YPF (YPF) investor relations material

Executive summary

• Achieved record quarterly adjusted EBITDA of $2.8 billion (+76% q/q, +149% y/y), the highest in company history, with a 43% margin, driven by higher shale production, record refinery processing, and strong international prices.

• Net income reached $1.2 billion (+194% q/q, +1,978% y/y), the second-best quarterly result ever, with operating income at a record $1.8 billion.

• Free cash flow was $824 million, among the top three in company history, with cash and short-term investments at a record $2.47 billion.

• Net leverage ratio improved to 1.09x, the lowest in 11 years, reflecting strong cash generation and debt reduction.

• Shale oil production hit 213,000 bpd, now 80% of total oil output, confirming the shift to unconventional assets.

Financial highlights

• Revenues totaled $6.6 billion (+33% q/q, +42% y/y), mainly from higher prices and seasonal demand for diesel, gasoline, and natural gas.

• Adjusted EBITDA margin reached 43%, the highest in two decades.

• CapEx for the quarter was $1.34 billion (+37% q/q, +16% y/y), with 77% allocated to unconventional operations.

• Net debt decreased to $7.65 billion (-9% q/q, -13% y/y).

• Gross profit rose to $2.97 billion (+69% q/q, +148% y/y), with operating income at $1.81 billion (+107% q/q, +340% y/y).

Outlook and guidance

• Raised 2026 adjusted EBITDA guidance to $8 billion, up from $6 billion, assuming an average Brent price of $82/bbl.

• Full-year CapEx guidance increased to $5.8–$6.2 billion, with 70% for shale operations.

• Shale oil production expected to average 215,000 bpd in 2026, with an exit rate of 250,000 bpd.

• VMOS pipeline project on track for completion by end of Q4 2026, with first oil expected in early 2027.

• Positive free cash flow of around $2 billion anticipated for the year.