Pampa Energia SA ADR 2026年年度报告和过渡报告

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of theSarbanes-Oxley Act (§ 15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previouslyissued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers duringthe relevant recovery period pursuant to §240.10D-1(b).☐ TABLE OF CONTENTS Item 2.Offer Statistics and Expected Timetable Item 3.Key InformationExchange RatesRisk Factors Item 4.Information on the CompanyHistory and Development of the CompanyOur BusinessOrganizational structureOur Oil and Gas BusinessOur Generation BusinessOur Petrochemicals BusinessOur Holding and Other BusinessQuality, Health, Safety and EnvironmentCorporate ResponsibilityProperty, Plant and EquipmentInsurancePatents and TrademarksThe Argentine Energy SectorOil & Gas Regulatory FrameworkElectricity Regulatory Framework Item 4A. Unresolved Staff Comments Item 8.Financial InformationConsolidated Financial StatementsLegal ProceedingsDividendsSignificant Changes Item 9. The Offer and ListingTrading HistoryThe Argentine Securities Market Item 10.Additional InformationMemorandum and Articles of AssociationMaterial ContractsExchange ControlsTaxationDocuments on Display Item 11. Quantitative and Qualitative Disclosures about Market RiskItem 12. Description of Securities Other than Equity SecuritiesItem 13.Defaults, Dividend Arrearages and DelinquenciesItem 14.Material Modifications to the Rights of Security Holders and Use of ProceedsItem 15.Controls and Procedures Item 16A.Audit Committee Financial Expert183Item 16B.Code of Ethics183Item 16C.Principal Accountant Fees and Services183Item 16D.Exemptions from the Listing Standards for Audit Committees184Item 16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers184Item 16F.Change in Registrant’s Certifying Accountant184Item 16G.Corporate Governance184Item 16H.Mine Safety Disclosure189Item 16I.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.189Item 16J.Insider Trading Policies.189Item 16K.Cybersecurity.189Item 17.Financial Statements191Item 18. Financial Statements191Item 19.Exhibits191 Table of Contents PRESENTATION OF INFORMATION This document comprises Pampa’s annual report on Form 20-F for the year ended December 31, 2025. This annual report was approved by our Board of Directors by resolution following itsmeeting held on April 8, 2026. In this annual report, we use the terms “we”, “us”, “our”, “registrant” and the “Company” to refer to Pampa and its subsidiaries. Financial Information This annual report contains our audited consolidated statements of financial position as of December 31, 2025 and 2024, and the related consolidated statements of comprehensive income,changes in equity and cash flows for each of the three years in the period ended December 31, 2025, and the notes thereto (the “Consolidated Financial Statements”). Our Consolidated Financial Statements are set forth in Item 18 beginning on page F-1 of this annual report. Our Consolidated Financial Statements are prepared in accordance with IFRSAccounting Standards as issued by the International Accounting Standards Board (the “IASB”). The Consolidated Financial Statements included in this annual report have been approved byresolution of the Board of Directors’ meeting of the Company held on March 2, 2026 and by the Shareholder’s meeting held on April 7, 2026. The Consolidated Financial Statements have been audited by Price Waterhouse & Co. S.R.L., an independent registered public accounting firm in Buenos Aires, Argentina whose report isincluded in this annual report. Consistent with Item 18 of Form 20-F, we provide the disclosure required under Accounting Standards Codification (“ASC”) 932 of the Financial Accounting Standards Board (the “FASB”)relating to extractive activities—Oil and Gas (formerly, FASB Statement of Financial Accounting Standards No. 69—Disclosures about Oil and Gas Producing Activi