which participates
in the energy sector, mainly in the production of oil and gas and power generation.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the oil and gas segment, the Company develops
an important activity in gas and oil exploration and production, reaching a production level in the nine-month period ended September
30, 2025 of 12.9 million m3/day of natural gas and 9.5 thousand bbl/day of oil in 11 productive areas and 2 exploratory areas in Argentina.
Its main production blocks are located in the Provinces of Neuqu&eacute;n and R&iacute;o Negro.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the generation segment, the Company, directly
and through its subsidiaries and joint ventures, has a 5,472 MW installed capacity as of September 30, 2025, which represents approximately
12% of Argentina&#8217;s installed capacity, and being one of the largest independent generators in the country.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the petrochemicals segment, the Company operates
2 high-complexity plants in Argentina producing styrene, synthetic rubber and polystyrene, with a share ranging between 86% and 98%, in
the domestic market.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Finally, through the holding, transportation and
others segment, the Company participates in the electricity transmission and gas transportation businesses. In the transmission business,
the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance
of a 22,349 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission
market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding
a concession for the transportation of natural gas with 9,248 km of gas pipelines in the center, west and south of Argentina, and which
is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bah&iacute;a Blanca, in the Province
of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Additionally, the segment includes advisory
services provided to related companies.</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0">1.2 Economic context in which the Company operates</P>

<P STYLE="margin: 12pt 0pt 0pt; font: 10pt/14pt Times New Roman,serif; text-align: justify">The Company operates
in a complex economic context which main variables are experiencing volatility as a result of political and economic events both domestically
and internationally.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">As part of its economic stabilization plan, on
April 11, 2025, the Government announced a series of measures aimed at easing foreign exchange controls and strengthening the monetary
system seeking to reduce inflation, boost economic activity, enhance monetary predictability and increase freely available reserves supporting
its economic program. The program is financially backed by a new US$ 20 billion facility agreed with the International Monetary Fund,
which, together with other agreements, could contribute to a US$ 23.1 billion increase in BCRA&#8217;s net reserves during 2025. As a
result, a slowdown in inflation was observed, with monthly rates around 2% as from May 2025, while the local primary fiscal surplus was
maintained.</P>


<!-- Field: Page; Sequence: 12; Options: NewSection; Value: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 1</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">However, during the third quarter of 2025, there
has been increased foreign-exchange and financial volatility due to the uncertainty surrounding the legislative elections, which will
determine the Government&#8217;s ability to move forward with structural labor, tax and social security reforms. This situation has led
to a slowdown in economic activity and posed additional challenges to maintaining the fiscal surplus.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The context of volatility and uncertainty continues
as of the date of issuance of these Consolidated Condensed Interim Financial Statements, and it is not possible to predict the macroeconomic
and financial situation&#8217;s evolution in Argentina or internationally, or any new measures to be announced.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s Management permanently monitors
the evolution of the variables affecting its business to define its course of action and identify potential impacts on its assets and
financial position.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s Consolidated Condensed Interim
Financial Statements should be read in light of these circumstances.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 2</U>: REGULATORY FRAMEWORK</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">2.1
Oil and Gas</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify">2.1.1 <U>Gas market</U></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><I>2.1.1.1 Natural Gas for the residential segment
and CNG</I>&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify">SE Resolutions No. 602/24, No. 25/25, No. 111/25,
No. 139/25, No. 176/25, No. 228/25, No. 288/25, No. 335/25, No. 357/25, and No. 382/25 established the PIST price to be passed on to end
users pursuant to the agreements entered into under GasAr Plan for gas consumptions as from the months of January through October 2025,
respectively, and on the tariff schemes published by ENARGAS&#8217; effective date.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><I>2.1.1.2 Compensation for subsidized natural
gas consumption </I></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify">ENARGAS Resolution No. 125/25 restructures the
compensation system for natural gas consumption subsidies to natural gas distribution companies, modifying the entity receiving such compensation.
The new mechanism, effective as from February 1, 2025, establishes that compensation will be collected directly by natural gas producers
and deducted from the invoices issued by producers to distributors.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Condensed Interim Financial Statements, the enactment of clarifying regulations is still pending.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><I>2.1.1.3 LNG exports</I></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 145/25 approved the LNG export
procedure, establishing that, under Law No.&nbsp;27,742, a firm LNG export authorization will be granted to allow holders the right to
export the authorized volumes without interruptions, restrictions or redirections over the term of the authorization.</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">2.2
Generation</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.2.1</TD><TD STYLE="text-align: justify"><U>Modifications to the electricity regulatory framework </U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In line with the objective of ensuring free contracting
in the MAT established by Law No. 27,742, on January 28, 2025, SE Resolution No. 21/25 was published establishing different modifications
regulating dispatch and operation at the WEM&#8217;s MAT. The main modifications include:</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">- generators, self-generators and co-generators
of conventional thermal, hydraulic and nuclear sources commissioned as from January 1, 2025 are exempted from the suspension of contracting
within the MAT;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">- the presentation or renewal of Energy Plus contracts
is limited until October 31, 2025, after the expiration of such contracts the Energy Plus market will no longer be in effect;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">- the dispatch scheme set by SE Resolution No.
354/20 is abrogated, effective as from February 1, 2025, and no alternative dispatch scheme is established contemplating the obligations
under ENARSA&#8217;s supply contract with Bolivia and contracts within the GasAr Plan&#8217;s framework;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">- as from March 1, 2025, the recognition of fuel
costs is authorized according to reference prices and the values declared and accepted in the Production Cost Statement plus freight,
natural gas transportation and distribution costs, and taxes and fees.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">- CAMMESA will continue centralizing fuel supply
for contracts entered into under specific schemes (SE Resolutions No. 220/07, No. 21/16 and No. 287/17);</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">- generators remunerated under the spot scheme
will be able to manage their own fuel, with CAMMESA remaining as the supplier of last resort; and</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">- new values are established for the cost of non-supplied
energy, effective as from February 1, 2025, under the following tiers: (i) US$ 350 /MWh up to&nbsp;5%; (ii) US$ 750 /MWh up to 10%, and
(iii) US$ 1,500 /MWh for more than 10%.</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On its part, SE Note NO-2025-35216647-APN-SE#MEC
dated April 4, 2025 establishes guidelines for the gas dispatch priority scheme for thermal generation in the WEM. Tenders by generators
opting into managing their own fuel supply will be considered firm and, in case of non-compliance, will be subject to a Deliver or Pay
penalty equivalent to 70% of the unavailable volume&#8217;s reference price.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The new reference price equals 90% of the weighted
average price per natural gas basin in the PIST using Round&nbsp;4.2 prices for the Neuquina Basin and the Norte Basin and Round 4.1 prices
for the Austral Basin.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Reference prices for liquid fuels are set for
each generator based on international indicators, including a premium covering associated financial and logistical costs, and prices for
liquid fuels and natural gas from neighboring countries are recognized at the exchange rate effective on the last business day before
the transaction due date, associated with the consumption recognized in the respective economic transaction.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Based on the above-mentioned modifications, CAMMESA
made several calls to generating agents for natural gas supply tenders for generation at higher prices.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On May 30, 2025, through Executive Order No. 370/25,
the National Government extended the national emergency for the electricity generation, transmission, and distribution segments, and for
the natural gas transportation and distribution segments, until July 9, 2026.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On July 7, 2025, through Executive Orders No.
450/25 and No. 452/25, Laws No. 15,336 and No. 24,065 were amended, and the ENRGE was established to replace and unify the ENARGAS and
the ENRE, respectively, under the guidelines established in the Bases Law (Law No. 27,742). On October 13, 2025, through SE&nbsp;Resolution
No. 388/25, the call for the appointment of its authorities was launched.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Executive Order No. 450/25 establishes a 24-month
transition period during which the SE must issue regulations aiming to, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">decentralize and develop a competitive hydrocarbons market through the free contracting of fuel by generators;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">ensure the regularization and collectability of contracts with electricity distributors, and establish
thermal generation remuneration criteria allowing for greater efficiency in fuel procurement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">establish mechanisms for transferring the power purchase agreements executed with CAMMESA to the demand
of distributors and large users within the WEM; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">establish mechanisms for transferring the fuel purchase agreements executed by CAMMESA to the WEM&acute;s
supply.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The following amendments to Laws No. 15,336 and
No. 24,065 are noteworthy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">hydroelectric concessions must have a term (maximum 60 years) and must be re-tendered upon expiration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">free contracting principles between generators and large users and free users in the WEM must be maintained.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In addition, the SE is empowered to authorize
the execution of expansions to the transmission system within an existing concession, after consulting with CAMMESA, and may finance it
with FNEE resources. Alternatively, the grid may be expanded on the initiative and at the risk of the party carrying out the expansion,
which will be granted priority for the use of the transmission capacity, assignable to third parties.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Based on the above-described modifications, on
October&nbsp;21, 2025, SE&nbsp;Resolution No. 400/25 established the &#8220;Rules for Normalization and Progressive Adaptation of the
WEM&#8221; amending the current regulatory framework effective as from November 1, 2025. It is worth highlighting that the implementation
of some of the modifications requires additional regulation.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Regarding distributor demand, a new category of
users subject to the application of seasonal prices is established: the seasonalized demand (not including large distribution company
users or &#8220;GUDI&#8221;). For this category, the distributor must maintain a minimum coverage of 75% of such demand. Seasonalized
demand will be supplied through the allocated generation, giving first priority to the residential sector.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The management of fuels for power generation and
their cost recognition are modified, encouraging generators to fuel self-supply, with CAMMESA remaining as the supplier of last resort.
Starting in 2029, fuel management will become the sole responsibility of generators.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The remuneration scheme for generation in the
spot market is modified, making a distinction by energy source:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify"><I>Thermal generation: </I>energy is remunerated based on the variable production cost (&#8220;CVP&#8221;)
and the adjusted marginal income (&#8220;RMA&#8221;), which considers the hourly marginal cost plus, in the case of generators with fuel
management, an adjusted income factor (&#8220;FRA&#8221;) of 0.15 in 2025 and 2026, 0.25 in 2027, and 0.35 from 2028 onwards. For generation
installed after January 1, 2025, the FRA will be equal to&nbsp;1. In addition, a minimum income scheme is established for existing generation
based on the CVP value (less than, greater than or equal to US$60/MWh).</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify"><I>Renewable generation: </I>a scheme similar to that of thermal generation applies, considering a CVP
equal to zero. Additionally, a minimum remuneration of US$32/MWh is provided for. For generation installed as from January 1, 2025, the
FRA will be equal to 1 and the RMA will have no minimum or maximum limits. For biomass, biogas, or landfill gas (&#8220;LFG&#8221;) generation,
if requested by the generator, the scheme will be similar to that of conventional thermal generation.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify"><I>Hydroelectric generation: </I>a scheme similar to that of thermal generation applies, considering a
CVP equal to zero. A minimum remuneration of US$22/MWh is provided for. A special regime has been established for pumping hydropower plants.
For generation commissioned as from January 1, 2025, the FRA will be equal to 1 and the RMA will have no minimum or maximum limits.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify"><I>Power capacity</I>: for thermal and hydroelectric generation, the power capacity made available during
the hours defined as &#8220;power capacity remuneration hours&#8221; is remunerated at a value of US$12/MW, adjusted by a seasonal correction
factor and, in the case of thermal generation, according to the fuel used. Thermal generation without fuel management will be subject
to a decreasing remuneration scheme when not dispatched. No power capacity remuneration is recognized for renewable generation sources
other than hydroelectric.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In line with these changes, the pricing regime
for spot demand and the seasonal pricing for distributor demand are modified. GUDI are allocated the seasonal spot energy costs and may
opt to become WEM large users subject to a minimum one-year term of permanence or contract energy and power capacity with one or more
generators through distributors.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Furthermore, the MAT is modified to promote free
contracting between agents. Two markets are established: MAT Power Capacity and MAT Energy. Thermal and hydroelectric generation installed
prior to January 1, 2025 may enter into contracts for up to 100% of their generated energy with distributors to cover the unmet seasonalized
demand, or up to 20% of their energy with WEM large users or distributors for GUDI. As from 2030, such generators may freely enter into
contracts with any demand segment. Thermal generation installed after January 1, 2025, with fuel management or additional firm gas transportation
may freely contract with any demand segment without restrictions. Renewable-source generation maintains the MATER conditions. Storage
projects may enter into contracts without restrictions.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Regarding services provided by generators in the
WEM, new base and additional reliability reserve services are contemplated.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Besides, a mechanism is envisaged to transfer
the costs of forced generation to the relevant jurisdiction until the additional costs incurred are properly allocated.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Finally, it is provided that any new WEM demand
outside the scope of a distributor&#8217;s concession connected to the transmission system and representing a relative increase exceeding
at least 0.5% of the WEM&#8217;s average demand must submit, together with its request for access to the WEM and the transmission capacity,
a supply plan ensuring: i) at least 80% of new energy production; and ii) sufficient physical capacity backup to cover 80% of its consumption.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">2.2.2 <U>Remuneration at the spot market</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">SE&nbsp;Resolutions No. 603/24, No. 27/25, No.
113/25, No. 143/25, No. 177/25, No. 227/25, No. 280/25, No. 331/25, No 356/25 and No 381/25 updated the remuneration values for spot generation,
providing for 4%, 4%, 1.5%, 1.5%, 2%, 1.5%, 1%, 0.4%, 0.5% and 0.5% increases for the January-October 2025&#8217;s economic transactions,
respectively. Likewise, the maximum spot price in the WEM was updated to $&nbsp;13,622/MWh as from October 2025.</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">2.2.3 <U>Privatization of the Comahue Hydroelectric
Plants</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Under PEN Executive Orders No. 286/25 and No.
590/25, MECON Resolution No. 1,200/25 dated August 19, 2025 called for a national and international call for tenders for the transfer
of the share capital of each of the following companies: Alicur&aacute; Hidroel&eacute;ctrica Argentina S.A., El Choc&oacute;n Hidroel&eacute;ctrica
Argentina S.A., Cerros Colorados Hidroel&eacute;ctrica Argentina S.A. and Piedra del &Aacute;guila Hidroel&eacute;ctrica Argentina S.A.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The above-mentioned resolution approved the terms
and conditions of the call and set October 23, 2025, as the tender submission deadline. Later, this deadline was extended to November
7, 2025 (MECON Resolution No. 1,649/25).</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">2.2.4 <U>Energy Demand Management Program</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On September 26, 2025, SE&nbsp;Resolution No.
379/25 approved the &#8220;Energy Demand Management Program&#8221; as a measure to mitigate reserve deficits in the WEM or the distribution
network by managing users&#8217; demand.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The program will be voluntary for major large
users (&#8220;GUMA&#8221;), minor large users (&#8220;GUME&#8221;), and GUDI of the WEM opting into the program.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">CAMMESA will determine the maximum power capacity
to be called for demand management in line with seasonal scheduling. Based on that amount, it will launch a competitive tender process
in which adhering large users may participate. Awarded tenders will be remunerated with a fixed charge of US$1,000/MW-month and a variable
charge. In addition, a charge is included to incentivize compliance with the agreed commitment. In turn, a penalty equivalent to three
times the fixed charge will apply in case of non-compliance with CAMMESA&#8217;s requirement.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">2.3
Gas Transportation</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0"><U>TGS&rsquo;s Tariff situation</U></P>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">TGS received monthly tariff updates for the January-March
2025 period; to this effect, ENARGAS published transitional tariff charts with 2.5%, 1.5% and 1.7% increases, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On April 30, 2025, through ENARGAS Resolution
No. 256/25, the conditions of the FTR for the 2025-2030 period were established. Its main aspects include: (i) the capital base as of
December 31, 2024; (ii) a real after-tax WACC discount rate of 7.18%; (iii) a weighted average tariff increase of 3.67%, to be implemented
in 31&nbsp;equal and consecutive monthly installments starting in May 2025; (iv) an investment plan totaling $ 279,108&nbsp;million (at
June 2024 currency values), subject to ENARGAS oversight; and (v) regulated operating&nbsp;expenses.</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Subsequently, under Executive Order No. 371/25,
the SE was designated as the enforcement authority for introducing contractual or tariff modifications. In this line, SE Resolution No.
241/25, dated June 4, 2025, provided for a monthly periodic update of transportation tariffs in lieu of the previous semiannual scheme.
TGS&nbsp;expressed its conformity with this resolution on June 5, 2025, and ENARGAS Resolutions No. 350/25, No.&nbsp;421/25, No. 539/25,
No. 622/25 and No. 732/25 approved the tariff charts incorporating monthly updates of 2.81%, 0.62%, 1.63%, 2.38% and 2.49% in addition
to the FTR&nbsp;increases.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>License Extension</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On July 24, 2025, Executive Order No. 495/25 was
published, whereby the PEN extended the license granted to TGS for an additional 20-year period as from December 28, 2027, ratifying the
&#8220;License Extension Memorandum of Understanding&#8221; entered into on July 11, 2025 between the MECON and TGS.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">2.4
Transmission</P>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0"><U>Transener and Transba tariff situation</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The ENRE determined the hourly remuneration values,
establishing 4%, 4%, 2%, and 4% increases against effective values for the January-April 2025 period for Transener S.A. and Transba S.A.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On April 3, 2025, ENRE Resolution No. 236/25 amended
the high-voltage and main electricity distribution utility concessionaires&#8217; return rate defined by ENRE Resolution No. 28/25 dated
January 10, 2025 from 6.10% to 6.48% after taxes.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On April 30, 2025, the tariff scheme resulting
from the Five-Year Tariff Review process was approved and the ENRE established 42.89% and 10.30% increases against April 2025&#8217;s
effective tariffs for Transener S.A. and Transba S.A., respectively. Similarly, the ENRE determined the remuneration for independent transmission
companies, including Transener S.A., for the operation of the Choele Choel &#8211; Pto. Madryn Interconnection and the Fourth&nbsp;Line,
and Transba S.A., for the operation of Transportista Independiente de Buenos Aires (TIBA)&#8217;s facilities, establishing a tariff equivalent
to 77.92%, 100% and 99.73%, respectively, of Transener S.A.&#8217;s tariff.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In all cases, the increases apply as follows:
20% as from May 1, 2025, and the remaining 80% on a monthly basis over the June-December 2025 period. Likewise, a monthly tariff update
mechanism based on the CPI and IPIM price indexes is provided for.</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Consequently, the ENRE established the following
increases:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Jun-25</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Jul-25</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Aug-25</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Sep-25</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Oct-25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Transener S.A. and Fourth Line</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">7.25%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">4.64%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">6.02%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">6.95%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">7.12%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Transba&nbsp;S.A.</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">4.06%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">1.53%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">2.87%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">3.78%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">3.94%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Choele Choel &#8211; Pto. Madryn Interconnection</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">4.35%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">1.80%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">3.14%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">4.05%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">4.22%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">Transportista Independiente de Buenos Aires (TIBA)</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">7.22%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">4.61%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">5.99%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">8.10%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify">8.27%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On June 17, 2025, Transener and Transba filed
with ENRE motions of reconsideration against the resolutions issued on April 30, 2025 for Transener S.A., Transba S.A. and TIBA, requesting
the ENRE to suspend the requirement to submit the investment plans for the May 2025-April 2030 period until the ENRE issues a ruling on
said motions. On August 18, 2025, the ENRE upheld the filed motions for reconsideration and, consequently, modified the cost and investment
structure for Transener S.A., Transba S.A., the Choele Choel &#8211; Puerto Madryn Interconnection and TIBA. In the case of the independent
transmission companies, including TIBA, the ENRE additionally recognized an increase in revenues from the payment to Transener S.A. for
operation and maintenance supervision, applicable as from September 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">As a result of the introduced changes, on September
5, 2025, the investment plans to be carried out by Transener S.A., Transba S.A., TIBA, and the Choele Choel - Puerto Madryn Interconnection
over the May 2025-April 2030 period were duly and timely submitted for approval by the ENRE. As of the date of issuance of these consolidated
condensed interim financial statements, the ENRE&#8217;s approval has not been received.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">2.5
Regulations on access to the MLC</P>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On April 11, 2025, the BCRA issued Communication
&#8220;A&#8221; 8,226 easing several restrictions to access the MLC, including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for foreign currency transfers abroad for profits and dividends to non-resident shareholders,
in the case of legal entities with profits from fiscal years beginning on or after January&nbsp;1,&nbsp;2025,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for the payment of imports of capital goods,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">elimination of the requirement to submit an affidavit in the case of individuals; for legal entities,
the requirement to submit an affidavit stating a commitment not to engage in certain sales, exchanges or transfers of securities for 90&nbsp;calendar
days following the MLC access request remains in place, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">removal of restrictions on resident individuals to access the MLC to purchase foreign currency for saving
or deposit purposes.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On September 18, 2025, the BCRA established a
series of measures aimed at promoting the repatriation of direct investments by non-residents, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for non-residents acquiring an equity interest in resident companies (other than financial
institutions or their controlling entities),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for residents in case of acquisition of 100% of the share capital of non-resident companies
whose sole asset is an interest in local companies,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for residents in the event of acquisition of holdings by non-residents in concessions
for the exploitation of natural resources granted in the country, concurrently with the settlement of funds from foreign financial borrowings
or local foreign-currency loans from a foreign credit line.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Finally, on September 26, 2025, the BCRA published Communication
&#8220;A&#8221; 8,336, reinstating the requirement for individuals to submit an affidavit stating their commitment not to engage, directly
or indirectly or on behalf of third parties, in purchases of securities settled in foreign currency for the 90 calendar days following
the request for access to the MLC.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">It is worth highlighting that the detailed information
does not list all possibly applicable exchange regulations; for more information on Argentina&#8217;s exchange rate policies, please visit
the Central Bank&#8217;s website: www.bcra.gov.ar.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">2.6
Tax regulations</P>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0"><U>Export Increase Program</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On April 14, 2025, PEN Executive Order No. 269/25
repealed PEN Executive Order No. 28/23, reestablishing, as of that date, the payment and settlement in the MLC of 100% of export values.</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 3</U>: BASIS OF PREPARATION</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">These Consolidated Condensed Interim Financial
Statements for the nine and three-month periods ended September 30, 2025 have been prepared pursuant to the provisions of IAS 34, &#8220;Interim
Financial Information&#8221;, are expressed in millions of pesos and were approved for their issuance by the Company&#8217;s Board of
Directors on November 4, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The information included in the Consolidated Condensed
Interim Financial Statements is recorded in US dollars, which is the Company&#8217;s functional currency and, in accordance with CNV requirements,
is presented in pesos, the legal currency in Argentina.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">This consolidated condensed interim financial
information had been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through
profit or loss and they should be read together with the Consolidated Financial Statements as of December 31, 2024, which have been prepared
under IFRS Accounting Standards.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">These Consolidated Condensed Interim Financial
Statements for the nine and three-month periods ended September 30, 2025 have not been audited. The Company&#8217;s management estimates
they include all the necessary adjustments to state fairly the results of operations for the period. The results for the nine-month period
ended September 30, 2025, does not necessarily reflect in proportion the Company&#8217;s results for the complete year.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The accounting policies have been consistently
applied to all entities within the Group.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>Comparative information</U></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The information as of December 31, 2024, and for
the nine and three-month periods ended September 30, 2024, disclosed for comparative purposes, arises from the Consolidated Financial
Statements as of those dates.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Additionally, certain non-significant reclassifications
have been made to the Consolidated Financial Statements&acute; figures disclosed for comparative purposes to keep the consistency in the
presentation with the current period figures.</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 4</U>: ACCOUNTING POLICIES</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The accounting policies applied in these Consolidated
Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last fiscal year,
which ended on December 31, 2024.</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.1 New accounting standards,
amendments and interpretations issued by the IASB effective as of December 31, 2025 and adopted by the Company</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company has applied the following standards
and / or amendments for the first time as of January 1, 2025:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IAS 21 - &#8220;Effects of Changes in Foreign Exchange Rates&#8221; (amended in August 2023).</TD></TR></TABLE>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The application of the detailed standards and
amendments did not have any impact on the results of the operations or the financial position of the Company.</P>


<P STYLE="font: bold 10pt/12pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.2 New accounting standards,
amendments and interpretations issued by the IASB not yet effective and not early adopted by the Company</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Pursuant to CNV General Resolution No. 972/23,
early application of IFRS accounting standards and/or amendments thereto is not permitted unless specifically permitted at the time of
adoption.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">As of September 30, 2025, the Company has not
early applied the following standards and/or amendments:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">IFRS 18 - &#8220;Presentation and Disclosures in Financial Statements&#8221;: issued in April 2024. It
establishes new presentation and disclosure requirements aiming to ensure that financial statements provide relevant information faithfully
representing an entity&#8217;s situation. The standard does not affect the recognition or measurement of financial statement items; however,
it introduces new requirements for improved comparability among entities. Specifically, the following are worth mentioning: (i) the classification
of revenues and expenses into operating, investing and financing categories; (ii) the incorporation of required subtotals; and (iii) the
disclosure of performance measures defined by management. The standard applies retroactively to fiscal years and interim periods beginning
on or after January 1, 2027, allowing for early adoption. The Company is currently analyzing the impact of the application of the standard
on its financial statements&#8217; disclosures.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">IFRS 19 - &#8220;Subsidiaries without Public Accountability: Disclosures&#8221;: issued in April 2024.
It allows for reduced disclosures for entities without public accountability which are subsidiaries of an entity that prepares consolidated
financial statements available for public use and comply with IFRS accounting standards. Subsequently, in August 2025, amendments were
introduced, reducing disclosure requirements related to supplier financing arrangements, lack of exchangeability and international tax
reform, and replacing the disclosure requirements regarding management-defined performance measures with a cross-reference to IFRS 18
for entities using such measures. The&nbsp;standard and its amendments are applicable for periods beginning on or after January 1, 2027,
allowing for early adoption. The&nbsp;application of the standard will not have an impact on the Company&#8217;s results of operations
or financial&nbsp;position.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">IFRS 9 and IFRS 7 - &#8220;Financial Instruments and Disclosures&#8221;: in May 2024, the application
guidance for IFRS 9 is modified and disclosure requirements are incorporated into IFRS 7. In particular, it incorporates the option to
consider the derecognition of a financial liability before its settlement in case of issuance of electronic payment instructions meeting
certain requirements, and incorporates disclosure requirements for investments in equity instruments designated at fair value through
other comprehensive income and instruments at amortized cost or fair value through other comprehensive income. The amendments are applicable
to fiscal years beginning on or after January 1, 2026, allowing for early adoption. The application of the standard will not have an impact
on the Company&#8217;s results of operations or financial position.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 6pt 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">IMPROVEMENTS TO IFRS - Volume 11: in July 2024, minor amendments are incorporated into IFRS&nbsp;1, IFRS
7, IFRS 9, IFRS 10 and IAS 7. The amendments are applicable to fiscal years beginning on or after January 1, 2026, allowing for early
adoption. The application of the amendments will not have an impact on the Company&#8217;s operating results or financial position.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Aptos,sans-serif">-</FONT></TD><TD STYLE="text-align: justify">IFRS 9 and IFRS 7 &#8220;Financial Instruments and Disclosures&#8221;: in December 2024, IFRS 9 is amended
and disclosure requirements are incorporated into IFRS 7 regarding nature-dependent electricity contracts. In&nbsp;particular, it allows
exemption from fair value accounting for entities that are net purchasers of electricity during the term of the contracts, and eases the
designation as a hedging instrument for contracts not meeting the requirements for the above-mentioned exemption. The amendments are applicable
to fiscal years beginning on or after January 1, 2027, allowing for early adoption. The application of the standard will not have an impact
on the Company&#8217;s results of operations or financial position.</TD></TR></TABLE>



<P STYLE="margin: 12pt 0pt 0pt; font: bold 10pt/14pt Times New Roman,serif; text-align: justify"><U>NOTE 5</U>: GROUP STRUCTURE</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">5.1
Interest in subsidiaries, associates and joint ventures</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.1.1</TD><TD STYLE="text-align: justify"><U>Subsidiaries information</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Unless otherwise indicated, the country is also
the principal place where the subsidiary carries out its activities.</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 37%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 21%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 14%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 14%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Company</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Country</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Main activity</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Direct and indirect participation %</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Autotrol Renovables S.A.</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Ecuador Pipeline Holdings Limited</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">EISA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Enecor S.A.</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Electricity transportation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">70.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">70.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Fideicomiso CIESA&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">GASA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">HIDISA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">61.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">61.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">HINISA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">52.04%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">52.04%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">OCP&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Pampa Ecuador Inc&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Nevis Island&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">PEB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Bolivia</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">PE Energ&iacute;a Ecuador LTD</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">PECSA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Chile</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Trader</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">PESOSA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Trader</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Petrolera San Carlos S.A.</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Venezuela</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">PB18</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">PISA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">VAR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Vientos Solutions Argentina S.A.U.</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Advisory services</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">100.00%</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.1.2</TD><TD STYLE="text-align: justify"><U>Associates and joint ventures information</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">The following table presents the main activity
and the financial information used for valuation and percentages of participation in associates and joint ventures; unless otherwise indicated,
the share capital consists of millions of common shares with one vote per share:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Information about the issuer</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 11%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 28%">Main activity</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Date</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Share capital</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Profit (Loss) of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Equity</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">SESA <FONT STYLE="font-family: Times New Roman, serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Gas treatment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">330</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,089)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">52,052</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">20.00%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">VMOS <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Hydrocarbon transportation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">158,903</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(45,829)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">435,059</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">10.20%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Joint ventures</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">CIESA <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">639</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">219,814</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,501,664</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">50.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Citelec <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Investment</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">556</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">67,020</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">394,291</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">50.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Generation</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">8,558</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">10,772</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">647,815</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">50.00%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%"><SUP>(1)</SUP></TD>
  <TD STYLE="text-align: justify; width: 98%">On April 24, 2025, SE Resolution No. 165/25 granted SESA the LNG Free Export Authorization certificate for 11.72 million m3/d of gas
over a 30-year period between July 1, 2027 and June 30, 2057. Additionally, on May 5, 2025, MECON Resolution No. 559/25 approved SESA&#8217;s
application to opt into the RIGI.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%"><SUP>(2)</SUP></TD>
  <TD STYLE="text-align: justify; width: 98%">On March 21, 2025, MECON Resolution No. 302/25 approved VMOS&#8217;s application to opt into the RIGI</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%"><SUP>(3)</SUP></TD>
  <TD STYLE="text-align: justify; width: 98%">The Company holds a 50% interest in CIESA, a company that holds a 53.83% interest in TGS&#8217;s capital stock; therefore, the Company
has a 26.91% interest in TGS.</TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman,serif; margin: 0pt 0pt 6pt 2%; text-align: justify">As of September 30, 2025, TGS&#8217;s common shares
and ADR traded on the BCBA and NYSE were listed at $&nbsp;6,470.00 and US$&nbsp;21.03, respectively, conferring Pampa&#8217;s holding
an approximate market value of $&nbsp;1,310,798 million.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%"><SUP>(4)</SUP></TD>
  <TD STYLE="text-align: justify; width: 98%">The Company has a 50% interest in Citelec, a company that holds a 52.65% interest in Transener&#8217;s capital stock; therefore, the
Company has a 26.33% indirect interest in Transener. As of September 30, 2025, Transener&#8217;s common share price listed at the BCBA
was $ 1,799.00, conferring Pampa&#8217;s indirect holding an approximate market value of $&nbsp;210,592 million.</TD></TR>
</TABLE>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt">The detail of the
balances of investments in associates and joint ventures is as follows:</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Disclosed in non-current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">VMOS</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">44,394</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">SESA</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,410</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">54,804</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">13</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">CIESA</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">804,029</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">624,768</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Citelec</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">197,145</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">163,084</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">323,907</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">236,904</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,325,081</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,024,756</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,379,885</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,024,769</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0pt 0pt 12pt">The following table shows the breakdown of the result from investments in
associates and joint ventures:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; text-align: left">Associates</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">SESA</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,221</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,143</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">VMOS</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,529)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total associates</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,308)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,143</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; text-align: left">Joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">CIESA</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">96,515</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">54,929</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Citelec&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">33,511</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12,015</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,386</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(27,475)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">53,719</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total joint ventures</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">135,412</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">93,188</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">133,104</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">94,331</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0pt">The evolution of investments in associates and joint ventures is as follows:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 20%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,024,769</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">542,978</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Dividends</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(88,197)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(6,955)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">44,726</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">35,517</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Share repurchase</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(30,135)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Sale of equity interests</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">(15,802)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Decrease due to obtained control</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">(73,228)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Profit from sale of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">5,765</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Share of profit&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">133,104</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">94,331</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">265,483</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">366,408</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,379,885</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">918,879</TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1.3</TD><TD STYLE="text-align: justify"><U>OCP</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Pursuant to the terms and conditions of the concession
authorization agreement, OCP caused OCPSA to establish two guarantees, one operational and one environmental, each in the amount of US$&nbsp;50
million (including surety bonds provided by the Group as a shareholder in the amount of US$&nbsp;84 million, disclosed under the line
item guarantee deposits), which would remain in effect for the term of the agreement and until 90 days after its termination on November
30, 2024. Therefore, the guarantees were scheduled to expire on March 1, 2025, since as of that date, no claim had been initiated that
could be considered covered within their scope. However, Citibank Ecuador informed OCP that, in its understanding, the guarantees had
not expired because OCPSA had not complied with certain required formalities.</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">For its part, OCP formally notified Citibank Ecuador
that its position was incorrect, explaining the reasons for that interpretation, and requested the Ecuadorian Government to notify Citibank
Ecuador that the guarantees had&nbsp;expired.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On April 11, 2025, OCP filed an arbitration proceeding
before the ICSID seeking the effective release of the guarantees and compensation for the sustained damages and, subsidiarily, to receive
from Ecuador the amount of the guarantees plus interest and damages resulting from Ecuador&#8217;s actions.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On October 28, 2025, the Ecuadorian Government
instructed Citibank Ecuador to proceed with the guarantees release, which became no longer valid as of that day under the terms of the
contract. On November 3, 2025, Citibank NY proceeded with the release of the guarantee deposits funds.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1.4</TD><TD STYLE="text-align: justify"><U>CIESA - TGS</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On March 7, 2025, an exceptional weather phenomenon
occurred in the city of Bah&iacute;a Blanca and its surroundings, characterized by intense rainfall, unprecedented in the last 100&nbsp;years.
This situation led to flooding in urban and peripheral areas, severely affecting local infrastructure.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The event caused the Saladillo Garc&iacute;a stream
to overflow, resulting in the flooding of the Cerri Complex. As a consequence, liquids production was completely halted and the natural
gas transportation service was partially affected. In addition, both the external electricity distribution system and the power generation
and distribution facilities were damaged by the phenomenon.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The natural gas transportation service was gradually
restored and is fully operational, with no significant impact on TGS&#8217;s revenues.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Conversely, liquids production at the Cerri Complex
was completely interrupted from March 7, 2025, until the end of April 2025. From then on, operations gradually resumed, reaching normal
production levels by early May.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">During the nine-month period ended September 30,
2025, TGS recorded a $ 45,741 million loss for event-related expenses and impairment of materials and other property, plant, and equipment,
the latter amounting to $ 3,857&nbsp;million. The final cost of the event is still pending determination by TGS.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Although TGS has initiated negotiations with insurance
companies, it has not yet determined the amount or the effective date for the total collection of related recoveries. As of September
30, 2025, TGS has received $ 1,326 million from insurance companies as an advance payment on account of the total settlement of the claim.</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/105% Times New Roman,serif; margin: 12pt 0; text-align: justify"><I>Tender for Perito Moreno Gas Pipeline (GPM) Expansion</I></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On May 22, 2025, ENARSA launched a tender to expand
the GPM, aiming to increase natural gas transportation capacity from Vaca Muerta by 14 million cubic meters per day. Tenders were submitted
on July 28, 2025, and on October 17, 2025, TGS was awarded the project to carry out the expansion work within an 18-month term starting
November 1, 2025.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1.5</TD><TD STYLE="text-align: justify"><U>VMOS </U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On July 8, 2025, VMOS entered into a syndicated
international loan agreement for a total amount of US$ 2 billion with a 5-year term and an interest rate equivalent to SOFR Term plus
a 5.50% margin, intended to finance the construction of the Vaca Muerta Oil Sur pipeline. The project requires a total estimated investment
of US$ 3 billion and includes a loading and unloading terminal equipped with interconnected mooring buoys, a tank farm, and other associated
accessory facilities for exporting oil and liquids through carriers. Likewise, VMOS amended the transportation agreements entered into
with its shareholders to align its terms with the financing structure.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">As security for the obligations assumed in the
loan: (i) VMOS has assigned in guarantee to the banks its collection rights under the transportation contracts entered into with the initial
shippers (YPF, Vista, Pampa, PAE, Pluspetrol, Chevron, Shell, Tecpetrol and GyP); (ii) each initial shipper entered into a direct agreement
with the banks; and (iii) VMOS&#8217;s Class A shareholders (including Pampa) have granted a fiduciary assignment of their shares as collateral
for the financing, which shall remain in effect until the completion of the project.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Disbursements may be requested by VMOS on a monthly
basis until the earlier of the project completion date or July 31, 2027.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Under the terms of the syndicated loan agreement,
VMOS has undertaken certain customary affirmative and negative covenants for this type of transaction.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In addition, the revenues generated from VMOS&#8217;
export operations will be credited to an offshore bank account structure, which is managed by a bank acting as collateral agent. Furthermore,
a local tariff guarantee trust has been established, under which a branch of Citibank, N.A. acting as trustee, will manage both the local
revenues received by VMOS and any funds transferred from abroad.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">5.2
<FONT STYLE="line-height: 107%">Oil and gas participations</FONT></P>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-right: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Assets and liabilities as of September 30, 2025
and December 31, 2024 and the production cost of the Joint Operations and Consortiums in which the Company participates corresponding
to the nine-month periods ended September 30, 2025 and 2024 are detailed below:</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0pt 0pt 12pt"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; width: 54%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 20%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 20%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Non-current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213,933</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155,862</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,472</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,437</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228,405</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169,299</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Non-current liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,570</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,284</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Current liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,476</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,471</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,046</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,755</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Production cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,386</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,589</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">It is worth highlighting that the information
presented does not include charges recorded by the Company as a member of the Joint Operations and Consortiums.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><I>Extension of the evaluation period for the
Parva Negra Este area </I></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Through Provincial Executive Order No. 550/25,
issued on May 17, 2025, the Province of Neuquen approved a 2-year extension of the evaluation period for the Parva Negra Este area from
April 3, 2025 to April 2, 2027.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><I>Assignment of interests in the El Tordillo,
La Tapera and Puesto Quiroga areas</I></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">On October 1, 2025, in connection with the El
Tordillo, La&nbsp;Tapera and Puesto Quiroga areas, the Company transferred to Crown Point Energ&iacute;a S.A., on a joint basis: (i) a
35.6706% interest in the hydrocarbon exploitation concessions and hydrocarbon transportation concessions, and (ii) the Joint Operation
Agreements for hydrocarbon exploration, development and production. The transaction was completed with the collection of US$&nbsp;2 million
by the Company.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In line with the foregoing, the Company recognized
an impairment loss on property, plant and equipment for a total amount of $ 9,375 million (US$ 6.8 million) as of September 30, 2025.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 6</U>: RISKS</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">6.1 Critical accounting estimates and judgments</P>



<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The preparation of these Consolidated Condensed
Interim Financial Statements requires the Company&#8217;s Management to make future estimates and assessments, to apply critical judgment
and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities, and
income and expenses.</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 6</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Those estimates and judgments are evaluated on
a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results
might differ from the estimates and evaluations made at the date of preparation of these Consolidated Condensed Interim Financial Statements.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">In the preparation of these Consolidated Condensed
Interim Financial Statements, management judgements on applying the Company&#8217;s accounting policies and sources of information used
for the respective estimates are the same as those applied in the Consolidated Financial Statements for the fiscal year ended December
31, 2024.</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">6.2 Financial risk management</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s activities are subject to
several financial risks: market risk (including the exchange rate risk, the interest rate risk and price risk), credit risk and liquidity
risk.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">No significant changes have arisen in risk management
policies since last fiscal year.</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 7</U>: SEGMENT INFORMATION</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company is a fully integrated power company
in Argentina, which participates mainly in the production of oil and gas and power generation.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">Through its own activities, subsidiaries and share
holdings in joint ventures and associates, and based on the business nature, customer portfolio and risks involved, the following business
segments have been identified:</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B>Oil and Gas</B>, principally consisting of
the Company&#8217;s interests in oil and gas areas, the activities of Pampa Energ&iacute;a S.A. - Sucursal Dedicada Midstream RDA and
direct and indirect interest in SESA and PECSA.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B>Generation</B>, principally consisting of the
Company&#8217;s direct and indirect interests in HINISA, HIDISA, VAR, CTB, TMB, TJSM and through its own electricity generation activities
through thermal plants CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenerg&iacute;a, CTPP, CTIW, the HPPL hydroelectric complex and PEPE II,
PEPE III, PEPE IV and PEPE VI wind farms.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B>Petrochemicals</B>, comprising of the Company&#8217;s
own styrenics operations and the catalytic reformer plant operations conducted in local plants.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B>Holding, Transportation and Others</B>, principally
consisting of our stake in joint businesses CITELEC, CIESA and their respective subsidiaries holding the concession over high-voltage
electricity transmission and gas transportation, respectively, the direct and indirect interests in VMOS and OCP, holding activities,
and other investment activities.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">The Company manages its operating segment based
on its individual net result in U.S. dollars.</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 7</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in millions of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in millions of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 30%">Consolidated profit and loss information for the nine-month period ended September 30, 2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Oil and gas</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Generation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Petrochemicals</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Holding, Transportation and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Revenue - local market</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">416</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">583</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">190</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">18</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,207</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,457,923</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Revenue - foreign market</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">143</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">139</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">284</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">347,596</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">99</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(99)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(461)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(319)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(319)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">99</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1,000)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1,214,020)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Gross profit</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">197</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">266</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">10</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">18</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">491</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">591,499</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(56)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(9)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(69)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(83,758)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(60)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(31)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(35)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(131)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(157,003)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(362)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">41</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">17</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">19</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">8</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">85</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">103,420</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(9)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(29)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(62)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(73,410)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of intangible assets and inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(10,298)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(6,067)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">5</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">94</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">101</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">133,104</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">95</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">245</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">55</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">402</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">497,125</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">27</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">42</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">47,525</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(77)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(36)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(38)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(151)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(180,417)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(25)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">81</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">77</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">137</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">163,491</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(102)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">60</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">31</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">39</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">28</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">30,599</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Profit (Loss) before income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">305</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">38</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">94</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">430</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">527,724</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(31)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(180)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(11)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">8</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(214)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(267,280)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Profit (Loss) of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(38)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">125</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">27</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">102</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">216</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">260,444</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">214</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">87</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">305</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">365,949</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 7</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in millions of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in millions of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 30%">Consolidated profit and loss information for the nine-month period ended September 30, 2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Oil and gas</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Generation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Petrochemicals</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Holding, Transportation and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total profit (loss) of the period attributable to:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Owners of the company</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(38)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">125</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">27</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">102</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">216</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">260,777</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(333)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Consolidated financial position information as of September 30, 2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2,379</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2,768</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">190</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">951</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(51)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">6,237</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">8,607,764</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,617</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">623</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">67</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">539</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(51)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">2,795</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3,858,965</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Net book values of property, plant and equipment&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,655</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,323</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">37</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">38</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,053</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,214,246</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Additional consolidated information as of September 30, 2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Increases in property, plant and equipment, intangible assets and right-of-use assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">720</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">46</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">14</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">9</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">789</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">938,938</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 7</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in millions of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">in millions of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 30%">Consolidated profit and loss information for the nine-month period ended September 30, 2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Oil and gas</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Generation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 9%">Holding, Transportation and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Revenue - local market</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">429</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">502</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">247</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">29</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1,207</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,086,342</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Revenue - foreign market</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">84</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">147</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">234</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">208,152</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">83</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(83)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(387)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(260)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(361)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">83</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(930)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(831,719)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Gross profit</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">209</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">245</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">33</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">24</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">511</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">462,775</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(46)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(9)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(57)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(51,380)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(57)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(39)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(38)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(139)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(124,840)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(256)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">67</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">34</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">11</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">116</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">102,716</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(22)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(11)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(34)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(72)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(63,966)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(19)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(19)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(18,578)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(10)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(46)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(56)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(48,912)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(28)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">129</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">101</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">94,331</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Profit from sale of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,765</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">122</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">153</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">25</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">92</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">392</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">357,655</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,095</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(71)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(39)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(24)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(137)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(120,932)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(17)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">102</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">25</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">114</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">99,806</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(87)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">66</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(19)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(17,031)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Profit before income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">35</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">219</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">26</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">93</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">373</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">340,624</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">36</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">109</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">140</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">111,715</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Profit of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">71</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">328</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">33</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">81</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">513</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">452,339</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">183</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">71</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">257</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">230,240</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 7</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in millions of US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in millions of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 30%">Consolidated profit and loss information for the nine-month period ended September 30, 2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Oil and gas</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Generation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Holding, Transportation and others</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Eliminations</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total profit of the period attributable to:</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Owners of the company</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">71</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">328</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">33</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">81</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">513</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">452,630</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(291)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Consolidated financial position information as of December 31, 2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,918</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,155</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">173</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,116</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(17)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,345</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,548,872</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,583</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">857</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">109</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">518</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(17)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,050</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,148,578</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Net book values of property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">1,183</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">1,357</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">28</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">39</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,607</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,690,533</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">Additional consolidated information as of September 30, 2024</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Increases in property, plant and equipment, intangibles assets and right-of-use assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">243</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">67</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">321</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">288,500</TD></TR>
  </TABLE>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 8</U>: REVENUE</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 18%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 18%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Gas sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">464,711</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">371,174</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Oil sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">217,732</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">83,731</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,854</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,586</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Oil and gas sales subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">692,297</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">463,491</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Energy sales in spot market</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">219,729</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">144,501</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Energy sales by supply contracts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">348,941</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">233,744</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Fuel supply</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">121,855</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">69,011</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,955</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,103</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Generation sales subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">699,480</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">453,359</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Products from catalytic reforming sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">220,689</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">191,472</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Styrene sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">53,265</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">46,934</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Synthetic rubber sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">62,399</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">54,932</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Polystyrene sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">55,198</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">56,094</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">649</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,438</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Petrochemicals sales subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">392,200</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">350,870</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Technical assistance and administration services sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21,183</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13,854</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other sales</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">359</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12,920</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Holding, Transportation and others subtotal</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">21,542</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">26,774</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total revenue <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,805,519</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,294,494</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Revenues from CAMMESA represent 33% and 30% of total revenues from sales
for the nine-month periods ended September 30, 2025 and 2024, respectively, and correspond mainly to the Oil and gas and Generation segments.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Including $ 14,160 million and $ 6,556 million in the Oil and gas segment
and $ 9,696 million and $ 7,057 million in the Petrochemical segment corresponding to export duties for the nine-month periods ended September
30, 2025 and 2024, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 9</U>: COST OF SALES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 19%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">230,095</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">166,023</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Plus: Charges of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">382,972</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">302,530</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Salaries and social security charges</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">78,005</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">57,274</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">12,625</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">11,308</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,137</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">5,776</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Works contracts, fees and compensation for services</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">132,437</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">83,224</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Property, plant and equipment depreciation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">339,486</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">220,084</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Intangible assets amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,564</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,548</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Right-of-use assets amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">15,179</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,454</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Energy transportation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">14,330</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">7,793</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Transportation and freights</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">40,782</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">28,080</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">21,572</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">14,566</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Penalties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,605</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">702</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">54,153</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">26,790</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Canons and royalties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">105,575</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">72,247</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Environmental control</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">4,800</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,623</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Rental and insurance</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">20,209</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">19,089</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">7,598</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,868</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,906</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">4,001</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">2,270</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">904</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total charges of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,243,205</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">865,861</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">93,739</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">31,235</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Less: Inventories at the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(353,019)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(231,400)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,214,020</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">831,719</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 10</U>: OTHER ITEMS OF THE STATEMENT OF
COMPREHENSIVE INCOME</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">10.1 Selling expenses</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 57%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 19%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">4,646</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,284</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">218</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">325</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,841</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,718</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Property, plant and equipment depreciation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Taxes, rates and contributions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">17,807</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">11,260</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Transportation and freights</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">58,048</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">34,178</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,190</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">598</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Total selling expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">83,758</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">51,380</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">10.2 Administrative expenses</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 57%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 19%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">57,098</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">39,983</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">6,689</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">6,487</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">7,121</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">13,393</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">48,353</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">22,342</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Compensation agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,039</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">18,344</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Directors' and Syndics' fees&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">5,672</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,930</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment depreciation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">7,712</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">6,115</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Right-of-use assets amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">436</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">282</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,813</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,249</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Transport and per diem</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,496</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,541</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Rental and insurance</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">623</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">989</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,193</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">890</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">10,389</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">5,811</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Communications</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">735</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">556</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">5,634</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,910</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total administrative expenses</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">157,003</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">124,840</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">10.3 Exploration expenses</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 57%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 19%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Geological and geophysical expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">362</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">256</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total exploration expenses</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">362</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">256</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 10:</U></B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">10.4 Other operating income and expenses</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: middle; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Other operating income</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Insurance recovery</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">17,442</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,600</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Results for intangibles assets sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,973</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Results for other assets sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,247</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Services provided to third parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">32</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Results for property, plant and equipment sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">118</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">128</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Recovery of provision for contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18,692</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">54</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Tax charges recovery</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">30</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Dividends received</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Commercial interests</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,055</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">40,739</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">GasAr Plan</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">40,750</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">38,812</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Export Increase Program</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,023</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13,012</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Other</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,053</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,309</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total other operating income</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">103,420</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">102,716</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Other operating expenses</TD>
    <TD STYLE="color: white; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provision for contingencies</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(20,487)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(27,636)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Provision for environmental remediation</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(6,981)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,688)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Results for property, plant and equipment sale and derecognition</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(66)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(54)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Results for other assets sale and derecognition</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Tax on bank transactions&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(21,817)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(12,866)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">PAIS import tax</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(374)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,844)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Donations and contributions</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,921)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,642)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Institutional promotion</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,038)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(860)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Costs of concessions agreements completion</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(930)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,693)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Royalties GasAr Plan</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(5,565)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(5,442)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Incident costs</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(5,436)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Other</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(8,761)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(7,241)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total other operating expenses</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(73,410)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(63,966)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 10:</U></B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">10.5 Financial results</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE=" font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 52%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white; width: 6%"><U>&nbsp;</U></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 20%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 20%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE=" font-family: Times New Roman, serif">Financial income</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Financial interests</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">46,904</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,753</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Other interests</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">621</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,342</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total financial income</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">47,525</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,095</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif">Financial costs</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Financial interests <FONT STYLE="font-family: Times New Roman, serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(125,203)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(91,255)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Commercial interests</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(25)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(503)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Fiscal interests</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(49,012)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(20,451)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Other interests</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(306)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6,010)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Bank and other financial expenses</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5,871)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,713)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Total financial costs</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(180,417)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(120,932)</TD></TR>
  <TR>
    <TD STYLE=" font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Foreign currency exchange difference, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">34,757</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(9,113)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">128,438</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">122,835</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Result from present value measurement</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(1,953)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(5,899)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Result from repurchase of CB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,370</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(8,301)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(121)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">284</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total other financial results</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">163,491</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">99,806</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total financial results, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">30,599</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(17,031)</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Times New Roman,serif; margin: 0 0 0 9pt; text-align: justify"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2%"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD>
  <TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-size: 8pt">Net of $ 4,104 million and $ 6,481 million borrowing costs capitalized in property, plant and equipment
corresponding to the nine-month periods ended September 30, 2025 and 2024, respectively</FONT><FONT STYLE="font-size: 9pt">.</FONT></TD></TR>
</TABLE>




<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 10:</U></B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">10.6 Income tax</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The breakdown of income tax charge is:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 19%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Current tax&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">70,767</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">193,601</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Deferred tax&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">195,766</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(305,195)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">747</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(121)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">Total income tax - Loss (Profit)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">267,280</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(111,715)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 20.35pt 0 0; text-align: justify">Below is a reconciliation between income
tax expense and the amount resulting from application of the tax rate on the profit before taxes:</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 19%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Profit before income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">527,724</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">340,624</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Current income tax rate</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Income tax at the statutory tax rate</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">184,703</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">119,218</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Share of profit from companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">(46,587)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">(33,016)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Non-taxable results</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(1,792)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(2,591)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Effects of exchange differences and other results associated with the valuation of the currency, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">289,395</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">92,460</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Effects of valuation of property, plant and equipment, intangible assets and financial assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(280,048)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(570,962)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Difference between previous fiscal year income tax provision and deferred tax and the income tax statement&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">709</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">15,791</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Effect for tax inflation adjustment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">105,531</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">266,070</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Reversal of loss carryforwards provision</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">647</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">(344)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Non-deductible cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">9,967</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">1,713</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">4,755</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(54)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total income tax - Loss (Profit)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">267,280</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(111,715)</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 11</U>: NON-FINANCIAL ASSETS AND LIABILITIES</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">11.1 Property, plant and equipment</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 8pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Original values</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 18%">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Increases <FONT STYLE="font: normal 8pt Times New Roman, serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Increases for incorporation&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Transfers</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Assets classified as held for sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Impairment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Traslation effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-top: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Lands</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13,585</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,581</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">18,165</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Buildings</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">210,542</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">817</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">71,201</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">282,560</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Vehicles</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">10,085</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,003</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(119)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,476</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">14,445</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Furniture and fixtures, tools and software and communication equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">45,845</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">3,451</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">10,939</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(960)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">18,185</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">77,460</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Thermal generation plants</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,126,149</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">206</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">51,900</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">390,976</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,569,231</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Renewable generation plants</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">707,740</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">27,707</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">242,187</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">977,638</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Petrochemical plants</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">43,032</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,429</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">5,108</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">16,905</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">71,474</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Mining property, wells and drilling equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">2,024,516</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">511,247</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(7,014)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">731,789</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">3,260,538</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Drilling and work in progress</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">343,240</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">876,135</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(607,718)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5,440)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">184,488</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">790,705</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Other goods</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">535</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">182</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">717</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,525,269</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">887,228</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,080)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12,454)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,663,970</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7,062,933</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,367,175</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">285,167</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,512</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(30,398)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(32,219)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(80,697)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">697,260</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4,208,800</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 2%"><SUP>(1)</SUP></TD>
  <TD STYLE="width: 98%">Includes $ 4,104 million and $ 6,481 million of borrowing costs capitalized for the nine-month periods ended September 30, 2025 and 2024,
respectively.</TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 11:</U></B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 8pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 18%">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Decreases&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">For the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Assets classified as held for sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 9%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 7%">At 12.31.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">Traslation effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">At the end&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Lands</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">18,165</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13,585</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Buildings</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(97,979)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6,634)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(34,158)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(138,771)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">143,789</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">112,563</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, serif; text-align: left">Vehicles</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6,676)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">54</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,389)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,416)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(10,427)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,018</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,409</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Furniture and fixtures, tools and software and communication equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(38,183)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">960</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(5,357)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(13,375)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(55,955)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">21,505</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">7,662</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Thermal generation plants</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(561,921)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(59,255)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(200,430)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(821,606)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">747,625</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">564,228</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Renewable generation plants</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(80,357)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(30,863)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(30,870)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(142,090)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">835,548</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">627,383</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Petrochemical plants</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(24,564)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,429)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(8,982)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(37,975)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">33,499</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">18,468</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Mining property, wells and drilling equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(1,024,543)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(239,272)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">3,079</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(380,431)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(1,641,167)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">1,619,371</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">999,973</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Drilling and work in progress</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">790,705</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">343,240</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; background-color: white">Other goods</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(513)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(7)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(176)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(696)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">21</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,834,736)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,014</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(347,206)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,079</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(670,838)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2,848,687)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,214,246</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,310,201)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">25,970</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(226,216)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">19,401</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">62,161</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(280,479)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,709,364)</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,499,436</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">2,690,533</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">11.2 Intangible assets</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 30%">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 14%">At the beginning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">Increases&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">Impairment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 10%">Traslation effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">At the end</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Concession agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,587</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">105</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,692</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Goodwill</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">35,715</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12,044</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">47,759</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">71,786</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(306)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">24,120</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">95,600</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Digital assets&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,424</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,309</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(5,457)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">359</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">602</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">113,512</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,309</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(5,457)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(339)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">36,628</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">146,653</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">86,054</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,281</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(9)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">17,366</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">106,692</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">For the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">Traslation effect</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Concession agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,587)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(105)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,692)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(11,755)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,564)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(4,572)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(19,891)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(14,342)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(3,564)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(4,677)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(22,583)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(8,156)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,548)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(1,874)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(12,578)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-family: Times New Roman, serif; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-family: Times New Roman, serif; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Goodwill&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">47,759</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">35,715</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">75,709</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">60,031</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Digital assets&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">602</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">3,424</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">124,070</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">94,114</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">99,170</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">11.3 Deferred tax assets and liabilities</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">The composition of the deferred tax assets and liabilities is as follows:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Tax loss carryforwards</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,002</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">49,037</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">216,922</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">63</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,034</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">488</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">73,539</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">50,448</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Tax payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">156</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,506</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,157</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,488</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,753</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">32,795</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">883</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,355</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">172,104</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">292,577</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(30,532)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(43,421)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(33,477)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Investments in companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(14,142)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(9,253)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(55,184)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(37,074)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(43,903)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,140)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(18,561)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(6,142)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,202)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Tax payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(319)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(10,588)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Tax inflation adjustment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(14,934)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(59,668)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Right of use assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(29,716)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,154)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(501)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(235,805)</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(181,106)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify">Deferred tax assets and liabilities are
offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are associated
with the same fiscal authority. Therefore, they are disclosed in the Consolidated Condensed Interim Statement of Financial Position:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 20%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Deferred tax asset, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,543</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">161,694</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Deferred tax liability, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(92,244)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(50,223)</TD></TR>
  </TABLE>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">11.4 Inventories</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Materials and spare parts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">227,647</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">165,059</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Advances to suppliers</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">32,893</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,558</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">In process and finished products</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">92,479</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">58,478</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">353,019</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">230,095</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 8pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 2%"><SUP>(1)</SUP></TD>
  <TD STYLE="width: 98%">It includes impairment loss for $ 584 million (US$ 0.55 million), $ 33 million (US$ 0.05 million) and $ 22 million (US$ 0.04 million)
for the nine-month periods ended September 30, 2025 and 2024 and for the year ended December 31, 2024, respectively.</TD></TR>
</TABLE>



<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">11.5 Provisions</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">81,684</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">98,546</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">36,663</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">25,459</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Environmental remediation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">29,189</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">17,431</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">147,536</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">141,436</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,507</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,891</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Environmental remediation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">971</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,034</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,827</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,800</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,305</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,725</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The evolution of provisions is shown below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">09.30.2025</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">98,546</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">30,350</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">18,465</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">19,644</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,533</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">6,150</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,950)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,126)</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(64)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,638</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,973</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,550</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(49,194)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,560)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(941)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">At the end of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">81,684</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40,170</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30,160</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Contingencies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">88,042</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">22,238</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">13,275</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">33,013</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,421</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,541</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Increase for incorporation</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8,378</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(175)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">18,702</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">4,809</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,628</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(1,242)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(54)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(4,970)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(841)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">At the end of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">139,698</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">31,634</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">16,428</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>Provision for legal proceedings</U></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-weight: normal">In
the ongoing files before the National Tax Court regarding gasoline exports, where the tax entity challenges the tariff heading assigned
by Petrobras Argentina S.A. during the years 2008-2014, nine additional favorable rulings were passed during the period. Out of the total
fourteen rulings in favor of the Company, thirteen were sustained by the Tax Authority, therefore becoming final and conclusive. In the
remaining case, the term for the Tax Authority to submit an appeal is still pending. Attending to the above-mentioned detailed progress,
the Company believes that there are grounds to consider that the associated provision is not probable and, consequently, has recorded,
during the period a $ 47,351 million (US$ 44 million) recovery, including accrued interest.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-weight: normal">In the
appeal for partial annulment filed by the Company against the Final Award issued in the international arbitration proceeding initiated
by POSA, the latter answered the service of notice, and on July 15, 2025, and on August 27, 2025 hearings were held before the National
Chamber of Appeals in Commercial Matters.</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">11.6 Income tax and minimum notional income
tax provision</P>

<P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 62%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">431,168</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">71,462</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Minimum notional income tax</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,901</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,822</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">437,069</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">77,284</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">21,058</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">265,008</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">21,058</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">265,008</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Book Antiqua,serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 12</U>: FINANCIAL ASSETS AND LIABILITIES</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">12.1
Financial assets at amortized cost</P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: justify; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: justify; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">82,628</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">82,628</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 20.35pt 0 0; text-align: justify">Due to the short-term nature of investments
at amortized cost, their book value is not considered to differ from their fair value.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 12</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">12.2
Financial assets at fair value through profit and loss</P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">43,694</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,127</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">43,694</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">28,127</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Government securities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">525,758</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">714,315</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Corporate bonds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">67,202</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">113,947</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">54,387</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">37,671</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Mutual funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,005</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,690</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">648,352</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">877,623</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">12.3
Trade and other receivables</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">70</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Trade receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">70</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,889</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Advances to suppliers</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">58,643</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">44,265</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,647</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,873</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Receivables for sale of associates</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">662</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Receivables for sale of assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,210</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">9,288</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Contractual indemnity receivable</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,123</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,099</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,980</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Guarantee deposits</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">51</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">22</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">66,063</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">76,728</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">66,063</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">76,798</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 12</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">412,451</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">177,557</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">CAMMESA</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">152,451</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">110,062</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13,971</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,855</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(6,819)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(833)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">572,054</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">297,641</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,779</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,216</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Tax credits</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">57,557</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,141</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,934</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Advances to suppliers</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">108</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,971</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">3,087</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Guarantee deposits <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">360,337</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">134,111</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,784</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,544</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Insurance to be recovered</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,487</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,279</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Receivables for sale of associates</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">916</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">794</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Receivables for sale of assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,350</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,160</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">GasAr Plan</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">39,199</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,778</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Advances to employees</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">796</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">176</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Contractual indemnity receivable</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,682</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,679</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Receivable for maintenance contract</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,406</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,386</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Impairment of other receivables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(14)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,386</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14,509</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">510,632</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">205,888</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">1,082,686</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">503,529</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 8pt">Includes guarantee deposits on derivative financial
instruments amounting for $ 242,693 million and $ 46,252 million as of September 30, 2025, and December 31, 2024, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/14pt Times New Roman,serif; margin: 0 20.35pt 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Due to the short-term nature of trade and
other receivables, its book value is not considered to differ from its fair value. For non-current trade and other receivables, fair values
do not significantly differ from book values.</P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 12</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">The movements in the impairment of financial assets are as follows:</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">833</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,203</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Impairment</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,398</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">47,987</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Write off for utilization</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(48,277)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(425)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">57</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,819</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">970</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">The movements in the impairment of other receivables
are as follows:</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Impairment&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">17</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(11)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">13</TD></TR>
  </TABLE>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">12.4
Cash and cash equivalents</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Cash</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">276</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,269</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Banks</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">189,733</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">75,361</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">47,051</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Mutual funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">377,702</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">637,550</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">567,726</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">761,231</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 12pt"><B></B></P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 12</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">12.5
Borrowings</P>


<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">62,100</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">32,680</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1,970,648</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">1,384,237</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,032,748</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,416,917</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Bank overdrafts</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">178</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">125,260</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">125,648</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">263,713</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">602,448</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">389,151</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">728,096</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">2,421,899</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">2,145,013</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">As of September 30, 2025, and December
31, 2024 the fair value of the Company&#8217;s CB amount approximately to $ $ 2,216,472 million and $ 1,973,130 million, respectively.
Such values were calculated on the basis of the determined market price of the Company&#8217;s CB at the end of each period or year (fair
value Level 1).</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The carrying amounts of short-term borrowings
approximate their fair value due to their short-term maturity.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The long-term borrowings were measured
at amortized cost, which does not differ significantly from its fair value.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">As of the issuance of these Consolidated
Condensed Interim Financial Statements, the Company is in compliance with the covenants provided for in its indebtedness&acute; contracts.</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 12:</U></B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0">12.5.1 <U>Borrowings&acute; evolution:</U></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The evolution of the consolidated borrowings
for the nine-month periods ended September 30, 2025 and 2024 is disclosed below:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, sans-serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: center; width: 17%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Borrowings at the beginning of the year</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">2,145,013</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">1,170,539</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">665,797</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">653,462</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Payment of borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(153,301)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(108,478)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Accrued interest</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">125,203</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">91,255</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Payment of interests</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(141,214)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(104,058)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Repurchase and redemption of CB</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(806,076)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(285,489)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Result from repurchase of CB</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(2,370)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">8,301</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Foreign currency exchange difference</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(1,466)</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">(9,742)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; background-color: white">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">4,104</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">6,481</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Exchange differences on translation</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">586,209</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">252,004</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Borrowings at the end of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,421,899</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,674,275</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 20.35pt 0 0; text-align: justify">12.5.2 <U>CB Issuance Program and frequent
issuer prospectus </U></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On April 7, 2025, the Company&#8217;s Ordinary
and Extraordinary General Shareholders&#8217; Meeting resolved to approve the increase in the amount of the CB Issuance Program to US$
2.1 billion or its equivalent in other currencies or units of value. The increase was approved by the CNV on May 27, 2025.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The Company is registered as a frequent
issuer, a status that was ratified by CNV&#8217;s Issuers&#8217; Management Office Provision No. I-2025-32-APN-GE#CNV dated March 11,
2025. Under this Provision, the CNV also approved (i) the increase in the frequent issuer prospectus amount to US$ 1.3 billion or its
equivalent in other currencies or units of value; and (ii)&nbsp;the amendment of the prospectus&#8217; terms and conditions to include
the possibility of issuing thematic (social, green and sustainable) marketable securities, all of which was in turn approved by the Company&#8217;s
Board of Directors at its meeting held on March 5, 2025.</P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 12</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 6.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 6.15pt 0 0">12.5.3 <U>CB</U></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On January 24, 2025, Pampa redeemed all
Class 1 CB for a total amount of US$ 353 million, at a redemption price equal to 100% of the outstanding principal amount plus interest
accrued and unpaid as of the redemption date, under the terms of the Class 1 CB&#8217;s trust agreement.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On February 28, 2025, the Company paid
its Class 19 CB upon maturity for a total of $ 17,131 million.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In addition, on May 8, 2025, the Company
redeemed all Class 18 Notes for a total amount of US$ 72.1 million at a redemption price equal to 100% of the outstanding principal amount,
plus accrued and unpaid interest up to the redemption date.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On May 28, 2025, the Company reopened international
Class 23 CB for a face value of US$ 340 million at a 7.875% fixed annual interest rate and an 8% yield, maturing in December 2034. As
a result, the total outstanding face value amounts to US$ 700 million.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The net proceeds were used on June 23,
2025 to early redeem all Class 3 CB for US$ 300 million in principal, plus the redemption premium and the applicable accrued interest.
Class 3 CB accrued a 9.125% fixed annual interest rate and matured on April 15, 2029.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On August 6, 2025, the Company issued Class
25 CB for a face value of US$ 104.6 million, at a 7.25% fixed annual interest rate and maturing August 6, 2028.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 6.15pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 6.15pt 0 0">12.5.4 <U>Bank borrowings and other financings</U></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">During the nine-month period ended September
30, 2025, the Company (i) repaid net bank debt for US$&nbsp;44.3&nbsp;million (repayments totaling US$ 89.4 million, net of borrowings
for US$ 45.1 million); (ii) settled import financing for US$ 2.9 million; and (iii) took out net pre-export financing for US$ 49.7 million
(borrowings totaling US$ 70.0 million net of repayments for US$&nbsp;20.3&nbsp;million). Post-closing, the Company canceled pre-export
financing for US$&nbsp;46.5&nbsp;million.</P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 12:</U></B> (Continuation)</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">12.6
Trade and other payables</P>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 58%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Non-current</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Customer guarantees</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">33</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">25</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Trade payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">33</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 24px; font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">77,615</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">73,702</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Leases liability</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">24,792</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">11,653</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Contractual penalty debt</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">1,123</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">2,099</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">513</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">513</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">104,043</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">87,967</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">104,076</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">87,992</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Suppliers</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">333,429</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">212,610</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Customer advances</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">21,164</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">14,346</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">68,060</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">13,599</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Times New Roman, serif; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">422,653</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">240,555</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">20,940</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">12,390</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Leases liability</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">31,930</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,754</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Contractual penalty debt</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2,245</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">1,679</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Various creditors</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">8,038</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3,123</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">63,153</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20,946</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">485,806</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; border-bottom: Black 2pt double; text-align: right">261,501</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Due to the short-term nature of trade and
other payables, its book value is not considered to differ from its fair value. <FONT STYLE="color: #222222">For most other non-current
liabilities, fair values do not significantly differ from book values.</FONT></P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0"><B><U>NOTE 12</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">12.7
Fair value of financial instruments</P>


<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify">The following table shows the Company&#8217;s financial assets
and liabilities measured at fair value as of September 30, 2025 and December 31, 2024:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white; width: 44%">As of September 30, 2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at fair value through <BR>
profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">525,758</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">525,758</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">67,202</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">67,202</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,005</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,005</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">54,387</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">43,694</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">98,081</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">377,702</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">377,702</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">41,177</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">41,177</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Guarantee deposits&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">227,515</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">227,515</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,253,569</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">41,177</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">43,694</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,338,440</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">195</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">195</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">195</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">195</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid">As of December 31, 2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at fair value through <BR>
profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">714,315</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">714,315</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">113,947</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">113,947</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,690</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">11,690</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">37,671</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,127</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">65,798</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">637,550</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">637,550</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">979</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">979</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Guarantee deposits&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">196</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">196</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,515,369</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">979</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">28,127</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,544,475</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0"><B><U>NOTE 12:</U></B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The techniques used for the measurement of
assets and liabilities at fair value through profit and loss, classified as Level 2 and 3, are detailed below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Derivative Financial Instruments: calculated from variations between market prices
at the closing date of the period, and the amount at the time of the contract.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify">Shares: it was mainly determined using the income-based approach through the &#8220;Indirect
Cash Flow&#8221; method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking
into consideration the direct equity interest of 2.84% and 3.19%, and the additional equity interest of 2.18% and 2.46% through HIDISA
and HINISA, in TJSM and TMB, respectively, in line with TMB&#8217;s and TJSM&#8217;s share transfer from the Federal Government to ENARSA
within the Government&#8217;s restructuring of assets in the energy sector process and a 17.5% discount rate as of September, 30 2025.
The projections used were prepared based on estimates regarding the future behavior of certain sensitive variables, including: (i) the
dividend distribution policy; (ii) reference prices for energy traded on the spot market, considering the rules for WEM normalization;
(iii) own fuel management; (iv) projections of plant availability and dispatch; (v) evolution of costs and structural expenses; and (vi)
macroeconomic variables such as inflation rates and exchange rates, among others. The Company recognized results arising from changes
in the fair value of financial instruments classified as Level 3 under the &#8220;Other financial results&#8221; line item in the Statement
of Comprehensive Income. Actual values obtained may vary significantly from those projected, mainly due to: i) the timing and magnitude
of dividend distributions; ii) the timing and magnitude of energy price increases; and/or iii) the evolution of costs.</TD></TR></TABLE>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">12.8
Hedge accounting</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify">During 2025, the Company entered into
forward crude oil sale contracts, without physical delivery, and designated a portion of these derivative financial instruments as cash
flow hedges.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify">The Company applies cash flow hedge
accounting to certain transactions to manage the international reference price risk associated with a specific volume of forecasted crude
oil sales for the May 2025-October 2026 period, thereby ensuring stable cash flows.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify">As of September 30, 2025, the fair
value of forward crude oil sale contracts designated as hedges amounts to a $ 23,857 million (US$ 21&nbsp;million) asset, recognized in
other comprehensive income as the hedge is effective; this amount is expected to be fully reclassified to profit or loss during the October
2025-October 2026 period, as the hedged crude oil sales are recognized in earnings.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify">The amount reclassified from other
comprehensive income to revenue, from designated hedges, generated a $ 3,791 million (US$ 3&nbsp;million) gain during the May - September
2025 period.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 7.1pt; text-align: justify">The contracts are entered into in
markets or with financial institutions with high credit ratings; therefore, the Company considers that there are no significant credit
risks to its operations as a result of its derivative activities.</P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 20.35pt 0 0; text-align: justify"><U>NOTE 13</U>: EQUITY COMPONENTS</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">13.1
Share Capital</P>


<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">As of September 30, 2025, the capital
stock amounts to $ 1,364 million, including $ 4 million of treasury shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">To comply with the provisions established
by the CNV, the breakdown of the translation differences originated in the share capital and capital adjustment accounts is detailed below:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, sans-serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center">09.30.2025</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 64%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 17%">Share capital</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 17%">Share capital adjustment</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, serif">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">35,932</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">187,995</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, serif">Variation of the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">12,575</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">65,797</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif">At the end of the period</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">48,507</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">253,792</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Share capital</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Share capital adjustment</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, serif">At the beginning of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">27,854</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">145,729</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, serif">Variation of the year</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">8,078</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">42,266</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif">At the end of the year</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">35,932</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">187,995</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt 0pt; text-align: justify">13.2
Earning per share</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Basic earnings per share are calculated
by dividing the result attributable to the Company&#8217;s equity holders by the weighted average of outstanding common shares during
the year. Diluted earnings per share are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion
of all dilutive potential common shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Potential common shares will be deemed
dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing
operations. Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in
the earnings per share or a decrease in the losses per share of the continuing operations.</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><U>NOTE 13</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The calculation of diluted earnings per
share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per
share, and where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect is
recorded, being the diluted earning per share equal to the basic. As of September 30, 2025 and 2024, the Company does not hold any significant
potential dilutive shares, therefore there are no differences with the basic earnings per share.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; width: 59%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Earning attributable to equity holders of the Company&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">260,777</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">452,630</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif">Weighted average amount of outstanding shares</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,360</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">1,360</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">Basic and diluted earnings per share</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">191.75</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">332.82</TD></TR>
  </TABLE>


<P STYLE="margin: 12pt 0pt 0pt; font: bold 10pt/14pt Times New Roman,serif; text-align: justify">13.3
Distribution of profits</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Dividends
distributed to individuals, undivided estates or foreign beneficiaries derived from profits generated during fiscal years beginning on
or after January 1, 2018 are subject to a 7% withholding tax. The distribution of dividends is made based on the Company&#8217;s Stand-Alone
Financial Statements.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The Company may pay and distribute dividends
and any other type of profits to its shareholders, except if: (i) there is an event of breach; or (ii) the Company is not in a position
to incur debt under the indentures governing the Class 9, Class 21, Class 23 and Additional Class 23 CB. As of the date of issuance of
these Consolidated Condensed Interim Financial Statements, the Company has complied with all commitments set forth in the indentures governing
the above-mentioned CB.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B>13.4 Share repurchase program</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The share
repurchase program approved by the Company&#8217;s Board of Directors on September 8, 2025 for up to US$&nbsp;100 million and an initial
term of 120 calendar days remains in effect as of September 30, 2025. The shares may be acquired at a maximum price of US$&nbsp;60 per
ADR and $&nbsp;3,480 per common share.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The validity
of the repurchase program is subject to the condition that the ADR and share prices remain at or below the limits established in the
preceding paragraph; therefore, the program will be automatically suspended on the business day following the date on which such prices
are exceeded.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">During the nine-month period ended September
30, 2025, the Company directly and indirectly acquired 35&nbsp;thousand shares for $ 122 million and 271 thousand ADRs for US$ 15.7 million,
respectively. Subsequent to September&nbsp;30, 2025, the Company indirectly acquired 524 thousand ADRs for US$ 31 million.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 14</U>: STATEMENT OF CASH FLOWS&rsquo; COMPLEMENTARY
INFORMATION</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">14.1
Adjustments to reconcile net profit to cash flows from operating activities</P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; width: 57%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 15%">Note</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 13%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; width: 13%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">10.6</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">267,280</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(111,715)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Accrued interest</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">120,964</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">75,846</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Depreciations and amortizations</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">9, 10.1 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">365,949</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">230,240</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Share of profit from associates and joint ventures&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">5.1.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(133,104)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(94,331)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Profit from sale of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(5,765)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Results for property, plant and equipment sale and derecognition</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(52)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(74)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Results for other assets sale and derecognition</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,213)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Results for intangible assets sales</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,973)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,298</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18,578</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,067</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">48,912</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Result from present value measurement</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">10.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,953</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">5,899</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(107,737)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(110,797)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Exchange differences, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(53,297)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">827</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Result from repurchase of CB</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.5</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,370)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8,301</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Costs of concessions agreements completion</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">930</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4,693</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provision for contingecies, net</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,795</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">27,582</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Provision for environmental remediation</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,981</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,688</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">9 and 10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,258</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,169</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">10.2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,039</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">18,344</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Earned dividends</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(581)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">490,809</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">136,816</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 14</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">14.2
Changes in operating assets and liabilities</P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; width: 57%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 13%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 13%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in trade receivables and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(242,578)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(433,354)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in inventories</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(29,721)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(29,470)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in trade and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">94,480</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">68,536</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in salaries and social security payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">2,628</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">13,474</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Defined benefit plans payments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,210)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,689)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in tax liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">19,346</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">28,782</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Decrease in provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(9,059)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,298)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Collection for derivative financial instruments, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">10,250</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">143</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(156,864)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(355,876)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0pt; text-align: justify">14.3
Significant non-cash transactions</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left; width: 72%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 13%">09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 13%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Acquisition of property, plant and equipment through an increase in trade payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(124,692)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(40,499)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(4,104)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">(6,481)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in other receivables through a decrease in financial assets at fair value through profit or loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(217,046)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Collection of dividends from joint ventures through financial assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">53,026</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Payment of borrowings through financial assets at amortized cost transfer</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(10,330)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Increase in intangible assets through the reduction of other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(2,356)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,091)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Increase in right-of-use assets through an increase in other liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(48,311)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Decrease in financial assets at fair value through profit or loss through a decrease in income tax liability</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,030)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Compensation trade receivables through an increase in financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(47,000)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Compensation of assets and liabilities associated with assets classified as available for sale through property, plant and equipment, inventories and provisions, net</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(12,115)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Decrease in asset retirement obligation through property, plant and equipment</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4,387)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B></B></P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 20.35pt 0 0; text-align: justify"><U>NOTE 15</U>: CONTINGENT LIABILITIES
AND ASSETS</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">During the nine-month period ended September
30, 2025, the following changes were identified in relation to the contingent liabilities and assets reported in the Consolidated Financial
Statements as of December 31, 2024:</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 6.15pt 0 0; text-align: justify"><B>15.1 Labor Claim - Compensation Fund</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In one of the claims filed on considering
that the index (CPI) used to adjust the plan&#8217;s benefits is ineffective to keep their &#8220;constant value&#8221;, the ruling in
favor of the Company was upheld.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 8pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0pt; text-align: justify"><B>15.2 Civil and commercial claims</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In the proceeding brought by the &#8220;Consumidores
Financieros Asociaci&oacute;n Civil Para Su Defensa&#8221; Association for the loss of market value of Petrobras Brasil&#8217;s share
price as a result of the &#8220;<I>Lava Jato</I> operation&#8221; and the so-called &#8220;<I>Petrolao</I>&#8221;, the CSJN issued a ruling
dismissing the appeal filed by the plaintiff. Therefore, this case has been closed with a favorable outcome for the Company.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The Company filed a claim against ENARSA
for breach of the agreements entered into under the GasAr Plan framework seeking payment of certain gas supply invoices due as of February
2025 in the amount of $ 22,534 million, plus interest. The case is currently at its initial stage.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 6.15pt 0 0; text-align: justify"><B>15.3 Administrative claims</B></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In the complaints filed by CTLL (currently
Pampa) against the Federal Government for failure to renew and recognize costs associated with gas supply contracts, on June 13, 2025
a ruling was issued in favor of the Company, awarding it $ 62.8 million and $ 862.9 million for the January 2016 - March 2016 and April
2016 - October 2018 periods, respectively, plus interests. The&nbsp;ruling was appealed by the Federal Government, which submitted its
grounds of appeal, subsequently answered by the Company. As of the issuance of these Consolidated Condensed Interim Financial Statements,
the ruling by the Federal Court of Appeals in Administrative Litigation matters is still pending.</P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 16</U>: RELATED PARTIES&acute; BALANCES
AND TRANSACTIONS</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">16.1 Balances
with related parties</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 44%">As of September 30, 2025</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Trade receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">Trade&nbsp;&nbsp;payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 13%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">225</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">14</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">13,616</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">8,428</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">22,932</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">45</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">184</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">18</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">SACDE</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">85</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">153</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">45,110</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">13,971</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">8,779</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">68,060</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Non current</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">168</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">TGS</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">10,539</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3,889</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">7,651</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">11,205</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">63</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">148</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">62</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top">SACDE</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">85</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">3,417</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: top; text-align: right">2,332</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,855</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,889</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,216</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">13,599</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>NOTE 16</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">16.2 Operations
with related parties</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">Operations for the nine-month period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Sales of goods and services <FONT STYLE="font: normal 700 10pt Times New Roman, serif"><SUP>(1)</SUP><BR></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Purchases of goods and services <FONT STYLE="font: normal 700 10pt Times New Roman, serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Fees and compensation for services <FONT STYLE="font: normal 700 10pt Times New Roman, serif"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Other operating income (expenses), net <FONT STYLE="font: normal 700 10pt Times New Roman, serif"><SUP>(4)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 21%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 9%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 9%">2024</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 9%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 9%">2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 9%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 9%">2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 9%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 6%">2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,420</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">1,071</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">48,927</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">30,921</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(86,706)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(48,834)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(458)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(66)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">493</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">284</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Fundaci&oacute;n</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,682)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1,198)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">SACDE&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(224,411)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(80,503)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3,311)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(125)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">421</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">220</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: left">Salaverri, Dellatorre, Burgio &amp; Wetzler&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(290)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(56)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">50,347</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">31,992</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(311,613)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(129,404)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(3,601)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(181)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(768)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(694)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Correspond mainly to advisory services provided in relation with technical assistance and sales of gas.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Correspond to natural gas transportation services, purchases of refined products
and other services imputed to cost of sales for $ 87,229 million and $ 48,901 million and infrastructure works contracted to SACDE charged
in property, plant and equipment for $ 224,384 million and $ 80,503 million, of which $ 57,553 million and $ 16,095 million, correspond
to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for the nine-month periods
ended September 30, 2025 and 2024, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Disclosed within administrative expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Corresponds mainly to donations expenses and operating leases income.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Operations for the nine-month period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Loans granted, net</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Financial income <FONT STYLE="font: normal 700 10pt Times New Roman, serif"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Financial expenses <FONT STYLE="font: normal 700 10pt Times New Roman, serif"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Dividends collection</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid">Dividends distributed</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 20%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2024</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 5%">2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2025</TD>
    <TD STYLE="font: 9pt Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 7%">2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">Associates and joint ventures</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">CIESA</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">53,026</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Citelec</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">35,261</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">CTB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">OCP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">6,955</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">621</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">820</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Transener</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Other related parties</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(37)</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(13)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">621</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">828</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">88,291</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,955</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(37)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Correspond mainly to accrued interest on loans granted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Correspond to interest and commissions on loans received.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify"><U>NOTE 17</U>: ASSETS AND LIABILITIES IN CURRENCIES
OTHER THAN PESOS <SUP>(1)</SUP></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 39%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">Type</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 13%">Amount in currencies other than pesos</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 11%">Exchange rate <FONT STYLE="font-family: Times New Roman, serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
09.30.2025</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; font-family: Times New Roman, serif; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Total <BR>
12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,145</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.82</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,991</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,193</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; background-color: white">Total non-current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,991</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,338</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left; background-color: white">CURRENT ASSETS</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506,475</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781,575</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,628</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.83</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,167</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Trade and other receivables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435.32</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,738</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217,113</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,144.17</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,810</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,572</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">U$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.63</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338.25</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466,784</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704,730</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.07</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,622.60</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">BOB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.003</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199.28</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; background-color: white">Total current assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,624,057</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,789,596</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left; background-color: white">Total assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,690,048</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,854,934</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.74</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118,323</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118,979</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,473.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,032,748</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,416,917</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.05</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103,562</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,479</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,254,633</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,623,375</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; vertical-align: bottom; text-align: left; background-color: white">CURRENT LIABILITIES</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Provisions</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,423</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,926</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Tax liabilities</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736.47</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,056</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Borrowings</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281.86</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388,973</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710,502</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321.62</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,380.00</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443,829</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,544</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,622.60</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,443</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,263</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.71</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">SEK</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146.86</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,493</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">BOB</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199.28</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">U$</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.63</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846,597</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894,503</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,101,230</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,517,878</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-family: Times New Roman, serif">Net Position Liability</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,411,182)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662,944)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 8pt">Information presented to comply with CNV Rules.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 8pt">Exchange rate in force on September 30, 2025 according
to the BNA for U.S. dollars (US$), euros (EUR), chilean pesos (CLP), swedish crowns (SEK), bolivian pesos (BOB) and uruguayan pesos (U$).
</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 20.35pt 3pt 0; text-align: justify"><U>NOTE 18</U>: INVESTMENT COMMITMENTS</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 3pt"><FONT STYLE="font-weight: normal"><I>Rinc&oacute;n de Aranda Development
&#8211; RDA Midstream Project</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On July 1, 2025, Pampa Energ&iacute;a &#8212;through
its &#8220;Pampa Energ&iacute;a_ S.A. - Sucursal Dedicada Midstream RDA&#8221; Dedicated Branch, established on May 12, 2025 by the Company&#8217;s
Board of Directors, submitted its application to opt into the RIGI to develop an oil and gas treatment plant at its Rinc&oacute;n de Aranda
field. The project contemplates an estimated US$&nbsp;426&nbsp;million investment, and its entry into operation is scheduled for 2026.
Starting in 2027, the Company expects to export crude oil, in line with the strategy to develop Vaca Muerta and strengthen export capacity.</P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 12pt 0 0; text-align: justify"><I>FLNG Project </I></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On May 2, 2025, all conditions precedent
to move forward with the FLNG Project were satisfied, including, but not limited to: (i) the final investment decision regarding the &#8220;Hilli
Episeyo&#8221; vessel (&#8220;Hilli&#8221;); (ii) the submission of the RIGI opt-in application; and (iii) the granting of the LNG Free
Export Authorization certificate.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In addition to Hilli, a second vessel,
&#8220;MKII&#8221;, was added to the project. Both will have a processing and export capacity of approximately 6 million tons of LNG per
year, equivalent to 27 million m3/d of natural gas, which will position Argentina in the global LNG market and represent an investment
of approximately US$ 7 billion over the 20 years of operation across the entire value chain.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Hilli and MKII operations are expected
to start at the end of 2027 and 2028, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">The consortium is made up of 20% Pampa,
30% Pan American Energy S.L. (&#8220;PAE&#8221;), 25% YPF S.A., through its subsidiary Sur Inversiones Energ&eacute;ticas S.A.U. (&#8220;SUR&#8221;),
15% Wintershall DEA Argentina&nbsp;S.A. (&#8220;Wintershall&#8221;) and 10% Golar FLNG Sub-Holding Company Limited (&#8220;Golar Subholding&#8221;),
all of which are SESA shareholders.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">To supply natural gas to the vessels, SESA
entered into 20-year natural gas supply contracts with Pampa, PAE, SUR and Wintershall regarding their participation in SESA. In this
respect, for both vessels to operate year-round, SESA contemplates the construction of a dedicated gas pipeline between the province of
Neuqu&eacute;n and the Gulf of San Mat&iacute;as in R&iacute;o Negro.</P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 12pt 0 3pt"><U>NOTE 19</U>: INCIDENT AT HINISA</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0; text-align: justify">Regarding the severe storm that struck the Province of
Mendoza on January 11, 2025 and caused significant damage to the Nihuil II and Nihuil III Power Plants, forcing them out of service, HINISA
completed cleaning and remediation activities at the plants on October 2, 2025, and continues to make progress with the repair of perimeter
fences and building enclosures. Additionally, the Company has completed sorting the materials and tools recovered from the incident, and
their final disposition with the insurance company will take place during the month of November. Furthermore, HINISA awarded the company
Hidronor Ingenier&iacute;a y Servicios S.A. (&#8220;HISSA&#8221;) the process of identifying and assessing the affected equipment. This
work has been fully completed, and HISSA has delivered the final report.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Similarly, the insurance companies hired
the company Restore Mitigation Services to conduct a damage assessment. This work was carried out in September 2025, and as of the date
of issuance of these Consolidated Condensed Interim Financial Statements, the report is currently being&nbsp;prepared.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">During the nine-month period ended September
30, 2025, HINISA recorded $ 5,436 million losses corresponding to incident-related costs.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In addition, HINISA continued proceedings
with the adjusters appointed by the insurance companies and, as of September 30, 2025, has received advance payments of $ 5,441 million,
recognized under the insurance recovery line item, to carry out the cleaning and remediation tasks necessary to determine the final damages
and costs. Moreover, HINISA is negotiating an additional US$&nbsp;2.4&nbsp;million advance applicable to loss of profit coverage.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">As of the date of issuance of these Consolidated
Condensed Interim Financial Statements, the final cost of the incident and the amount of insurance proceeds have not yet been assessed
by HINISA.</P>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 6.15pt 3pt 0; text-align: justify"><U>NOTE 20</U>: TERMINATION OF HYDROELECTRIC
CONCESSIONS</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On March 8, 2025, the Federal Government
and the province of Mendoza signed an agreement to jointly conduct the national and international open call for tenders for the concession
of the Diamante and Nihuiles Hydroelectric Complexes as a single business unit. The coordination and execution of this tender process
was delegated to the Public Enterprises Transformation Agency, which, within a maximum 60 business days&#8217; period, would transfer
51% of the share package of the company becoming the concessionaire and owner of the assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">On June 5, 2025, SE Resolution No. 240/25
extended HIDISA&#8217;s concession transition period until October 19, 2025. Subsequently, on October 20, 2025, through SE Resolution
No. 398/25, a five-calendar-day period was granted for HIDISA to adhere to the concession extension until June 30, 2026. If it fails to
adhere to the extension, operations must be maintained for a period of 90 calendar days so that the Federal Government may adopt the necessary
measures to ensure operational continuity. Given the short deadline for adherence, HIDISA requested a 15-administrative-business-day extension
to submit its adherence under SE Resolution No. 398/25.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Additionally, on May 26, 2025, Provincial
Law No. 9,630 was published, declaring a state of emergency for the Los Nihuiles Hydroelectric System over a 14-month period from its
enactment. The Law provides for the continuity of the transition period until verification of compliance with the obligations arising
from the concession contract with HINISA, without prejudice to any authorizations that must be granted by the Federal Government.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">It is worth highlighting that HINISA has
fully and timely complied with its obligations throughout the term of the concession contract and the transition period; and that, as
of the date of issuance of these Consolidated Financial Statements, the Federal Government has not issued any statement or granted the
required authorizations.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In these circumstances, at the end of the
contractual transition period on June 1, 2025, HINISA notified both the Ministry of Energy and Environment of the Province of Mendoza
and the SE that the extension of the transition period beyond the term stipulated in the contract requires an agreement with the concessionaire.
However, to protect the concession&#8217;s assets, avoid affecting the supply of electricity in the WEM and ensure the safety of property
and persons, HINISA informed that it would continue operating the Los Nihuiles Hydroelectric Complex, without this implying consent to
any unilateral extension of the transition period, the assumption of additional obligations or responsibilities, or the waiver of its
rights.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Finally, it is worth highlighting that
HINISA is willing to proceed with the assets&#8217; handover as soon as the competent authorities so decide and/or to execute the necessary
agreements given this extraordinary situation.</P>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</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: center; width: 100%"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;<IMG SRC="pamfs3q256k1_001.jpg" ALT="" STYLE="height: 72px; width: 250px"></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman,serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM <BR> FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="font: 10pt/12pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 6.15pt 0 0; text-align: justify"><B><U>NOTE 21</U>: DOCUMENTATION SAFEKEEPING</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">In compliance with General Resolution
No.&nbsp;629/14, the Company discloses that it has sent non-sensitive work papers and information corresponding to the periods not covered
by the statute of limitations for their keeping in the AdeA - Administraci&oacute;n de Archivos S.A.&#8217;s data warehouse located at
Ruta 36, km 34.5, Florencio Varela, Provincia de Buenos Aires and in the Iron Mountain Argentina S.A.&#8217;s data warehouses located
at the following addresses:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 13.25pt">Azara 1245 &#8211; C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 13.25pt">Don Pedro de Mendoza 2163 &#8211;C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 13.25pt">Amancio Alcorta 2482 C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 13.25pt">San Miguel de Tucum&aacute;n 601, Carlos Spegazzini, Municipality of Ezeiza, Province
of Buenos Aires.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">A list of the documentation delivered
for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory
provisions and amending rules), is available at the Company headquarters.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman,serif; margin: 12pt 13.25pt 3pt 0; text-align: justify"><U>NOTE 22</U>: SUBSEQUENT EVENTS</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">After September 30, 2025 and until the
issuance of these Consolidated Condensed Interim Financial Statements, no other relevant events have occurred which may significantly
affect them.</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 13.25pt 12pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 68; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 12pt 0 0; text-align: justify"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pamfs3q256k1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs3q256k1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !Z :H# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MA^TXV^=L&_'IGKBIJ*+C"HKFUM[R+RKJ"*>/.=DJ!AGZ&I:*0"*H50J@  8
M':JM[I6GZDH%]8V]R!T\V,-CZ9JW133L!E6WAG0K1P\&CV*,.C"!<C\<5J%5
M*[2!MQC&.*6BAMO<+$-M:V]G%Y5K;Q01YSLB0*,^N!4Q( R3@44V1%EC>-ON
ML"I^AI -Q!=19Q'-&WT8&L;Q%JNE>'-#NIKAX(/W3!(UP&=B,  5S+_"+2E)
M-GJVJVP)X59@0/TJQI_PG\/6MTEQ=O=ZA(IR!=2Y7\@!G\:W2IK7F_ B\NP_
MX46,UIX%A-PA7[3*\RJP_A/ _/&?QKLK:TMK.,QVMO% A.XK$@49]<"I5544
M*JA5 P !@ 4M9SES2;[E)65BO=V%G?Q^7>6L%PG]V6,,!^=4K?PSH5I)YD&D
M64;CD,(%R/IQ6K14J36EPL@HHHI#"BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
3"BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pamfs3q256k1_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs3q256k1_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !F )X# 2(  A$! Q$!_\0
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MOO7^9K[&I_*_N?\ D7:*I?VSI?\ T$K/_O\ K_C7$>-K[4M2N8[33K:Z>TB
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MO-M)$JI(1TW>HSV[U[%10 =*J:EIEEK&G3Z?J-M'<VDZ[9(I!D,/\]^U6Z*
M/$-4_9MTF>Y:33-=NK2)CD130B;;[ Y4_G5G1OV<_#UG,LFJZG>:@!_RR11"
MA^N,G\B*]FHH KV-C;:986]C9PK#;6\8CBC7HJ@8 JQ110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
D !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
