Vista Energy (VISTAA) Investor presentation summary

Key value drivers and operational highlights

• Holds 1,493 ready-to-drill locations in Vaca Muerta, with 461 wells on production at Q2-26 and 257k core acres.

• Q2-26 production reached 156.1 Mboe/d, with 72% of oil sales exported at export parity.

• Lifting cost reduced to $4.5/boe in Q2-26, down 68% since 2018.

• YE-25 proved reserves at 588.1 MMboe (89% oil), or 654.9 MMboe including recent acquisitions.

• Adj. EBITDA for LTM was $2,172 MM with a 67% margin at $68.8/bbl realized oil price.

Growth, acquisitions, and portfolio enhancement

• Acquired 25.1% WI in Bandurria Sur and 35% WI in Bajo del Toro from Equinor in May 2026, adding scale and cash-generating assets.

• Pro forma 2025 reserves reach 655 MMboe, with production at 157.3 Mboe/d and Adj. EBITDA at $1,865 MM.

• Acquisition of 50% of La Amarga Chica block in 2025, adding premium acreage and 151 MMboe P1 reserves.

Financial performance and shareholder returns

• Adj. EBITDA projected to average ~$3.3 Bn annually for 2026-2028F, with margins near 67%.

• ROACE expected to exceed 25% for 2026-2028F, with cumulative free cash flow of $2.8 Bn.

• Net leverage ratio at 1.4x in Q2-26, with $605 MM in cash and gross debt of $3.7 Bn.

• Strong capital markets activity, raising ~$3.7 Bn through dual-listing and bond issuances.