Core Insights - The article discusses the investment outlook for Pampa Energía (PAM), highlighting a previous recommendation to buy when the ADR was trading around $70 in late August [1]. Group 1: Company Overview - Pampa Energía is positioned within a complex and dynamic market in Argentina, which provides unique insights into local assets and broader Latin American trends [1]. Group 2: Investment Strategy - The investment approach focuses on deep value and long-term perspectives, particularly on underfollowed names and structural stories in leading companies [1].

Group 1 - The article does not provide any specific content related to a company or industry, as it appears to be a technical issue regarding browser settings and ad-blockers [1]

Core Insights - The focus is on identifying value companies primarily in the commodities sector, particularly those with sustained free cash flows and low leverage [1] - There is an emphasis on companies in emerging markets that exhibit high margins and present good medium to long-term investment opportunities [1] - The analysis prioritizes firms with a strong pro-shareholder attitude, including consistent buyback programs and dividend distributions [1] Company Characteristics - Target companies are those experiencing some level of distress but possess high recovery potential [1] - Preference is given to sectors that are often overlooked by the market, such as oil & gas, metals, and mining [1] - Companies operating outside the United States are particularly of interest for uncovering value [1] Investment Philosophy - The investment strategy is centered around companies with solid financial health, characterized by sustainable debt levels and strong cash flow generation [1] - The analyst has a background in financial education, specializing in company valuation, which informs the investment approach [1] - The motivation includes sharing insights with the investment community to enhance individual decision-making [1]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 amounted to $322 million, representing a 16% year-on-year increase, primarily driven by Rincon de Aranda, steady shale oil growth, higher B2B sales, and contributions from the PP6 wind farm [3][9] - Capex surged 183% year-on-year to $332 million, with $170 million allocated to the development of Rincon de Aranda [3][10] - Gross debt decreased by 16% since December 2024, reaching nearly $1.8 billion, while net debt rose to $874 million, reflecting a net leverage ratio of 1.3 times [10][11] Business Line Data and Key Metrics Changes - Oil and gas adjusted EBITDA was $171 million in Q3, a 40% year-on-year increase, driven by Rincon de Aranda, increased exports, and strong industrial demand [4][5] - Total production averaged nearly 100,000 barrels of oil equivalent per day, a 14% increase year-on-year, led by Rincon de Aranda and Sierra Chata [5][6] - Gas sales remained steady year-on-year at 14 million cubic meters per day, with an 8% increase from Q2, primarily due to seasonality [7][8] Market Data and Key Metrics Changes - Crude oil prices averaged $61 per barrel in Q3, a 15% decrease from the previous year, but hedging helped mitigate the price drop [5][6] - Gas prices averaged $4.4 per million Btu, remaining flat year-on-year, supported by fuel cell procurement for the Loma Lata Power Plant [8][9] - Exports increased by 146% year-on-year to 1.2 million cubic meters per day, driven by low hydro conditions and increased demand from Chile [8][9] Company Strategy and Development Direction - The company plans to ramp up production at Rincon de Aranda to 20,000 barrels of oil equivalent per day by the end of 2025, with a target of 45,000 barrels per day by 2027 [6][7] - The strategy includes leveraging idle capacity and installing additional temporary facilities to support growth [6][7] - The company aims to stabilize lifting costs at $5 per barrel, aligning with industry peers, with the central processing facility playing a crucial role [7][8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals, demonstrated by a share repurchase of 1.5% of the company's share capital [2][3] - The outlook for Q4 2025 anticipates oil production between 18,000 and 19,000 barrels per day, primarily driven by Rincon de Aranda [12][13] - Management expects a 10-15% improvement in EBITDA for the generation segment in 2026 due to new regulatory frameworks [34][35] Other Important Information - The company generated $6 million in free cash flow in Q3, marking the peak in EBITDA and sales for the year [10][11] - The company is actively managing its debt profile, extending the average life to 5.6 years and reducing near-term maturities [11][12] - The company is exploring opportunities in the LNG market, with expected incremental EBITDA of around $140 million per year once fully operational [103][104] Q&A Session Summary Question: What is the expected total oil production evolution in Q4? - Management expects total oil production to be between 18,000 and 19,000 barrels per day in Q4 2025 [12][13] Question: How do you expect lifting costs to evolve during 2026? - Lifting costs for oil are expected to decrease from $10 to around $9.19 per barrel, driving overall lifting costs down to approximately $6.2 per barrel equivalent [19][20] Question: What is the outlook for the gas market during the summer season? - The company has a take-or-pay clause in contracts that aligns with real demand, and associated gas will influence the spot market [23][24] Question: What are the expectations for EBITDA in the generation segment considering new regulations? - EBITDA for the generation segment is expected to improve by at least 15% next year due to new regulations [34][35] Question: What is the forecast for CapEx and leverage in 2026? - CapEx for 2026 is expected to be around $1 billion-$1.1 billion, with a stable net leverage ratio around 1.1-1.3 times [36][39] Question: What is the current state of the payment days in gas from Narsa? - Payment delays have improved significantly, now averaging around 20 days [115][116]

Core Insights - Pampa Energía S.A. reported its financial results for the nine-month period and third quarter ended September 30, 2025, highlighting a slight decline in sales but an increase in adjusted EBITDA [1][3][6]. Financial Performance - Sales revenue for Q3 2025 was US$591 million, reflecting a 9% year-on-year decline, attributed to lower gas sales to retailers and a decrease in crude oil prices, despite increased crude oil production and gas exports [3][6]. - Adjusted EBITDA reached US$322 million in Q3 2025, a 16% increase year-on-year, driven by strong contributions from shale oil production and gas exports [6]. - Net income attributable to shareholders was US$23 million, an 84% decrease compared to Q3 2024, primarily due to higher non-cash deferred tax charges [7]. Operational Highlights - Oil and gas production averaged 99.5 kboe/day in Q3 2025, up from 87.5 kboe/day in Q3 2024, with crude oil production increasing significantly by 220% to 17.3 kbpd [5]. - Gas production remained stable at 82.2 kboepd, while the average oil price decreased by 15% to US$61.1 per barrel [5]. Balance Sheet and Cash Flow - As of September 30, 2025, net debt totaled US$874 million, up from US$712 million in June 2025, resulting in a net-debt to EBITDA ratio of 1.3x [8]. - The company reported a decrease in cash and cash equivalents to US$411 million from US$738 million at the beginning of the period [13]. Future Outlook - A videoconference is scheduled for November 5, 2025, to discuss the Q3 2025 results, featuring key executives from the company [14].

Financial Performance - Q3 25 sales reached US$591 million, a 9% year-on-year increase driven by higher crude oil production and increased gas exports to Chile [4]. - Adjusted EBITDA for Q3 25 was US$322 million, reflecting a 16% year-on-year increase, primarily due to strong contributions from Rincón de Aranda [6]. - Net income attributable to shareholders was US$23 million, an 84% decrease compared to Q3 24, mainly due to higher non-cash deferred tax charges [7]. - Total adjusted sales for Q3 25 reached $591 million, a 9% increase from $540 million in Q3 24 [34]. - Financial results for Q3 25 showed net losses of $47 million, a 96% increase in losses compared to Q3 24, mainly due to higher FX losses [48]. - Pampa's net income for Q3 2025 was $23 million, compared to $146 million in Q3 2024 [79]. - Net income for the nine-month period was $216 million, a substantial decline of 57.9% from $513 million in 2024 [81]. Production and Sales - Crude oil production increased by 220% year-on-year to 17.3 kbpd, while total oil and gas production rose by 14% to 99.5 kboe/day [5]. - The oil and gas segment reported sales of $308 million in Q3 25, up 35% from $228 million in Q3 24, driven by strong crude oil production growth [36]. - Gas production averaged 14.0 mcmpd in Q3 25, flat compared to Q3 24, but up 8% from Q2 25 [38]. - Oil production surged to 17.3 kbpd in Q3 25, a 3.2x increase year-on-year, primarily due to the ramp-up of shale oil output at Rincón de Aranda [43]. - Total volume sold in the petrochemicals segment reached 122 thousand tons in Q3 2025, a decrease of 4% compared to Q3 2024 [61]. - Total gas production at working interest decreased by 4% year-over-year to 76.0 kboe/day in the nine-month period of 2025 [85]. - Total oil production at working interest increased by 89% year-over-year to 9.6 kboe/day in the nine-month period of 2025 [85]. Capital Expenditures and Investments - Capital expenditures for Q3 25 totaled US$267 million, a 5.8x increase year-on-year, with 65% allocated to the development of Rincón de Aranda [50]. - The company invested $751 million in property, plant, and equipment during the nine-month period, compared to $350 million in 2024 [83]. - The company approved a share repurchase program for up to US$100 million, with 0.8 million ADRs repurchased at an average price of US$58.8 [30]. Debt and Financial Position - Net debt as of September 2025 totaled US$874 million, with a net-debt to EBITDA ratio of 1.3x, which improved to 1.1x after the quarter's closing [8]. - Pampa's total financial debt under IFRS as of September 30, 2025, was US$1,755 million, a 16% decrease from year-end 2024 [71]. - The average maturity of Pampa's debt was extended to 5.6 years through proactive liability management [72]. - Pampa's total liabilities decreased to $2,795 million as of September 30, 2025, from $3,050 million at the end of 2024 [80]. Power Generation - Pampa's gross margin for power generation increased by 17% to US$26.5/MWh, despite a 9% decrease in generation volume [5]. - Power generation sales revenue increased by 12% year-on-year to US$205 million in Q3 25, primarily due to higher revenue from fuel self-procurement during the winter peak [51]. - Adjusted EBITDA for the power generation segment was US$120 million in Q3 25, an 8% increase from Q3 24 and a 7% increase from Q2 25, supported by gas self-management and additional seasonal remuneration [58]. - The average price for power generation in Q3 25 was US$43 per MWh, reflecting a 21% increase compared to Q3 24 [55]. - The total availability of Pampa's operated units was 94.0% in Q3 25, down from 96.7% in Q3 24, mainly due to programmed maintenance and forced outages [54]. Petrochemicals Segment - Petrochemicals segment sales revenue decreased by 16% to US$329 million in the nine-month period of 2025 compared to 2024, with a Q3 decline of 18% to US$115 million [60]. - Domestic sales in the petrochemicals segment fell by 23% to US$190 million for the nine-month period, with a significant Q3 drop of 35% to US$59 million [60]. - Adjusted EBITDA for the petrochemicals segment recorded a loss of US$6 million in Q3 2025, down from a profit of US$2 million in Q3 2024, primarily due to weaker domestic demand and lower international prices [60]. Market Outlook - The company anticipates a 6% increase in sales for 2025 compared to 2024, reaching 16,657 GWh [84]. - Average price for 2025 is expected to be $93 US$/MWh, up from $81 US$/MWh in 2024 [84]. - Gross margin for 2025 is forecasted at $50 US$/MWh, a decrease from $56 US$/MWh in 2024 [84]. - Market share for the company is projected to be 12.8% in 2025, up from 12% in the previous year [84].

Group 1 - Argentine financial markets experienced a rally following the overwhelming victory of Javier Milei's party in the midterm elections, with voters supporting economic reforms through fiscal tightening and free market measures [1][2] - The election results ensure the continuation of U.S. financial aid to Argentina, as President Trump had previously stated that support would depend on the election outcome [1] - Several Argentine stocks surged in pre-market trading, with Banco BBVA rising over 36%, Galicia Financial up 35%, Grupo Supervielle increasing by 31%, Banco Macro climbing 35%, and YPF and Pampa Energía both recording 26% gains [1] Group 2 - Despite a 17.7% year-to-date decline in the Argentine benchmark S&P MERVAL index, the Global X MSCI Argentina ETF saw a 16% increase in pre-market trading, narrowing its year-to-date loss to 10% [2] - The midterm elections involved the renewal of half of the Chamber of Deputies and one-third of the Senate, with Milei's party receiving approximately 41% of the votes compared to 31% for the leftist opposition [2] - Prior to the election, Argentine assets had experienced a downturn due to political tensions following Milei's party's losses in key local elections [2]

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]