Disclaimer
Pampa Energía ⚫ 2 Who we are Pampa is an Argentine company exclusively dedicated to the Argentine energy
Key milestones of Pampa Energía
Today
Pampa Energía begins Integration in electricity Gas upstream Petrobras Argentina KEY PLAYER
Shareholder base2
30% 43% 27%
Pampa Energía ⚫ 4 We are the largest independent integrated energy co. in Argentina
Power Generation
Transmission
Distribution
Oil & gas Upstream
Midstream
Petrochemicals
Other affiliates
Pampa Energía ⚫ 5 A brief update
Aerial view of Mario Cebreiro Wind Farm Pampa Energía ⚫ 6 Focusing on core businesses Sale of controlling stake at
Brief summary of the transaction EBITDA, US$ million
▪ 7% 212 ▪ 161 ▪ 115 ✓ 51 ✓ ✓ → 2020 → Edenor share over Pampa Consolidated’s EBITDA
❑ Impact on Pampa’s EBITDA margin 48% ▪ 42% 43% ▪ Continuing
31% → 29% Incl. Edenor 28%
Pampa Energía ⚫ 7 Plan Gas.Ar: a much-needed boost to the Argentine gas We were awarded a 4-year GSA, procuring a stable outlook to E&P
Ranking of winter production growth 2021-24 Pampa’s gas production, by sales channel and Plan Gas’s awarded price vs 2020 output @ Neuquina Basin
1 312 319 320 321 321 1. Pampa +28% 254 254 254 254 254 254 254
4.5 4.5 4.5 4.5 4.5
3.0 3.0 3.0 3.0 3.0 3.0 3.0
Total gas production @ WI, in mcfpd Winter gas production @ WI1, in mcfpd Annual average price, in US$/MBTU
+15% yoy 281 +28% yoy 319 +64% yoy 3.6 244 2.2 249
Pampa Energía ⚫ 8 Pampa Energía at a glance Key financial figures, in US$ million
Revenues1,2 Adjusted EBITDA1,2 3,470 3,261 1,081 Discont'd 2,556 Discont'd 915 222 1,437 1,502 157 750 727 1,085 1,488 51 Cont. Cont. 859 758 699 2,033 1,759 1,471
LTM Q1 21 LTM Q1 21
Capex2,3 LTM adjusted EBITDA breakdown2,4 883 725 33% Discont'd 3% 271 13% 179 5%
339 15% % Cont. 191 613 547 142 64% 197 67% LTM Q1 21
Pampa Energía ⚫ 9 Pampa Energía at a glance Key financial figures, in US$ million
Continuing businesses, LTM as of March 31, 2021
Sales Adjusted EBITDA Net debt2 Market cap3 Employees4
1,488 727 1,362 829 4,941
Power generation 586 373 261 na 99.3% E&P 289 93 913 na 100% Petrochemicals 295 39 - na 100% Holding + intersegment (65) 3 (21) na 100%
Power transmission 179 90 1 84 26.3% Gas midstream 656 372 199 687 28.7% M. Cebreiro wind farm 28 23 86 na 50% E. Barragán power plant 171 159 203 na 50%
Pampa Energía ⚫ 10 Strong financial position Paying out ST AR$-debt and improving leverage ratios
Key leverage figures, as of March 31, 20211, US$ million Consolidated with Restricted Group Affiliates at ownership3 affiliates at ownership
Debt2 1,562 357 1,920 After Q1 2021: Cash 409 149 557 •
Net debt 1,154 208 1,362 LTM Adj. EBITDA 508 219 727 Gross leverage 3.1x 1.6x 2.6x Net leverage 2.3x 1.0x 1.9x
Pampa Restricted Group principal debt, net of repurchases
ECA 636 2% US$ AR$ Int'l Banks 454 91% % 9% Bonds % 9% 85% 293 Local Bonds 157 4% 8 8
Pampa Energía ⚫ 11 Power generation We are the largest independent power producer in Argentina
Operating 15 power plants Argentina’s power generation across Argentina market share1
Pampa Gov't 12% owned CEPU 26% 10% 4,955 MW installed capacity 134 ENEL + 295 MW under construction4 TWh 10%
AES 5,250 MW total capacity Others 9% 26% YPF 59% 7%
41%
Pampa’s historical availability v. peers, in %
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Pampa Energía ⚫ 13 Genelba Thermal Power Plant One of Pampa Energía’s most important milestones COD on time despite COVID-19 pandemic
Existing CCGT New CCGT
Aerial view of CTGEBA, 2020 Pampa Energía ⚫ 14 Ensenada Barragán Thermal Power Plant Key infrastructure project for Argentina’s electricity supply
Aerial view of CTEB Pampa Energía ⚫ 15 Oil & gas exploration & production Pampa is a leading independent gas producer in the country
Pampa is a key player in domestic gas1 Argentina’s unconventional gas market share1 #3 #2 Pampa 6% 12%
Production from 13 blocks: 44 kboepd2 876 51 mcm/d 5 exploration blocks
Natural gas: 6.9 mcm/242 mcfpd 92% 91% 97% Pampa’s proven reserves Crude oil Crude oil: 4.1 kbpd 10% 86% 55% Undev’d P1 reserves @ Dec 2020: 142 million boe 51% 1.4x % 10m boe shale reserves Dev’d 49% Interest over 8% of Vaca Muerta’s Gas shale gas acreage 90%
Pampa Energía ⚫ 17 Our strategy is to produce gas in the country’s best blocks
Neuquén basin blocks, in mcmpd
This four areas jointly already produce ~9.4 mcm/333 mcfpd, 9% of Argentina’s total gas production1
• • • • • • Parva Negra Este • • 3.7 4.7 4.8 3.3 3.6 4.2 2.5 2.4 2.5 2.8 Sierra Chata 2.1 2.5
El Mangrullo
• • Las Rincón del Mangrullo • • Tacanas Río Neuquén Norte • • • • 1.4 1.3 4.7 4.9 1.3 1.2 3.6 1.0 1.0 2.3 1.2 1.2
Key Productive Blocks
Key Exploration Blocks Pampa Energía ⚫ 18 Enormous upside potential from our presence in Vaca Muerta
Seven blocks in Vaca Muerta play map1, represented 6% of Pampa’s 2020 production
DRY WET GAS GAS VOLATILE BLACK OIL OIL
Pampa Energía ⚫ 19 Utilities Transener operates the largest high voltage grid in Argentina
Business overview
• Transener operates, maintains and supervises 21,104 km of high-voltage electricity lines in Argentina, holding 85% of market share ▪ Transener was privatized in July 1993 with an exclusive 95- year concession, operates 12,372 km of lines and 51 substations, as well as supervises 2,116 km and 7 substations
▪ Transba was privatized in August 1997 with an exclusive 95- year concession, operates 6,616 km of lines and 107 substations
Corporate structure
Free float
Pampa Energía ⚫ 21 TGS is the Argentine gas backbone
Business overview
Natural gas transportation The largest gas transportation company of Argentina and LatAm • Transports around 60% of the country’s total gas consumption • Concession until 2027, extendable for additional 10 years NGL processing #2 producer in Argentina, with +1m ton/year of capacity • Exports ~33% of production • Ethane is sold to Dow Chemical under a US$ contract Midstream BOT of Vaca Muerta gas gathering pipeline • 60 mcmpd capacity pipeline and 3 treatment & compression facilities Telecommunications Through Telcosur, provides data services using microwave & fiber optics
Corporate structure1 Share of total Sielecki gas production Safra San Jorge 9% Neuquén Austral 50% 50% Free 85 mcmpd Transportation capacity 61% 26% CIESA float % 3.2% 51% 9,231 km Pipeline length 24.0% 16.6% Noroeste 75% LTM load factor 4%
Direct ownership Indirect ownership Pampa Energía ⚫ 22 The development of Vaca Muerta: TGS’s projects under assessment
Gas transportation @ Neuquina basin In mcm/bcf per day
2021
Pampa Energía ⚫ 23 Bottom line Pampa Energía: upsides and opportunities
Oil & gas upstream Power generation Capital discipline Strong balance sheet
Pampa Energía ⚫ 25 Back up Q1 2021’s key takeaways - consolidated figures, in US$ million Solid quarter, showing resiliency amid challenging context
Revenues1 Consolidated adjusted EBITDA1 Continuing Continuing +16% yoy 721 +4% yoy +11% qoq 599 +10% qoq 221 ✓ Discont'd ✓ 204 ✓ 318 420 Discont'd 168 220 ✓ 45 ✓ - ✓ ✓ Cont. Cont. 204 184 403 379 175 (16) Q1 21 Q1 21
Capex1 Consolidated adjusted EBITDA breakdown1,2
100 41% 2% 83 Continuing 16% Discont'd 39 -11% yoy 55 -10% qoq 9% 22 % 16% Cont. 61 57% 61 ✓ 59% ✓ Q1 21
Pampa Energía ⚫ 27 Power generation New capacity keeps leading the way while legacy pricing is still frozen
Adjusted EBITDA1, in US$ million Generation performance, in GWh
121 4,608 115 4,400 4,442 -4% yoy 113 +1% qoq +2% yoy 71% 69% 63% -5% qoq ✓ ✓ ✓ ✓ ✓ Q1 21 Q1 21
Availability performance, in % to installed capacity ✓ 96.6% 94.1% 94.9%
-2% yoy +1% qoq
Q1 21
Pampa Energía ⚫ 28 Oil and Gas Higher prices and increasing productivity delivered a sound performance
Adjusted EBITDA1, in US$ million Lifting cost, in US$ million
33 29 +13% yoy +77% qoq 30 24 23 19 ✓ ✓ -24% yoy 7.2 -4% qoq 33% 40% ✓ 27% 6.0 5.8 ✓ ✓ Q1 21 Q1 21
Production performance, in kboe/d Crude oil sales, in kbbl/d 41.3 55.4 46.0 -5% yoy 43.7 43.7 +0.2% qoq 5.3 -39% yoy 4.7 3.2 -30% qoq
✓
Q1 21 Q1 21
Pampa Energía ⚫ 29 Oil and Gas Plan Gas.Ar is paving the recovery way for domestic gas
Gas sales, in mcfpd Weighted avg gas price for Pampa, in US$/MBTU
-7% yoy 3.3 259 239 241 +1% qoq 3.1 3.1 2021 2.8 2.6 ✓
✓ Q1 21 Q1
Destination of our sales, YTD
Pampa
Pampa Energía ⚫ 30 Petrochemicals The surge in demand and price hikes resulted in a record-high quarter
Adj. EBITDA, in US$ million Sales performance, in thousand ton
1,052 18 +20m yoy +13% yoy 107 98 10 +8m qoq 87 -8% qoq ✓ ✓ 17% ✓ 12% ✓ ✓
(2) Q1 21 Q1 21
Q1 21 sales breakdown by market
39%
%
61%
Pampa Energía ⚫ 31 Electricity distribution
Adj. EBITDA, in US$ million Sales Performance , in GWh +0.2% yoy -35m yoy +10% qoq +26m qoq 5,203 5,212 ✓ 45 4,752 ✓ 10 ✓ 14% (16) 4%
Q1 21 Q1 21
Number of End-Users, in million Main News
• 3.15 3.17 3.12
+1% yoy +0.5% qoq
✓
Q1 21
Pampa Energía ⚫ 32 Holding & others
Adj. EBITDA2, in US$ million Main News +7% yoy 37 +11% qoq • 35 34
Q1 21
Affiliates’ EBITDA Performance @ 100% Ownership, in US$ million
113 96 5 6 29 90 ✓ ✓ ✓ 19 17 ✓ ✓ ✓ (0) ✓ Q1 21 Q1 21 Q1 21
Pampa Energía ⚫ 33 Q1 2021’s key takeaways Consolidated figures, in US$ million
Q1 21 Net income to 33 shareholders
Q1 20 Q1 21
Pampa Energía ⚫ 34 Contact information