This section contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, without limitation, those set forth in “Note 6.1 - Critical accounting estimates and judgments” of our Consolidated Financial Statements “Forward-Looking Statements” and “Item 3. Key Information - Risk Factors” and the matters set forth in this annual report generally. The following discussion is based on, and should be read in conjunction with, our Consolidated Financial Statements and related notes contained in this annual report. Sources of Revenues Oil & Gas Our oil and gas operations derive revenues from the sale of natural gas to CAMMESA and gas distributors and from the sale to oil and gas industrial clients in the domestic market and to a lesser extent in the foreign market. Revenues are recognized when the control of these products is transferred. Generation Our generation operations derive revenues from the sale of electricity sales contracts with large users within the MAT, supply agreements with CAMMESA and sales to the spot market. Revenues are recognized when power plants are available and the delivery of energy is effective. Petrochemicals Our petrochemicals operations generate revenues from the sale of styrene, polystyrene and elastomers, and plastics derived from oil production. We produce a wide array of products, such as intermediate gasoline, aromatic solvents, hexane and other hydrogenated paraffinic solvents, propellants for the cosmetic industry, monomer styrene, as well as rubber and polymers for both the domestic and foreign markets from natural gas, virgin naphtha, propane and other supplies. Revenues are recognized when the control of these products is transferred. Holding and others segment Our holding and others segment generate revenues mainly from contracts with customers in relation to technical assistance and administration services to related companies. Factors Affecting Our Results of Operations Our results of operations are principally affected by economic conditions in Argentina, changes in local and international crude oil prices, natural gas prices and international petrochemical product’s prices, fluctuations in demand for oil related products, natural gas and electricity in Argentina, costs of sales, operating expenses and climate change. See “Item 3. Key Information - Risk Factors”. Argentine Economic Conditions Because most of our operations, facilities and customers are located in Argentina, we are affected by general economic conditions in the country. In particular, the general performance of the Argentine economy affects demand for energy, and inflation and fluctuations in currency exchange rates affect our costs and our margins. Inflation primarily affects our business by increasing operating costs, while reducing our revenues in real terms. 112 Table of Contents The following table sets forth key economic indicators in Argentina during the years indicated: Year ended December 31, 2025 2024 2023 Real GDP (% change) 4.4% (1.3)% (1.6)% Nominal GDP (in millions of Ps.) 847,622,873 583,909,615 191,404,997 Real Consumption (% change) 7.9% (2.9)% 1.0% Real Investment (% change) 16.4% (17.2)% (2.0)% Industrial Production (% change) 1.6% (9.4)% (1.8)% Consumer Price Index 31.5% 117.8% 211.4% Nominal Exchange Rate (in Ps. /U.S.$ at year end) 1,455.00 1,032.50 808.48 Exports (in millions of U.S.$) 87,111 79,703 66,789 Imports (in millions of U.S.$) 75,791 60,776 73,714 Trade Balance (in millions of U.S.$) 11,320.08 18,927.64 (6,925.1) Current Account (% of GDP) (1.5)% ** 0.9% (3.2)% Reserves (in millions of U.S.$) 41.1 29.6 23.1 Tax Collection (in millions of Pesos) 200,448,447 142,031,453 46,463,191 Primary Surplus (in millions of Pesos) 11,769,219 10,405,810 (5,164,637) Public Debt (% of GDP at December 31) * 75.6% ** 82.6% 156.6% Public Debt Service (% of GDP) 1.2% 1.5% 1.7% External Debt (% of GDP at December 31) 56.3% ** 49.0% 121.6% Sources: INDEC; Central Bank; Ministry of Treasury. *Includes hold-outs ** As of September 30, 2025. *** As of November 2025. 113 Table of Contents Macroeconomic Context 2025 was marked by high volatility associated with the economic cycle and midterm elections. This dynamic was reflected in financial markets. Argentina’s country risk began the year at around 578 basis points, peaked at 1,456 in September, and ended the year close to its initial level. Likewise, the wholesale exchange rate closed at Pesos 1,459 per U.S.$ as of December 2025, up 41% from year-end 2024 and 36% year-on-year. Despite the challenging environment, the Government maintained a fiscal surplus for the second consecutive year, a cornerstone of its economic plan. In 2025, the accumulated primary balance reached 1.4% of GDP and the financial balance 0.2% of the GDP. As a result, inflation continued on a downward path and ended the year at 31.5% annually, the lowest level since 2017, following 117.8% in 2024 and 211.4% in 2023. According to the Central Bank’s Market Expectations Survey (REM), inflation is expected to continue decelerating and hover around 20% in 2026, consolidating the price normalization process. Disinflation also led to a reduction in the poverty rate, which fell from 53% in the first quarter of 2024 to 30% in 2025. Even amid persistent fiscal adjustment, economic activity grew by 4.6% through the third quarter of 2025 and, according to the REM, is projected to grow by 3.4% in 2026. However, sector performance was heterogeneous: fishing, mining, oil and gas, and financial intermediation led economic expansion, while construction, trade, and manufacturing recorded cumulative declines of 2.2%, 5.7%, and 6.6%, respectively, through September, posing challenges going forward. Nevertheless, the unemployment rate remained stable at around 7.6%. On the exchange rate front, in February 2025, the crawling peg pace was reduced from 2% to 1% per month. In April, a banded floating exchange rate regime was adopted, with bands widening by 1% per month, and the BCRA was authorized to intervene within them. In addition, exchange rate controls for individuals were partially lifted, the distribution of dividends on 2025 earnings was authorized, import payment terms were relaxed, and the differential exchange rate for exports was eliminated, measures that narrowed the gap between the official and free exchange rates. In April 2025, an agreement for U.S.$ 20 billion was signed with the IMF, including disbursements of U.S.$ 14.5 billion in 2025, complemented by financing from multilateral organizations. Following exchange rate pressures triggered by an adverse outcome for the ruling party in the Buenos Aires Province elections, the National Government received explicit support from the U.S. Treasury for its policies, which intervened by purchasing Pesos and providing U.S.$ 20 billion in financing. This support proved decisive in preserving the exchange rate regime. Starting in 2026, the exchange rate bands will be adjusted based on monthly inflation with a two-month lag. Given limited access to international capital markets, the Argentine Treasury continued to repay obligations to creditors. Consolidated gross national debt declined from 169% of GDP in December 2023 to 79% in October 2025, while foreign-currency debt with private creditors fell from 40% to 16% over the same period. These repayments were supported by record foreign currency purchases by the BCRA (U.S.$ 22 billion over two years) and the Treasury (U.S.$ 1.5 billion), as well as by an increase in gross reserves, which rose to U.S.$ 41.2 billion from U.S.$ 23 billion in December 2023. However, net reserves remained negative at -U.S.$ 15.5 billion, compared with -U.S.$ 8.5 billion in December 2023. During 2025, the BCRA eliminated interest-bearing liabilities (monetary issuance), and the Argentine Treasury canceled non-transferable notes, strengthening its balance sheet and generating a crowding-in effect that boosted private-sector credit from 5% to 11% of GDP. The current account posted a cumulative deficit of U.S.$ 10 billion through the third quarter of 2025, compared to a surplus of U.S.$ 5 billion in the same period of 2024. While the goods trade balance recorded a surplus driven by record exports, partially offset by higher imports, deficits in services and income resulted in an overall negative balance. In the trade balance, the energy sector stands out with a surplus of U.S.$ 7.8 billion, supported by all-time highs in gas and oil production driven by the development of Vaca Muerta. The Argentine corporate sector increased its access to international markets, with issuances exceeding U.S.$ 9.3 billion. Finally, after two years, the National Congress approved the 2026 budget, representing an institutional step forward that, among other aspects, authorizes the Argentine Treasury to resume financing in international capital markets. 114 Table of Contents Reserves and Production of oil and gas Natural gas and oil constitute the main energy sources in the national primary energy matrix. The following chart illustrates their shares as of December 31, 2024, as there is no available information for the year 2025: 2024 Argentine energy matrix 100% = 83 million Tons of oil equivalent Note: It excludes other primary sources for 5.2%. Source: SE. Natural Gas In 2025, Argentina’s total gross natural gas production amounted to 137 million m3 per day, a 6% increase compared to 2024. This increase is explained by growth in the Austral and Neuquina Basins. Total demand grew by 3% year-on-year to 141 million m3 per day, mainly due to higher industrial demand (14% compared to 2024) and a slight increase in power plants’ gas consumption, partially offset by lower Compressed Natural Gas (CNG) and residential demand due to milder weather. Natural gas imports declined sharply by 44% compared to 2024, supported by new evacuation capacity from Vaca Muerta and the reversal of the Northern gas pipeline. Lower imports from Bolivia (from 3.3 to 0.6 million m3 per day on average in 2025) and reduced Liquefied Natural Gas (LNG) injections (from 4.5 to 3.6 million m3 per day on average in 2025) were recorded. In contrast, exports to Chile increased by 13% to 7.3 million m3 per day, representing 5% of total production in 2025. As of December 31, 2024, the country’s natural gas reserves and resources totaled 2,258 billion m3, a 23% increase compared to 2023. Of the total, 24% were proven reserves, and 83% came from unconventional formations. 115 Table of Contents Evolution of natural gas production, and reserves and resources* In billion m3, 2012-2025 Note: * There is no information on reserves for 2025. Source: SE. Crude Oil In 2025, Argentina’s total oil production reached 794 kbpd, a 13% increase compared to 2024 and the highest since 1999. This growth was led by the Neuquina Basin, where production increased by 21% compared to 2024 following the expansion of evacuation capacity from Vaca Muerta in the Oldelval and Oleoducto Transandino S.A. systems. Of total production, 74% came from the Neuquina Basin (584 kbpd), 23% from the Golfo San Jorge Basin (182 kbpd, a 4% decrease compared to 2024) and the remainder from the Cuyana, Austral and Noroeste Basins (27 kbpd, a 7% decrease compared to 2024). Evolution of oil production, and reserves and resources* In million boe, 2012-2025 Note: * There is no information on reserves for 2025. Source: SE. For information about the regulatory framework of our oil and gas business, see “Item 4. The Argentine Energy Sector - Oil & Gas Regulatory Framework.” 116 Table of Contents Electricity prices and tariffs Our revenues and margins in our electricity generation businesses are substantially dependent on the prices we are able to charge for the electricity sold by our generation plants, as well as the composition of our transmission tariffs. See “Item 4. The Argentine Energy Sector - Electricity Regulatory Framework.” Electricity demand and supply Electricity demand depends to a significant extent on economic and political conditions prevailing from time to time in Argentina, as well as seasonal factors. In general, the demand for electricity varies depending on the performance of the Argentine economy, as businesses and individuals generally consume more energy and are better able to pay their bills during periods of economic stability or growth. As a result, energy demand is affected by Argentine Governmental actions concerning the economy, including with respect to inflation, interest rates, price controls, foreign exchange controls, taxes and energy tariffs. Electricity consumption in Argentina experienced a slight 0.7% increase in 2025 when compared to 2024, reaching 141,249 GWh. This was explained by increases of 2% and 1%, respectively, in the industrial and retail segments, partially offset by a 3% decline in the demand from Large Users within the distribution segment. The following chart shows the breakdown of electricity consumption in 2025 by type of customer. Electricity demand by type of customer Source: CAMMESA. Peak Demand Records 2017 2018 2019 2020 2021 2022 2023 2024 2025 Capacity (MW) 25,628 26,320 26,113 25,791 27,088 28,283 29,105 29,653 30,257 Date Feb-24 Feb-8 Jan-29 Feb-4 Dec-29 Dec-6 Mar-13 Feb-1 Feb-10 Temperature (°C) 27.7 30.2 34.0 29.5 31.7 29.0 31.0 31.5 31.1 Hour 14:25 15:35 14:25 14:57 14:28 14:43 15:28 14:48 14:47 Source: CAMMESA. During 2024, power generation grew by 0.5% in 2025, reaching 142,267 GWh, compared to 141,592 GWh recorded in 2024, mainly driven by renewable sources (a 17% increase compared to 2024) and nuclear power availability (a 3% increase compared to 2024), partially offset by a 10% reduction in hydropower generation, net of pumping. 117 Table of Contents The grid maintained its dependence on thermal generation, using both natural gas and liquid fuels (GO and FO) and mineral coal, contributing 53% of the total energy volume or 75,225 GWh, followed by hydropower generation net of pumping of 29,622 GWh (21% of the total energy volume), renewable energies with a generation of 26,659 GWh (19% of the total energy volume) and nuclear power with a generation of 10,761 GWh or 8% of the total energy volume. Although the SADI has been a net power importer for the fourth consecutive year, in 2025 imports decreased by 8% to 4,304 GWh when compared to 2024, exports decreased by 48% to 509 GWh compared to 2024, and losses were reduced by 5% to 4,813 GWh compared to 2024. The following chart shows the evolution of electric power generation by type of technology: Generation by Type of Power Plant In %, 2015 – 2025 Note: It includes WEM and Patagonian WEM System. Hydroelectric power generation net of pumping. Source: CAMMESA. During 2025, generation facilities recorded an increase in their installed capacity of 826 MW compared to the previous year, reaching a total of 44,177 MW as of December 2025. This increase is mainly due to the commissioning of renewable units ( an increase of 1,006 MW compared to 2024) and 13 MW of thermal additions, offset by the decommissioning of obsolete units ( a decrease of 194 MW compared to 2024). The chart below shows the composition of installed capacity in Argentina as of December 31, 2025: 118 Table of Contents 2025 Argentine installed power capacity 100% = 44.2 GW Source: CAMMESA. Commercial management and fuel supply for power plants were centralized in CAMMESA, except for generators with PPAs under Energía Plus and SE Resolution No. 287/17. Since January 2021, with the implementation of Plan Gas.Ar and the transfer of gas and its transportation by exempted generators to CAMMESA, thermal dispatch prioritized units supplied with gas imported from Bolivia under a Take or Pay condition, followed by those supplied by Plan Gas.Ar according to their efficiency and, finally, units that had assigned gas to CAMMESA. This framework began to change on January 28, 2025, when the SE repealed SE Resolution No. 354/20, effective as of February 1, 2025, and authorized generators to directly manage fuel supply for spot units, as of March 1, 2025, according to SE Resolution No. 21/25. On November 1, 2025, SE Resolution No. 400/25 introduced a gradual transition toward a decentralized fuel-supply scheme. Generators will progressively assume full responsibility for fuel sourcing, and, from 2029, the management must be fully autonomous. Generators must provide their own alternative fuels, such as fuel oil and gas oil. For natural gas, thermal generators may choose between: (i) self procurement, or (ii) contracting through CAMMESA while the Plan Gas.Ar remains in force, under “Gas Acuerdo” (or “Gas Agreement”) modality, with costs resulting from a mix of costs associated with Plan Gas and/or LNG imports, subject to biweekly updates. Generators that do not self procure their fuel will face operational restrictions and a progressive reduction in their capacity and energy remuneration. CAMMESA will continue to centralize fuel management for PPAs under SE Resolutions No. 220/07, No. 21/17, and No. 287/17. This transition process may require significant operational and contractual adjustments and will gradually expose generators to greater market risks and price volatility once centralized procurement ends. Additionally, the SE authorized producers and generators to agree on natural gas supply arrangements, considering the volumes committed under Plan Gas contracts with CAMMESA, according to SE Resolution No. 501/25. Such volumes will be treated as the generators’ own gas and remunerated in accordance with the CVP declared for dispatch purposes. Regarding fuel consumption by power plants, it decreased by 3% year-on-year in 2025, totaling 44.1 million m3 per day of gas equivalent. Natural gas accounted for 95% of total consumption, with a 1% increase to 42.1 million m3 per day, 94% of which was local and 6% imported. The use of liquid fuels, FO and GO, decreased by 61% and 54%, respectively, due to higher domestic gas production, while mineral coal consumption increased by 5%. The chart below shows fuel consumption by type: 119 Table of Contents Fuel consumption by type In % and million m3/day of gas equivalent, 2015 – 2025 Source: CAMMESA. As of December 31, 2025, the maximum spot price of energy in the WEM amounted to Pesos 14,381 (SE Resolution No. 602/25). However, the following chart shows the monthly wholesale price that all electricity system users should pay to prevent the power grid from running into a deficit, as well as the seasonal energy price. The wholesale cost includes, in addition to the energy price, the power capacity payment, generation costs, fuels such as natural gas, FO, GO and mineral coal, and other minor items. As of December 2025, the coverage amounted to 78%. Wholesale monthly cost and seasonal price In U.S.$/MWh Source: CAMMESA, converted into U.S.$ at the official exchange rate. 120 Table of Contents Cost of sales Our most significant costs of sales include purchases of inventory, energy and gas, personnel costs and property, plant and equipment depreciation, works contracts, fees and compensation for services and canons and royalties. Operating expenses Our most significant operating expenses are administrative and selling expenses, which include related personnel costs, fees and compensations for services, transportation and freights charges, and taxes. Results of Operations The table below provides a summary of our results of operations for the years ended December 31, 2025, and 2024. For the year ended December 31, 2025 2024 Revenue 1,998 1,876 Cost of sales (1,369) (1,279) Gross profit 629 597 Selling expenses (98) (74) Administrative expenses (192) (239) Exploration expenses - (21) Other operating income 100 175 Other operating expenses (72) (88) Recovery of impairment (Impairment) of property, plant and equipment, intangible assets and inventories 15 (34) Impairment of financial assets (21) (56) Share of profit from associates and joint ventures 142 146 Profit from sale/acquisition of companies’ interest - 34 Operating income 503 440 Finance income 45 32 Finance costs (196) (185) Other financial results 230 211 Financial results, net 79 58 Profit before income tax 582 498 Income tax (204) 121 Profit of the year 378 619 Total Profit of the year attributable to: Owners of the Company 377 619 Non - controlling interest 1 - 2025 2024 Revenue Oil and Gas 862 730 Generation 792 672 Petrochemical 443 516 Holding and others 24 65 Eliminations (123) (107) Total Revenue 1,998 1,876 Gross profit Oil and Gas 249 215 121 Table of Contents Generation 342 305 Petrochemical 14 29 Holding and others 24 48 Eliminations - - Total Gross profit 629 597 Operating income (loss) Oil and Gas 91 69 Generation 375 204 Petrochemical (31) 43 Holding and others 68 124 Eliminations - - Total operating income 503 440 Total profit (loss) of the year Oil and Gas (55) (5) Generation 298 461 Petrochemical 4 72 Holding and others 131 91 Eliminations - - Total profit of the year 378 619 Total profit (loss) attributable to owners of the company Oil and gas (55) (5) Generation 297 461 Petrochemical 4 72 Holding and others 131 91 Eliminations - - Total profit attributable to owners of the company 377 619 Total profit attributable to non - controlling interest Generation 1 - Total profit attributable to non - controlling interest - - We are a fully integrated power company in Argentina, mainly participating in the oil and gas production and electricity generation businesses. Through its own activities, subsidiaries and shareholdings in joint ventures and based on the business nature, customer portfolio and risks involved, the Company operates its businesses through following reportable segments: ● Oil and Gas, principally consisting of the Company’s interests in oil and gas areas, the activities of Pampa Energía S.A. – Sucursal Dedicada Proyecto RDA and through its direct and indirect interests in SESA and PECSA; ● Electricity Generation, principally consisting of the Company’s direct and indirect interests in HINISA, HIDISA, VAR, CTB, TMB, TJSM and through our own electricity generation activities through thermal plants CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenergía, CTPP, CTIW, the HPPL hydroelectric complex and PEPE II, III, IV and VI wind farms; ● Petrochemicals, comprising of the Company’s own styrenics operations and the catalytic reformer plant operations conducted in Argentina; and ● Holding, Transportation and Others, principally consisting of our interests in joint businesses CITELEC, CIESA and their respective subsidiaries holding the concession over high-voltage electricity transmission and gas transportation, respectively, as well as our direct and indirect interest in VMOS, Oldelval and OCP Ltd., holding activities, and other investments activities. 122 Table of Contents We manage our operating segments based on its individual net result in U.S. Dollars. Fiscal year ended December 31, 2025 compared to the fiscal year ended December 31, 2024 Oil and Gas Segment Oil and Gas (in millions of U.S.$) For the fiscal year ended December 31, 2025 December 31, 2024 Variation % Revenue 862 730 132 18% Cost of sales (613) (515) (98) 19% Gross profit 249 215 34 16% Selling expenses (80) (58) (22) 38% Administrative expenses (83) (82) (1) 1% Exploration expenses - (21) 21 (100%) Other operating income and expenses, net 26 59 (33) (56%) Share of profit from associates 3 - 3 100% Impairment of property, plant and equipment (3) (34) 31 (91%) Impairment of financial assets (21) (10) (11) 110% Operating income 91 69 22 32% Financial income - 2 (2) (100%) Financial costs (101) (96) (5) 5% Other financial results (35) (11) (24) 218% Financial results, net (136) (105) (31) 30% Loss before income tax (45) (36) (9) 25% Income tax (10) 31 (41) (132%) Loss of the year (55) (5) (50) 1000% Owners of the Company (55) (5) (50) 1000% Revenue Revenue from our oil and gas segment increased 18%, to U.S.$862 million for the Fiscal year ended December 31, 2025, compared to U.S.$730 million for the Fiscal year ended December 31, 2024. This increase is primarily attributable to the ramp-up of shale oil output at the Rincón de Aranda block, partially offset by lower oil sale prices, and to a lesser extent a decrease in gas volumes and prices. The average sale price for oil was U.S.$61.5/bbl for the fiscal year ended December 31, 2025, 12% lower than the U.S.$70.2/bbl average sale price for the fiscal year ended December 31, 2024, in line with the decrease of the international price of Brent, which is the main reference for the Company’s oil sale prices. The following table shows our production and sales for the oil and gas segment for the years shown: Fiscal year ended December 31, 2025 December 31, 2024 Variation Production Oil (k bbl/day) 11.7 4.8 145% Gas (million m3/day) 12.4 12.5 (1%) Total (k boe/day) 84.4 78.2 8% Sales Oil (k bbl/day) 11.8 5.0 139% Gas (million m3/day) 12.4 12.5 (1%) Total (k boe/day) 84.8 78.3 8% Average prices U.S.$/bbl 61.5 70.2 (12%) U.S.$/MBTU 3.7 3.7 (1%) 123 Table of Contents Cost of Sales The cost of sales from our oil and gas segment increased by 19%, to U.S.$613 million for the Fiscal year ended December 31, 2025, from U.S.$515 million for the Fiscal year ended December 31, 2024. The variation is mainly due to higher lifting costs related to gas treatment expenses and the ramp-up of Rincón de Aranda block; higher property, plant and equipment depreciation, and increased royalties related to higher crude oil production. Gross Profit Gross profit from our oil and gas segment increased by 16%, from U.S.$215 million in the Fiscal year ended December 31, 2024, to U.S.$249 million for the Fiscal year ended December 31, 2025. This variation is mainly explained by the increase in crude oil sale volumes, partially offset by higher costs, weaker gas demand, and lower average oil and gas sale prices. Additionally, the gross margin on sales is 29% for both fiscal years ended December 31, 2025 and 2024. Selling Expenses Selling expenses from our oil and gas segment increased to U.S.$80 million for the Fiscal year ended December 31, 2025, compared to U.S.$58 million for the same period in 2024 due to increased oil and gas transportation expenses, driven by crude oil production growth at Rincon de Aranda block, higher gas production at Sierra Chata block and higher gas exports to Chile. Administrative Expenses Administrative expenses from our oil and gas segment increased to U.S.$83 million for the Fiscal year ended December 31, 2025, compared to U.S.$82 million for the Fiscal year ended December 31, 2024 due to increased fees and compensation for services. Exploration Expenses Exploration expenses from our oil and gas segment recorded U.S.$ 21 million for the fiscal year ended December 31, 2024, corresponding to the impairment of unproductive wells in Rincon del Mangrullo block. No exploration expenses were recorded during the fiscal year ended December 31, 2025. Other Operating Income and Expenses, net Other operating income and expenses, net from our oil and gas segment recorded gains of U.S.$ 26 million for the Fiscal year ended December 31, 2025, compared to U.S.$ 59 million for the Fiscal year ended December 31, 2024, mainly due to lower Plan Gas.Ar’s income, reduced overdue interest and the gain from the sale of the 22.51% share interest in Gobernador Ayala block recorded in 2024. Share of profit from associates The share of profit from associates from our oil and gas segment amounted to U.S.$ 3 million for the Fiscal year ended December 31, 2025 due to our 20% stake in SESA, the company aiming to develop the FLNG Project for LNG export. Impairment of property, plant and equipment Our oil and gas segment recorded an impairment of property, plant and equipment of U.S.$3 million and U.S.$19 million in El Tordillo/La Tapera area for the fiscal years ended December 31, 2025 and 2024, respectively, on October 1, 2025, the Company transferred the 35.6706% interest in the concessions of such blocks and collected U.S.$ 2 million. Additionally, a U.S.$ 15 million impairment was recorded in Rincon del Mangrullo area for the fiscal year ended December 31, 2024. 124 Table of Contents Impairment of financial assets Impairment of financial assets from our oil and gas segment increased to U.S.$21 million for the Fiscal year ended December 31, 2025, compared to U.S.$10 million for the Fiscal year ended December 31, 2024. The current fiscal year charge is mainly attributable to a deterioration in collectability ratios, primarily resulting from increased delays in the collection of receivables from ENARSA. Operating Income The operating income from our oil and gas segment increased by U.S.$22 million (32%) to U.S.$91 million for the Fiscal year ended December 31, 2025 compared to U.S.$69 million for the Fiscal year ended December 31, 2024. The operating margin in relation to sales for the Fiscal year ended December 31, 2025, increased to 11% compared to 9% for the Fiscal year ended December 31, 2024. Financial Results, Net Financial results, net from our oil and gas segment amounted to losses of U.S.$ 136 million for the Fiscal year ended December 31, 2025, compared to U.S.$ 105 million for the Fiscal year ended December 31, 2024, mainly attributable to higher foreign currency exchange losses over the net monetary asset position in Argentine Pesos. Income Tax Our oil and gas segment recorded an income tax charge of U.S.$10 million for the Fiscal year ended December 31, 2025, compared to an income tax benefit of U.S.$31 million for the Fiscal year ended December 31, 2024. The variation is mainly related to a non-cash credit on deferred income tax due to inflation exceeding Peso devaluation for the Fiscal year ended December 31, 2024, while during the current period the inflation and devaluation variables exhibited the opposite behavior. Loss of the year As a result of the foregoing, our oil and gas segment recorded losses of U.S.$55 million for the Fiscal year ended December 31, 2025, compared to U.S.$5 million for the Fiscal year ended December 31, 2024, both of which were entirely attributable to the owners of the Company. Generation Segment Generation (in millions of U.S.$) For the fiscal year ended December 31, 2025 December 31, 2024 Variation % Revenue 792 672 120 18% Cost of sales (450) (367) (83) 23% Gross profit 342 305 37 12% Selling expenses (4) (3) (1) 33% Administrative expenses (42) (52) 10 (19%) Other operating income and expenses, net 12 21 (9) (43%) Share of profit/loss from joint ventures 12 (21) 33 157% Recovery of impairment of property, plant and equipment 55 - 55 100% Impairment of financial assets - (46) 46 (100%) Operating income 375 204 171 84% Financial income 18 8 10 125% Financial costs (46) (53) 7 (13%) Other financial results 168 183 (15) (8%) Financial results, net 140 138 2 1% Profit before income tax 515 342 173 51% Income tax (217) 119 (336) (282%) Profit of the year 298 461 (163) (35%) Owners of the Company 297 461 (164) (36%) Non - controlling interest 1 - 1 100% 125 Table of Contents Revenue Revenue from our generation segment increased by U.S.$120 million, amounting to U.S.$792 million in the Fiscal year ended December 31, 2025, compared to U.S.$672 million in the Fiscal year ended December 31, 2024. This increase is mainly explained by: (i) higher renewable generation due to the commissioning of PEPE VI at the end of 2024; (ii) increased revenues arising from the recognition of fuel self-supply; (iii) higher spot prices driven by new remuneration items added towards the end of 2024, together with the implementation, effective November 1, 2025, of the new spot regime aimed at promoting competition and fuel decentralization (SE Resolution No. 400/25). These effects were partially offset by forced outage at HINISA as a result of the weather-related event that occurred in January 2025. Power generation during the Fiscal year ended December 31, 2025 decreased by 2%, to 16,699 GWh, compared to 17,002 GWh for the Fiscal year ended December 31, 2024, mainly due to lower hydroelectric generation, partially offset by an increase in wind and thermal generation. The following table shows net power generation and sales (in GWh) for our power generation plants: For the fiscal year ended December 31, 2025 December 31, 2024 in GWh Net generation Installed capacity (In Mw) Net generation Installed capacity (In Mw) (In GWh) (In GWh) Hydroelectric 1,360 938 2,363 938 Wind 1,714 427 1,270 427 Thermal 13,625 4,107 13,369 4,107 Total 16,699 5,472 17,002 5,472 Cost of Sales Cost of sales increased by 23% to U.S.$450 million for the Fiscal year ended December 31, 2025, compared to U.S.$367 million for the Fiscal year ended December 31, 2024, mainly explained by higher depreciation of property, plant and equipment, higher maintenance expenses, higher purchases for fuel self-supply. Gross Profit Gross profit from our generation segment increased by 12%, to U.S.$342 million for the Fiscal year ended December 31, 2025, compared to U.S.$305 million for the Fiscal year ended December 31, 2024. The gross margin on sales decreased to 43% for the Fiscal year ended December 31, 2025, compared to 45% for the same period in 2024. Selling Expenses Selling expenses from our generation segment increased to U.S.$4 million for the Fiscal year ended December 31, 2025, compared to U.S.$3 million for the Fiscal year ended December 31, 2024. 126 Table of Contents Administrative Expenses Administrative expenses from our generation segment decreased to U.S.$42 million for the Fiscal year ended December 31, 2025, compared to U.S.$52 million for the Fiscal year ended December 31, 2024, mainly explained by lower labor costs. Other Operating Income and Expenses, Net Other operating income and expenses, net from our generation segment decreased to a U.S.$12 million gain for the Fiscal year ended December 31, 2025, compared to a U.S.$21 million gain for the Fiscal year ended December 31, 2024. This variation is primarily attributable to lower overdue interests with CAMMESA resulting from reduced interest rate and collectability term; partially offset by higher insurance recoveries. Share of profit (loss) from joint ventures The share of profit (loss) from joint ventures in our generation segment amounted to a U.S.$12 million gain for the Fiscal year ended December 31, 2025, compared to a U.S.$21 million loss for the Fiscal year ended December 31, 2024. This variation is mainly explained by the impairment of property, plant and equipment recorded by CTB in 2024, and was partially offset by the loss linked to the non-monetary credit for deferred income tax, driven by the Argentine peso’s devaluation outpacing inflation during 2025. Recovery of impairment of property, plant and equipment Our generation segment recorded a recovery of impairment of property, plant and equipment of U.S.$ 55 million for the fiscal year ended December 31, 2025 in CPB, resulting from the updated estimate of the asset’s recoverable value, reflecting the impact of the new spot pricing regime established by SE Resolution No. 400/25. Impairment of financial assets Our generation segment recorded an impairment of financial assets of U.S.$46 million for the Fiscal year ended December 31, 2024, primarily due to an agreement entered into with CAMMESA on May 27, 2024, pursuant to which CAMMESA settled certain overdue wholesale electricity payments through (i) the delivery of sovereign bonds valued at 65.0% of their face amount to settle December 2023 and January 2024 WEM´s transactions and (ii) a cash payment to settle February 2024 WEM’s transaction. No impairment was recorded for the Fiscal year ended December 31, 2025. Operating Income Operating income from our generation segment increased by U.S.$171 million (84%), to U.S.$375 million for the Fiscal year ended December 31, 2025, compared to U.S.$204 million for the Fiscal year ended December 31, 2024. This variation is mainly attributable to the increase in 2025 gross profit; CPB’s recovery of impairment of property, plant and equipment, lower labor costs, higher insurance recoveries and higher share of profit from CTB. These effects were partially offset by the decrease of commercial interest gains in 2025. The operating margin on sales for the Fiscal year ended December 31, 2025, increased to 47%, compared to 30% for the Fiscal year ended December 31, 2024. Financial Results, net Financial results, net, amounted to gains of U.S.$140 million for the Fiscal year ended December 31, 2025, compared to U.S.$138 million for the Fiscal year ended December 31, 2024. This increase is mainly due to higher financial interest gains, lower foreign currency exchange losses over the net monetary position in Argentine Pesos; partially offset by lower gains from changes in the fair value of financial instruments. Income Tax The generation segment recorded an income tax charge of U.S.$217 million for the Fiscal year ended December 31, 2025, compared to an income tax benefit of U.S.$119 million for the Fiscal year ended December 31, 2024. The variation is mainly related to a non-cash credit for deferred income tax due to inflation exceeding Peso devaluation for the Fiscal year ended December 31, 2024, while during the current period the inflation and devaluation variables exhibited the opposite behavior. 127 Table of Contents Profit of the year As a result of the foregoing, the generation segment recorded profits of U.S.$298 million for the Fiscal year ended December 31, 2025, compared to U.S.$461 million for the Fiscal year ended December 31, 2024, mostly attributable to the owners of the Company. Petrochemicals Segment Petrochemical (in millions of U.S.$) For the fiscal year ended December 31, 2025 December 31, 2024 Variation % Revenue 443 516 (73) (14%) Cost of sales (429) (487) 58 (12%) Gross profit 14 29 (15) (52%) Selling expenses (12) (13) 1 (8%) Administrative expenses (6) (7) 1 (14%) Other operating income and expenses, net 10 34 (24) (71%) Impairment of property, plant and equipment (37) - (37) 100% Operating income (31) 43 (74) (172%) Financial income 27 21 6 29% Financial costs - (3) 3 (100%) Other financial results 3 7 (4) (57%) Financial results, net 30 25 5 20% Profit before income tax (1) 68 (69) (101%) Income tax 5 4 1 25% Profit of the year 4 72 (68) (94%) Owners of the Company 4 72 (68) (94%) Revenue Revenue from our petrochemicals segment amounted to U.S.$443 million for the Fiscal year ended December 31, 2025, 14% lower than the U.S.$516 million reported for the Fiscal year ended December 31, 2024. This variation is mainly due to lower prices across all products, reflecting the trend in international reference prices within a more competitive economic context. Total sold volumes during the Fiscal year ended December 31, 2025, decreased 2% compared to the Fiscal year ended December 31, 2024. This variation is mainly explained by lower sale volumes from SBR and styrenics. The following table shows sales volumes in the petrochemicals segment during the specified years: Volume sold in k ton Fiscal year ended December 31, 2025 December 31, 2024 Reforming Plant 335 336 Styrene & polystyrene 84 88 SBR 41 45 Total 460 469 128 Table of Contents Cost of Sales Cost of sales from our petrochemicals segment decreased by 12%, to U.S.$429 million for the Fiscal year ended December 31, 2025, compared to U.S.$487 million for the Fiscal year ended December 31, 2024. This variation resulted from decreased sales volumes and reduced prices for raw materials primarily used at the reforming plant. Gross Profit Our petrochemical segment recorded a gross profit of U.S.$14 million for the Fiscal year ended December 31, 2025, compared to U.S.$29 million for the same period in 2024, mainly due to lower polystyrene, SBR and styrene margins, which were partially offset by higher reforming plant margin. The gross margin on sales reached 3% for the Fiscal year ended December 31, 2025, compared to 6% for the Fiscal year ended December 31, 2024. Selling Expenses Selling expenses from our petrochemicals segment decreased to U.S.$12 million for the Fiscal year ended December 31, 2025, compared to U.S.$13 million for the Fiscal year ended December 31, 2024. Administrative Expenses Administrative expenses from our petrochemicals segment decreased to U.S.$6 million for the Fiscal year ended December 31, 2025, compared to U.S.$7 million for the Fiscal year ended December 31, 2024 mainly due to lower labor costs. Other operating income and expenses, net Other operating income and expenses, net amounted to gains of U.S.$10 million for the Fiscal year ended December 31, 2025, compared to U.S.$34 million for the Fiscal year ended December 31, 2024. This variation is mainly explained by the higher reversal of the customs contingency provision recorded in 2024, lower gains driven by the settlement of exports at a differential U.S. dollar exchange rate through the Export Increase Program and losses from idle capacity in our reforming, SBR, styrene and polystyrene plants. Impairment of property, plant and equipment Our petrochemical segment recorded an impairment of property, plant and equipment of U.S.$37 million for the fiscal year ended December 31, 2025 as a result of the recoverability assessment performed, considering the identified adverse market conditions due to the sustained decline in petrochemical product sales prices within a more competitive economic context. Operating Income The operating income from our petrochemicals segment decreased to a loss of U.S.$31 million in the Fiscal year ended December 31, 2025, compared to U.S.$43 million gain for the Fiscal year ended December 31, 2024. Financial Results, Net Our petrochemicals segment recorded gains for financial results, net of U.S.$30 million for the Fiscal year ended December 31, 2025, compared to U.S.$25 million for the Fiscal year ended December 31, 2024. This variation is mainly explained by the higher reversal of accrued interests related to the customs contingency provision recorded in previous periods. Income Tax The petrochemicals segment recorded an income tax benefit of U.S.$5 million for the Fiscal year ended December 31, 2025, compared to U.S.$4 million for the same period in 2024. 129 Table of Contents Profit of the year The petrochemicals segment recorded profits of U.S.$4 million for the Fiscal year ended December 31, 2025, compared to U.S.$72 million for the Fiscal year ended December 31, 2024, both of which were entirely attributable to the owners of the Company. Holding, Transportation and Others Segment Holding, transportation and others (in millions of U.S.$) For the fiscal year ended December 31, 2025 December 31, 2024 Variation % Revenue 24 65 (41) (63%) Cost of sales - (17) 17 (100%) Gross profit 24 48 (24) (50%) Selling expenses (2) - (2) 100% Administrative expenses (61) (98) 37 (38%) Other operating income and expenses, net (20) (27) 7 (26%) Share of profit from associates and joint ventures 127 167 (40) (24%) Profit from sale of companies’ interest - 34 (34) (100%) Operating income 68 124 (56) (45%) Financial income - 1 (1) (100%) Financial costs (49) (33) (16) 48% Other financial results 94 32 62 194% Financial results, net 45 - 45 100% Profit before income tax 113 124 (11) (9%) Income tax 18 (33) 51 (155%) Profit of the year 131 91 40 44% Owners of the Company 131 91 40 44% Revenue Revenue from our holding, transportation and others segment decreased by 63% to U.S.$24 million in the Fiscal year ended December 31, 2025 compared to U.S.$65 million for the Fiscal year ended December 31, 2024, mainly explained by the consolidation of OCP, which became effective on August 30, 2024 and included crude oil transportation activity until the concession ended on November 29, 2024. Cost of Sales Our holding, transportation and others segment recorded cost of sales of U.S.$17 million in the Fiscal year ended December 31, 2024, entirely attributable to the consolidation of OCP, which became effective on August 30, 2024 and included crude oil transportation activity until the concession ended on November 29, 2024. Gross Profit Our holding, transportation and others segment recorded a gross profit of U.S.$24 million in the Fiscal year ended December 31, 2025 compared to U.S.$48 million for the fiscal year ended December 31, 2024, mainly due to OCP’s crude oil transportation activity in 2024. Selling and Administrative Expenses Selling and administrative expenses from our holding, transportation and others segment decreased to U.S.$63 million for the Fiscal year ended December 31, 2025, compared to U.S.$98 million for the Fiscal year ended December 31, 2024, mainly due to lower executive compensation accrual in line with the share price performance, partially offset by higher fees and compensation for services. 130 Table of Contents Other Operating Income and Expenses, Net Other operating income and expenses, net from our holding, transportation and others segment recorded losses of U.S.$20 million for the Fiscal year ended December 31, 2025, compared to U.S.$27 million for the Fiscal year ended December 31, 2024. The variation is mainly due to provision for contingencies charges recorded in 2024. Share of profit from associates and joint ventures Share of profit from associates and joint ventures from our holding, transportation and others segment amounted to U.S.$127 million for the Fiscal year ended December 31, 2025, compared to U.S.$167 million for the Fiscal year ended December 31, 2024. This variation is explained by lower profit from our stake in OCP, mainly due to gains recognized in the acquisition of additional shares in OCP’s capital stock in 2024, partially offset by higher profits from our stakes in CIESA and CITELEC consistent with monthly rate increases received by TGS and Transener in 2025. Profit from sale of companies’ interest The profit from sale of companies’ interest from our holding, transportation and others segment amounted to U.S.$34 million for the Fiscal year ended December 31, 2024 due to the sale of our direct interest in TGS. Operating Income Operating income from our holding, transportation and others segment amounted to a U.S.$68 million profit for the Fiscal year ended December 31, 2025, compared to U.S.$124 million for the Fiscal year ended December 31, 2024. Financial Results, Net Our holding, transportation and others segment recorded a U.S.$45 million net financial gain for the Fiscal year ended December 31, 2025 due to higher foreign currency net exchange gains on the liability monetary position in Argentine pesos, partially offset by higher interest expenses on fiscal liabilities. No net charges were recorded for the Fiscal year ended December 31, 2024. Income Tax Our holding, transportation and others segment recorded an income tax benefit of U.S.$18 million for the Fiscal year ended December 31, 2025, compared to an income tax charge of U.S.$33 million for the Fiscal year ended December 31, 2024. The variation is mainly related to the tax inflation adjustment over the net monetary position. Profit of the year Our holding, transportation and others segment recorded profits of U.S.$131 million for the Fiscal year ended December 31, 2025, compared to U.S.$91 million for the Fiscal year ended December 31, 2024, both of which were entirely attributable to the owners of the Company. Fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023 For a discussion of the results for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023, please refer to “Item 5. Operating and Financial Review and Prospects” of our Annual Report on Form 20-F for the year ended December 31, 2024 filed on April 16, 2025. Liquidity and Capital Resources Analysis of our Financial Condition Our ability to execute and carry out our strategic business plan depends upon our ability to obtain financing at a reasonable cost and on reasonable terms. Along these lines, and as a guiding principle, financial solvency is the foundation on which the sustainable development of our businesses is built. Pursuant to these strategic guidelines, we seek to: (a) Design a capital structure consistent with industry standards adaptable to the financial markets in which we operate; (b) Maintain a liquidity level—invested in financial assets with high credit quality—that allows us to meet our obligations; (c) Maintain a debt maturity profile consistent with projected cash generation; and (d) Efficiently manage borrowing costs. 131 Table of Contents Adhering to these guidelines enables us to treat financial management as a key element in the value creation process. Our business activities are focused on the development and value-enhancement of our energy assets, while continuing to identify, evaluate and invest in other opportunities in the Argentine energy industry that offer significant growth potential and/or synergies. Total consolidated borrowings as of December 31, 2025 and 2024 were U.S.$ 1,892 million and U.S.$ 2,079 million, respectively. As of December 31, 2025 and 2024, 100% and 99% of our borrowings were denominated in U.S. Dollars, respectively. As of December 31, 2025 and 2024, cash and cash equivalents were U.S.$725 million and U.S.$ 738 million, respectively. We maintain our cash and cash equivalents in Pesos, and in U.S. Dollars depending on medium term requirements and availability, at all levels of operations. We conducted financings mostly at fixed rates. The table below reflects our cash position at the dates indicated and the net cash provided by (used in) operating, investing and financing activities during the years indicated: As of December 31, 2025 2024 Cash and cash equivalents at the beginning of the year 738 171 Net cash generated by operating activities 778 435 Net cash used in investing activities (401) (344) Net cash (used in) generated by financing activities (390) 476 Cash and cash equivalents at the end of the year 725 738 Net cash generated by operating activities Net cash generated by operating activities amounted to U.S.$778 million for the year ended December 31, 2025, attributable to cash flow generated by net income without considering (i) non-cash losses (mainly related to U.S.$414 million for depreciation and amortization of assets, U.S.$204 million for income tax, U.S.$139 million for interest accrual and U.S.$21 million for financial assets impairment), and (ii) non-cash profits (mainly related to U.S.$181 million for changes in the fair value of financial instruments, U.S.$142 million for share of profit from joint ventures and associates, U.S.$48 million for net exchange differences and U.S.$15 million for non-financial assets impairment recovery), but considering (iii) changes in operating assets and liabilities (mainly related to increases of U.S.$100 million in trade and other receivables and U.S.$69 million in trade and other payables). Net cash generated by operating activities amounted to U.S.$435 million for the year ended December 31, 2024, attributable to cash flow generated by net income without considering (i) non-cash losses (mainly related to U.S.$342 million for depreciation and amortization of assets, U.S.$106 million for interest accrual, U.S.$61 million for compensation agreements accrual, U.S.$56 million for financial assets impairment, U.S.$34 million for non-financial assets impairment and U.S.$27 million for defined benefit plans accrual), and (ii) non-cash profits (mainly related to U.S.$213 million for changes in the fair value of financial instruments, U.S.$146 million for share of profit from joint ventures and associates, U.S.$121 million for income tax and U.S.$34 million for companies’ interest sales), but considering (iii) changes in operating assets and liabilities (mainly related to an increase of U.S.$411 million in trade and other receivables). 132 Table of Contents Net cash used in investing activities Net cash used in investing activities amounted to U.S.$401 million for the year ended December 31, 2025, including payments of U.S.$993 million for purchases of property, plant and equipment and U.S.$44 million for capital integration in companies; partially offset by U.S.$592 million cash proceeds for net collection of public securities and shares’ sales and U.S.$25 million for dividends collection. Net cash used in investing activities amounted to U.S.$344 million for the year ended December 31, 2024, including payments of U.S.$447 million for purchases of property, plant and equipment and U.S.$48 million for the acquisition of companies; partially offset by U.S.$71 million cash proceeds for purchase of subsidiary; U.S.$39 million collection for equity interests in companies’ sales and U.S.$37 million collection for joint ventures’ share repurchase. Net cash used in or generated by financing activities Net cash used in our financing activities amounted to U.S.$401 million for the year ended December 31, 2025, principally due to U.S.$1,304 million payments made in connection with bank and financial borrowings (including principal, interests, repurchase and redemption of corporate bonds); partially offset by U.S.$986 million proceeds from borrowings. Net cash generated by our financing activities amounted to U.S.$476 million for the year ended December 31, 2024, principally due to U.S.$1,174 million in proceeds from borrowings; partially offset by U.S.$694 million payments made in connection with bank and financial borrowings (including principal, interests, repurchase and redemption of corporate bonds). Capital Expenditures The following table sets forth our capital expenditures for the years ended December 31, 2025 and 2024: At December 31, 2025 2024 Oil and Gas 1,039 354 Generation 66 105 Petrochemical 15 6 Holding and others 12 10 1,132 475 Our capital expenditures in our oil and gas segment amounted to U.S.$1,039 million in 2025, mainly related to the development of the Rincón de Aranda area, through well drilling and completion, as well as progress in the construction of surface facilities and the permanent treatment plant; and to a lesser extent, to the Sierra Chata area, through well drilling and completion. In 2025, our capital expenditures in our generation segment amounted to U.S.$66 million mainly related to the modernization and replacement of generation equipment extending assets’ useful lives, ensuring reliability and operational efficiency at CTLL, and CTGEBA. Our capital expenditures in our oil and gas segment amounted to U.S.$354 million in 2024, mainly related to well and facility works in order to develop the Rincón de Aranda area and to increase gas production in the Sierra Chata and El Mangrullo areas. In 2024, our capital expenditures in our generation segment amounted to U.S.$105 million mainly related to the completion of the construction of the 140MW in PEPE VI wind farm, which commercial commissioning was completed in November 2024. 133 Table of Contents Future Capital Requirements We estimate that our capital investment requirements, debt payment obligations, and working capital will be financed through cash flow from operations, new debt financing, capital contributions, and potential divestments, as well as the prevailing political, economic, and social situation in Argentina. For more information, and those factors that could affect our levels of investments see “Item 3. Key Information - Risk Factors.” In the oil and gas segment, the 2026 investment plan will focus heavily on our unconventional fields, with significant investments in developing our main crude oil area in Vaca Muerta, Rincón de Aranda, through the RDA Project. Specifically, we will execute a 2026 investment plan of approximately U.S.$ 0.8 billion, to that end. Also, as part of our equity participation in VMOS and SESA, we will allocate funds in 2026 as capital contributions for the partial financing of the Vaca Muerta Oil Sur Project and the FLNG Project. In our generation segment, future capital investments will focus on maintaining our currently operating power plants. For further information on our investment commitments in oil and gas areas and our generation projects, please see Note 18 to our Consolidated Financial Statements. Description of Indebtedness Our total consolidated financial indebtedness as of December 31, 2025 was U.S.$ 1,892 million, of which 97% was long-term debt, 96% of which was denominated in U.S. Dollars (excluding U.S.$ linked debt for U.S.$ 80 million). The amount of our total consolidated financial debt does not include Transener, TGS and CTB given that our stake in those companies constitutes an interest in a joint venture, and as such is not consolidated and is valued according to the equity method of accounting in the Consolidated Financial Statements. The below is a description of the main characteristics of the indebtedness of our group companies: 2025 2024 (in millions of U.S.$) Short-Term Debt Corporate Bonds 15 584 Financial borrowings 33 122 Bank overdrafts - - 48 706 Long-Term Debt Corporate Bonds(1) 1,799 1,341 Financial borrowings 45 32 Total 1,844 1,373 Total Indebtedness 1,892 2,079 (1) Net of the following face value repurchases: U.S.$ 76.2 million of Series 9 notes and U.S.$ 7.5 million of Series 3 notes as of December 31, 2024. Financings During 2025, we continued to strengthen our maturity profile, primarily through the following actions: (i) on May 28, 2025, we reopened our 7.875% notes due December 2034 (the “Series 23 notes”) for a total amount of U.S.$ 340 million and an 8% yield, increasing the total amount outstanding to U.S.$ 700 million; (ii) on August 6, 2025, we issued a new local note (“Series 25 notes”) for a total amount of U.S.$ 105 million at a 7.25% fixed annual interest rate and maturing in August, 2028; and (iii) on November 14, 2025, we issued a 7.75% international note due in November 2037 for an amount of U.S.$ 450 million (the “Series 26 notes”), and an 8.125% yield, maturing in December 2037. 134 Table of Contents Additionally, we repaid at maturity: (i) the outstanding total amount of our Series 19 notes for Ps. 17,131.3 million; (ii) our Series 16 notes for U.S.$ 56 million; and (iii) the second amortization of our Series 9 notes for U.S.$ 59 million. Moreover, we redeemed the outstanding total amount of our: (i) Series 1 notes for U.S.$ 353 million, on January 24, 2025; (ii) Series 18 notes for U.S.$ 63 million, on May 8, 2025, net of repurchases; (iii) Series 3 notes for U.S.$ 293 million, on June 23, 2025, net of repurchases; (iv) Series 9 notes for U.S.$ 61 million, on December 8, 2025; and (v) Series 20 notes for U.S.$ 36 million, on December 11, 2025, net of repurchases. Finally, we repaid net short-term bank loans for a total amount of U.S.$ 53 million and we cancelled net short-term import financings for an amount of U.S.$ 2.9 million. We also obtained pre-export financings for U.S.$ 70 million, which were cancelled before the end of the 2025 fiscal year. After the end of the 2025 fiscal year, we cancelled financings with banks for a net total amount of U.S.$ 23 million and we issued a new local note (“Series 27 notes”) for a total amount of U.S.$ 200 million at a 5.49% fixed annual interest rate and maturing in April, 2029. The following table describes our debt maturity profile for the periods indicated, including principal amount plus the corresponding accrued interest as of December 31, 2025: < 1 year 1-5 years > 5 years Total (in millions of U.S.$) (1) Total Indebtedness 48 313 1,531 1,892 (1) The sums are rounded and they may not add up. Corporate Bonds Throughout 2025, we remained active in local and international capital markets by issuing the following notes: Notes Currency Legislation Face value (in millions) Interest Rate Maturity Series 231 U.S.$ Foreign 340 7.875% Dec-34 Series 25 U.S.$ Argentine 105 7.250% Ago-28 Series 26 U.S.$ Foreign 450 7.750% Nov-37 (1) On May 28, 2025 we reopened Series 23 notes for a total amount of U.S.$ 340 million, increasing the total outstanding to U.S.$ 700 million. Credit Ratings On February 6, 2025, S&P Global Ratings upgraded Pampa’s local and foreign currency debt rating from “CCC” to “B-” as a result of the upgrade in Argentina’s “Transfer and Convertibility” assessment, and later on August 2025, upgraded Pampas rating Stand-Alone from “b+” to “bb-”. After the end of 2025, our commercial relationship with Moody’s expired and was not renewed. Consequently, the company is currently not rated by this agency. In March 2026, Fitch Ratings upgraded Pampa’s Long-Term Foreign and Local Currency Issuer Default Ratings from “B-” to “B” and has also upgraded Pampa’s senior unsecured notes from “B” to “B+” with a Recovery Rating of “RR3”. As of the date of this annual report, Pampa’s ratings are as follows: Agency Rating Global Local12) S&P B-, bb- (stand alone) - FitchRatings B, B+ (bond rating) AAA (long term) A1+ (short term) (1) Local ratings issued by FIX SCR (affiliate of Fitch Ratings). 135 Table of Contents Covenants of our Indebtedness Under the terms of the respective outstanding debt, we and certain of our subsidiaries are subject to a number of restrictive covenants, including limitations on incurrence of new indebtedness, capital expenditures and dividend payments, among others. As of December 31, 2025, we and our subsidiaries were in compliance with the covenants under our respective outstanding indebtedness.