Q3 2020 results videoconference Disclaimer Pampa Energa 2 - PowerPoint PPT Presentation

Q3 2020 results videoconference

Disclaimer Pampa Energía ⚫ 2

Reporting considerations Q3 2020 Q3 2019 Reporting How Pampa reports FC US$ FC US$ FC AR$ @ FC AR$ @ Sept 30, 2020 Sept 30, 2019 Inflation = 4% Inflation = 6% Devaluation = 8% Devaluation = 36% Pampa Restricted Group Pampa consolidated non-GAAP • • • • • • • Pampa Energía ⚫ 3

The main highlights of the quarter • • • • Aerial view of Mario Cebreiro Wind Farm, 2020 Pampa Energía ⚫ 4

Q3 2020’s key takeaways Consolidated figures, in US$ million Revenues 1 Consolidated adjusted EBITDA 1 689 656 800 300 242 80% +5% yoy -3% yoy 234 +27% qoq 700 544 +95% qoq 70% 250 600 60% 37% ✓  200 34% 500 50% 120 ✓ 400 150 40%   300 30% ✓ 100 200 20%  ✓ 22% 50 100 10% 0 0 0% Q3 20 Q3 20 Capex Pampa Restricted Group+Edenor Consolidated adjusted EBITDA breakdown 1,2 128 29% -59% yoy 140 -23% qoq 12% 120 15% 3%  3% 100 68 % 52 80 11%  60  40 56% 71% 20  0 Q3 20 Pampa Energía ⚫ 5

Winter season and lockdown easing drove demand up Argentina’s net electricity demand, monthly average in MW Q3 2020 Jun Jul Aug Winter season Pampa Energía ⚫ 6

Power generation kept contributing resiliency to our performance Adjusted EBITDA 1 , in US$ million Generation performance, in GWh -3% yoy 132 4,138 131 +1% yoy +16% qoq 4,000 100% +39% qoq 140 4, 500 3,461 95  90% 4, 000 120 ✓ 71% 3, 500  100 80% ✓ 3, 000 80 2, 500 ✓ 70% ✓ 52% 2, 000 60 68%  ✓ 60% 1, 500 40  ✓ 1, 000 50% 20  500 - 40% - Q3 20 Q3 20 Main news Availability performance, in % to installed capacity ✓ • 98.9% 98.6% 98.6% ≅ yoy, qoq Q3 20 Pampa Energía ⚫ 7

Ensenada Barragán Thermal Power Plant Key infrastructure project for Argentina’s electricity supply Works resumed with the strictest protocols in place Aerial view of CTEB, 2020 Pampa Energía ⚫ 8

Gas upstream is facing an unprecedented collapse Evolution of domestic gas production, in mcm/bcf per day 130 /4.6 Q3 Additional required imports as % of total gas demand in Q3 120 /4.2  21%  29% /3.9 110 2020  27%  35% /3.5 100 /3.2 90 /2.8 80 Jan Feb Mar Apr May May Jun Jun Jul Jul Aug Aug Sep Sep Oct Nov Dec Peak season Pampa Energía ⚫ 9

Winter demand boosted our upstream performance… Adjusted EBITDA 1 , in US$ million Lifting cost, in US$ million -31% yoy 52 6x qoq 145% 42 50 50 12. 5 36 125%  45 11. 5 9.1 40 -44% yoy 40 105% 23 10. 5 35 20 ✓ +16% qoq 85% 30 9. 5 30 43% 42% 25 65% 8. 5 ✓ 20 20 6 ✓ 5.5 7. 5 5.1 45% 15 6. 5 10 ✓ 10 11% 25% ✓ 5. 5 5 - 5% - 4. 5 Q3 20 Q3 20 Production performance, in kboe/d Crude oil sales, in kbbl/d 40.4 49.8 -6% yoy 46.8 -11% yoy 43.7 +7% qoq 4.8 0 6. +4% qoq 4.2 50. 0 45. 0 4.1 0 5. 40. 0  35. 0 0 4. 30. 0 ✓ 3. 0 25. 0 20. 0 2. 0 15. 0  10. 0 0 1. ✓ 5. 0 - - Q3 20 Q3 20 Pampa Energía ⚫ 10

… but gas prices are the lowest in years, even for peak season Gas sales, in mcf/d Weighted avg gas price for Pampa, in US$/MBTU -15% yoy +4% qoq 312 3.3 350 264  3.1 253 3.1 300 2.6 ✓ 2.5 250 2.3 200  2.0 150 100  50 ✓ - Q3 Q3 20 Main news Destination of our sales, YTD as of September • Operational update Pampa Energía ⚫ 11

Q3 2020’s key takeaways Consolidated figures, in US$ million Q3 20 78 Net income to shareholders -33% yoy 20x qoq Q3 19 Q3 20 Pampa Energía ⚫ 12

Sound balance sheet to weather a challenging environment and ready to seize any opportunity Key leverage figures, as of September 30, 2020 1 , US$ million Consolidated with Affiliates at ownership 3 Restricted Group Edenor affiliates at ownership After Q3 2020: Debt 2 1,607 115 419 2,141 • Cash 352 118 171 641 Net debt 1,255 (3) 248 1,500 • LTM adj. EBITDA 452 75 242 768 • Net leverage 2.8x na 1.0x 2.0x • Pampa Restricted Group principal debt, net of repurchases ECA 644 2% Int'l AR$ Banks % US$ % Bonds 14% 8% 86% 397 84% 293 Local 174 Bonds 67 6% 8 8 Pampa Energía ⚫ 13

Q&A

Electricity Distribution Adj. EBITDA, in US$ million Sales Performance , in GWh +1% yoy +13% qoq 5,434 5,362 -US$17m yoy ✓ 45 4,791 +US$42m qoq ✓ 50% 46 28  40%  36 19% 30%  26 9% ✓ 20% 16 (14) ✓ 10% 6 0% (4 ) 4) (1 -1 0% Q3 20 Q3 20 Number of End-Users, in million Main News • 3.14 3.13 3.09 +1% yoy +0.3% qoq ✓ Q3 20 Pampa Energía ⚫ 15

Petrochemicals Adj. EBITDA, in US$ million Sales Performance, in thousand ton +21% yoy +73% qoq 748 7 ✓ 8 50% 90 45% 7 +4m yoy 40% 100 75 ✓ 6 90 4 35% +3m qoq 80 5 52 30% 3  70 4 25% ✓ 60 10% 10% 20% 50 3 ✓ 4% 40 15% 2 30 10% 20  1 5% 10 - 0% - Q3 20 Q3 20 Main News • Pampa Energía ⚫ 16

Holding & Others Adj. EBITDA 2 , in US$ million Main News • +19% yoy 31 38 29 +9% qoq ▪ 33 ▪ 28 • 23 12 ▪ 18 13 8 3 (2 ) Q3 20 Affiliates’ EBITDA Performance @ 100% Ownership, in US$ million 90 1 79 28 ✓ 26 23 ✓ ✓ ✓ ✓ 30  ✓     (2) (2) ✓   Q3 20 Q3 20 Q3 20 Pampa Energía ⚫ 17