LIST OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES OF PAMPA ENERGÍA S.A.
| 12.31.2025 | ||
| Subsidiaries | Country | Direct and indirect participation % |
| Autotrol Renovables S.A. | Argentina | 100% |
| Ecuador Pipeline Holdings Limited (1) | Grand Cayman | 100% |
| Enecor S.A. | Argentina | 70% |
| Energía e Inversiones S.A. | Uruguay | 100% |
| Generación Argentina S.A. | Argentina | 100% |
| Hidroeléctrica Diamante S.A. | Argentina | 61% |
| Hidroeléctrica Los Nihuiles S.A. | Argentina | 52.04% |
| Oleoducto de Crudos Pesados LTD | Grand Cayman | 100% |
| Pampa Bloque18 S.A.S. | Ecuador | 100% |
| Pampa Ecuador Inc (1) | Nevis | 100% |
| Pampa Energía Bolivia S.A. | Bolivia | 100% |
| Pampa Energía Chile S.p.A | Chile | 100% |
| Pampa Energía Soluciones S.A. | Argentina | 100% |
| Pampa Inversiones S.A. | Uruguay | 100% |
| Petrolera San Carlos S.A. | Venezuela | 100% |
| Sucursal Dedicada Midstream RDA (2) | Argentina | 100% |
| Vientos de Arauco Renovables S.A.U. | Argentina | 100% |
| Vientos Solutions Argentina S.A.U. | Argentina | 100% |
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(1) In process of liquidation. (2) Denomination as of December 31, 2025. As of the date of this annual report, the branch is denominated “Sucursal Dedicada Proyecto RDA” |
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2) Joint Ventures |
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| Citelec S.A. | Argentina | 50% |
| Compañía de Transporte de Energía Eléctrica en Alta Tensión S.A. (Transener) (3) | Argentina | 26.33% |
| Compañía de Inversiones de Energía S.A. (CIESA) | Argentina | 50% |
| Transportadora Gas del Sur S.A. (TGS)(4) | Argentina | 26.91% |
| CT Barragán S.A. | Argentina | 50% |
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(3) The Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener’s capital stock; therefore, the Company holds a 26.33% indirect interest in Transener. (4) The Company holds a 50% interest in CIESA, a company that holds a 53.83% interest in TGS’s capital stock; therefore, the Company holds a 26.91% indirect interest in TGS.
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| 3) Associates | ||
| Oleoductos del Valle S.A. | Argentina | 2.10% |
| San Matías Pipeline S.A. | Argentina | 20% |
| Southern Energy S.A. | Argentina | 20% |
| VMOS S.A. | Argentina | 10.2% |