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YPF
YPF (YPF) investor relations material
YPF Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
2025 marked a transformational year with record operating performance, strategic milestones, and near-completion of the exit from mature fields, despite a 15% drop in Brent prices.
Achieved record-high adjusted EBITDA of $5.0 billion, up 8% year-over-year, driven by a 35% increase in shale oil production and a 26% reduction in lifting costs.
Net revenues declined 4% year-over-year to $18.4 billion, mainly due to lower Brent prices, partially offset by record refinery processing and higher local fuel sales.
Net loss for 2025 was $799 million, impacted by a $1 billion tax normalization payment and negative financial results.
Major M&A activity, including acquisitions in Vaca Muerta and divestments of non-core assets, strengthened the portfolio and balance sheet.
Financial highlights
Annual revenues reached $18.4 billion, down 4% year-over-year due to lower Brent prices, offset by higher shale production.
Adjusted EBITDA rose 8% to $5.0 billion, with margin increasing from 24% to 27% year-over-year.
Q4 adjusted EBITDA was nearly $1.3 billion, up 53% internally, driven by shale operations.
Free cash flow for 2025 was negative $1.8 billion, mainly due to M&A activities, mature field exit costs, and infrastructure contributions.
Net leverage ratio improved to 1.9x by year-end.
Outlook and guidance
2026 shale oil production targeted at 215,000 barrels/day, with an exit rate of 250,000 barrels/day.
Adjusted EBITDA guidance for 2026 is $5.8–$6.2 billion, assuming Brent at $63/barrel.
CapEx planned at $5.5–$5.8 billion, with 70% allocated to shale operations.
Free cash flow expected to be neutral to slightly negative, offset by M&A proceeds, notably the planned Metrogas sale.
Net leverage ratio projected to decline to 1.6–1.7x by end-2026.
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Next YPF earnings date
Q1 20267 May, 2026
YPF
Next YPF earnings date
Q1 20267 May, 2026
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Frequently asked questions
YPF Sociedad Anónima is an integrated energy company primarily engaged in the oil and gas sector within Argentina. Its operations span upstream activities, including the exploration, exploitation, and production of crude oil, natural gas, and natural gas liquids (NGLs), as well as downstream operations that cover the refining, marketing, and distribution of oil and petroleum products. YPF also delves into petrochemicals, hydrocarbons, non-fossil fuels, biofuels, and related components, alongside the production of hydrocarbons electric power. The company’s gas and power segment encompasses the transportation, commercialization, and distribution of natural gas, operation of regasification terminals, conditioning, processing, and separation of natural gas, and power generation. The company is headquartered in Buenos Aires, Argentina, and its shares are listed on the New York Stock Exchange.
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