Vista Energy (VISTAA) Investor presentation summary

Key value drivers and operational highlights

• 1,520 ready-to-drill locations in Vaca Muerta, with 434 wells on production at Q1-26 and 588.1 MMboe proved reserves (89% oil) at YE-25.

• Q1-26 production reached 134.7 Mboe/d, with 67% of oil sales exported at export parity and lifting costs at $4.3/boe, down 69% since 2018.

• Adj. EBITDA for LTM was $1,772 MM with a 66% margin at a $61.3/bbl realized oil price; cash balance stood at $615 MM and net leverage at 1.7x as of Q1-26.

• Portfolio enhanced by acquiring non-operating stakes in Bandurria Sur (25.1%) and Bajo del Toro (35%) in May 2026, adding 240 wells to inventory and boosting pro forma production to 157.3 Mboe/d.

• Robust midstream infrastructure with 162 Mbbl/d crude oil takeaway capacity and 197 Mbbl/d treatment capacity.

Financial performance and growth

• Production grew 5.5x since 2018, driven by shale oil projects, with a reserves replacement ratio of 605% in 2025 and 698 booked net locations at YE-25.

• Lifting costs reduced by 69% since 2018, supporting high margins; Adj. EBITDA margin reached 66% LTM and ROACE was 29%.

• Export-driven revenue growth since 2021, with oil export volumes up 7.2x and export revenues up 7.5x; 67% of Q1-26 oil sales were exports.

• Planning to expand export revenues by 2.8x from 2025 to 2028, underpinned by increased export capacity and favorable oil prices.

• Free cash flow projected at $2.8 Bn cumulative for 2026-2028, with annual recurring FCF of $2.0 Bn by 2030.

Capital structure and funding

• Net leverage ratio improved to 1.7x at Q1-26, with a target of <1.0x by YE-26; gross debt at $3.6 Bn and cash at $615 MM.

• Average debt maturity extended to 4.0 years, with an average cost of debt at 6.5%.

• Raised ~$3.5 Bn through dual-listing on NYSE and 30 bond issuances in domestic and international markets.

• Resilient business model with strong cash flow generation and sensitivity analysis showing robust FCF even under lower Brent scenarios.