Pampa Energía S A : Investor presentation

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	40%
	38%
1,002
	36%
	34%
802
	32%
602			30%
								28%
402
	26%
202
		24%
	22%
2	20%

2

2

2

2

2

2

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

% %



1

1

1

1

1

1

1

1

1

1

1





Retail

demand

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•	•
•	•
•	•
•	•

•				•
•				•
•				•
•				•

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



•



•

•

•

•

•

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

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≈



888 915

697

Q3 18‡		…	Q2 19*
Edenor		Pampa RG

184180

128

123123

109

6157

20

Q3 18‡

…

Q2 19*

EBITDA margin

290

283

	280				270
	270
	26032%		39%
	245
	250
	240
				27%
	230
	220
	Q3 18‡	…	Q2 19*







80%

70%

60%

50%



40%

30%

20%

10%

0%

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140				EBITDA margin				131
110
120		100
100
80	68%
60								49%	53%
40
20
-
	Q3 18‡	…	Q2 19*

•

•

150%

130%

110%

90%

70%

50%

30%

10%

3,572			3,727		4,138 
				
			84%
	Thermal			90%
				
	84%
	Wind 3%			5%		5%
	Hydro 13%					11%
			6%
	Q3 18	…	Q2 19

94.2%

95.4%

95.0%



Q3 18

…

Q2 19







60

59

58

57

56

55

54

53

52

51

50

EBITDA margin

59	59	59

23%

16%		12%
Q3 18‡	…	Q2 19*

	5,626
		4,849	5,362	
7%		7%
50%		7%	
45%	33%
40%			33%	
			35%
35%
	15%
30%				15%
25%			16%
20%
15%	45%
10%		42%	45%
5%
0%
	Q3 18	…	Q2 19

•

3.01

3.09 3.09







Q3 18

…

Q2 19



90

80

70

60

50

40

30

20

10

-

EBITDA margin

76

53 52

49%	47%	42%



150%



130%

110%

90%



70%

50%

30%

10%

45.0

48.5 49.8

Q3 18‡

…

Q2 19*

Q3 18

…

Q2 19

5.4	4.8	4.8







Q3 18

…

Q2 19



270

262

238

Q3 18

…

Q2 19

83%

78%

74%







•

80% •

•

•

	4.8	5.0
4.8		4.7
	4.5
4.7
4.8
		4.5	4.4
	4.2
3.8		3.3
3.1	3.1		3.4
Q1	Q2	Q3	Q4

July '19	August '19	Sept '19	Summer
			'19-20

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EBITDA margin

4

3

2

1

-

(1)
(2)
(3)
(4)
(5)
(6)	(5)
	Q3 18‡	…

•

3 3

3% 4%

Q2 19*

5%



4%



3%

2%

1%

0%

				
		95		
85		75	
63%		65%	63%
6%		7%	10%
31%		28%
	27%
Q3 18	…	Q2 19

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41		32			•
	1			
1
	11	25
9				
			10		
29		33
	18		
	2
		(2)	•
		(13)	(1)	•
Q3 18	…	Q2 19*

	37	113	107			2
					2
			71 
35	35	
			
						(3) 
				
Q3 18 … Q2 19 Q3 19		Q3 18 …	Q2 19 Q3 19	Q3 18 … Q2 19 Q3 19

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