智通财经APP获悉，周一，在阿根廷总统哈维尔・米莱所在政党在中期议会选举中取得压倒性胜利后， 该国金融市场迎来狂欢行情。此次选举中，选民支持这位领导人通过财政紧缩措施和自由市场改革推动 经济改革。 尽管阿根廷基准S&P MERVAL指数年内累计下跌17.7%，但为美国投资者提供阿根廷股票敞口的Global X MSCI阿根廷ETF(ARGT.US)在盘前交易中猛涨16%，该ETF年内跌幅随之收窄至10%。 过去数月，阿根廷经济持续面临挑战。今年4月，国际货币基金组织曾与阿根廷就200亿美元救助计划达 成初步协议。 本次中期选举改选了众议院半数席位及参议院三分之一席位。米莱领导的自由前进党获得约41%的选 票，而左翼反对派庇隆主义联盟得票率约为31%。 此次阿根廷相关资产上涨的一个多月前，该国国内股市及美股上市ETF曾经历一轮下跌。当时由于米莱 领导的执政党在布宜诺斯艾利斯省的关键地方选举中失利，政治环境陷入紧张。 受此利好消息刺激，阿根廷资产集体走强。选举结果同时确保了美国对阿根廷的金融援助计划得以延 续。此前美国总统特朗普明确表示，对阿经济援助将以选举结果作为先决条件。 特朗普早前警告称，尽管愿意提供支持， ...

Core Viewpoint - Addex Therapeutics reported significant progress in drug development and business milestones during the first half of 2025, particularly with its GABAB PAM drug candidate for chronic cough and the mGlu2 PAM asset ADX71149 [2][5][16] Financial Performance - Income for H1 2025 decreased to CHF 107,000 from CHF 350,000 in H1 2024, a decline of CHF 243,000 [4] - R&D expenses reduced to CHF 391,000 in H1 2025 from CHF 584,000 in H1 2024, an improvement of CHF 193,000 [4][8] - G&A expenses decreased to CHF 1,056,000 in H1 2025 from CHF 1,453,000 in H1 2024, a reduction of CHF 397,000 [4][9] - Total operating loss improved to CHF 1,340,000 in H1 2025 from CHF 1,687,000 in H1 2024, a decrease of CHF 347,000 [4] - Net loss from continuing operations increased to CHF 3,432,000 in H1 2025 from CHF 2,192,000 in H1 2024, an increase of CHF 1,240,000 [4][10] - Basic and diluted loss per share was CHF 0.03 for H1 2025 compared to a profit of CHF 0.10 for H1 2024 [7][11] - Cash position decreased to CHF 2.3 million at the end of H1 2025 from CHF 3.8 million at the end of H1 2024 [5][11] Operational Highlights - The GABAB PAM chronic cough candidate showed robust anti-tussive activity in multiple disease models [5][6] - Rights to the Phase 2 mGlu2 PAM asset, ADX71149, were regained, with internal evaluations for next steps ongoing [2][5] - Indivior successfully advanced its GABAB PAM program for substance use disorders through IND enabling studies [5][6] - An option agreement was entered with Sinntaxis for exclusive licensing of intellectual property related to mGlu5 NAM in brain injury recovery [5][6] - Investment in Stalicla SA was made, reinforcing the commitment to innovative treatments for CNS disorders [5][6][16]

Core Insights - Credo Technology Group Holding Ltd has launched its 224G PAM4 SerDes Intellectual Property (IP) using TSMC's N3 technology, marking a significant advancement in data transmission capabilities [1][9] - The transition to 224G PAM4 per lane doubles data rates compared to the previous 112G PAM4, facilitating the development of 1.6Tbps connectivity solutions that reduce complexity, cost, and power consumption [2][9] - The 1.6T networking market is projected to reach $13 billion by 2028, with adoption expected to ramp up by the end of this year, indicating strong market potential for Credo's offerings [3] Product Offerings - Credo's diverse portfolio includes SerDes IP ranging from 28G to 224G, with various reach options such as long reach plus (LR+), long reach (LR), medium reach (MR), and very short reach plus (VSR) [4] - The introduction of the Bluebird DSP, a low-power solution for 1.6Tbps optical transceivers, supports 224Gbps per lane PAM4 data transmission while operating under 20 watts, making it suitable for AI and hyperscale data centers [6] Financial Projections - For fiscal 2026, Credo anticipates mid-single-digit sequential revenue growth, leading to an estimated 120% year-over-year increase, with revenues expected to exceed $800 million [7] - The company projects a non-GAAP net margin of around 40% for the upcoming quarters and fiscal 2026, indicating strong profitability potential [7] Market Performance - Credo currently holds a Zacks Rank 1 (Strong Buy), with its shares having surged 232.3% over the past six months, significantly outperforming the Zacks Electronics-Semiconductors industry's growth of 61.1% [8]

Group 1: AI Investment Opportunity - Artificial intelligence is considered the greatest investment opportunity of our lifetime, with a strong emphasis on the urgency to invest now [1] - Wall Street is investing hundreds of billions into AI, but there is a critical question regarding the energy supply needed to support this technology [2] - AI data centers consume as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2] Group 2: Company Overview - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for the anticipated surge in energy demand from AI [3][6] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the increasing need for electricity in the digital age [3][6] - The company is involved in U.S. LNG exportation and is well-positioned to capitalize on the "America First" energy doctrine under the current administration [7] Group 3: Financial Position - The company is completely debt-free and has a cash reserve equal to nearly one-third of its market capitalization, providing a strong financial foundation [8] - It also holds a significant equity stake in another AI-related company, offering investors indirect exposure to multiple growth engines without a premium [9] Group 4: Market Perception - The company is gaining attention from Wall Street as it benefits from various market trends without the high valuations typical of many energy and utility firms [8] - It is trading at less than 7 times earnings, making it an attractive investment opportunity compared to other AI and energy stocks [10] Group 5: Future Outlook - The future of AI is closely tied to energy infrastructure, and the company is positioned to play a pivotal role in this evolving landscape [11][14] - The influx of talent into the AI sector ensures continuous innovation, making investments in AI a strategic move for future growth [12][13]

Group 1 - The article discusses the author's experience in creating content related to economics and finance, focusing on US stocks and emerging markets, particularly in Latin America [1] - The author emphasizes a preference for global macro strategies and value investing, with a focus on sectors such as energy, materials, and real estate [1] - The analysis highlights the importance of companies having competitive advantages, good management, and strong future prospects, particularly those that generate good cash flow and maintain a solid asset base [1] Group 2 - The author expresses a beneficial long position in the shares of PAM, indicating a personal investment interest [2] - The article is presented as an independent opinion, with no compensation received from companies mentioned, ensuring a level of objectivity [2] - There is a disclaimer regarding the nature of past performance not guaranteeing future results, emphasizing the need for individual assessment of investment suitability [3]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - Most recommendations will be holds, indicating a cautious approach to market conditions, with only a small fraction of companies deemed suitable for purchase at any given time [1] Group 2 - The articles aim to provide valuable information for future investors and introduce skepticism in a generally bullish market [1] - There is a clear distinction made between the author's opinions and professional investment advice, emphasizing the need for readers to conduct their own due diligence [2][3]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 amounted to $249 million, representing a 17% decline year-on-year due to soft gas sales, falling petrochemical prices, and higher operating expenses [6] - CapEx surged 140% year-on-year, reaching $354 million, primarily invested in the development of Rincon de Aranda [6] - Gross debt was nearly $1.6 billion, down 23% since December 2024, reflecting successful liability management efforts [18] Business Line Data and Key Metrics Changes - Oil and gas adjusted EBITDA was $87 million, down 28% year-on-year, largely due to reduced domestic gas sales and higher lifting costs [7] - Power generation posted an adjusted EBITDA of $112 million in Q2, a 5% increase year-on-year, mainly due to BP6 performance and higher spot prices [16] Market Data and Key Metrics Changes - Crude oil prices averaged nearly $62 per barrel in Q2, 14% lower than last year, primarily due to Brent underperformance [10] - Total gas sales fell 11% year-on-year to nearly 13 million cubic meters per day but rose 10% from Q1, attributed to seasonal effects [11] Company Strategy and Development Direction - The company aims to reach a production target of 20,000 barrels per day at Rincon de Aranda by Q4 2025 and 45,000 barrels per day by 2027 [15] - The company is focused on increasing gas exports to Chile and enhancing production capabilities through new infrastructure investments [13][15] Management's Comments on Operating Environment and Future Outlook - Management indicated that 2025 and 2026 will be years of negative free cash flow due to significant investments in Rincon de Aranda, with expectations of cash generation improving thereafter [73] - The company remains optimistic about future production growth and the potential for improved pricing dynamics in the oil market [108] Other Important Information - The company has extended the exploratory license for Paravanera until 2027, indicating ongoing commitment to exploration activities [12] - The central processing facility (CPF) is expected to be operational by 2026, which will significantly enhance production capabilities [24] Q&A Session Summary Question: Can you provide more details on the CPF in Rincon de Aranda? - The CPF will facilitate oil and water separation, disposal of flowback water, and natural gas separation, with an output of 7,000 cubic meters per day expected to be completed by 2026 [24] Question: Have you started self-producing power with your own fuel? - Yes, self-procurement of gas has begun on a marginal basis, with current prices around $8 per million BTU [29][33] Question: What are the expected lifting costs for the second half of the year? - Lifting costs are expected to decrease from around $16 per barrel in 2025 to approximately $7 per barrel by 2026 as production ramps up [38] Question: What is the expected EBITDA contribution from the CESA project? - The EBITDA contribution will depend on LNG prices, which are currently variable and difficult to predict [130] Question: What is the current status of hydroelectric concessions? - The first tenders for hydro concessions are expected to be auctioned soon, but there is no clarity on the timing [100] Question: Are there plans for shareholder distributions in 2027? - It is too early to determine, but the company anticipates significant developments by then [132]

[Executive Summary & Basis of Presentation](index=1&type=section&id=Executive%20Summary%20%26%20Basis%20of%20Presentation) This section provides an overview of Pampa Energía's Q2 2025 financial performance and outlines the basis for financial reporting [Q2 25 Main Results Overview](index=1&type=section&id=Q2%2025%20Main%20Results%20Overview) Pampa Energía reported a slight decline in Q2 2025 sales and a significant decrease in Adjusted EBITDA and Net Income attributable to shareholders, primarily due to lower gas deliveries, reduced petrochemical and crude oil prices, and higher operating expenses Q2 25 Key Financial Highlights | Metric | Q2 25 (US$ million) | Q2 24 (US$ million) | Year-on-year Change | | :----------------------- | :------------------ | :------------------ | :------------------ | | Sales | 486 | 500 | -3% | | Adjusted EBITDA | 239 | 288 | -17% | | Net Income (attributable)| 40 | 100 | -60% | | Net Debt | 712 | N/A | N/A | - Sales decline driven by lower Plan Gas GSA deliveries and reduced petrochemical/crude oil prices, partially offset by PEPE 6 contributions, higher spot energy prices, and increased export volumes[5](index=5&type=chunk) - Adjusted EBITDA decrease attributed to lower gas deliveries, weaker domestic demand, declining petrochemical prices, and higher operating expenses, partially offset by higher spot prices, PEPE 6, and increased oil output/gas exports[5](index=5&type=chunk) - Net income decrease mainly due to higher non-cash deferred tax charges and lower operating margin, partially offset by gains from financial instruments and absence of Q2 2024 impairments[6](index=6&type=chunk) - Net debt increased to **US$712 million** (**1.1x net-debt to EBITDA ratio**) due to higher working capital needs and continued investments in Rincón de Aranda[6](index=6&type=chunk) [Basis of Presentation](index=1&type=section&id=Basis%20of%20Presentation) Pampa Energía reports financial information in US$, its functional currency, with Transener and TGS figures inflation-adjusted and converted to US$ - Financial information is reported in US$, the functional currency[4](index=4&type=chunk) - Transener and TGS figures are adjusted for inflation as of June 30, 2025, and converted to US$ using period-end FX[4](index=4&type=chunk) - Financial statements are prepared according to IFRS in force in Argentina[7](index=7&type=chunk) [1. Relevant events](index=2&type=section&id=1.%20Relevant%20events) This section details Pampa Energía's key activities and regulatory changes in Q2 2025, including debt refinancing, oil and gas production milestones, and energy sector updates [1.1 Reopening of the 2034 Notes](index=2&type=section&id=1.1%20Reopening%20of%20the%202034%20Notes) Pampa Energía reopened its 2034 international bond, issuing an additional US$340 million at an 8% yield, increasing the total outstanding to US$700 million, with proceeds used for early redemption of the 2029 Notes - Reopened 2034 international bond with a new issuance of **US$340 million** at an **8% yield**, bringing total outstanding to **US$700 million**[9](index=9&type=chunk) - Proceeds used for early redemption of **US$300 million** principal of 2029 Notes (**9.125% annual interest rate**)[10](index=10&type=chunk) - Transaction extended debt maturity profile, reduced interest expenses, and positioned 2034 Notes as Pampa's benchmark bond with the lowest spread over US Treasuries in company history[10](index=10&type=chunk) [1.2 Oil and gas](index=2&type=section&id=1.2%20Oil%20and%20gas) Pampa Energía achieved a new all-time high for gas production (17.4 mcmpd) driven by Vaca Muerta shale gas development, secured financing for the Vaca Muerta Oil Sur pipeline, and applied for RIGI for Rincón de Aranda's infrastructure development - Set a new all-time high for gas production on July 24, 2025, reaching **17.4 mcmpd**, primarily from El Mangrullo (**58%**) and Sierra Chata (**29%**) in Vaca Muerta[11](index=11&type=chunk) - VMOS S.A. (a consortium including Pampa with a **10.2% stake**) secured **US$2 billion** in financing for the **US$3 billion** Vaca Muerta Oil Sur pipeline project, which includes crude oil export infrastructure[12](index=12&type=chunk)[13](index=13&type=chunk) - Pampa applied for the RIGI scheme for Rincón de Aranda's Central Processing Facility (CPF) and other infrastructure, with an estimated investment of **US$426 million**, targeting commissioning by year-end 2026[14](index=14&type=chunk) [1.3 Regulatory updates and emergency extension in the energy sector](index=2&type=section&id=1.3%20Regulatory%20updates%20and%20emergency%20extension%20in%20the%20energy%20sector) Argentina amended national electricity laws, merging ENARGAS and ENRE, establishing a 24-month transition for market liberalization, introducing new frameworks for power transmission expansion, and extending the energy emergency until July 2026 - National Laws No. 15,336 and 24,065 governing the electricity sector were amended, merging ENARGAS and ENRE, and setting a **24-month transition** for oil and gas market liberalization[15](index=15&type=chunk) - Amendments include terms for hydroelectric concessions (up to **60 years**), re-bidding at expiration, and ensuring free contracting in the Wholesale Electricity Market (WEM)[16](index=16&type=chunk) - Two new frameworks for power transmission system expansion were introduced: one allowing SE-authorized projects financed by the National Power Energy Fund, and another for privately led expansions with priority access[17](index=17&type=chunk) - The National Government extended the energy emergency for power generation, transmission, and distribution, and natural gas transportation and distribution until July 9, 2026[18](index=18&type=chunk) [1.4 Power generation](index=3&type=section&id=1.4%20Power%20generation) Power generation saw monthly price updates for the legacy/spot scheme, with increases ranging from 0.4% to 4%, hydroelectric concessions for HIDISA and HINISA were extended (HINISA's under dispute), and Pampa participated in a 50 MW Battery Energy Storage Systems (BESS) tender Legacy Energy/Spot Price Updates (January-August 2025) | Effective as of: | Increase | Resolution | | :--------------- | :------- | :--------------- | | January 2025 | 4% | SE No. 603/24 | | February 2025 | 4% | SE No. 27/25 | | March 2025 | 1.5% | SE No. 113/25 | | April 2025* | 1.5% | SE No. 143/25 | | May 2025* | 2% | SE No. 177/25 | | June 2025* | 1.5% | SE No. 227/25 | | July 2025 | 1% | SE No. 280/25 | | August 2025 | 0.4% | SE No. 331/25 | - HIDISA's hydroelectric concession transition period extended to October 19, 2025. HINISA's provincial concession extended by **14 months**, but the national concession expired on June 1, 2025, with HINISA continuing operations to safeguard assets[20](index=20&type=chunk)[21](index=21&type=chunk) - Pampa participated in a **50 MW** project at CTPP in the national BESS tender for up to **500 MW**, aimed at improving grid reliability, with awards scheduled for August 29, 2025[22](index=22&type=chunk) [1.5 Transener and TGS](index=4&type=section&id=1.5%20Transener%20and%20TGS) Transener and TGS received various tariff updates throughout Q2 2025, TGS's natural gas transportation license was extended for 20 years, its Cerri Complex fully recovered from floods, TGS is the sole bidder for the GPM expansion tender, and approved a significant cash dividend distribution Transener/Transba and TGS Tariff Updates (January-August 2025) | Effective as of: | Transener/Transba Increase | Transener/Transba Resolution | TGS Increase | TGS Resolution | | :--------------- | :------------------------- | :--------------------------- | :----------- | :------------------- | | January 2025 | 4% | ENRE No. 1,065 y 1,066/24 | 2.5% | ENARGAS No. 915/24 | | February 2025 | 4% | ENRE No. 85 y 87/25 | 1.5% | ENARGAS No. 51/25 | | March 2025 | 2% | ENRE No. 158 y 154/25 | 1.7% | ENARGAS No. 124/25 | | April 2025 | 4% | ENRE No. 227 y 231/25 | 0% | NO-2025-32668903-APN-MEC | | May 2025 | 8.6%/2.1% | ENRE No. 305 y 312/25 | 0.1% | ENARGAS No. 256/25 | | June 2025 | 7.3%/4.1% | ENRE No. 388 y 383/25 | 3.0% | ENARGAS No. 350/25 | | July 2025 | 4.6%/1.5% | ENRE No. 451 y 454/25 | 0.8% | ENARGAS No. 421/25 | | August 2025 | 6.0%/2.9% | ENRE No. 549 and 555/25 | 1.8% | ENARGAS No. 539/25 | - TGS's natural gas transportation license was extended for **20 years**, starting from its December 2027 expiration[24](index=24&type=chunk) - TGS's Cerri Complex fully recovered in early May 2025 after being out of operation since March 7, 2025, due to floods[25](index=25&type=chunk) - TGS was the sole bidder in ENARSA's tender to expand the GPM by **14 mcmpd**, with the award scheduled for October 13, 2025[26](index=26&type=chunk) - TGS Shareholders' Meeting approved a cash dividend distribution of **US$202.7 million** (**US$0.95 per ADR**)[27](index=27&type=chunk) [2. Analysis of the Q2 25 results](index=5&type=section&id=2.%20Analysis%20of%20the%20Q2%2025%20results) This section provides a detailed financial and operational analysis of Pampa Energía's segments for Q2 2025, highlighting key drivers for changes in sales, EBITDA, and net income [2.1 Reconciliation of consolidated adjusted EBITDA](index=5&type=section&id=2.1%20Reconciliation%20of%20consolidated%20adjusted%20EBITDA) Consolidated adjusted EBITDA for Q2 2025 was US$239 million, a 17% decrease year-on-year, primarily influenced by adjustments in the oil and gas, and holding & others segments Consolidated Adjusted EBITDA Reconciliation (US$ million) | Metric | Q2 25 | Q2 24 | | :-------------------------------------- | :---- | :---- | | Consolidated operating income | 113 | 119 | | Consolidated depreciations and amortizations | 97 | 84 | | Reporting EBITDA | 210 | 203 | | Adjustments from oil and gas segment | (1) | (0) | | Adjustments from generation segment | 14 | 71 | | Adjustments from petrochemicals segment | (0) | (0) | | Adjustments from holding & others segment | 17 | 14 | | **Consolidated adjusted EBITDA** | **239** | **288** | - Consolidated adjusted EBITDA decreased by **17%** from **US$288 million** in Q2 2024 to **US$239 million** in Q2 2025[30](index=30&type=chunk) [2.2 Analysis of the oil and gas segment](index=6&type=section&id=2.2%20Analysis%20of%20the%20oil%20and%20gas%20segment) The oil and gas segment experienced a 6% sales decline and a 28% adjusted EBITDA decrease in Q2 2025, mainly due to reduced gas demand, expiration of Plan Gas commitments, and lower export prices, partially offset by increased crude oil production in Rincón de Aranda and higher export volumes Oil & Gas Segment Key Financials (US$ million) | Metric | Q2 25 | Q2 24 | ∆% | | :--------------- | :---- | :---- | :---- | | Sales revenue | 204 | 218 | -6% | | Gross profit | 52 | 83 | -37% | | Operating income | 22 | 58 | -62% | | Net income | 20 | 27 | -26% | | Adjusted EBITDA | 87 | 121 | -28% | - Sales revenue decreased by **6% YoY**, primarily due to reduced gas demand from milder weather, expiration of Plan Gas winter peak commitments, and lower export prices to Chile[31](index=31&type=chunk) - Total production averaged **84.1 kboepd** in Q2 2025 (**-7% YoY**), with gas production at **12.9 mcmpd** (**-11% YoY**) and oil production at **8.0 kbpd** (**+47% YoY**), driven by Rincón de Aranda's ramp-up[32](index=32&type=chunk)[33](index=33&type=chunk)[37](index=37&type=chunk) - Average oil price was **US$61.6 per barrel** (**-14% YoY**), reflecting lower Brent prices, while gas price was flat at **US$4.0 per MBTU YoY**[34](index=34&type=chunk)[35](index=35&type=chunk)[38](index=38&type=chunk) - Capital expenditures amounted to **US$306 million** (**+181% YoY**), with **81%** allocated to Rincón de Aranda's development[44](index=44&type=chunk) [2.3 Analysis of the power generation segment](index=9&type=section&id=2.3%20Analysis%20of%20the%20power%20generation%20segment) The power generation segment's sales increased by 10% YoY in Q2 2025, driven by PEPE 6's contribution and higher spot energy prices, but net income turned to a loss, and adjusted EBITDA saw a modest 5% increase, impacted by lower dispatch levels due to maintenance and outages Power Generation Segment Key Financials (US$ million) | Metric | Q2 25 | Q2 24 | ∆% | | :--------------- | :---- | :---- | :---- | | Sales revenue | 185 | 168 | +10% | | Gross profit | 83 | 87 | -5% | | Operating income | 69 | 15 | NA | | Net income | (5) | 36 | NA | | Adjusted EBITDA | 112 | 106 | +5% | - Sales revenue increased by **10% YoY**, mainly due to PEPE 6 (fully online since November 2024 with **140 MW**) and increased spot energy prices in US$[46](index=46&type=chunk) - Operational performance dropped **7% YoY**, primarily due to scheduled maintenance at CTLL's GT01 and ongoing outages at HINISA dams, partially offset by higher gas supply and PEPE 6's contribution[49](index=49&type=chunk) - Total availability of Pampa's operated units was **91.6%** in Q2 2025, down from **98.1%** in Q2 2024, affected by maintenance and forced outages[50](index=50&type=chunk) - Adjusted EBITDA increased by **5% YoY**, supported by PEPE 6, resilient spot prices, and increased insurance recoveries, but partially offset by higher power purchases and operating costs[55](index=55&type=chunk) [2.4 Analysis of the petrochemicals segment](index=11&type=section&id=2.4%20Analysis%20of%20the%20petrochemicals%20segment) The petrochemicals segment's adjusted EBITDA significantly decreased by 80% in Q2 2025, primarily due to lower prices across all products and reduced SBR demand, despite a 12% increase in total volume sold boosted by exports of reformer products and domestic sales of solvents, octane bases, and styrene Petrochemicals Segment Key Financials (US$ million) | Metric | Q2 25 | Q2 24 | ∆% | | :--------------- | :---- | :---- | :---- | | Sales revenue | 122 | 134 | -9% | | Gross profit | 6 | 16 | -63% | | Operating income | 1 | 14 | -93% | | Net income | (13) | 15 | NA | | Adjusted EBITDA | 3 | 15 | -80% | - Adjusted EBITDA decreased by **80% YoY**, mainly due to lower prices across all products and reduced SBR demand, partially offset by higher sales volumes of reformer products and styrene[58](index=58&type=chunk) - Total volume sold reached **125 thousand tons** (**+12% YoY**), driven by increased exports of isomerized naphtha and domestic sales of solvents, octane bases, and styrene[59](index=59&type=chunk) Petrochemicals Volume Sold (thousand tons) and Average Price (US$/ton) - Q2 | Product | Volume Sold Q2 25 | Volume Sold Q2 24 | Volume ∆% | Avg. Price Q2 25 | Avg. Price Q2 24 | Price ∆% | | :------------------ | :---------------- | :---------------- | :-------- | :--------------- | :--------------- | :------- | | Styrene & polystyrene | 22 | 19 | +17% | 1,510 | 1,891 | -20% | | SBR | 9 | 12 | -26% | 1,715 | 1,933 | -11% | | Reforming & others | 93 | 80 | +17% | 781 | 924 | -15% | | Total | 125 | 111 | +12% | 978 | 1,199 | -18% | [2.5 Analysis of the holding and others segment](index=12&type=section&id=2.5%20Analysis%20of%20the%20holding%20and%20others%20segment) The holding and others segment's adjusted EBITDA decreased by 17% in Q2 2025, mainly due to lower contribution from TGS, which was impacted by reduced NGL volumes and tariff increases not keeping pace with inflation, while Transener showed increased EBITDA due to tariff hikes Holding and Others Segment Key Financials (US$ million) | Metric | Q2 25 | Q2 24 | ∆% | | :--------------- | :---- | :---- | :---- | | Sales revenue | 5 | 7 | -29% | | Operating income | 21 | 32 | -34% | | Net income | 38 | 22 | +73% | | Adjusted EBITDA | 38 | 46 | -17% | - Adjusted EBITDA decreased by **17% YoY**, primarily due to lower contribution from TGS[64](index=64&type=chunk) - TGS's adjusted EBITDA (at Pampa's stake) was **US$37 million** (**-20% YoY**), impacted by reduced NGL volumes due to the Cerri flood and tariffs not keeping pace with inflation[65](index=65&type=chunk) - Transener's adjusted EBITDA (at Pampa's stake) was **US$14 million** (**+40% YoY**), driven by tariff hikes exceeding inflation and devaluation[66](index=66&type=chunk) [3. Cash and financial borrowings](index=14&type=section&id=3.%20Cash%20and%20financial%20borrowings) This section details Pampa Energía's debt transactions, including early redemptions and new issuances, provides a summary of debt securities, and outlines recent credit rating upgrades [3.1 Debt transactions](index=14&type=section&id=3.1%20Debt%20transactions) Pampa Energía's financial debt under IFRS decreased by 23% to US$1,591 million as of June 30, 2025, due to early redemptions of 2027 and 2029 Notes, though net debt increased to US$712 million, reflecting higher working capital and capital expenditures, with the company proactively extending its average debt life to 6.2 years - Financial debt under IFRS amounted to **US$1,591 million** as of June 30, 2025, a **23% decrease** compared to year-end 2024[69](index=69&type=chunk) - Decrease mainly due to early redemption of 2027 Notes (**US$353 million**) and 2029 Notes (**US$300 million**), funded by new 2034 Notes issuance[69](index=69&type=chunk) - Net debt increased to **US$712 million**, reflecting higher seasonal working capital and increased capital expenditures, mostly for Rincón de Aranda[69](index=69&type=chunk) - Average debt life extended to **6.2 years** through proactive liability management[70](index=70&type=chunk) Gross Debt Principal Breakdown by Currency and Type | Currency | Type of issuance | Amount in million US$ | Legislation | % over total gross debt | Average coupon | | :------- | :--------------- | :-------------------- | :---------- | :---------------------- | :------------- | | US$ | US$ | 1,230 | Foreign | 77% | 8.1% | | US$ | US$ | 136 | Argentine | 9% | 5.2% | | US$ | US$ MEP | 140 | Argentine | 9% | 5.4% | | AR$ | US$-link | 88 | Argentine | 6% | 0% | [3.2 Summary of debt securities](index=15&type=section&id=3.2%20Summary%20of%20debt%20securities) Pampa Energía and its affiliates hold various corporate bonds under foreign and Argentine law, with maturities ranging from 2025 to 2034 and fixed interest rates, and the company remains in full compliance with all debt covenants Summary of Debt Securities (US$ million) | Company | Type of Bond | Maturity | Amount issued | Amount net of repurchases | Coupon | | :------ | :------------------------------- | :------- | :------------ | :------------------------ | :------- | | Pampa | CB Series 9 at par & fixed rate | 2026 | 293 | 120 | 9.5% | | Pampa | CB Series 21 at discount & fixed rate | 2031 | 410 | 410 | 7.95% | | Pampa | CB Series 23 at discount & fixed rate | 2034 | 700 | 700 | 7.875% | | TGS | CB at discount at fixed rate | 2031 | 490 | 490 | 8.5% | | Pampa | CB Series 20 | 2026 | 108 | 51 | N/A | | Pampa | CB Series 13 | 2027 | 88 | 88 | 0% | | CTEB | CB Series 9 | 2026 | 50 | 49 | 0% | | Pampa | CB Series 16 | 2025 | 56 | 56 | 4.99% | | Pampa | CB Series 22 | 2028 | 84 | 84 | 5.75% | - Pampa remains in full compliance with all debt covenants as of June 30, 2025[73](index=73&type=chunk) [3.3 Credit ratings](index=15&type=section&id=3.3%20Credit%20ratings) Pampa Energía's credit ratings were upgraded by Moody's (from 'Caa1' to 'B2') and S&P (stand-alone from 'b+' to 'bb-') in July 2025, reflecting its strong market position, robust liquidity, and solid debt structure - Moody's upgraded Pampa's rating from **'Caa1' to 'B2'** in July 2025, aligning with Argentina's sovereign rating upgrade[76](index=76&type=chunk) - S&P raised Pampa's stand-alone credit rating from **'b+' to 'bb-'**[76](index=76&type=chunk) - The upgrades highlight Pampa's strong market position, robust liquidity, and solid debt structure[76](index=76&type=chunk) Credit Ratings Summary | Company | Agency | Global Rating | Local Rating | | :-------- | :---------- | :----------------- | :----------------- | | Pampa | S&P | B-, bb- (stand-alone) | na | | Pampa | Moody's | B2 | na | | Pampa | FitchRatings | B- | AAA (long-term), A1+ (short-term) | | TGS | S&P | B-, b+ (stand-alone) | na | | TGS | FitchRatings | B- | na | | Transener | FitchRatings | na | A+ (long-term) | | CTEB | FitchRatings | na | AA+ | [4. Appendix](index=16&type=section&id=4.%20Appendix) This appendix provides detailed financial statements, operational KPIs, and production data for Pampa Energía's subsidiaries and segments for the first half and second quarter of 2025 [4.1 Analysis of the first half, by subsidiary and segment](index=16&type=section&id=4.1%20Analysis%20of%20the%20first%20half,%20by%20subsidiary%20and%20segment) This section provides a detailed breakdown of adjusted EBITDA, net debt, and net income for Pampa Energía's subsidiaries and segments for the first half of 2025 compared to 2024, both consolidated and at Pampa's share ownership - Total consolidated adjusted EBITDA for the first half of 2025 was **US$459 million**, down from **US$475 million** in H1 2024[78](index=78&type=chunk) - Total consolidated net debt was **US$712 million** in H1 2025, an increase from **US$691 million** in H1 2024[78](index=78&type=chunk) - Total consolidated net income for the first half of 2025 was **US$193 million**, a significant decrease from **US$367 million** in H1 2024[78](index=78&type=chunk) [4.2 Analysis of the quarter, by subsidiary and segment](index=17&type=section&id=4.2%20Analysis%20of%20the%20quarter,%20by%20subsidiary%20and%20segment) This section presents a detailed quarterly analysis of adjusted EBITDA, net debt, and net income for Pampa Energía's subsidiaries and segments for Q2 2025 compared to Q2 2024, both consolidated and at Pampa's share ownership - Total consolidated adjusted EBITDA for Q2 2025 was **US$239 million**, down from **US$288 million** in Q2 2024[79](index=79&type=chunk) - Total consolidated net income for Q2 2025 was **US$40 million**, a decrease from **US$100 million** in Q2 2024[79](index=79&type=chunk) [4.3 Consolidated balance sheet](index=18&type=section&id=4.3%20Consolidated%20balance%20sheet) This section provides a consolidated balance sheet for Pampa Energía as of June 30, 2025, compared to December 31, 2024, detailing assets, equity, and liabilities in both Argentine Pesos (AR$) and US Dollars (US$) - Total assets decreased to **US$6,122 million** as of June 30, 2025, from **US$6,345 million** as of December 31, 2024[81](index=81&type=chunk) - Total equity attributable to owners of the company increased to **US$3,485 million** as of June 30, 2025, from **US$3,286 million** as of December 31, 2024[81](index=81&type=chunk) - Total liabilities decreased to **US$2,628 million** as of June 30, 2025, from **US$3,050 million** as of December 31, 2024[81](index=81&type=chunk) [4.4 Consolidated income statement](index=19&type=section&id=4.4%20Consolidated%20income%20statement) This section presents the consolidated income statement for Pampa Energía for the first half and second quarter of 2025, compared to the same periods in 2024, detailing sales revenue, costs, operating income, financial results, and net income - Sales revenue for Q2 2025 was **US$486 million**, a decrease from **US$500 million** in Q2 2024[82](index=82&type=chunk) - Net income attributable to owners of the company for Q2 2025 was **US$40 million**, down from **US$100 million** in Q2 2024[82](index=82&type=chunk) - Net income per ADR to shareholders for Q2 2025 was **US$0.7**, a decrease from **US$1.8** in Q2 2024[82](index=82&type=chunk) [4.5 Consolidated cash flow statement](index=20&type=section&id=4.5%20Consolidated%20cash%20flow%20statement) This section provides the consolidated cash flow statement for Pampa Energía for the first half of 2025 compared to 2024, detailing cash flows from operating, investing, and financing activities - Net cash generated by operating activities for H1 2025 was **US$147 million**, an increase from **US$64 million** in H1 2024[84](index=84&type=chunk) - Net cash used in investing activities for H1 2025 was **US$168 million**, compared to **US$151 million** used in H1 2024[84](index=84&type=chunk) - Net cash used in financing activities for H1 2025 was **US$556 million**, a significant change from **US$77 million** generated in H1 2024, primarily due to higher repurchase and redemption of corporate bonds[84](index=84&type=chunk) - Cash and cash equivalents at the end of H1 2025 were **US$161 million**, consistent with **US$161 million** at the end of H1 2024[84](index=84&type=chunk) [4.6 Power generation's main operational KPIs by plant](index=21&type=section&id=4.6%20Power%20generation's%20main%20operational%20KPIs%20by%20plant) This section details key operational performance indicators for Pampa Energía's power generation plants, categorized by wind, hydroelectric, and thermal, for the first half and second quarter of 2025 and 2024, including installed capacity, net generation, sales, average price, and gross margin - Total installed capacity increased by **2% YoY** to **5,472 MW** in Q2 2025, driven by a **28% increase** in wind capacity[52](index=52&type=chunk) - Total net generation decreased by **7% YoY** to **4,704 GWh** in Q2 2025, with wind generation increasing by **57%** but hydro and thermal decreasing by **30%** and **9%** respectively[52](index=52&type=chunk) - Average price for total power generation increased by **14% YoY** to **US$43/MWh** in Q2 2025[52](index=52&type=chunk) [4.7 Production in the main oil and gas blocks](index=22&type=section&id=4.7%20Production%20in%20the%20main%20oil%20and%20gas%20blocks) This section provides a breakdown of oil and gas production in key blocks at Pampa Energía's ownership for Q2 2025 compared to Q2 2024, highlighting changes in production volumes Oil and Gas Production in Main Blocks (kboe/day at ownership) - Q2 | Block | 2025 | 2024 | Variation | | :------------------ | :---- | :---- | :-------- | | **Gas** | | | | | El Mangrullo | 44.1 | 54.2 | -19% | | Sierra Chata | 22.2 | 19.6 | +14% | | Río Neuquén | 7.9 | 9.7 | -19% | | Rincón del Mangrullo | 1.0 | 1.2 | -17% | | Others | 0.9 | 0.7 | +30% | | **Total gas** | **76.1** | **85.4** | **-11%** | | **Oil** | | | | | Rincón de Aranda | 5.3 | 1.2 | na | | El Tordillo | 1.6 | 1.6 | -5% | | Associated oil | 1.1 | 1.3 | -17% | | Los Blancos | 0.1 | 0.2 | -72% | | Gobernador Ayala | - | 1.1 | -100% | | **Total oil** | **8.0** | **5.4** | **+47%** | | **Total** | **84.1** | **90.8** | **-7%** | - Total gas production decreased by **11% YoY**, while total oil production increased by **47% YoY** in Q2 2025[86](index=86&type=chunk) - Rincón de Aranda showed significant oil production growth, while Gobernador Ayala's contribution ceased due to stake transfer[86](index=86&type=chunk) [5. Glossary of terms](index=23&type=section&id=5.%20Glossary%20of%20terms) This section provides definitions for various acronyms and technical terms used throughout the financial report, covering financial, operational, and regulatory terminology relevant to Pampa Energía's business [Glossary of Terms](index=23&type=section&id=Glossary%20of%20Terms) This section provides definitions for various acronyms and technical terms used throughout the financial report, covering financial, operational, and regulatory terminology relevant to Pampa Energía's business

Group 1 - The Argentine energy sector is undergoing significant transformation, with the government accelerating tariff regulations and gradually lifting capital controls [1] - The opening of the economy has shown clear signs of foreign exchange (FX) improvements [1]

Core Viewpoint - Addex Therapeutics reported a strong start to 2025 with significant progress in product development and business milestones, particularly in their GABAB PAM drug candidate for chronic cough and the mGlu2 PAM asset ADX71149 [2][5]. Financial Summary - Income for Q1 2025 was CHF 71,000, a decrease of CHF 164,000 from CHF 235,000 in Q1 2024 [4]. - R&D expenses decreased to CHF 156,000 from CHF 245,000, a reduction of CHF 89,000 [4][8]. - G&A expenses decreased to CHF 521,000 from CHF 778,000, a reduction of CHF 257,000 [4][8]. - Total operating loss improved to CHF 606,000 from CHF 788,000, an improvement of CHF 182,000 [4]. - Net loss from continuing operations was CHF 1,473,000, compared to CHF 735,000 in Q1 2024, reflecting an increase of CHF 738,000 [4]. - Net loss for the period decreased to CHF 1,473,000 from CHF 3,087,000, a reduction of CHF 1,614,000 [4]. - Basic and diluted net loss per share was CHF 0.01, down from CHF 0.03 in the same period last year [4][10]. - Cash and cash equivalents increased to CHF 2.8 million from CHF 1.6 million, an increase of CHF 1.2 million [4][11]. - Shareholders' equity improved significantly to CHF 8.3 million from a negative CHF 1.4 million [4]. Operational Highlights - The GABAB PAM chronic cough candidate demonstrated robust anti-tussive activity in multiple disease models [5][6]. - The company regained rights to its Phase 2 mGlu2 PAM asset, ADX71149 [5][6]. - Indivior successfully advanced their GABAB PAM program for substance use disorders through IND enabling studies [5][6]. - An option agreement was entered with Sinntaxis for exclusive licensing of intellectual property related to mGlu5 NAM in brain injury recovery [5][6]. Additional Information - The Q1 2025 financial report is available on the company's website [12]. - A conference call was scheduled to review the financial results, featuring CEO Tim Dyer and Head of Translational Science Mikhail Kalinichev [13].