Strong earnings beat justifies a positive reaction, but the large cash burn and negative operating cash flow warrant caution. Monitor Q2 for working capital normalization and further project milestones. The RIGI projects signal long-term growth but require significant capital.
Price Chart
Executive Summary
Pampa Energy reported strong Q1 2026 results with revenue up 38% to $573M and net profit up 40% to $216M, driven by higher oil prices and generation sales. However, operating cash flow turned negative at -$233M and cash dropped to $236M due to heavy capex and working capital build. The company also advanced two large RIGI projects (RDA $4.5B, UREA $2.4B) and issued $200M in corporate bonds post-quarter.
Key Facts
- Revenue $573M vs $414M (+38% YoY)
- Net profit $216M vs $154M (+40% YoY)
- EPS $0.16 vs $0.11 (+45% YoY)
- Operating cash flow -$233M vs +$90M
- Cash and equivalents $236M vs $725M at Dec 2025
- Capex $265M vs $162M (+64% YoY)
- Oil & gas segment swung to operating profit $26M from -$9M
- RDA Project RIGI application for $4.5B, UREA Project $2.4B
- Issued Class 27 CB $200M at 5.49% post-quarter
Financial Impact
Revenue +$159M, net profit +$62M, EPS +$0.05
Risk Factors
- Negative operating cash flow and depleted cash position
- High capex reliance on debt/equity markets
- Argentine macroeconomic and regulatory volatility
- POSA litigation settlement outcome
- Oil price reversal from current ~$100/bbl
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-002838 |
| Document: pamfs1q26us_6k.htm | 0001292814-26-002838 |
| Document: 0001292814-26-002838-index-headers.html | 0001292814-26-002838 |
| Document: 0001292814-26-002838-index.html | 0001292814-26-002838 |
| Document: 0001292814-26-002838.txt | 0001292814-26-002838 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 23w ago | 6-K | $2.65 $2.65 | · 0.00% | ▲ +0.61% | $3.05 (+15.09%) |
May 13, 2026 23w ago | 6-K | $2.65 $2.65 | · 0.00% | ▲ +0.61% | $3.05 (+15.09%) |
May 8, 2026 24w ago | 6-K | $2.65 $2.65 | · 0.00% | ▲ +0.30% | $3.05 (+15.09%) |
May 7, 2026 24w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −3.14% | $3.05 (+15.09%) |
May 6, 2026 24w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −3.14% | $3.05 (+15.09%) |
Apr 9, 2026 28w ago | 20-F | $2.65 $2.65 | · 0.00% | ▼ −7.57% | $3.05 (+15.09%) |
Apr 7, 2026 28w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −9.78% | $3.05 (+15.09%) |
Apr 7, 2026 28w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −9.78% | $3.05 (+15.09%) |
US Market Status
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